harlty nUMr 206414 CLEAVES CHARITY AND OTHERS UNAUDITED ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
CLEAVES CHARITY AND OTHERS Contents For th• year ending 31 DeMber 2023 Page Administrativè detsils Trustees report Independanl examiners. report ststement of assets and Ilabilfties Receipts and payTnents account Motes to the accounts
CLEAVES CHARITY ANO OTHERS Administratlv• Details For the year endlng 31 De¢omb8r 2023 Page 1 Trustees The Revd Dr Harri William5 MT John Sayer Downing Ms Gail Eagles Miss Eileen Head Mr lain Campbell MacBrayne Mrs Donna Maria Mallett Mr Timothy McDonald Mr Nicholas Richards Mr David Robert Simmons Mrs Ann Sonko Mr Keith David Tuck Ms Candid8 Turner Bridger Mr James Woodhouse Chairman appointgd 6 March 2024 resigned 12 December 2023 appointed 12th December 2023 Charity reg5storad number 206414 Charity contact addrèss New Vi¢arage Church Street Walsingham Norfolk NR22 6BL Independ•nt gxamingrs Laiklng Gowen 1 Floor Prospect House Rouèn Road Norwich NR1 1RE
CLEAVES CHARITY AND OTHERS Trustees. Report For the year onding 31 De¢embei 2023 Page 2 The Trustees present their rgport and the audited financial slalem8nts for the year ended 31st December 2023. Trustees. respon$ibilltl•s The Trustees are reswnsible for preparing the Trustees, Annual Report and the financial stalernents in accordance wilh applicable law. The Trustees are reswnsSble for kgeping proper accounting recoriJ$ that disclose with reason- able accuracy at any lime the financial Sition of tho Charity and enable them lo ensure that the financial statements Comply with the Charities Act 2011 and the provisions of the trust deed I scheme. They are a150 responsible for saf8guarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregukirllies Con$titution The Charity WAS established in 1861 as The Little Walsingham Charities, consisting of Laily Mary Townshend's Ch8rity William Clèave's Charity, Bond's Charity for the Poor. The Houghlon E51ate and Sick House Land's Charity and The Almshouses. The Charity is regulated by a scheme of the Charity Commissioners of 1st July 1861 as amended by the Scheme of the Commi5si¢)ngrs of 2nd February 1976.
CLEAVES CHARITY AND OTHERS Trustees. Report For the year endlng 31 Dgcembgr 2023 Page 3 Trustegs The Trustees appointed to Cleaves Charity show a balance of skills in order to run this charity effedivoly. Al the year end. there are 11 trustees, 811 being local, prèdominantly residents of the village. Their expertise covers Property and Planning. Finance and Welfare. There are no oulside parties who can appoint Ifustees for the Cleaves Charity. New Trusteas are usually app(H'nled by iecommendation from cuent Trustoes. Consideration Is glven to their experience, profession and availability. All new Trijstees are givèn a copy of the Residents, Handbook, fvll details on the running of the Charity and guidelines from the Charty Commission for this scheme. Any other opportunitigs for training are also considerèd. Structure of organlsation Th8 Trustees met four times during the year, all meetings being in person. To review the finances of the Charity. To consider on-going requiremenls for Ihe maintenance and upkeep of the individual housing units and for the estate in general. To determlne action required in rtslation lo future devèlc¥Jm8nts on the estaté. To receive reports from the Clerk on the health and well-being of residents and other matters relating lo the wnning of the Charity, including Housing Benefit. There woro sub-commiltee me8tings during the year as required. The day-to-day alministralive 8clivilies were carried out by the Clerk to the Trustees. stst•mgnt of rlsk manag•m•nt The Trustees have considered the risks lo which The Cleaves Charity is exposed. These risks are mitigated by: A Board of Trustees with the necessary 8xperienc8 and competence to ensure the successful running of the Charity., Regular Trustees. meetings with effectlve reporting to ensure proper review ol operations., Maintenance of a sufficient reserve to implement an effective relocation programme in the event of a disaster affecling the habitability ol the ac¢ommodation', Othgr finanaal risks have been addressed by insurance.
CLEAVES CHARITY AND OTHERS Trustees, Report Forthe ygarendlng 31 D8c•mb•r2023 Page 4 Charity ¢)bjtttlv•$ and a¢tlvltlés The objective is the provision of Almshouses an¢J olhgr benefits for poor persons over sixty yeais of age who are resided in Liwg W?Isingham. The Charily also owns agricultural land which is rented out for farming as well as parking spaces In the village and shooting rights. The Trustees confirm that the Charity Commission's general guidance on publlc beneflt has been considered in relation to the objectives of the Charity. The report sets out those obleclives and describes how they have been met in the current year. The only volunteer5 are the Trusleos. The Charjty does not engage in fundraising 8Ctivilies. Achievements and perfomiance Eight properties were lully o¢cupied during 2023. There was a vacancy al number 8 for three months. June through August, new residen15 moving in during early September. The move was slraightlorward and they settled in well. One residenl had fallen into arrear5 during the year but lull repayment was made by 12th December. Two residents qualify for Housing Benèfit and liaison with the Council and ¢Ylrect payments of these benefits to the Charity's bank account ha8 been effleI and straightforward. Pay7nents of land rents have been duly paid and provide additional Income to Ihe Chority. The earfy part of 2023 focussed on the recruilmenl and Bppointrnent of the new Clerk. The Clerk commènced employment on 1st May 2023 and had a three month handover with her predecessor and a fvrther three months to consult her where necessary, The transition has generally been smotsth and, although it look some lime, all banking mandates were in place by the end of the year.
CLEAVES CHARITY AND OTHERS Trustees. Report For the year ending 31 Do¢¢mbor 2023 Page 5 Flnancial reviow The Trustees have considered reserves raquired as part of their assessment of risk and also taken Into account Ihe annual requirement to transfer fun<Js to Ihe Investment Fund. Having assessed the Ch8ritys financial circumstances the Trustees have a reasonable expectation that the Charity has adequate resources to continue ils operations for the frireseeable ILSture. Th8 principal funding source is Weekly maintenan contributKJns from the sIdentS. The average contribution par unit of occupied accommodation was £4,426.67 per annum. Income from land rents amounted to £6.040 for the year. The Charity does not rely on voluntary work nor does il rgc8ive any gifts in kind. The Trustees consider the investment policy at their quarterly Trustee meetings. The charity has income over p8yrnents for the year of £31,90512022 a surplus of £24.5931 Cash resetves ar8 £534.23412022'. £502.3291 The inveslmenl policy ol the Charity is to mitigate ils risk by having a spread of investment funds. wth review by the Trustee5 on a quarterly basis. Reserves Policy At the end of the yeai, the charitys total funtls amounted to £1.684,824. This includes an unrèstrictèd fund of £36,384 and an endowment fund of £1,648,440. The endowment fund is divided into a peman8nt endowment of £1,150,590, representing the properties and land held by the Charity, and an expendable endowment of £497.850, which eonsists of cash generated from the sale of properties. Investment Policy The overall investment objeclive is to produce the b&st financial return with an acceptable level of risk. Investments are generally held for the long lemi under expendable endowment, however trustees should ensure that their ability to meet future planned expenditure is nol compromised by holdong long term investemnts rather than short term investments.
CLEAVES CHARITY AND OTHERS Trust80s' Report For the yoar ending 31 Decemr 2023 Page 6 Plans lor the future Future quinquennial inspections will lake place and mainteTran and refurbishment will bo undertaken as requir@d on th8 Alrnshouses. When vacancies occur, the opp)rtunity is taken lo a$s9ss tho property and refurbish as necessary. The Trustees have agreed lo use some of the Charitys investments lo purchase a bungalow in Cleaves Drive. The Intention is to modify the buikling to Greate Iwo separats units, thereby creating fv40 additional Blmshousgs. Al the end of 2023, the purchase was in the early stages with the solicitors. R8vd Dr Harfi Williams Dale-. Cloaves Charity and Others New Vicarage Church Street Walsingham Norfolk NR22 6BL It. i x. &oa+
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CLEAVES CHARITY AND OTHERS YEAR ENDED 31 DECEMBER 2023 Page 7 I report lo the Trustees on my examination of the accounts of the charity for the year ended 31 December 2023. Responsibilities and ba518 of report As the charity Iruslees of the Trusl you are responsible for the prepaialion of the accounts in accordance wilh the requirements of the Charities Acl 2011 I'the 2011 ACVI. I report in respect of my examinalk)n of the Trust's accounts carried out under section 145 of the 2011 Act and in carryin9 out my examination I havè folk)wèd all the applicable Directions given by the Charity Ctsmmlsslon under section 145151{bl of the 2011 Act. Indopendent Examln•r's Statement I have wmpleted my examination. I confirm Ihal no maleriAI mallèrs have come to my attention in ¢onnedion wlh the examination which gives me cause lo belleve that in. any material respect.. 1 accounting records wore not kept in accordance with Section 130 of the 2011 Act. or 2 the accoun15 do not accord with Ihose accounting records I have no COnmS and have come across no other matters in connection with the examination to which attention shtsul¢J be drawn in order to enable a proper understanding of the accounts to be reached. Signed: Giles Korkham FCA DChA Date.. Larking Gowen LLP Chartered Accounlanls 151 Floor Propspect House Rouen Road Norwich NR1 1RE Dale.- 19/9/2024
CLEAVES CHARITY AND OTHERS STATEMENT OF ASSETS AND LIABILrriES AS AT 31 DECEMBER 2023 Page 8 2023 2023 2023 2022 Unreslrictgd Endowment funds funds Total funds Tolal funds FIXED ASSETS Almshou5&9 3 Plots of Land 984.000 166,590 1,150.590 984,000 166,590 1,150,590 984.000 166,590 1,150,590 CURRENT ASSETS Bank and cash balan¢es Community Account CCLA Deposit Account 36.384 36.384 497,850 534,234 55.090 447.239 502,329 497,850 497,850 36,384 Total Assets les5 Liabiliti0$ 36,384 1,648,440 1.684.824 1.652.919 CHARITY FUNDS Endowment Unrestricted Revaluallon Resetve 1.648,440 36,384 1.656,458 13,539} 1.684,824 1.652,919 The financial $tennIS were approv8d and aulhoris8d for issue by ihe trustees and were signed on their behaFI on ho Rgvd Dr Harri Williams Trustee Dale:
CLEAVES CHARITY AND OTHERS RECEIPTS AND PAYMENTS ACCOUNT YEAR ENDED 31 DECEMBER 2023 Page 9 2023 2022 RECEIPTS Land Rents Shooting Rights Rental Oil Tanks Cleaves Rents Gaslwaler repayments Guest Room Bank Interest Donallons and miscellaneous 6.040 185 200 39,535 6,399 370 20,612 175 6,181 370 200 39,124 7,203 390 4,321 TOTAL RECEIPTS 73,516 57,789 PAYMENTS Cleaves House Insurance Professional fees Clerk Utilities General expenses Gardenerlcleaner Independènt examlnation fees 11.474 3.724 2.205 6,469 15,061 708 470 1.500 10.056 3,226 1.161 1.470 14.852 221 1.910 300 TOTAL PAYMEMTS 41,611 33,196 NET IPAYMENTSIIRECEIPTS 31,905 24,593 CASH FUNDS BIFWD 502,329 477.736 CASH FUNDS CIFWD 534,234 502,329
CLEAVES CHARITY AND OTHERS NOTES TO THE ACCOUNTS YEAR ENDED 31 OECEMBER 2023 P8ge 1 1. Valuatio Valuation 8S P8r Bedfords Estate Agent5 on 2 NDvernber 2015. 2. Transacttons with Trustees No r8muner?lion or other ben8fils wer• paid to the Committee of Twstees or people connected wth them by the charity. Duiing the yÈar, expenses tot811ins £132.59 were reimbursad lo l TnJstee12022.' £77.35 to 1 Trusteel. There were rKJ olher transactions with or payrnenls to trustees. 3. Funds Balance at 31 December 2023 B818n¢e at 1 January 2023 Income ExpendlltJr8 Tr8nsfers Un$tcled funds {3,5391 73,516 141,6111 8.018 36.384 Endowrnent funds Pem)anenl End0en¢ Eyndable En4Jowment 1.150,590 505,868 1,150.590 497.850 18,0181 1.652.919 73,516 41,611 1.684,824 FLIUobTring a review of the charitys records, the Trustees consider th8 charitys endowment fund to be part p8rmaneMt and part expendable. The permanent end0ent fund relates lo the property and land gifted to the Charity to be retainad ind8finitely. Expendab endowment represent5 the cash held on inve5trnenl in the charlly. sfilch can be drawn down upon at Ihe Trustoe's discretion. During the year a transfer wa5 made from this fund to correct the 8ndowmènt position lo reflect the investment èccount balance. Incomè genèratod from the endowment inve$lments and prOrtIeS is applied to unr8Stricted funds.