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← Charity Of Richard Cloudesley

2025-06-30-accounts

CLOUDESLEY

REPORT AND ACCOUNTS

FOR THE YEAR ENDED

30 JUNE 2025

CONTENTS

Reference information Trustee’s report Auditor’s report 23 Statement of financial activities 27 Balance sheet 28 Cash flow statement 29 Notes to the accounts 30

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Reference information

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
Martin Hornbuckle ✓ ✓
London Borough of Islington nominated
Cllr Janet Burgess MBE – Vice Chair ✓ ✓
Tanya Parr (resigned 4 December 2024) ✓
Fatma Abbas Sufi (appointed 19 March 2025) ✓ ✓
Denise Ward ✓ ✓
Cllr Flora Williamson ✓
Deanery Synod nominated
Jennifer Kenson ✓
Ruth Hayes (appointed 19 March 2025) ✓
Lydia Mutare ✓ ✓
Seun Olateju ✓
Jean Willson OBE (deceased 11 December
2024)		 ✓ ✓
Elected
Mary-Therese Barton ✓
Adam Jenner – Chair ✓ ✓
Elena Mitchell ✓
Delyth Richards ✓ ✓
Sharon White – Vice Chair ✓ ✓
Co-opted members (not Directors of the
Trustee)
Olufemi Aiyebusi (appointed 21 March 2025) ✓
Olufunke Imiruaye ✓
Michael Samuels ✓

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ADMINISTRATION & ADVISORS

REGISTERED OFFICE & 2[nd] Floor OPERATIONAL ADDRESS 200a Pentonville Road London N1 9JP

BANKER CAF Bank Limited ESTATE MANAGERS Daniel Watney LLP Kings Hill 165 Fleet Street West Malling London EC4A 2DW ME19 4TA INVESTMENT Cazenove Capital INVESTMENT Sarasin & Partners LLP MANAGERS 1 London Wall Place MANAGERS Juxon House London EC2Y 5AU (until March 2025) 100 St Paul’s Churchyard London EC4M 8BU

LEGAL ADVICE Bates Wells & (Structural/Charity) Braithwaite London LLP 10 Queen Street Place London EC4R 1BE

LEGAL ADVICE Charles Russell Speechlys LLP (Property/Estate 5 Fleet Place management) London EC4M 7RD

LEGAL ADVICE Russell Cooke LLP AUDITOR (Property/Estate 5 Fleet Place management) London EC4M 7RD

Sayer Vincent LLP 110 Golden Lane London EC1Y 0TG

CHARITY NUMBER 205959 TRUSTEE COMPANY 7425897 NUMBER

Registered with the Charity Commission in England & Wales as Charity of Richard Cloudesley, the charity uses the working name Cloudesley. Richard Cloudesley Trustee Limited is the related Trustee Company, registered in the United Kingdom.

KEY MANAGEMENT PERSONNEL

Melanie Griffiths Director and Company Secretary Catherine Sorrell Grants Manager Kevin Turner Grants Manager (resigned October 2025) Ross Holland Finance Manager

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Trustee’s report

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 2025.

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 £2,381,000. After accounting for grants written back, the net amount of grants awarded was £2,311,000. This includes £4,479 awarded for access audits and £13,017 awarded for sustainability consultancy for churches.

Church Grants

Under the charity’s Scheme, half of its 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’ .

Through its Church Grants programme, Cloudesley provides grants for eligible Church of England churches in the Islington Deanery. In 2024/25, this support totalled £1,062,208.

Main Church Grants Programme

Cloudesley’s Church Grants programme for 2020 to 2025 includes a Main Church Grants Fund with the following funding priorities:

Cloudesley also offers Urgent Repair Grants which provide funding of up to £10,000 to help churches deal quickly with urgent and unforeseen repairs.

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During 2024/25, under its Main Church Grants programme and Urgent Repair Grants, the charity agreed:

Grants included funding for:

Special projects

During the year, Cloudesley also ran two special time-limited projects in partnership with the Islington Deanery and the Diocese of London.

Church Access Project

Cloudesley’s three-year Church Access Project ran from July 2022 until June 2025. The project offered each eligible Islington church:

Over the three-year project, 22 access audits were completed and 16 Church Access Project grants were agreed. In 2024/25, grants included funding for a temporary external ramp, audio-visual equipment, toilet and lighting improvements, and a hearing loop.

Sustainable Church Buildings Project

Cloudesley’s second Sustainable Church Buildings Project also ended in 2024/25. Building on a similar successful project which the charity ran in 2017/18, the project ran from July 2023 to March 2025. It offered every eligible church:

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Over the course of the project:

For more details, please see our end of project evaluation.

Other Support

During the year, Cloudesley also convened three meetings of the Islington Deanery Church Buildings Forum. The meetings brought together representatives from Islington churches to share information and learn about key buildings issues, including net zero improvements, managing large capital projects and water ingress.

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’ . The charity seeks to address this through its Health and Welfare programmes.

During 2024/25, the charity agreed:

Grants for individuals

The charity continued to run its Cloudesley Partners fund which provides crisis/welfare grants for individuals. Through this fund, the charity agrees block grants for 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 need. 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.

During 2024/25, 1,395 grants were made to individuals by the Cloudesley Partners to help residents in a variety of ways, including for emergency expenses (such as food and energy bills), white goods, and furniture and furnishings.

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In 2024/25, the charity worked with 18 Cloudesley Partners, initially agreeing £142,000 for them to distribute to Islington residents. A further £39,000 of Cloudesley Partner funding was agreed during the year as top-up grants for the organisations to distribute.

The charity continued to work in partnership with Cripplegate Foundation on the Catalyst Fund. This creative grant-making scheme gives partner support organisations the ability to provide small grants to help residents meet personal goals and connect to opportunities and services. Funding of £70,000 was agreed by Cloudesley in September 2023 for seven organisations to distribute to local residents in 2024 and 2025.

During 2024/25, 108 grants were made to Islington residents under the Catalyst Fund. These were used for a range of purposes, including for gym memberships, art supplies, training courses and smartphones to enable social interaction and improve employment opportunities.

A full breakdown of organisations receiving these grants is set out in note 22 to the accounts.

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 Islington. The charity addresses its ‘Relief in Sickness’ Object by supporting sustainable local organisations that demonstrate initiative in tackling health inequalities.

Following a review, including consultation with local voluntary and community sector organisations and other funders, in 2024/25 Cloudesley’s Trustees agreed a new Health Grants programme. The 2025-29 programme aims to reduce health inequalities in Islington amongst people who are living in poverty. The programme includes a number of funding streams, details of which are set out below.

Large Grants

The new Large Grants Fund provides multi-year grants to voluntary sector organisations. The funding can be used for core running costs or towards specific projects. Organisations are 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.

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In 2024/25, the charity agreed new grants totalling £1,109,500 under this funding stream. This included extension and renewal funding for 10 organisations:

Multi-year projects covered by grants awarded in previous years and ongoing during 2024/25 were:

Flexible Fund

The Flexible Fund is designed to respond to emerging needs and can be used in a variety of ways, including to help organisations test a different approach to tackling health inequalities, respond to a crisis or to support capacity building within funded organisations.

In 2024/25, four grants were agreed totalling £11,300 for:

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Small Grants Fund

The Health Grants programme also includes a Small Grants Fund (up to £10,000) to support smaller organisations working with Islington residents who are on no or low income. Although no new Small Grants were agreed in 2024/25, the 11 projects supported through funding agreed in the previous financial year continued to run. These 12-month projects all fit at least one of the following criteria:

For more details, including case studies, please see our Small Grants Fund 2024 Impact Report.

Islington Giving

In 2024/25, Cloudesley continued its support for Islington Giving, agreeing a further grant of £55,000 for 2025. In May 2025, Islington Giving celebrated its 15[th] anniversary. Since 2010, this coalition of funders, businesses, voluntary organisations and residents has raised over £11 million for allocating to local organisations and projects. The charity's funding for Islington Giving is used for activities which fall within Cloudesley’s Health Grants remit.

Since June 2023, Trustee Sharon White has represented Cloudesley on the Board of Islington Giving and has served as Vice Chair of Islington Giving. Cloudesley's Director also attended Islington Giving Board meetings in an observer capacity and Cloudesley was represented on Islington Giving's Grants Committee by one of its Grants Managers.

Grants – information and impact

As a place-based funder, Cloudesley works closely with the Islington churches and voluntary organisations that it supports. We use a mix of monitoring visits and reports to measure the impact and effectiveness of our funding. The information gathered is used to inform the charity’s future decision-making.

For further detail about Cloudesley’s grant-making and its impact, please visit www.cloudesley.org.uk

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Financial review

Financial performance

The charity’s income came entirely from investments in its securities portfolio and property estate. Income totalled £1,517,000, a fall of 13% from the previous year due to a shift in focus in the charity’s investment portfolio from income-producing assets to assets delivering a balance between income and capital growth. Expenditure of £3,384,000 was up 3.9% on the previous year because of a planned increase in grant giving.

The gain on revaluation of investments was £820,000 compared to £1,685,000 in the previous year. The gain on the securities portfolio was £334,000, representing 1.1% of its total value at the end of the previous year. The gain on the property estate was £486,000, representing 1.6% 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 £1,596,000, representing 2.7% of its value at the end of the previous year. £2,643,000, or 4.6% 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 fall in the charity’s assets of 1.8% to £56,991,000, comprising the trust for investment of £28,303,000 and the unapplied total return of £28,688,000. 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. Trustees resolved to adopt total return accounting from 1 July 2019. The initial value of the charity’s endowment, known as the trust for investment, was calculated as £21,600,000 on 1 July 2019, based on the earliest date a valuation could be obtained, 31 December 1998, and using estimates from the charity’s investment managers at the time, Sarasin & Partners LLP, and estate managers, Daniel Watney LLP. The total value of the endowment on 1 July 2019 was £53,136,000, creating an initial trust for investment of £21,600,000 and an initial unapplied total return of £31,536,000.

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

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 seeks 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 charity’s investment managers, Cazenove Capital, advised in July 2024 on the probability of the charity maintaining the real value of its endowment based on the

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drawdown rate and asset allocation. Based on these probabilities, the charity estimated a transfer to unrestricted funds of 3.81% from its securities portfolio and 3.19% from its property estate would balance the needs of current and future beneficiaries. Given the allocation of the securities portfolio and property estate in the endowment, this equates to an overall transfer to unrestricted funds of 3.51%. This is lower than the budgeted transfer to unrestricted funds of 4.00% and Trustees will seek to reduce the budgeted transfer to unrestricted funds over time. Updated advice on these probabilities will be sought from Cazenove Capital as part of the charity’s annual budgeting cycle.

Investment policy

Cloudesley’s investment policy, which covers both the securities portfolio and the property estate, was reviewed during 2024/25. 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 50%, 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, 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.

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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 in early 2023 appointed Cazenove to take over management of the security portfolio. This change began during 2023/24 and completed during 2024/25.

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, all classified as medium, are:

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In March 2025, the charity undertook an internal audit. The review covered the charity’s financial controls and procedures and improvements have been made as a result. A spotcheck on payments was also conducted by a Trustee.

The charity has written financial procedures, which were updated during the year and approved by the Board in December 2024. 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

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 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 Grants for individuals), local organisations working with people in this situation (Health 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 Grants programmes and the other half to the Church Grants programme available to the eligible churches.

After consultation with local partners, the following values and guiding principles have been agreed to underpin Cloudesley’s work:

Community focused – we are an engaged and approachable local funder. We work in partnership with others to support Islington residents and organisations.

Inclusive – we are committed to valuing diversity, promoting equity and equal access and ensuring inclusion in all we do.

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Responsive – we aim to be responsive and flexible to provide the best possible support to the organisations, churches and people we work with. We listen and adapt our approaches in line with changing community needs.

Committed – we have been rooted in Islington for over 500 years, but we are also forward looking. We plan ahead and seek to balance the needs of today with those of the future.

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Following its autumn 2023 Awayday, the charity’s Trustees agreed key priorities for the following two years:

Following its autumn 2023 Awayday, the c
following two years:		 harity’s Trustees agreed key priorities for the
Key priorities, 2023-2025 Updates
1. Complete the review of Cloudesley’s
charitable Objects		 Following the Trustees’ review of the charity’s
Objects, in Autumn 2024, consultation was
carried out with beneficiaries and other key
stakeholders on possible minor updates to our
Church and Health Objects. In June 2025,
Trustees applied to the Charity Commission to
see if it might agree an updated charitable
scheme to bring these changes into effect. At
the time of writing, the Charity Commission had
yet to respond.
2. Safeguard grant-making for the
future through ensuring that
Cloudesley is a financially
sustainable organisation		 Carried out an Investment Strategy Review in
2024/25, including consideration of the
charity’s property portfolio. Trustees have
agreed a new investment strategy to underpin
the charity’s financial sustainability.
3. Ensure the policy and delivery of
Church Grants serves the changing
needs of the community and
Islington church heritage		 Church Grants Review being undertaken in
2025. The review has considered a wide range
of information, including lessons learnt from
the 2020-25 funding programme, to influence
the development of the new funding
programme for 2026-30.
4. Ensure Cloudesley is representative
of Islington and supporting those
most in need by continuing to
embed diversity, equity and
inclusion (DEI) throughout the
organisation		 Specific DEI actions include:
• Targeted work to diversify Board and
committee composition
• 3-year Church Access Project
• Embedded in Health Grants programme,
supported by monitoring, evaluation
and assessment
See DEI section below for more details.
5. Create a climate and environment
action plan		 See the Cloudesley website for ourClimate
Action plan
See Funder Commitment on Climate Change
section below.
6. Raise the profile of Cloudesley’s
funding, delivery and knowledge to
increase impact		 • Participation in wide range of external
events, including via London Funders
and Association of Charitable
Foundations
• Share case studies
• Further development of relationships
with local organisations and churches
• Agreed framework for Islington advice
sector research to be undertaken in
2025.

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Diversity, Equity and Inclusion

Since early 2024, the Future Cloudesley Working Group has overseen the charity’s work on Diversity, Equity and Inclusion, impact and profile, and climate action.

On DEI, the charity has 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. Our decision-making is informed by the Social Model of Disability as defined by Inclusion London[1] .

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 2024/25, key actions included:

1 As defined by Inclusion London, the Social Model of Disability states that people have impairments but that the oppression, exclusion and discrimination people with impairments face is not an inevitable consequence of having an impairment, but is caused instead by the way society is run and organised. The Social Model of Disability holds that people with impairments are ‘disabled’ by the barriers operating in society that exclude and discriminate against them.

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In 2025/26, we expect further work on diversity, equity and inclusion to include:

Funder Commitment on Climate Change

Along with over 130 other UK charitable foundations, Cloudesley is a signatory of the Funder Commitment on Climate Change. The commitment requires the charity to report annually on progress. In 2024/25, this included:

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In 2025/26, we expect work in this area to include:

Other plans for the future

As well as actions mentioned above, Trustees have agreed that other work for 2025/26 will include:

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 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 2025, there were three co-opted committee members, one on the Finance and Endowment Committee and two on 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 until the Board meeting on 5 June 2025, after which Adam Jenner became Chair. Janet Burgess, Adam Jenner and Denise Ward continued to serve as Vice Chairs until the Board meeting on 5 June 2025, after which Janet Burgess and Sharon White became the charity’s Vice Chairs.

During 2024/25, the charity’s administration was undertaken by a small staff team: a Director, two Grants Managers, a Finance Manager, and an Operations and Database Officer.

Trustees worked with the staff through the Board and three standing Committees: the Finance and Endowment Committee (co-chaired by Adam Jenner and Ellie Mitchell in 2024/25, co-chaired by Ellie Mitchell and Martin Hornbuckle from 1 July 2025), the Grants Committee (chaired by Denise Ward in 2024/25, chaired by Sharon White from 1 July 2025) and Staffing Committee (chair – Delyth Richards). Both the Finance and Endowment Committee and the Grants Committee met formally four times during the year and the

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Board met three times. The Staffing Committee met in early 2025 to discuss pay levels for all staff for the following financial year.

In 2024/25, the charity also had a number of temporary working groups:

In the year all Trustees gave freely of their time and no remuneration was paid to Trustees.

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

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:

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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.

The Trustee’s annual report has been approved by the Directors of the Trustee Company on 3 December 2025 and signed on their behalf by

Adam Jenner, Chair

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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 2025 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.

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

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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.

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.

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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:

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.

25

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.

11 December 2025 Sayer Vincent LLP, Statutory Auditor

110 Golden Lane, LONDON, EC1Y 0TG

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

26

Cloudesley

Statement of financial activities

For the year ended 30 June 2025

For theyear ended 30June 2025
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
Other income
Net gains 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
-
-
-		 Restricted
£'000
-
-
1		 Endowment
£'000
541
975
-		 2025
Total
£'000
541
975
1		 Unrestricted
£'000
-
-
-		 Restricted
£
-
-
1		 Endowment
£'000
798
948
-		 2024
Total
£'000
798
948
1
- 1 1,516 1,517 - 1 1,746 1,747
-
-
1,202
1,440		 -
-
-
1		 193
548
-
-		 193
548
1,202
1,441		 -
-
1,334
1,161		 -
-
-
1		 168
593
-
-		 168
593
1,334
1,162
2,642 1 741 3,384 2,495 1 761 3,257
(2,642)
-
-
2,642		 -
-
-
-		 775
334
486
(2,642)		 (1,867)
334
486
-		 (2,495)
-
-
2,495		 -
-
-		 985
2,225
(540)
(2,495)		 (1,510)
2,225
(540)
-
-
-		 -
-		 (1,047)
58,038		 (1,047)
58,038		 -
-		 -
-		 175
57,863		 175
57,863
- - 56,991 56,991 - - 58,038 58,038

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.

27

Cloudesley

Balance sheet

As at 30 June 2025

Balance sheet
As at 30June 2025
Note
Fixed assets:
9
10
11
Current assets:
12
Liabilities:
13
Creditors:amounts falling due after one year
14
15
Churches
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		 £'000
102
590		 2025
£'000
-
29,435
29,940		 £'000
125
873		 2024
£'000
-
29,836
29,597
59,375
(1,709)		 59,433
(1,045)
692
2,401		 998
2,043
13,987
14,316		 13,501
13,818
57,666
675		 58,388
350
56,991 58,038
28,303
28,688		 27,319
30,719
14,271
14,417		 15,171
15,548
56,991 58,038

Approved by the trustees on 3 December 2025 and signed on their behalf by

Adam Jenner Chair

28

Cloudesley

Statement of cash flows

For the year ended 30 June 2025

For the year ended 30 June 2025
Note
17
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
Proceeds from sale of investments		 £'000
£'000
(2,677)
1,516
143
599
11,505
(11,369)
2,394
(283)
873
590
2025		 £'000
£'000
(2,988)
1,746
1,593
(892)
31,739
(30,800)
3,386
398
475
873
2024
(283)
873		 398
475
590 873

29

Cloudesley

Notes to the financial statements

For the year ended 30 June 2025

Cloudesley is a registered charity. The registered office is 2nd Floor, 200a Pentonville Road, London, N1 9JP.

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.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

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.

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

30

Cloudesley

Notes to the financial statements

For the year ended 30 June 2025

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.

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:

 Computer Equipment

3 years

31

Cloudesley

Notes to the financial statements

For the year ended 30 June 2025

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 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

Cash at bank and cash in hand includes cash and short-term, highly liquid investments with a maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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

32

Cloudesley

Notes to the financial statements

For the year ended 30 June 2025

2 Investment income

the year ended 30 June 2025
Investment income
Exclusive medical funds
Main portfolio		 Churches
£'000
263
-		 Health and
Welfare
£'000
263
15		 2025
Total
£'000
526
15		 Churches
£'000
388
-		 Health and
Welfare
£'000
388
22		 2024
Total
£'000
776
22
263 278 541 388 410 798

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

3a Analysis of expenditure

Year ended 30 June 2025

Year ended 30 June 2025
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
10
25
93
93		 Investment
costs
£'000
174
497
-
-		 Grants
(notes 20 &
21)
£'000
-
-
1,037
1,274		 Other costs
£'000
-
-
2
5		 Support
costs
£'000
6
18
48
48		 Governance
costs
£'000
3
8
22
21		 2025
Total
£'000
193
548
1,202
1,441
221
56
35		 671
-
-		 2,311
-
-		 7
64
19		 120
(120)
-		 54
-
(54)		 3,384
-
-
312 671 2,311 90 - - 3,384

3b Year ended 30 June 2024

Year ended 30 June 2024
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
10
26
91
90		 Investment
costs
£'000
149
540
-
-		 Grants
(notes 20 &
21)
£'000
-
-
1,172
998		 Other costs
£'000
-
-
1
4		 Support
costs
£'000
6
18
47
47		 Governance
costs
£'000
3
9
23
23		 2024
Total
£'000
168
593
1,334
1,162
217
53
36		 689
-
-		 2,170
-
-		 5
65
22		 118
(118)
-		 58
-
(58)		 3,257
-
-
306 689 2,170 92 - - 3,257

This is stated after charging:

Net income/(expenditure) for the year
This is stated after charging:
2025 2024
£'000 £'000
Operating lease rentals - property 27 23
Auditor's remuneration - audit fees 11 10

33

Cloudesley

Notes to the financial statements

For the year ended 30 June 2025

5 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
£80,001 to £90,000
The number of staff paid over £60,000 were as follows:		 2025
£'000
268
23
21		 2024
£'000
260
25
21
312 306
2025
1		 2024
1

The total employee benefits including pension contributions and employer's national insurance of the key management personnel were £267,000(2024: £266,000). Four members of staff employed during the year are considered to be key management personnel (2024: four).

During the year the charity reimbursed £22 of expenses incurred by one trustee (2024: £5) and paid £1,782 (2024: £3,145) to enable trustees to attend awaydays, 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 (2024: nil). No charity trustee received payment for professional or other services supplied to the charity (2024: nil).

6 Staff numbers

The average full-time equivalent number of employees was:

2025 2024
No. No.
Charitable activities 3.6 3.9
Support and administration 0.8 0.7
4.4 4.6

The average headcount was 5.0 (2024: 5.0).

34

Cloudesley

Notes to the financial statements

For the year ended 30 June 2025

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.

they were discussed.
Grants Grants
Director (or immediate awarded 2025 awarded 2024
family member) Position Organisation £'000 £'000
St George & All Saints Church,
Ruth Hayes Treasurer Tufnell Park 75 205
Martin Hornbuckle, family
member Trustee St Augustine's Church, Highbury 70 50
Jean Willson President Centre 404 - 17

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
On disposals
Depreciation
At the start of the year
Cost
At the start of the year
Disposals in year
At the end of the year
Net book value
At the end of the year
At the start of the year		 Computer
equipment
£'000
3
-
3
3
-
3
-
-

All of the above assets are used for charitable purposes.

35

Cloudesley

Notes to the financial statements

For the year ended 30 June 2025

10 Endowment fund investments

UK Common Investment Funds
Cash
Cash held by investment broker pending reinvestment
Investments comprise:
Fair value at the start of the year
Additions at cost
Disposal proceeds
Net gain on investments
Fair value at the end of the year		 Main portfolio
£'000
27,839
11,049
(11,182)
325		 Exclusive
medical funds
£'000
632
320
(323)
9		 2025
£'000
28,471
11,369
(11,505)
334		 2024
£'000
27,185
30,800
(31,739)
2,225
28,031
744		 638
22		 28,669
766		 28,471
1,365
28,775 660 29,435 29,836
2025
£'000
28,669
766		 2024
£'000
28,471
1,365
29,435 29,836

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

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 2025
£'000
29,597
(143)
486		 2024
£'000
31,730
(1,593)
(540)
Interest in
long
leaseholds
£'000
837
(143)
81		 Rental
properties
£'000
28,760
-
405
775 29,165 29,940 29,597

The property valuation as at 30 June 2025 was carried out by independent valuers Daniel Watney LLP. 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 as at 30 June 2023 by Savills (UK) Ltd.

12 Debtors

Debtors
Rent receivable
Other debtors
Prepayments
Accrued income		 2025
£'000
62
8
23
9		 2024
£'000
89
2
22
12
102 125

36

Cloudesley

Notes to the financial statements

For the year ended 30 June 2025

13 Creditors: amounts falling due within one year

13
Creditors: amounts falling due within one year
2025
£'000
1,520
632
14
5
-
203
27
2,401
Balance at the beginning of the year
25
Amount released to income in the year
(25)
Amount deferred in the year
27
Balance at the end of the year
27
14
2025
£'000
675
Accruals
Deferred income
Creditors: amounts falling due after one year
Health and welfare grants
Deferred income comprises rent and insurance recharges paid by tenants/leaseholders in advance.
Church grants
Health and welfare grants
Trade creditors
Taxation and social security
Other creditors		 2025
£'000
1,520
632
14
5
-
203
27		 2024
£'000
1,340
546
6
7
3
116
25
2,401 2,043
38
(38)
25
27 25
2025
£'000
675		 2024
£'000
350

Net assets at both 30 June 2025 and 30 June 2024 consisted entirely of endowment funds.

37

Cloudesley

Notes to the financial statements

For the year ended 30 June 2025

16 Movement in funds

Year ended 30 June 2025

At the start of
the year
£'000
13,501
13,818		 Income & gains
£'000
-
-		 Expenditure &
losses
£'000
-
-		 Transfers - see
note below
£'000
486
498		 At the end of
the year
£'000
13,987
14,316
27,319 - - 984 28,303
15,171
15,548		 1,156
1,180		 (368)
(373)		 (1,688)
(1,938)		 14,271
14,417
30,719 2,336 (741) (3,626) 28,688
58,038 2,336 (741) (2,642) 56,991
- 1 (1) - -
-
-		 -
-		 (1,202)
(1,440)		 1,202
1,440		 -
-
- - (2,642) 2,642 -

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 2024

Year ended 30 June 2024 Year ended 30 June 2024
At the start of the year
£'000
13,236
13,548
26,784
15,476
15,603
31,079
57,863
-
General funds
-
-
-
57,863
Total funds
Total endowment funds
Churches
Health and welfare
Total unrestricted funds
Restricted funds:
Wellbeing event
Health and welfare
Unapplied total return
Churches
Health and welfare
Trust for investment
Churches		 Income & gains
£'000
-
-		 Expenditure &
losses
£'000
-
-		 Transfers - see
note below
£'000
265
270		 At the end of
the year
£'000
13,501
13,818
26,784 - - 535 27,319
15,476
15,603		 1,943
2,028		 (649)
(652)		 (1,599)
(1,431)		 15,171
15,548
31,079 3,971 (1,301) (3,030) 30,719
57,863 3,971 (1,301) (2,495) 58,038
- 1 (1) - -
-
-		 -
-		 (1,334)
(1,161)		 1,334
1,161		 -
-
- - (2,495) 2,495 -
57,863 3,972 (3,797) - 58,038

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.

38

Cloudesley

Notes to the financial statements

For the year ended 30 June 2025

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 2.8114% (2024: 2.7935%). 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

Wellbeing event: This funding was received from Cripplegate Foundation as a contribution towards a wellbeing events held in February 2025 and, in the prior year, in March 2024. The events were to support staff of organisations funded by Cloudesley in response to widespread concerns around burnout and the mental wellbeing of staff in the voluntary sector.

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

Reconciliation of net income to net cash flow from operating activities
Net (expenditure)/income for the reporting period
as per the statement of financial activities
Gains on investments
(Gains)/losses on property assets
Investment income
Decrease/(increase)in debtors
Increase in creditors
Net cash used in operating activities		 2025
£'000
(1,047)
(334)
(486)
(1,516)
23
683		 2024
£'000
175
(2,225)
540
(1,746)
(14)
282
(2,677) (2,988)

18 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


periods
19
Capital commitments
Less than 1 year		 2025
2024
£'000
£
20
6
Property

On 30 June 2025 the charity had no capital commitments (2024: £nil).

39

Cloudesley

Notes to the financial statements

For the year ended 30 June 2025

20 Grants to churches

Grants to churches
Main grants
All Saints, Caledonian Road
Christ Church, Highbury
The Church on the Corner
Emmanuel Church, Hornsey Road
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's, Tollington
St Mary, Hornsey Rise
St Mary Magdalene
St Mary's Islington
St Saviour's, Hanley Road
St Silas, Pentonville
St Stephen, Canonbury
St Thomas, Finsbury Park
Access project audits and grants
Christ Church, Highbury
The Church on the Corner
Emmanuel Church, Hornsey Road
Kings Cross Church
Our Most Holy Redeemer, Clerkenwell
St Andrew, Whitehall Park
St Augustine, Highbury New Park
St George & All Saints Church, Tufnell Park
St James, Clerkenwell
St James, Prebend Street
St John, Upper Holloway
St Mark Clerkenwell
St Mark's, Tollington
St Mary Magdalene
St Saviour's, Hanley Road
St Silas, Pentonville
St Stephen, Canonbury
St Thomas, Finsbury Park
Total main church grants in the year
Church grants awarded in the year
Total main church grants awarded in the year
Grants written back
Total church access project audits and grants awarded in the year		 2025
£'000
3
24
19
11
-
12
5
137
60
50
65
40
137
12
31
7
125
-
-
25
35
41
-		 2024
£'000
5
15
3
-
22
21
72
126
50
5
130
16
74
21
27
30
13
140
25
-
70
41
7
839
(42)		 913
(92)
797 821
10
-
10
-
-
10
-
-
10
2
10
10
-
-
-
10
2
-		 -
2
2
10
10
-
3
10
-
-
3
10
2
12
2
-
2
74 68

40

Cloudesley

Notes to the financial statements

For the year ended 30 June 2025

20 Grants to churches (continued)

20
Grants to churches (continued)
Sustainability project audits and grants
Christ Church, Highbury
The Church on the Corner
Emmanuel Church, Hornsey Road
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'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
Sustainability audits
21
MahaDevi Yoga Centre
Prospex
The Elfrida Society
Islington Mind
Manor Gardens Welfare Trust
Grants for health and welfare needs
Health and welfare grants made to organisations
The Manna
The Margins Project
The Maya Centre
St Luke's Parochial Trust
Large grants
Stuart Low Trust
Total large grants awarded in the year
Citizens Advice Islington
Community Language Support Services
Islington BAMER Advice Alliance
Islington Bangladesh Association
Islington People's Rights
Disability Action in Islington
Holloway Neighbourhood Group
Islington Centre for Refugees and Migrants
Help on Your Doorstep
Islington Giving
Islington Law Centre
Total church grants awarded in the year
Grants written back
Total church grants in the year
Total church sustainability project audits and grants awarded in the year		 2025
£'000
-
-
10
10
10
10
10
10
10
10
-
10
-
-
10
10
10
7
10
15
14		 2024
£'000
10
10
-
-
-
-
-
65
65
-
10
-
10
7
-
-
-
-
85
-
21
166 283
1,079
(42)		 1,264
(92)
1,037 1,172
-
-
70
-
124
105
-
-
105
55
195
70
-
-
70
-
105
-
-
105
105		 52
52
-
105
-
-
26
53
-
-
-
-
53
53
-
105
-
105
53
-
-
1,109 657

41

Cloudesley

Notes to the financial statements

For the year ended 30 June 2025

21 Grants for health and welfare needs (continued)

Grants for health and welfare needs (continued)
Health and welfare grants made to individuals
St Mungo's
Total grants via Cloudesley Partners awarded in the year
Grants written back
Islington Centre for Refugees and Migrants
Islington Law Centre
Islington Mind
Islington People's Rights
London Borough of Islington
Manor Gardens Welfare Trust
The Manna
The Margins Project
Octopus Community Network (via St Luke's Parochial Trust)
Grants to individuals via Cloudesley Partners
Age UK Islington
Centre 404
Citizens Advice Islington
Community Language Support Services
Disability Action in Islington
Help on Your Doorstep
Total grants via Cloudesley Partners in the year
Urban Forest Tribe CIC
Minority Matters
Total flexible grants awarded in the year
Small grants
Angel Shed Theatre
Artbox London
Total health and welfare grants to organisations in the year
Urban Forest Tribe CIC
Scarabeus Aerial Theatre
YES Outdoors
Total small grants awarded in the year
Islington Somali Community
Memory Gardens
Minority Matters
Mildmay Community Partnership
One True Voice
Jannaty Women's Social Society
Islington BAMER Advice Alliance
Peter Bedford Housing Association
Solace Women's Aid
St Luke's Parochial Trust
Flexible grants
Islington People's Rights
Islington Somali Community
The Maya Centre		 2025
£'000
5
2
3
-
2		 2024
£'000
-
-
-
3
-
12 3
-
-
-
-
-
-
-
-
-
-
-		 8
10
10
10
9
10
10
10
10
7
10
- 104
1,121 764
13
-
3
4
7
20
11
20
10
27
14
4
8
5
2
-
6
10
8
9		 9
17
6
4
5
22
3
20
10
24
27
4
10
5
3
5
8
9
8
9
181
(28)		 208
(21)
153 187

42

Cloudesley

Notes to the financial statements

For the year ended 30 June 2025

21 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
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
Grants to individuals via Catalyst Programme
Age UK Islington
Help on Your Doorstep
Islington Centre for Refugees and Migrants		 2025
£'000
-
-
-
-
-
-
-		 2024
£'000
10
10
10
10
10
10
10
-
-		 70
(23)
- 47
181
(28)		 278
(44)
153 234
1,274 998

22 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