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← Charity Of Richard Cloudesley

2022-06-30-accounts

Cloudesley Support in Islington for 500 years Tll Ir Annual Report and Accounts 2021/22

TRUSTEE – RICHARD CLOUDESLEY TRUSTEE LTD

Directors of the Trustee Finance &
Endowment
Committee		 Staffing
Committee		 Grants
Committee
Ex-officio – the Mayor of Islington
Director position unfilled
Archdeacon of Hackney appointed
Revd Ben Bell (resigned 13 September 2021) ✓
Revd Andy Rider (appointed 9 December 2021) ✓
London Borough of Islington nominated
Cllr Janet Burgess MBE – Vice Chair ✓
Tanya Parr ✓
Denise Ward – Vice Chair ✓ ✓
Cllr Flora Williamson ✓
Deanery Synod nominated
Lydia Mutare (appointed 16 June 2022) ✓
Seun Olateju ✓
Susan Sorensen ✓
Jean Willson OBE ✓ ✓
Elected
Mary-Therese Barton ✓
Margaret Elliott ✓ ✓
Adam Jenner ✓
Delyth Richards – Chair ✓ ✓
Sharon White ✓
Co-opted members (not Directors of the
Trustee)		 Finance &
Endowment
Committee		 Staffing
Committee		 Grants
Committee
Funke Imiruaye (appointed 21 March 2022) ✓
Jeni Kenson (appointed 21 March 2022) ✓
Ellie Mitchell (appointed 21 March 2022) ✓
Peter Roscrow ✓

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ADMINISTRATION & ADVISORS

REGISTERED OFFICE & Office 1.1
OPERATIONAL ADDRESS Resource for London
356 Holloway Road
London N7 6PA
BANKER CAF Bank Limited ESTATE MANAGERS Daniel Watney LLP
Kings Hill 165 Fleet Street
West Malling London EC4A 2DW
ME19 4TA
INVESTMENT Sarasin & Partners LLP
MANAGERS Juxon House
100 St Paul’s Churchyard
London EC4M 8BU
LEGAL ADVICE Bates Wells & LEGAL ADVICE Charles Russell Speechlys LLP
(Structural/Charity) Braithwaite London LLP (Property/Estate 5 Fleet Place
10 Queen Street Place management) London EC4M 7RD
London EC4R 1BE
AUDITOR Sayer Vincent LLP
Invicta House
108-114 Golden Lane
London EC1Y 0TL
CHARITY NUMBER 205959 TRUSTEE COMPANY 7425897
NUMBER

Registered with the Charity Commission as Charity of Richard Cloudesley, the charity uses the working name Cloudesley. Richard Cloudesley Trustee Limited is the related Trustee Company.

KEY MANAGEMENT PERSONNEL

Melanie Griffiths Director and Company Secretary Catherine Sorrell Grants Manager (from 12 July 2021) Kevin Turner Grants Manager (from 12 July 2021) Phillip Everett Finance Manager (until 11 January 2022) Ross Holland Finance Manager (from 7 December 2021)

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Introduction

The Trustee of the Charity of Richard Cloudesley, which operates under the name Cloudesley, has pleasure in presenting the report and accounts for the charity’s activities in the year to 30 June 2022.

The reference and administrative information set out on pages 2 and 3 form part of this report. The financial statements comply with current statutory requirements, the trust deed and the Statement of Recommended Practice – Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Achievements and Performance

Grants Agreed

During the year, the charity awarded grants totalling £1,655,000. After accounting for grants written back, the net amount of grants awarded was £1,540,000.

Church Grants

Through its Church Grants programme, Cloudesley provides support for eligible Church of England churches in the Islington Deanery.

Under the charity’s Scheme, half of the charity’s net income is to be used to make ‘grants towards the upkeep and repair of the fabric of, and the maintenance of the services in, any churches of the Church of England in the London Borough of Islington’ .

Main Church Grants Programme

Cloudesley’s Church Grants programme for 2020 to 2025 includes a Main Church Grants Fund and an Urgent Repairs Grants Fund.

The following funding priorities apply to the Main Church Grants Fund:

The Urgent Repairs Grants Fund provides grants of up to £10,000 intended to deal with urgent and unforeseen repairs quickly resulting in an immediate improvement to the fabric of the church building(s).

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During 2021/22, under its Main Church Grants programme and urgent repairs grants, the charity agreed a total of 33 grants to 20 of the 27 churches in the Islington Deanery. The total amount agreed was £848,000. The grants were made towards a wide variety of projects including:

Other Support

The charity also arranged two meetings of the Islington Deanery Church Buildings Forum, bringing church representatives together to learn and share information on key buildings issues.

Health & Welfare Grants

The charity’s Scheme specifies that half of the residue of its income after costs and expenses is for ‘relief in sickness for the purpose of relieving in cases of need persons who are sick, convalescent, disabled, handicapped or infirm’ , and the charity seeks to address this through its Health and Welfare programmes.

Over the years, the charity has taken on a number of small funds, known as Exclusive Medical Funds, from the Richard Cloudesley Charity Convalescent Homes Fund, Islington Relief in Need, Islington Relief in Sickness, Finsbury Dispensary Relief in Sickness, Dame Sarah Temple Foundation and Brand’s Gift Charity. The income generated from these invested funds is only applicable towards the charity’s Health and Welfare Grants programmes.

During 2021/22, the charity agreed a total of 48 health and welfare grants to 26 organisations totalling £807,000, of which £235,000 was grants for individuals and £572,000 was grants for organisations.

Grants for individuals

The charity continued to operate its Cloudesley Partners fund which provides crisis/welfare grants for individuals. Through this fund, the charity gives block grants to local voluntary organisations (Cloudesley Partners) which are working with Islington residents. The Partners then distribute this money by making grants of up to £500 to individuals who have health needs and/or who are disabled and in financial hardship. A grant as a contribution to administration costs of 10% is made to each of the organisations as recognition of the time involved in administering and monitoring these grants.

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In the previous financial year, the charity had agreed grants totalling £143,000 for 15 organisations to distribute during the 2021 calendar year. 954 grants were made to individuals by the Cloudesley Partners to help residents in a wide variety of ways, including for emergency expenses (such as food, clothing, accommodation and travel costs), white goods (for example, cookers and washing machines), furniture and furnishings, medical reports, legal documents and fees, disability equipment and Debt Relief Orders.

The charity has since agreed a further £155,000 for 18 Cloudesley Partners to distribute during the 2022 calendar year. This includes £9,000 for three new pilot Cloudesley Partners – Citizens Advice Islington, Disability Action in Islington and Octopus Community Network (via St Luke’s Parochial Trust). These organisations were identified to address gaps in provision and due to their reach to residents with ongoing health conditions.

The charity continued to work in partnership with Cripplegate Foundation on the Catalyst Fund. This is a creative grant-making scheme that gives partner support organisations the ability to provide small grants to help residents meet personal goals and connect to opportunities and services. Funding of £80,000 was agreed by Cloudesley, divided equally across eight organisations and split evenly between the 2022 and 2023 calendar years. This included Age UK Islington, which had previously been a pilot organisation.

During the 2021 calendar year, over 100 grants were made to Islington residents under the Catalyst Fund. These were used for a wide variety of purposes, including for training to improve employment opportunities and to fund activities which both increase skills and provide opportunities for social interaction, for example, music and painting courses.

A full breakdown of organisations receiving these grants is set out in note 22 to the accounts. Further information on both the Cloudesley Partners scheme and the Catalyst Fund are on the charity’s website.

Grants for organisations

The charity’s Health Grants programme also provides grants to organisations that offer support to people with health needs and/or who are disabled and living in poverty in the London Borough of Islington. The charity addresses its ‘Sickness Object’ by supporting sustainable organisations that demonstrate initiative in tackling health issues.

The Board has agreed a Health Grants to Organisations programme for 2019 to 2024 which aims to reduce health inequalities in Islington by improving health outcomes amongst people who are living in poverty and experiencing multiple disadvantages. The programme includes a number of funding streams – Principal Grants Fund, a Development Fund and Grants Support Fund. In addition, the charity continues to provide a number of strategic grants.

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Principal Grants Fund

The Principal Grants Fund provides a small number of larger, multi-year grants for core or project costs to organisations that have been identified by the charity and invited to apply

These grantees are established voluntary sector organisations with a track record of delivering positive health outcomes for local residents.

Multi-year projects covered by grants awarded in previous years and ongoing during the current financial year were:

Centre 404 – Support to people with learning disabilities and their families

The Manna – Supporting vulnerable adults affected by homelessness, addiction, poor health and poverty

The Maya Centre – Counselling service for women who have experienced trauma and abuse

Solace Women’s Aid – Support service to survivors of childhood and adult sexual violence (including refuges)

Holloway Neighbourhood Group – Mental health and wellbeing projects for local residents

Islington Centre for Refugees and Migrants – Practical support to access health services and tackle multiple disadvantages

The Margins – Margins Plus Project, providing a drop-in centre for the homeless and people in crisis

St Luke’s Parochial Trust – Improving the health and wellbeing of vulnerable older people

Stuart Low Trust – Addressing health inequalities through a socially therapeutic arts and nature programme.

A further two years’ funding totalling £210,000 was approved during the year to extend the projects run by Centre 404, The Manna, The Maya Centre and Solace Women’s Aid.

During the year, three further three-year grants were agreed under a new round of the Principal Grants Fund totalling £270,000. The projects covered by these grants are:

Islington Mind – To run a talking therapies service for 75 residents per year from multiple disadvantaged groups currently underserved by mainstream provision

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Manor Gardens Welfare Trust – To employ a Health Connector, a trained advocate, to support Islington's diverse communities to seek help for aspects of the multiple disadvantages they face

Disability Action in Islington – A Complex Caseworker to work with service users with multiple interlinked support needs relating to their disability or health condition

Development Fund

The Development Fund aims to provide local organisations with the flexibility and initial funding to develop specific projects, to test a new approach in tackling health inequalities or address an identified gap in local service provision. Two grants were made under this Fund in the financial year:

Healthwatch Islington – Towards a new approach to the Digital Champions initiative, which provides opportunities to learn the skills required to survive in the digital economy

Islington People’s Rights – Towards a new approach to providing welfare benefits in partnership with Manor Gardens

Grants Support Fund

Five grants were agreed from the Grants Support Fund, which is focused on offering additional support to organisations supported by Cloudesley:

Islington Centre for Refugees and Migrants – towards a monitoring and evaluation system

ALAG/Autism Hub Islington – towards the inputting of data and other information onto a new case management system and monitoring system

One True Voice – for a monitoring and evaluation support package from the Foundation for Social Improvement (FSI)

Life Chances/AFLAH - for a monitoring and evaluation support package from the FSI

Stuart Low Trust – set up costs of a new Lamplight database providing secure digital case management

Other support

It has become clear that staff burnout is a real concern in many of Islington’s voluntary sector organisations. This has been exacerbated by the pandemic and increasing demands for services from local residents. As a result, through its Events and Partner Development budget, Cloudesley arranged for Rethink Mental Illness to run two online sessions about ‘Your

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wellbeing as a frontline key worker’. The sessions were attended by 40 local staff and were well received.

Strategic Grant to Islington Giving

Islington Giving is a coalition of funders, businesses, voluntary organisations and residents giving time or money to support local people in need. Since it was set up in 2010, Islington Giving has raised over £9 million. In spring 2022, Islington Giving developed a new strategy, confirming its vision as one in which Islington is a strong, connected community where everyone has the opportunity to live a good life.

Trustee Margaret Elliott continued to represent Cloudesley on the Board of Islington Giving and also continued to serve as Vice Chair of Islington Giving. Cloudesley's Director attended Islington Giving meetings in an observer capacity. Cloudesley was also represented on Islington Giving's Grants Committee, with various staff members attending the committee meetings during the year.

Islington Giving continued to run its Young Grant Makers programme, a participatory grants programme for young people, established a Going Greener Fund to support voluntary and community organisations to consider their impact on the environment, ran a micro-grants programme with local housing associations, and continued its work supporting families, older people, volunteering and young people.

Cloudesley provides Strategic Grant support to Islington Giving towards activities which fall within Cloudesley’s Health Grants remit. The most recent grant of £100,000 was agreed in September 2020, £50,000 a year for both 2021 and 2022.

Other Strategic Grants

The charity also provides Strategic Grant funding to both Islington Law Centre (ILC) and Help on your Doorstep (HOYD) towards advice and outreach services for vulnerable people in financial need. These grants were last approved in September 2019, providing each organisation with funding of £107,000 to cover the three-year period to 31 December 2022. In addition, the charity also provided ILC with a £61,000 grant for the same period towards its Welfare Benefits Project, which aims to address long waiting lists for welfare benefits advice being experienced by Islington residents and focuses on Personal Independence Payment and Employment & Support Allowance. Cloudesley’s grant has been used towards the volunteer form filling clinic supervised by the Law Centre.

Subsequent to the move to a fully online services during the Covid-19 lockdowns, both ILC and HOYD have since moved their services to a hybrid model with an increasing number of appointments taking place in person again. This has been welcomed by the most vulnerable residents, many of whom have struggled with online appointments.

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Ongoing response to COVID-19

Despite some easing of restrictions, the COVID-19 pandemic has continued to affect the charity’s activities. The additional needs of local residents, organisations and churches created by the pandemic will continue for some time to come. These needs were taken into account when agreeing grants during the year, with grants budgets allocated accordingly.

The charity continued to operate efficiently and effectively throughout periods of lockdown and restrictions. When required, staff worked from home while some Board, Committee and other meetings were held remotely. Contact was maintained with funded organisations and churches, other local contacts and funders, and advisors and professional bodies have provided support as required. Staff are now working on a hybrid basis, and a mix of in person and remote meetings continue to be held.

Financial review

Financial performance

The charity’s income came entirely from investments in its securities portfolio and property estate. Income totalled £1,624,000, a rise of 9% from the previous year as dividend income returned to normal levels following a dip during the pandemic.

Expenditure of £2,343,000 was down 12% on the previous year because of a fall in amounts spent on the refurbishment of the charity’s property estate due to difficulties and delays in securing contractors as a result of increased demand for their services following the pandemic. This is expected to be temporary, and a full ongoing programme of refurbishment and maintenance has been planned and budgeted for the following financial year and beyond.

The net loss on revaluation of investments was £934,000 compared to a gain of £6,520,000 in the previous year. The loss on the securities portfolio was £1,742,000, representing 6% of its total value at the end of the previous year, broadly in line with market losses. This was partly offset by a gain on revaluation of the property estate of £808,000, representing 3% of its value at the end of the previous year.

Reserves

The net result of the movements detailed under ‘financial performance’ above was a fall in the charity’s assets of 3% to £57,054,000. All funds are endowment funds.

The charity follows a total return approach to investment. This allows investment income and an element of capital gains, known as the unapplied total return, to be used to fund the charity’s grants and running costs. The initial value of the charity’s endowment, known as the trust for investment, remains protected and retains its value by increasing annually in line with inflation. As at the end of the year, the trust for investment amounted to £24,823,000 and the unapplied total return amounted to £32,231,00

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Investment policy

The investment policy covers both the securities portfolio and the property estate. The charity seeks to produce the best possible return while taking an acceptable level of risk, with trustees measuring performance after fees against inflation (the consumer prices index) plus 4%. A long-term view is taken when distributing grants to try to balance the needs of current and future beneficiaries without favouring one group over the other. Within this constraint, the charity seeks to increase the level of grants awarded in real terms as far as possible.

For historical reasons, a substantial proportion of the charity’s investments, currently 53%, is represented by the property estate, mainly residential freehold properties in the London Borough of Islington. While there is some diversity of property by type of unit as well as one commercial lease, trustees recognise the scale of concentration within this asset class and keep the risks of this under review. Within the securities portfolio, diversification is provided by investing in a variety of asset classes, primarily international equities, UK equities and UK fixed interest securities.

Trustees take social, environmental and ethical considerations into account as part of the investment policy. To this end, the charity’s securities portfolio does not include any investments in:

  1. the manufacture of tobacco

  2. companies needlessly emitting excessive quantities of carbon into the atmosphere unless, following engagement, there is evidence these companies are ameliorating their carbon emissions

  3. companies with more than 5% of their turnover from adult entertainment, alcohol manufacture, armaments, gambling, high-interest lending, production of oil from tar sands, or extraction of thermal coal.

Similarly, while the charity is not a social landlord, it seeks to manage its properties in an ethical and fair manner, for example making sure that all employees of contractors and subcontractors are paid at least the Living Wage while working on its properties, dealing fairly and considerately with tenants, and considering issues of sustainability in property refurbishment and maintenance.

The charity is a signatory of the Funder Commitment on Climate Change, and to this end has committed to making sure its investment strategy aligns with its climate commitments.

Remuneration policy

The Trustees have agreed a remuneration policy to underpin the charity’s commitment to paying and treating its staff fairly. The charity gives a level of salary and other benefits to ensure that staff with an appropriate level of skills and experience can be recruited and retained so that the charity’s objects can be delivered with the greatest possible impact. The

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Staffing Committee reviews salaries and benefits of all staff against other charitable trusts and makes recommendations to the Finance and Endowment Committee and the Board.

Risk review

The risk register is reviewed annually by the Finance & Endowment Committee and the Board. The charity maintained a detailed risk assessment on COVID-19 as a supplement to the main risk register and this was also reviewed by the Board.

The charity considers that its current key risks are:

In March 2022, the co-chair of the Finance and Endowment Committee, the Director and Finance Manager undertook an internal audit. The review covered the charity’s financial controls and procedures and improvements have been made to the charity’s IT security as a result. A spot check on payments was also conducted by the second co-chair and there were no issues arising from this.

The charity has written financial procedures and these were last updated and approved by the Board in December 2020. The charity also has a Business Continuity Plan to enable it to respond effectively to a number of possible scenarios with the minimum impact possible on its activities. In accordance with best practice, during the year the charity developed and formally adopted a Related Party Disclosures Policy and a Safeguarding Policy.

Fundraising Policy

The trustees are aware of their obligations under the Charities Act to report the charity's fundraising policy. The charity very occasionally engages with other trusts and foundations in order to raise income but does not engage in public fundraising.

Objectives and activities for the public benefit

The objects of the charity as set out in the Charity Commission Scheme of 1980 were to help those who are sick and poor within the Ancient Parish of Islington and to support the Church of England churches in the Ancient Parish and St Silas, Pentonville. In December 2016 the

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Charity Commission agreed the Trustees’ request that the area of benefit be extended so that it is coterminous with the Islington Borough boundary.

The Trustees confirm that they have read and understood the guidance of the Charity Commission on public benefit and meet these requirements in the charity’s current activities and take account of it when planning future grant-making activities.

The charity seeks to be strategic and creative in its grant-making, using its knowledge of the area of benefit to support individuals who have health and financial needs (Health and Welfare grants for individuals), local organisations working with people in this situation (Health and Welfare grants for organisations) and Islington’s Church of England churches (Church Grants). As set out in the charity’s Scheme, in each year, half of the charity’s grant funding goes to the Health and Welfare Grants programmes and the other half to the Church Grants programme available to the eligible churches, each of which is itself a registered or excepted charity.

In line with the Governance Code’s leadership principle, the charity has adopted the following set of values and guiding principles to underpin its work:

Cloudesley seeks to be an approachable, focused, responsive, fair and accountable organisation

It aims to be a relational rather than transactional funder, recognising that developing relationships and trust with those organisations and churches that it supports is mutually beneficial

Cloudesley will be transparent and open about its decision-making and processes, unless it is impossible or not appropriate

As an engaged place-based funder, Cloudesley is keen to:

Cloudesley is a member of the Institute for Voluntary Action Research’s Flexible Funders initiative for open and trusting grant making practice.

In autumn 2021, the charity held an Awayday for Trustees and staff. The event provided an opportunity for participants to reflect on the past 18 months and emerging needs in Islington. After discussion, it was agreed that the charity would focus on the following three key priorities over the next 18-months:

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Diversity, Equity and Inclusion

Between 2018 and 2020, the Association of Charitable Foundations ran a Stronger Foundations Project which identified 40 ‘pillars of stronger foundation practice’. During 2020/21, Cloudesley set up its own Stronger Foundations Working Group to review these best practice recommendations, focusing initially on three areas for development – diversity, equity and inclusion (DEI); impact and learning; and investments.

The charity has adopted and published the following statement of intent:

Cloudesley is committed to valuing diversity, promoting equity and equal access, and ensuring inclusion in all it does. We recognise that we need to do more but are strongly committed to combatting racism, discrimination and inequality and ensuring that we work in order to achieve this.

We recognise the power, resources and advantages that Cloudesley has as an independent, endowed charitable trust and strive to act responsibly and fairly in line with our stated values.

We seek to develop and retain a staff team and Board that reflect the Islington community within which we work. We will identify and take positive steps to remove any barriers to participation and recruitment of people who are currently underrepresented as staff or Trustees.

Audits of Trustees were undertaken in late 2020 and 2021 which highlighted the need to diversify Board membership. As a step towards addressing this, the charity undertook a targeted recruitment campaign and has now appointed three additional co-opted committee members.

Other work during the year included:

Funder Commitment on Climate Change

In December 2019 the charity joined with several other UK charitable foundations in signing up to a Funder Commitment on Climate Change. The commitment recognises that the growing climate emergency is a serious risk to the pursuit of all foundations’ charitable aims

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and commits its signatories to a number of actions. The commitment requires the charity to report annually on progress. During the year, this included:

Plans for the future

The charity has developed a new three-year Church Access Project which will offer each eligible Islington church:

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This Cloudesley initiative will run from July 2022 and is a partnership project with the Islington Deanery and the Diocese of London.

Further work on diversity, equity and inclusion will include:

As well as the activities outlined above, plans for 2022/23 include the following:

Over the coming years, it is hoped that the charity will continue to meet the framework of the wishes set out in Richard Cloudesley’s will, by working strategically and creatively in the area of benefit.

Structure, governance and management

Cloudesley is a registered charity and is constituted under a Charity Commission Scheme dated 2 July 1980. On 15 November 2010, Richard Cloudesley Trustee Limited became Trustee of the charity, and now all the Trustees are directors of the Trustee Company. The directors are referred to as Trustees in line with their ongoing roles.

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The charity was formed as the result of a gift of land (a ‘Stoney Field’ of 14 acres) from the will of Richard Cloudesley dated 1517. In his will it was stipulated that the proceeds from the rental of the land were to be used to bestow good deeds of charity and to fund masses at St Mary’s Church for his and his wife’s souls. During the Reformation, the proportion of the bequest allocated to fund masses was taken by the Crown and, in subsequent years, the charitable trusts have been amended several times and are now contained within the 1980 Scheme referred to above.

Today, Cloudesley is a significant grant-making charity in the borough of Islington. Half of the charity’s grant-making focuses on its Health and Welfare programmes that support people with health and financial needs in the borough, while the other half supports the Church of England churches in the borough.

The charity’s Board has up to 15 Trustees as follows:

The charity has also appointed four further co-opted committee members who each bring specific skills and experiences to help with the governance of the charity.

All Trustees and committee members have undergone an induction to understand the Objects of the charity and the methods by which it meets those Objects. Other training and support is offered to Trustees and committee members, as required.

Delyth Richards continued as Chair of the charity throughout the year, with Denise Ward and Janet Burgess serving as Vice Chairs.

The charity’s administration is undertaken by a small staff team: a Director, two Grants Managers, a Finance Manager, and an Administrator.

During the financial year Trustees worked with the staff through the Board and three standing Committees: the Grants Committee (chair - Denise Ward), the Finance and Endowment Committee (co-chairs Adam Jenner and Mary-Therese Barton) and Staffing Committee (chair – Delyth Richards). The Grants Committee and the Finance and Endowment Committee each met formally four times during the year while the Board met three times. The Staffing Committee met in early 2022 to discuss pay levels for all staff for the following financial year.

During 2021/22 the charity also operated a Stronger Foundations Working Group, chaired by Sharon White. A new Objects Review Working Group met for the first time in May 2022 to begin scoping a possible review of the charity’s Objects.

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In the year all Trustees gave freely of their time and no remuneration was paid to Trustees. During the year the charity paid £2,569 (2021 - £204) to enable trustees to attend training courses and conferences which were directly relevant to their office. The charity offers IT equipment to trustees and committee members to enable remote working and full participation in their duties, however no new trustees or committee members took up this offer in the year (2021 - £798).

The charity continues to ensure that it is fully compliant with the General Data Protection Regulations which were published in May 2018.

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Statement of the responsibilities of the Trustee Company

The Directors of the Trustee Company are responsible for preparing the report of the Trustee and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Directors of the Trustee Company 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 Directors are required to:

The Directors of the Trustee Company are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and comply with the Charities Act 2011. They 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 Directors of the Trustee Company are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditor

Sayer Vincent LLP were re-appointed as the Charity's auditor during the year and have expressed their willingness to act in that capacity.

Approved by the Trustee ……………………………………………………………….

Delyth Richards, Chair

Date 14 October 2022

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Independent auditor’s report to the Trustee of the Charity of Richard Cloudesley (known as Cloudesley)

Opinion

We have audited the financial statements of Cloudesley (the ‘charity’) for the year ended 30 June 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Cloudesley's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report.

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Other Information

The other information comprises the information included in the Trustee’s annual report, other than the financial statements and our auditor’s report thereon. The Trustee is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of the Trustee

As explained more fully in the statement of the Trustee’s responsibilities set out in the Trustee’s annual report, the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustee is responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

21

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity's Trustee as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's Trustee those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's Trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Joanna Pittman 23 November 2022 Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

22

Cloudesley

Statement of financial activities

For the year ended 30 June 2022

For theyear ended 30June 2022
Note
Income from:
2
Cost of raising funds
Investment management costs
Property related costs
3
4
10
11
Reconciliation of funds:
Net income/(expenditure) before net gains/(losses) on
investments and total return transfer between funds
Total expenditure
Charitable activities
Churches
Health and welfare
Investments
Total income
Expenditure on:
Properties
Net gains/(losses) on investments
Net movement in funds
Total funds brought forward
Total funds carried forward
Gains/(losses) on revaluation of properties
Total return transfer between funds		 Unrestricted
£'000
-
-		 Endowment
£'000
740
884		 2022
Total
£'000
740
884		 Unrestricted
£'000
-
-		 Endowment
£'000
602
888		 2021
Total
£'000
602
888
- 1,624 1,624 - 1,490 1,490
-
-
900
908		 175
360
-
-		 175
360
900
908		 -
-
906
1,001		 162
595
-
-		 162
595
906
1,001
1,808 535 2,343 1,907 757 2,664
(1,808)
-
-
1,808		 1,089
(1,742)
808
(1,808)		 (719)
(1,742)
808
-		 (1,907)
-
-
1,907		 733
5,052
1,468
(1,907)		 (1,174)
5,052
1,468
-
-
-		 (1,653)
58,707		 (1,653)
58,707		 -
-		 5,346
53,361		 5,346
53,361
- 57,054 57,054 - 58,707 58,707

All of the above results are derived from continuing activities. There were no recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 16 to the financial statements.

23

Cloudesley

Balance sheet

As at 30 June 2022

Balance sheet
As at 30June 2022		 Balance sheet
As at 30June 2022
Note
£'000
Fixed assets:
9
10
11
Current assets:
12
116
462
578
Liabilities:
13
1,578
Creditors:amounts falling due after one year
14
15
12,267
12,556
Churches
15,993
16,238
16
Total endowment funds
Churches
Health and Welfare
Unapplied total return:
Health and Welfare
Total net assets
Permanent endowment funds
Trust for investment:
Creditors: amounts falling due within one year
Net current liabilities
Total assets less current liabilities
Debtors
Cash at bank and in hand
Tangible assets
Endowment fund investments
Investment properties		 2022
£'000
1
27,584
30,709		 £'000
102
846		 2021
£'000
3
29,460
29,901
58,294
(1,000)		 59,364
(462)
578
1,578		 948
1,410
12,267
12,556		 11,213
11,477
57,294
240		 58,902
195
57,054 58,707
24,823
32,231		 22,690
36,017
15,993
16,238		 17,853
18,164
57,054 58,707

Approved by the trustees on 14 October 2022 and signed on their behalf by

Delyth Richards Chair

24

Cloudesley

Statement of cash flows

For the year ended 30 June 2022

For the year ended 30 June 2022
Note
17
18
Purchase of tangible fixed assets
Proceeds from sale of investments
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Increase/(decrease) in cash held in investment portfolio
Cash flows from operating activities
Net cash provided by investing activities
Net cash used in operating activities
Purchase of investments
Cash flows from investing activities:
Investment Income
Proceeds of leasehold extension and property disposals		 £'000
£'000
(2,142)
1,624
-
-
(1,036)
9,793
(8,623)
1,758
(384)
846
462
2022		 £'000
£'000
(2,407)
1,490
2
(1)
527
9,824
(9,457)
2,385
(22)
868
846
2021
(384)
846		 (22)
868
462 846

25

Cloudesley

Notes to the financial statements

For the year ended 30 June 2022

a) Statutory information

Cloudesley is a registered charity. The registered office is Office 1.1, Resource for London, 356 Holloway Road, London, N7 6PA.

b) Basis of preparation

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

The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Charities SORP FRS 102 issued on 16 July 2014 rather than the Charities SORP effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

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

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Interest and rental income receivable

Interest on funds held on deposit is included on an accruals basis. Rental income is included when receivable.

f) Fund accounting

Endowment funds are to be used for the specific purposes laid down by the donor.

Unrestricted funds are other incoming resources received or generated for the charitable purposes.

Section 4 of the Trusts (Capital and Income) Act 2013 amended the Charities Act 2011 to give permanently endowed charities in England and Wales the power to adopt a total return approach to investment. Trustees resolved to adopt total return accounting as from 1 July 2019. The endowment was valued at £21,600,000 as at 31 December 1998, with this being the earliest date at which a valuation could be obtained. Under total return accounting, the charity is permitted to allocate from the total return element of permanent endowment to unrestricted funds such sums as it thinks appropriate in furtherance of its work. In making these transfers, the charity will seek to be even-handed between current and future beneficiaries and to maintain the balance of the unapplied total return at an appropriate level considering the volatility of investment markets.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

26

Cloudesley

Notes to the financial statements

For the year ended 30 June 2022

h) Allocation of support and governance costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which is an estimate, based on staff time, of the amount attributable to each activity.


the
amount attributable to each activity.
Property 15%
Investment management 5%
Health and welfare 40%
Churches 40%

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity.

i) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

j) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rate in use are is follows:

3 years

k) Investment properties

Investment properties are measured initially at cost and subsequently included in the balance sheet at fair value. Investment properties are not depreciated. Any change in fair value is recognised in the statement of financial activities. The valuation method used to determine fair value is stated in the notes to the accounts.

l) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Net gains/(losses) on investments' in the statement of financial activities.

Where the charity has identified specific amounts to be drawn down within the next twelve months, these are classified as currents assets on the balance sheet.

m) Debtors

Debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

n) Cash at bank and in hand

27

Cloudesley

Notes to the financial statements

For the year ended 30 June 2022

o) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans, which are subsequently measured at amortised cost using the effective interest method.

p) Pensions

The pension cost charge represents contributions payable under the terms of a defined contribution pension scheme established by the charity. The charity has no liability under the scheme other than for the payment of those contributions.

q) Grants payable

Grants payable are made to third parties in accordance with the charity's governing scheme. These grants are charged to the statement of financial activities in the year in which the offer is conveyed to the recipient. Provision for grants is made once the intention to make a grant has been communicated to the recipient, although there may be uncertainity about either the timing of the grant or the amount payable. Where a grant is payable in instalments, any instalments falling due more than twelve months after the balance sheet date are classified as a creditor due after more than one year. Many of the grants awarded are in respect of building projects which can take considerable periods of time to complete. Although experience has shown that in many case such grants will not be paid within twelve months of the balance sheet date, they are classified as current liabilities since they are not payable in instalments.

28

Cloudesley

Notes to the financial statements

For the year ended 30 June 2022

2 Investment income

the year ended 30 June 2022
Investment income
Exclusive medical funds
Main portfolio		 Churches
£'000
360
-		 Health and
Welfare
£'000
360
20		 2022
Total
£'000
720
20		 Churches
£'000
293
-		 Health and
Welfare
£'000
293
16		 2021
Total
£'000
586
16
360 380 740 293 309 602

See note 16 for more detail on investments held as exclusive medical funds.

3 Analysis of expenditure

Year ended 30 June 2022

Year ended 30 June 2022
Cost of raising funds:
Investment management costs
Property related costs
Charitable activities
Churches
Health and welfare
Support costs
Governance costs
Total expenditure
Cost of raising funds:
Investment management costs
Property related costs
Charitable activities
Churches
Health and welfare
Support costs
Governance costs
Total expenditure
Year ended 30 June 2021		 Staff costs
(note 5)
£'000
7
12
64
85		 Investment
costs
£'000
160
326
-
-		 Grants
(notes 21 &
22)
£'000
-
-
777
763		 Other costs
£'000
-
-
-
1		 Support
costs
£'000
6
16
46
46		 Governance
costs
£'000
2
6
13
13		 2022
Total
£'000
175
360
900
908
168
55
22		 486
-
-		 1,540
-
-		 1
59
12		 114
(114)
-		 34
-
(34)		 2,343
-
-
245 486 1,540 72 - - 2,343
Staff costs
(note 5)
£'000
8
15
62
79		 Investment
costs
£'000
148
561
-
-		 Grants
(notes 21 &
22)
£'000
-
-
790
868		 Other costs
£'000
-
-
-
-		 Support
costs
£'000
5
16
44
44		 Governance
costs
£'000
1
3
10
10		 2022
Total
£'000
162
595
906
1,001
164
55
15		 709
-
-		 1,658
-
-		 -
54
9		 109
(109)
-		 24
-
(24)		 2,664
-
-
234 709 1,658 63 - - 2,664

This is stated after charging:

Net income/(expenditure) for the year
This is stated after charging:
2022 2021
£'000 £'000
Depreciation 2 2
Operating lease rentals - property 20 20
Auditor's remuneration - audit fees 8 7

29

Cloudesley

Notes to the financial statements

For the year ended 30 June 2022

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes		 2022
£'000
210
18
17		 2021
£'000
200
18
16
245 234

One member of staff was paid a salary of between £70,001 and £80,000 during the year (2021: one). No other members of staff were paid over £60,000.

The total employee benefits including pension contributions and employer's national insurance of the key management personnel were £213,000 (2021: £158,000). Four members of staff employed during the year are considered to be key management personnel (2021: three).

During the year the charity paid £2,569 (2021: £204) to enable trustees to attend training courses and conferences which were directly relevant to their office. During the year the charity purchased no IT equipment for trustees (2021: £798 to enable remote working and full participation in trustee duties). The charity trustees were not paid and did not receive any benefits from the charity (2021: nil). No charity trustee received payment for professional or other services supplied to the charity (2021: nil).

6 Staff numbers

The average full-time equivalent number of employees was:

Charitable activities
Support and administration		 2022
No.
3
1		 2021
No.
3
1
4 4

The average headcount was 5 (2021: 5).

30

Cloudesley

Notes to the financial statements

For the year ended 30 June 2022

7 Related party transactions

It is a condition of appointment of 14 of the 15 directors of the Trustee that they have knowledge of Islington and its voluntary sector. It is therefore inevitable that directors may be, and are, officeholders, service users, worshippers or beneficiaries of and at the entities the charity funds. The potential for conflict in practice is addressed by declaration of interests and withdrawal from meetings where appropriate.

Given the procedures and the breadth of support the charity offers to all qualifying entities in its area of benefit, the Trustee does not consider that there is a single recipient body of whom it could be said that the awarded grant could have been influenced by interests other than those of the charity.

Accordingly the Trustee takes the view that no awarded grants (or other transactions) fall within the definition of related party transactions.

Although no awarded grants (or other financial transactions) fall within the definition of related party transactions, in the interests of complete transparency the Trustee would like to make clear that the following directors – or immediate family members - held key positions in organisations to which grants were made during the year. However, the individuals played no part in these decisions and absented themselves at meetings when they were discussed.

Grants
Director (or immediate family awarded 2022 Grants awarded
member) Position Organisation £'000 2021 £'000
Susan Sorensen Treasurer St James, Islington - 5
Jean Willson President Centre 404 72 13

31

Cloudesley

Notes to the financial statements

For the year ended 30 June 2022

8 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

9 Tangible fixed assets

Tangible fixed assets
At the start of the year
At the end of the year
Net book value
At the end of the year
At the start of the year
Charge for the year
Depreciation
At the end of the year
On disposals
At the start of the year
Disposals in year
Cost		 Computer
equipment
£'000
12
(3)
9
9
(3)
2
8
1
3

All of the above assets are used for charitable purposes.

Endowment fund investments
Cash
Investments comprise:
Disposal proceeds
Fair value at the end of the year
Net (loss)/ gain on investments
Additions at cost
UK Common Investment Funds
Historic cost at the end of the year
Fair value at the start of the year
Cash held by investment broker pending reinvestment		 Main
portfolio
£'000
28,344
8,382
(9,519)
(1,694)		 Exclusive
medical
funds
£'000
645
241
(274)
(48)		 2022
£'000
28,989
8,623
(9,793)
(1,742)		 2021
£'000
24,304
9,457
(9,824)
5,052
25,513
1,465		 564
42		 26,077
1,507		 28,989
471
26,978 606 27,584 29,460
24,770 714 25,484 24,253
2022
£'000
26,077
1,507		 2021
£'000
28,989
471
27,584 29,460

See note 16 for more detail on investments held as exclusive medical funds.

32

Cloudesley

Notes to the financial statements

For the year ended 30 June 2022

11 Investment properties

Investment properties
Fair value at the end of the year
Proceeds of leasehold extension and disposals in year
Gain/(loss) on revaluation during the year
Fair value at the start of the year		 Freehold Properties 2022
£'000
29,901
-
808		 2021
£'000
28,435
(2)
1,468
Interest in
long
leaseholds
£'000
926
-
(97)		 Rental and
commercial
properties
£'000
28,975
-
905
829 29,880 30,709 29,901

Property valuations were carried out by independent valuers, Daniel Watney LLP, as at 30 June 2022 and 30 June 2021. A 'Red Book' valuation, carried out in line with guidance issued by the Royal Institute of Chartered Surveyors, is undertaken every five years and was last carried out by Daniel Watney LLP as at 30 June 2018.

12 Debtors

12
Debtors
13
14
Church grants
Creditors: amounts falling due after one year
Creditors: amounts falling due within one year
Taxation and social security
Accruals and other creditors
Health and welfare grants
Trade creditors
Rent receivable
Other debtors
Health and welfare grants
Prepayments		 2022
£'000
87
10
19		 2021
£'000
56
29
17
116 102
2022
£'000
961
475
7
5
130		 2021
£'000
742
540
7
4
117
1,578 1,410
2022
£'000
240		 2021
£'000
195

15 Analysis of net assets between funds

Net assets at both 30 June 2022 and 30 June 2021 consisted entirely of endowment funds.

33

Cloudesley

Notes to the financial statements

For the year ended 30 June 2022

16 Movement in funds

Year ended 30 June 2022

Year ended 30 June 2022
General funds
Churches
Health and welfare
Total funds
Unapplied total return
Churches
Health and welfare
Total endowment funds
Total unrestricted funds
Health and welfare
Trust for investment
Churches		 At the start of
the year
£'000
11,213
11,477		 Income &
gains
£'000
-
-		 Expenditure
& losses
£'000
-
-		 Transfers -
see note below
£'000
1,054
1,079		 At the end of
the year
£'000
12,267
12,556
22,690 - - 2,133 24,823
17,853
18,164		 1,206
1,226		 (1,112)
(1,165)		 (1,954)
(1,987)		 15,993
16,238
36,017 2,432 (2,277) (3,941) 32,231
58,707 2,432 (2,277) (1,808) 57,054
-
-		 -
-		 (900)
(908)		 900
908		 -
-
- - (1,808) 1,808 -
58,707 2,432 (4,085) - 57,054

In addition to the total return transfer between funds detailed in the statement of financial activities, a transfer from the unapplied total return funds to the trust for investment has been made in order to maintain the real value of the latter.

Year ended 30 June 2021

Year ended 30 June 2021 Year ended 30 June 2021
At the start of the year
£'000
10,792
11,046
21,838
15,630
15,893
31,523
53,361
General funds
-
-
-
53,361
Health and welfare
Total funds
Churches
Health and welfare
Health and welfare
Trust for investment
Churches
Total unrestricted funds
Churches
Total endowment funds
Unapplied total return		 Income &
gains
£'000
-
-		 Expenditure
& losses
£'000
-
-		 Transfers -
see note below
£'000
421
431		 At the end of
the year
£'000
11,213
11,477
21,838 - - 852 22,690
15,630
15,893		 3,926
4,084		 (376)
(381)		 (1,327)
(1,432)		 17,853
18,164
31,523 8,010 (757) (2,759) 36,017
53,361 8,010 (757) (1,907) 58,707
-
-		 -
-		 (906)
(1,001)		 906
1,001		 -
-
- - (1,907) 1,907 -
53,361 8,010 (2,664) - 58,707

In addition to the total return transfer between funds detailed in the statement of financial activities, a transfer from the unapplied total return funds to the trust for investment has been made in order to maintain the real value of the latter.

34

Cloudesley

Notes to the financial statements

For the year ended 30 June 2022

16 Movement in funds (continued)

Allocation of income between the churches and health and welfare unrestricted funds is set out in the statement of financial activities. Expenditure on charitable activities is allocated directly to the activity involved. Property related costs and gains/losses on revaluation of properties are allocated equally between the two charitable activities. The allocation of investment management costs and net gains/losses on investments takes into account the exclusive medical funds referred to below.

Exclusive medical funds - the charity has assumed over the years funds from the following sources: Richard Cloudesley Charity Convalescent Homes Fund

Islington Relief in Need Islington Relief in Sickness Finsbury Dispensary Relief in Sickness Dame Sarah Temple Foundation

Brand's Gift Charity

All of these funds have been aggregated and are held and applicable in the health and welfare fund.

The exclusive medical funds are the subject of a permanent appropriation of the charity's investment (but not property) portfolio. The current rate of appropriation is 2.79% (2021: 2.79%). This will vary depending on any future capital contributions to or withdrawals from the investment portfolio. This rate of appropriation is also applied to the allocation of investment management charges and gains/losses on investments.

17 Reconciliation of net income/expenditure to net cash flow from operating activities

Reconciliation of net income/expenditure to net cash flow from operating activities
Net income/(expenditure) for the reporting period
as per the statement of financial activities
(Gains)/losses on investments
(Gains)/losses on property assets
Depreciation
Investment income
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash used in operating activities		 2022
£'000
(1,653)
1,742
(808)
2
(1,624)
(14)
213		 2021
£'000
5,346
(5,052)
(1,468)
2
(1,490)
(17)
272
(2,142) (2,407)
Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents		 At 1 July
2021
£'000
846		 Cash flows
£'000
(384)		 £
462
At 30 June
2022
846 (384) 462

35

Cloudesley

Notes to the financial statements

For the year ended 30 June 2022

19 Operating lease commitments

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods

Property
2022 2021
£'000 £
Less than 1 year 5 5

20 Capital commitments

At 30 June 2022 the charity was not contractually commited to any expenditure (2021 - nil) on maintenance works to its properties.

21 Grants to Churches

Grants to Churches
Christ Church, Highbury
Emmanuel Church, Hornsey Road
Hope Church Islington - St David
Hope Church Islington - St Mary Magdalene
Kings Cross Church
Our Most Holy Redeemer, Clerkenwell
St Andrew, Whitehall Park
St Andrew's, Thornhill Square
St Augustine, Highbury New Park
St Clement, King Square
St George & All Saints Church, Tufnell Park
St James, Clerkenwell
St James, Islington
St John, Upper Holloway
St Jude & St Paul, Mildmay Grove
St Luke, West Holloway
St Mark Clerkenwell
St Mark's, Tollington
St Mary, Hornsey Rise
St Mary's Islington
St Saviour's, Hanley Road
St Silas, Pentonville
St Stephen, Canonbury
St Thomas, Finsbury Park
The Church on the Corner
Church grants awarded in the year
Total church grants in the year
Grants written back
Total grants awarded in the year		 2022
£'000
23
4
-
37
73
63
62
10
80
54
50
45
-
-
47
29
30
57
14
50
54
58
-
8
-		 2021
£'000
61
8
7
28
36
55
70
34
47
5
-
45
5
26
60
60
3
13
25
70
85
1
60
5
13
848
(71)		 822
(32)
777 790

36

Cloudesley

Notes to the financial statements

For the year ended 30 June 2022

For theyear ended 30June 2022
22
One True Voice
ALAG/Autism Hub Islington
Development and Support Grants
Help on Your Doorstep
Small grants
Strategic grants
Grants for Health and Welfare Needs
Total strategic grants awarded in the year
Health and Welfare grants made to organisations
Islington Giving
Total development and support grants awarded in the year
Centre 404
Disability Action in Islington
Islington Mind
Manor Gardens Welfare Trust
Solace Women's Aid
The Manna
The Maya Centre
Healthwatch Islington
Islington Centre for Refugees and Migrants
Islington People's Rights
Stuart Low Trust
Life Chances in partnership with AFLAH
ALAG/Autism Hub Islington
Prospex
Islington People's Rights
Home Start Islington
Islington Mind
Healthwatch Islington
Life Chances in partnership with AFLAH
Elfrida Society
Healthy Generations
Mencap Islington
Total small grants awarded in the year
Manor Gardens Welfare Trust
MER-IT Digital
One True Voice
Single Homeless Project
Principal Grants
Islington Centre for Refugees and Migrants
St Luke's Parochial Trust
Stuart Low Trust
The Margins Project
Total principal grants awarded in the year
Holloway Neighbourhood Group
Islington Refugee and Migrant Forum
Manor Gardens Welfare Trust
Total grants to organisations awarded in the year		 2022
£'000
-		 2021
£'000
100
- 100
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 10
10
10
10
10
10
10
10
10
10
10
10
10
10
- 140
60
90
-
-
90
90
-
30
-
60
-
60		 -
-
90
90
-
-
90
-
90
-
87
-
480 447
2
50
-
3
30
-
2
-
2
3		 -
-
6
-
-
22
-
47
-
-
92 75
572 762

37

Cloudesley

Notes to the financial statements

For the year ended 30 June 2022

22 Grants for Health and Welfare Needs (cont'd)
Health and Welfare grants made to individuals 2022 2021
£'000 £'000
Grants to individuals via Cloudesley Partners
Age UK Islington 5 5
Centre 404 12 13
Citizens Advice Islington 5 -
Community Language Support Services 3 3
Disability Action in Islington 5 -
Help on Your Doorstep 18 15
Islington Centre for Refugees and Migrants 17 20
Islington Law Centre 8 12
Islington Mind 20 19
Islington People's Rights 12 12
London Borough of Islington 5 -
Manor Gardens Welfare Trust 5 10
Octopus Community Network (via St Luke's Parochial Trust) 5 -
Peter Bedford Housing Association 6 6
Solace Women's Aid 5 8
St Luke's Parochial Trust 9 5
St Mungo's 8 8
The Manna 5 5
The Margins Project 2 2
Total grants via Cloudesley Partners awarded in the year 155 143
Grants written back (23) (28)
Total grants via Cloudesley Partners in the year 132 115
Grants to individuals via Catalyst Programme
Age UK Islington 10 5
Help on Your Doorstep 10 -
Humankind 10 -
Islington Centre for Refugees and Migrants 10 -
Manor Gardens Welfare Trust 10 -
Peter Bedford Housing Association 10 -
Solace Women's Aid 10 -
St Mungo's 10 -
Total grants via Catalyst Programme awarded in the year 80 5
Grants written back (21) (14)
Total grants via Catalyst Programme in the year 59 (9)
Total Health and Welfare grants awarded to individuals in the year 235 148
Total grants written back (44) (42)
Total Health and Welfare grants to Individuals in the year 191 106
Total Health and Welfare grants in the year 763 868

23 Ultimate controlling party

The charity's ultimate parent undertaking and controlling party is Richard Cloudesley Trustee Limited, a company limited by guarantee (number: 7425897). Consolidated accounts are not prepared as the parent is dormant. Dormant accounts are filed with Companies House. There were no financial transactions between Cloudesley and Richard Cloudesley Trustee Limited during the year.

38