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← Charity Of Richard Cloudesley

2023-06-30-accounts

Cloudesley Annual Report and Accounts 2022/23

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 Andy Rider ✓
London Borough of Islington nominated
Cllr Janet Burgess MBE – Vice Chair ✓
Tanya Parr ✓
Denise Ward – Vice Chair ✓ ✓
Cllr Flora Williamson ✓
Deanery Synod nominated
Jennifer Kenson (appointed 7 June 2023) ✓
Lydia Mutare ✓
Seun Olateju ✓
Susan Sorensen (resigned 6 June 2023) ✓
Jean Willson OBE ✓ ✓
Elected
Mary-Therese Barton ✓
Margaret Elliott (resigned 6 June 2023) ✓ ✓
Adam Jenner – Vice Chair from 6 June 2023 ✓
Elena Mitchell (appointed 7 June 2023) ✓
Delyth Richards – Chair ✓ ✓
Sharon White ✓ ✓
Co-opted members (not Directors of the
Trustee)
Olufunke Imiruaye ✓
Jennifer Kenson (until 7 June 2023) ✓
Elena Mitchell (until 7 June 2023) ✓
Peter Roscrow (resigned 29 May 2023) ✓
Michael Samuels (appointed 7 June 2023) ✓

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Cloudesley

Administration & Advisors

For the year ended 30 June 2023

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 LEGAL ADVICE Bates Wells & Braithwaite MANAGERS Juxon House (Structural/Charity) London LLP 100 St Paul’s Churchyard 10 Queen Street Place London EC4M 8BU London EC4R 1BE AUDITOR Sayer Vincent LLP LEGAL ADVICE Charles Russell Speechlys LLP Invicta House (Property/Estate 5 Fleet Place 108-114 Golden Lane management) London EC4M 7RD 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 Kevin Turner Grants Manager Ross Holland Finance Manager

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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 2023.

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 £1,951,000. After accounting for grants written back, the net amount of grants awarded was £1,913,000. In addition, the charity awarded funding of £32,000 for access audits for churches.

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:

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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).

During 2022/23, under its Main Church Grants programme and urgent repairs grants, the charity agreed a total of 34 grants to 21 of the 27 churches in the Islington Deanery. The total amount agreed was £839,000. The grants were made towards a wide variety of projects including:

Church Access Project

In July 2022, Cloudesley launched a three-year Church Access Project, in partnership with the Islington Deanery and the Diocese of London. The project offers each eligible Islington church:

During the year, access audits were undertaken for 12 churches. The charity also commissioned Inclusion London to run two disability equality training sessions for Islington churches.

Other Support

The charity arranged three 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,

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convalescent, disabled, handicapped or infirm’ , and the charity seeks to address this through its Health and Welfare programmes.

During 2022/23, the charity agreed a total of 48 health and welfare grants to 26 organisations totalling £1,112,000, of which £179,000 was grants for individuals and £933,000 was grants for organisations.

Grants for individuals

Against the backdrop of the cost of living crisis, 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.

In the previous financial year, the charity had agreed grants totalling £155,000 for 19 organisations to distribute during the 2022 calendar year. 1,373 grants (954 in 2021) 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 continued to work with 20 Cloudesley Partners, agreeing a further £179,000 for them to distribute to Islington residents during the 2023 calendar year. This includes £3,000 as a pilot grant for Islington BAMER Advice Alliance, which was added as a new partner to address gaps in provision.

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. In September 2021, funding of £80,000 was agreed by Cloudesley, divided equally across eight organisations and split evenly between the 2022 and 2023 calendar years.

During the 2022 calendar year, 279 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, driving lessons, a camera and bicycles.

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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.

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)

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

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

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

A further two years’ funding totalling £375,000 was approved during the year to the following:

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.

All 12 organisations funded under the Principal Grants Fund also received top-up grants in recognition of the additional costs and needs due to sharply rising energy bills and the cost of living crisis.

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. During 2022/23, the charity continued to support two organisations through this Fund:

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

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Grants Support Fund

The charity’s Grants Support Fund offers additional support to organisations funded by Cloudesley to help enhance their impact and achieve sustainability. During the year, funding of £1,560 from the Grants Support Fund was agreed for Islington Centre for Refugees and Migrants towards its monitoring and evaluation system.

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 £10 million.

Until her resignation in June 2023, 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 Trustee Sharon White took on these roles from 7 June. Cloudesley's Director attended Islington Giving meetings in an observer capacity and Cloudesley was also represented on Islington Giving's Grants Committee by one of the charity’s Grants Managers.

During the year, Islington Giving ran another round of its Young Grant Makers programme, a participatory grants programme for young people, and set up its first participatory programme for older people, the Golden Grant Makers. It continued its micro-grants programme with local housing associations, and funded work supporting families, older people, volunteering and young people. In winter 2022/23, it launched a successful crisis funding appeal raising much-needed funds for local residents to help them respond to rising energy prices and other costs.

Cloudesley provides Strategic Grant support to Islington Giving towards activities which fall within Cloudesley’s Health Grants remit. In September 2022, the charity agreed a further £110,000 for Islington Giving, £55,000 a year for both 2023 and 2024.

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. A further two years of funding was agreed for each organisation in September 2022.

Islington Community Contact

During the year, Cloudesley received £69,000 from the dormant charity Islington Community Contact (ICC). The funding was transferred to Cloudesley as an organisation with similar

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objects to ICC for allocating to work with older people and/or disabled people. Cloudesley allocated the funding as one-off grants to the following:

The balance of funding was used to support additional projects through the Small Grants Fund 2022/23 which worked with older people and/or disabled people in Islington.

Cost of living crisis

Whilst the ongoing impacts of the pandemic continued to be felt during the year, sharply rising energy and other costs presented further challenges. Cloudesley responded by providing top-up grants for both its Health and Church Programmes, increasing ongoing grant amounts and adding extra funds to its individual grants budget.

Financial review

Financial performance

The charity’s income came almost entirely from investments in its securities portfolio and property estate. Income totalled £1,785,000, a rise of 10% from the previous year as rental income held up well and the charity received a one-off donation of £69,000 from the nowdormant charity Islington Community Contact.

Expenditure of £3,135,000 was up 34% on the previous year. This was because of a planned increase in grant giving of £405,000 and catching up with a programme of refurbishment and maintenance of the charity’s property estate which had slowed during the pandemic.

The gain on revaluation of investments was £2,159,000 compared to a loss of £934,000 in the previous year. The gain on the securities portfolio was £1,122,000, representing 4% of its total value at the end of the previous year, with £900,000 having been withdrawn during the year to fund the planned increase in grant giving. The gain on revaluation of the property estate was £1,037,000, representing 3% of its value at the end of the previous year.

The total return on the charity’s endowment before accounting for expenditure on charitable activities was £2,993,000, representing 5.3% of its value at the end of the

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previous year. £2,053,000, or 3.5% of the value of the endowment at the end of the previous year, was spent on charitable activities.

Reserves

The net result of the movements detailed under ‘financial performance’ above was a rise in the charity’s assets of 1.4% to £57,863,000. 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 £26,784,000 and the unapplied total return amounted to £31,079,000.

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

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  1. 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.

The charity periodically reviews its investment managers in the interests of good governance and to this end decided during the year to appoint Cazenove Capital to take over management of the securities portfolio. The appointment will take effect after this report has been approved.

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 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 considers that its current key risks are:

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In March 2023, the co-chair of the Finance and Endowment Committee, the Director and the 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 and data protection as a result. A spot check on payments was also conducted by one of the Vice Chairs.

The charity has written financial procedures, which were last updated and approved by the Board in December 2022. 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.

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. While income was received in the year from another charity, Islington Community Contact, this was not actively sought out. Islington Community Contact approached Cloudesley and therefore no fundraising was undertaken.

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 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

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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.

At its autumn 2021 Awayday, the charity identified the following three key priorities for 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 2022/23, Cloudesley’s own Stronger Foundations Working Group continued to meet to review these best practice recommendations. The Working Group has focused mainly 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.

During 2022/23, key actions included:

Through the Fund, Trustees agreed grants of £150,000 for 19 local projects

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Partner, and arranging a presentation for Cloudesley Partners from Forum+, an organisation which works to promote LGBTQ+ equality in Islington and Camden

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

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Our property managers report quarterly on green audit issues in relation to the charity’s property assets.

Plans for the future

In July 2023, the charity launched a new 18-month Sustainable Church Buildings Project, in partnership with the Islington Deanery and the Diocese of London. The project has been set up to help Islington churches to work towards their net zero carbon targets by 2030. The project offers each eligible church:

Further work on diversity, equity and inclusion will include:

As well as the activities outlined above, plans for 2023/24 include the following:

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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.

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:

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The charity also appoints co-opted committee members who each bring specific skills and experiences to help with the governance of the charity. As at 30 June 2023, there were two co-opted committee members, one each on the Finance and Endowment Committee and the Grants Committee.

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. Denise Ward and Janet Burgess continued to serve as Vice Chairs throughout 2022/23 and Adam Jenner was appointed as a third Vice Chair from 7 June 2023

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 Finance and Endowment Committee (co-chairs Adam Jenner and MaryTherese Barton until 6 June 2023, Adam Jenner and Ellie Mitchell from 7 June 2023), the Grants Committee (chair – Denise Ward) and Staffing Committee (chair – Delyth Richards). The Finance and Endowment Committee met formally five times during the year, the Grants Committee met formally four times and the Board met three times. The Staffing Committee met in early 2023 to discuss pay levels for all staff for the following financial year.

During 2022/23 the charity continued to operate a Stronger Foundations Working Group, chaired by Sharon White, and an Objects Review Working Group, chaired by Delyth Richards.

In the year all Trustees gave freely of their time and no remuneration was paid to Trustees. During the year the charity paid £339 (2022 - £2,569) to enable trustees to attend training courses and conferences which were directly relevant to their office.

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.

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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

6 December 2023

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Independent auditor’s report

To the Trustee of the

Charity of Richard Cloudesley ( known as Cloudesley)

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 2023 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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Independent auditor’s report

To the Trustee of the

Charity of Richard Cloudesley ( known as Cloudesley)

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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Independent auditor’s report

To the Trustee of the

Charity of Richard Cloudesley ( known as Cloudesley)

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:

24

Independent auditor’s report

To the Trustee of the

Charity of Richard Cloudesley ( known as Cloudesley)

tested significant transactions that are unusual or those outside the normal course of business.

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.

Date 19 December 2023

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

25

Cloudesley

Statement of financial activities

For the year ended 30 June 2023

For theyear ended 30June 2023
Note
Income from:
2
Cost of raising funds
Investment management costs
Property related costs
3
4
10
11
Reconciliation of funds:
Net gains/(losses) on investments
Net movement in funds
Total funds brought forward
Total funds carried forward
Gains on revaluation of properties
Total return transfer between 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
Other income		 Unrestricted
£'000
-
-
-		 Restricted
£'000
-
-
69		 Endowment
£'000
741
975
-		 2023
Total
£'000
741
975
69		 Unrestricted
£'000
-
-
-		 Endowment
£'000
740
884
-		 2022
Total
£'000
740
884
-
- 69 1,716 1,785 - 1,624 1,624
-
-
1,021
1,163		 -
-
-
69		 171
711
-
-		 171
711
1,021
1,232		 -
-
900
908		 175
360
-
-		 175
360
900
908
2,184 69 882 3,135 1,808 535 2,343
(2,184)
-
-
2,184		 -
-
-
-		 834
1,122
1,037
(2,184)		 (1,350)
1,122
1,037
-		 (1,808)
-
-
1,808		 1,089
(1,742)
808
(1,808)		 (719)
(1,742)
808
-
-
-		 -
-		 809
57,054		 809
57,054		 -
-		 (1,653)
58,707		 (1,653)
58,707
- - 57,863 57,863 - 57,054 57,054

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.

26

Cloudesley

Balance sheet

As at 30 June 2023

Balance sheet
As at 30June 2023		 Balance sheet
As at 30June 2023
Note
£'000
Fixed assets:
9
10
11
Current assets:
12
111
475
586
Liabilities:
13
1,830
Creditors:amounts falling due after one year
14
15
13,236
13,548
Churches
15,476
15,603
16
Debtors
Cash at bank and in hand
Tangible assets
Endowment fund investments
Investment properties
Creditors: amounts falling due within one year
Net current liabilities
Total assets less current liabilities
Total net assets
Permanent endowment funds
Trust for investment:
Churches
Health and Welfare
Unapplied total return:
Health and Welfare
Total endowment funds		 2023
£'000
-
27,658
31,730		 £'000
116
462		 2022
£'000
1
27,584
30,709
59,388
(1,244)		 58,294
(1,000)
586
1,830		 578
1,578
13,236
13,548		 12,267
12,556
58,144
281		 57,294
240
57,863 57,054
26,784
31,079		 24,823
32,231
15,476
15,603		 15,993
16,238
57,863 57,054

Approved by the trustees on 6 December 2023 and signed on their behalf by

Delyth Richards Chair

27

Cloudesley

Statement of cash flows

For the year ended 30 June 2023

For the year ended 30 June 2023
Note
17
18
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
(2,767)
1,716
16
1,034
12,728
(12,714)
2,780
13
462
475
2023		 £'000
£'000
(2,142)
1,624
-
(1,036)
9,793
(8,623)
1,758
(384)
846
462
2022
13
462		 (384)
846
475 462

28

Cloudesley

Notes to the financial statements

For the year ended 30 June 2023

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 and restricted 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. The trust for investment is increased annually using the consumer prices index (CPI) measure of inflation to maintain its real value over time.

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.

29

Cloudesley

Notes to the financial statements

For the year ended 30 June 2023

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

30

Cloudesley

Notes to the financial statements

For the year ended 30 June 2023

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 uncertainty 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.

31

Cloudesley

Notes to the financial statements

For the year ended 30 June 2023

2 Investment income

the year ended 30 June 2023
Investment income
Exclusive medical funds
Main portfolio		 Churches
£'000
360
-		 Health and
Welfare
£'000
360
21		 2023
Total
£'000
720
21		 Churches
£'000
360
-		 Health and
Welfare
£'000
360
20		 2022
Total
£'000
720
20
360 381 741 360 380 740

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

3a Analysis of expenditure

Year ended 30 June 2023

Year ended 30 June 2023
Cost of raising funds:
Investment management costs
Property related costs
Charitable activities
Churches
Health and welfare
Support costs
Governance costs
Total expenditure		 Staff costs
(note 5)
£'000
9
14
86
86		 Investment
costs
£'000
153
672
-
-		 Grants
(notes 21 &
22)
£'000
-
-
866
1,079		 Other costs
£'000
-
-
3
1		 Support
costs
£'000
7
19
51
51		 Governance
costs
£'000
2
6
15
15		 2023
Total
£'000
171
711
1,021
1,232
195
55
24		 825
-
-		 1,945
-
-		 4
73
14		 128
(128)
-		 38
-
(38)		 3,135
-
-
274 825 1,945 91 - - 3,135

3b 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		 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

This is stated after charging:

Net income/(expenditure) for the year
This is stated after charging:
2023 2022
£'000 £'000
Depreciation 1 2
Operating lease rentals - property 21 20
Auditor's remuneration - audit fees 9 8

32

Cloudesley

Notes to the financial statements

For the year ended 30 June 2023

Staff costs were as follows:

Staff costs were as follows:
Social security costs
Employer’s contribution to defined contribution pension schemes
Salaries and wages		 2023
£'000
233
22
19		 2022
£'000
210
18
17
274 245

One member of staff was paid a salary of between £70,001 and £80,000 during the year (2022: 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 £237,000 (2022: £213,000). Four members of staff employed during the year are considered to be key management personnel (2022: four).

During the year the charity paid £339 (2022: £2,569) to enable trustees to attend training courses and conferences which were directly relevant to their office. The charity trustees were not paid and did not receive any benefits from the charity (2022: nil). No charity trustee received payment for professional or other services supplied to the charity (2022: nil).

6 Staff numbers

The average full-time equivalent number of employees was:

Charitable activities
Support and administration		 2023
No.
3.9
0.5		 2022
No.
3.8
0.6
4.4 4.4

The average headcount was 5.0 (2022: 5.1).

33

Cloudesley

Notes to the financial statements

For the year ended 30 June 2023

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 awarded 2023 Grants awarded
family member) Position Organisation £'000 2022 £'000
Jennifer Kenson Employee Healthwatch Islington - 50
Susan Sorensen Treasurer Angel Community Canalboat Trust 5 -
Jean Willson President Centre 404 20 72

34

Cloudesley

Notes to the financial statements

For the year ended 30 June 2023

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 end of the year
Depreciation
At the start of the year
Cost
At the start of the year
Disposals in year
Net book value
At the end of the year
At the start of the year
On disposals
Charge for the year
At the end of the year		 Computer
equipment
£'000
9
(4)
5
8
(4)
1
5
-
1

All of the above assets are used for charitable purposes.

Endowment fund investments
Net (loss)/ gain on investments
Fair value at the end of the year
Cash held by investment broker pending reinvestment
Historic cost at the end of the year
Investments comprise:
Fair value at the start of the year
Additions at cost
Disposal proceeds
UK Common Investment Funds
Cash		 Main
portfolio
£'000
25,513
12,351
(12,364)
1,089		 Exclusive
medical
funds
£'000
564
363
(364)
33		 2023
£'000
26,077
12,714
(12,728)
1,122		 2022
£'000
28,989
8,623
(9,793)
(1,742)
26,589
459		 596
14		 27,185
473		 26,077
1,507
27,048 610 27,658 27,584
25,754 746 26,500 25,484
2023
£'000
27,185
473		 2022
£'000
26,077
1,507
27,658 27,584

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

35

Cloudesley

Notes to the financial statements

For the year ended 30 June 2023

11 Investment properties

Investment properties
Fair value at the start of the year
Proceeds of leasehold extension and disposals in year
Gain/(loss) on revaluation during the year
Fair value at the end of the year		 Freehold Properties 2023
£'000
30,709
(16)
1,037		 2022
£'000
29,901
-
808
Interest in
long
leaseholds
£'000
829
(16)
502		 Rental and
commercial
properties
£'000
29,880
-
535
1,315 30,415 31,730 30,709

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 carried out as at 30 June 2023 by Savills (UK) Ltd. The property valuation as at 30 June 2022 was not a 'Red Book' valuation and was carried out by independent valuers Daniel Watney LLP.

12 Debtors

12
Debtors
13
14
Creditors: amounts falling due within one year
Church grants
Health and welfare grants
Trade creditors
Taxation and social security
Accruals and other creditors
Rent receivable
Other debtors
Prepayments
Creditors: amounts falling due after one year
Health and welfare grants		 2023
£'000
54
40
17		 2022
£'000
87
10
19
111 116
2023
£'000
1,031
606
14
7
172		 2022
£'000
961
475
7
5
130
1,830 1,578
2023
£'000
281		 2022
£'000
240

15 Analysis of net assets between funds

Net assets at both 30 June 2023 and 30 June 2022 consisted entirely of endowment funds.

36

Cloudesley

Notes to the financial statements

For the year ended 30 June 2023

16 Movement in funds

Year ended 30 June 2023

At the start of
the year
£'000
12,267
12,556		 Income &
gains
£'000
-
-		 Expenditure
& losses
£'000
-
-		 Transfers -
see note below
£'000
969
992		 At the end of
the year
£'000
13,236
13,548
24,823 - - 1,961 26,784
15,993
16,238		 1,911
1,964		 (438)
(442)		 (1,990)
(2,157)		 15,476
15,603
32,231 3,875 (880) (4,147) 31,079
57,054 3,875 (880) (2,186) 57,863
- 69 (69) - -
-
-		 -
-		 (1,022)
(1,164)		 1,022
1,164		 -
-
- - (2,186) 2,186 -

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 2022

Year ended 30 June 2022 Year ended 30 June 2022
At the start of the year
£'000
11,213
11,477
22,690
17,853
18,164
36,017
58,707
General funds
-
-
-
58,707
Health and welfare
Unapplied total return
Churches
Health and welfare
Trust for investment
Churches
Total funds
Total endowment funds
Churches
Health and welfare
Total unrestricted funds		 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.

37

Cloudesley

Notes to the financial statements

For the year ended 30 June 2023

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:

Brand's Gift Charity

Dame Sarah Temple Foundation Finsbury Dispensary Relief in Sickness Islington Relief in Need Islington Relief in Sickness Richard Cloudesley Charity Convalescent Homes Fund

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 2.8573% (2022: 2.7912%). This varies depending on 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.

Purposes of restricted funds

Older/disabled people: This funding was received from a now dormant charity, Islington Community Contact, for supporting organisations working with older people and disabled people in Islington. The funding was awarded to thirteen organisations and was fully allocated by Cloudesley during the year.

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
Decrease/(increase) in debtors
Increase in creditors
Net cash used in operating activities		 2023
£'000
809
(1,122)
(1,037)
1
(1,716)
5
293		 2022
£'000
(1,653)
1,742
(808)
2
(1,624)
(14)
213
(2,767) (2,142)
Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents		 At 1 July
2022
£'000
462		 Cash flows
£'000
13		 £
475
At 30 June
2023
462 13 475

38

Cloudesley

Notes to the financial statements

For the year ended 30 June 2023

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
2023 2022
£'000 £
Less than 1 year 6 5

20 Capital commitments

At 30 June 2023 the charity was contractually committed to expenditure of £71,000 (2022 - nil) on maintenance works to its properties.

21 Grants to churches

Grants to churches
Main grants
Christ Church, Highbury
Emmanuel Church, Hornsey Road
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 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
Total main church grants in the year
Church grants awarded in the year
Total main church grants awarded in the year
Grants written back		 2023
£'000
95
19
26
12
-
20
73
65
40
91
8
60
21
33
2
6
27
-
105
25
67
11
33		 2022
£'000
23
4
37
73
63
62
10
80
54
50
45
-
47
29
30
57
14
50
54
58
-
8
-
839
(5)		 848
(71)
834 777

39

Cloudesley

Notes to the financial statements

For the year ended 30 June 2023

21 Grants to churches (continued)

21
Grants to churches (continued)
Access project audits and grants
Christ Church, Highbury
Kings Cross Church
Our Most Holy Redeemer, Clerkenwell
St Andrew, Whitehall Park
St Andrew's, Thornhill Square
St George & All Saints Church, Tufnell Park
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
22
Total church grants awarded in the year
Grants written back
Total church grants in the year
Total church access project audits and grants awarded in the year
Total strategic grants awarded in the year
Small grants
Angel Community Canalboat Trust
Angel Shed Theatre
Artbox London
Bubble & Speak CIC
Grants for health and welfare needs
Health and welfare grants made to organisations
Strategic grants
Help on Your Doorstep
Islington Giving
Islington Law Centre
Islington Somali Community
MahaDevi Yoga Centre
Memory Gardens
Minority Matters
Mixed Martial Arts for Reform and Progression
Prospex
Community Language Support Services
The Elfrida Society
Families in Harmony
The Garden Classroom
HealthProm
Islington Bangladesh Association
Read Easy Islington
Scarabeus Aerial Theatre
Urban Forest Tribe CIC
Total small grants awarded in the year		 3
3
3
3
3
2
2
3
2
3
2
3		 -
-
-
-
-
-
-
-
-
-
-
-
32 -
871
(5)		 848
(71)
866 777
2023
£'000
83
110
130		 2022
£'000
-
-
-
323 -
5
6
6
4
10
10
9
10
9
8
10
10
9
7
7
10
4
10
6		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
150 -

£49k of the small grants above was a contribution from the older & disabled people fund (page 41).

40

Cloudesley

Notes to the financial statements

For the year ended 30 June 2023

22 Grants for health and welfare needs (continued)

Grants for health and welfare needs (continued)
Principal grants
Centre 404
Disability Action in Islington
Holloway Neighbourhood Group
Islington Centre for Refugees and Migrants
Solace Women's Aid
Stuart Low Trust
Total principal grants awarded in the year
Development and support grants
ALAG/Autism Hub Islington
Healthwatch Islington
Islington Mind
Manor Gardens Welfare Trust
The Manna
The Margins Project
The Maya Centre
St Luke's Parochial Trust
Older & disabled people grants
Age UK Islington
South Islington Stroke Club
St Luke's Parochial Trust
Total older & disabled people grants awarded in the year
Islington Centre for Refugees and Migrants
Islington People's Rights
Life Chances in partnership with AFLAH
One True Voice
Stuart Low Trust
Total development and support grants awarded in the year		 8
12
75
75
12
12
8
75
8
75
4
75		 60
90
-
-
90
90
60
-
60
-
30
-
439 480
-
-
1
-
-
-
-		 2
50
3
30
2
2
3
1 92
9
2
9		 -
-
-
20 -

A further £49k from the older & disabled people fund was used to contribute towards relevant small grants (page 40).

Total health and welfare grants to organisations awarded in the year 933 572
Grants written back (2) -
Total health and welfare grants to organisations in the year 931 572

41

Cloudesley

Notes to the financial statements

For the year ended 30 June 2023

22 Grants for health and welfare needs (continued)

Grants for health and welfare needs (continued)
Grants written back
Total grants via Catalyst Programme in the year
Grants to individuals via Cloudesley Partners
Age UK Islington
Centre 404
Citizens Advice Islington
Community Language Support Services
Disability Action in Islington
Health and welfare grants made to individuals
London Borough of Islington
Manor Gardens Welfare Trust
Octopus Community Network (via St Luke's Parochial Trust)
Peter Bedford Housing Association
Solace Women's Aid
St Luke's Parochial Trust
Help on Your Doorstep
Islington BAMER Advice Alliance
Islington Centre for Refugees and Migrants
Islington Law Centre
Islington Mind
Islington People's Rights
Grants to individuals via Catalyst Programme
Age UK Islington
Help on Your Doorstep
Humankind
Islington Centre for Refugees and Migrants
St Mungo's
The Manna
The Margins Project
Total grants via Cloudesley Partners awarded in the year
Grants written back
Total grants via Cloudesley Partners in the year
Total grants written back
Total health and welfare grants to individuals in the year
Total health and welfare grants in the year
Manor Gardens Welfare Trust
Peter Bedford Housing Association
Solace Women's Aid
St Mungo's
Total grants via Catalyst Programme awarded in the year
Total health and welfare grants awarded to individuals in the year		 2023
£'000
20
12
6
4
8
15
3
20
10
18
12
5
7
-
8
8
8
8
5
2		 2022
£'000
5
12
5
3
5
18
-
17
8
20
12
5
5
5
6
5
9
8
5
2
179
(14)		 155
(23)
165 132
-
-
-
-
-
-
-
-		 10
10
10
10
10
10
10
10
-
(17)		 80
(21)
(17) 59
179
(31)		 235
(44)
148 191
1,079 763

42

Cloudesley

Notes to the financial statements

For the year ended 30 June 2023

23 Ultimate controlling party

The charity's ultimate parent undertaking and controlling party is Richard Cloudesley Trustee Ltd, 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 Ltd during the year.

43