CharSty number 206414 CLEAVES CHARITY AND OTHERS UNAUDITED ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 CLEAVES CHARITY AND OTHERS Contents For tho year andlng 31 Dècembgr 2024 Page Admlnislralive details Trustees report Independent examiners, report Receipts and payments account Statement of a8se18 and liabilities Notes to the accour¢ts 10 CLEAVES CHARITY AND OTHERS Admlnlstratlve Detalls For the yèar endlng 31 Dg¢gmb8r 2024 Page 1 Trusteos The Revd Dr Harrl Wllllams Mr John Sayer Downing M8 Gall Eagles Mr lain Campbell MacBrayne Mrs Donna Maria Mallell Mr Timothy McDonald Mr Nlcholas Richards Mr David Robert Simmons Mrs Ann Sonko Mr Keith David Tuck M5 Candide Turner Brfdger Mr Jamès Woodhous8 Chairman appointed 6 March 2024 Charlty reglstered number 206414 Charlty contact address New Vicarage Church Street Wa5singham Norfolk NR22 6BL Independènt examlners Larking Gowen 1 Floor Prospect House Rouen Road Norwich NR1 1RE CLEAVES CHARITY AND OTHERS Trust89s' Report For thè year endlng 31 Decembgr 2024 Page 2 The Trustees present Ihelr report and the audlled financial slalements for the year ended 31st Decembèr 2024. Trustees. responslbllltles The Truslegs are responsible for preparing the Trustees, Annual Report and the firTrancial statem9nls in accordance with applicable law. The Trustees are responslble for k8eping proper 8cGoursling records that disclose with reason- able accuracy al any lime the financial position of the charity and enable them to ensure that the financlal slalemgnls comply with the Charities Act 2011 and the provisions of th8 trust deed I sGheme. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other Irregulaiilies Constltutlon The Charlly was established In 1861 as The Little Walsingham Charllles. consisting of Lady Mary Townshend's Charity William Cleavfy's Charlty. Bond's Charity for the Pool, The Houghton Estste and Sick House Land's Charity and The Almshouses. The Charity is regulated by a scheme of the Charity Commissioners of Isl July 1861 as amended by the Scheme of the Commissioners of 2nd Febwary 1976. CLEAVES CHARITY AND OTHERS Trustees. Report For the year endlng 31 Docèmbèr 2024 Page 3 Trustees The Trustees appointed lo Cleaves Charily show a balance of skllls In order to run this charity effecllvely. Al Ihe ygar end. there are 12 Iruslees. all belng local. predomlnanlly residents of the village. Their expertise covers Property and Planning, Finance and Welfare. There are no outside parties who can appoint l¥uslees for Ihe Cleaves Charity. New Trustees are usually appointed by recommendalion from current Trustees. Conslderallon is given lo their experi8nGe, profession and availability. All new Trustees are given a copy of the Residents. Handbook, full details on the running of the Charity and guidelines from the Charlly Commission for this scheme. Any other opportunitlès for Iralning are also considered. Structure of organlsatlon The Trustees mel four tlmes durlng the year, all meellngs being in person. To review the finances of the Charity. To considèr on-going requiremonls for the maintenance and upkeep of the indlvidual houslng unlls and for tho oslale in general. To determine action required in relation lo future developments on th8 estate. To receive ieports from Ihe Clerk on the health and well-belng of residents and other matters relating lo the runnlng of the Charlty, Snduding Housing Benefit. There were sub.committee meetlngs durlng the year as required. The day-lo-day admlnlslralive actlvilies were cariied out by the Clerk to the Trustses. statement of rlsk management Tho Trustees have considefed the rfsks lo whlch The Cleaves Charity is exposed. These risks are miligaled by.. A Board of Trust88s with the necessary experfence and competence to ensure the successful running of the Charity-, Regular Truslegs, meetings with effecllve reportlng to ensure proper review of operations,. Maintenance of a sufficient reserve lo implement an effective relocation programme in the gvenl of a disaster affecling th8 habltabilily of Ihg accommodation- Other flnancial risks have been addressed by insurance. CLEAVES CHARITY AND OTHERS Trustees. Report For tho yaar gndlng 31 D•cembgr 2024 Pag8 4 Charity oblg¢tlve$ and activitles The objective is the provlslon of AlrrTrshouses and other benefits for poor persons over sixty years of age who are resided in Llttle Walsingham. The Charity also owns agTicullural land whlch is rented out for famlng as well as parklng spaces In tho village and shooting rights. The Trustees confirm that the Charity Commlsslon's general guidance on public benefit has been cor>sidered in relation lo the objedives of the Charlly. The report sets out those objectives and describ6s how they have been mel in the current year. The only volunteers are th8 Trustees. The Charity does not engage in fundraising activities. Achlovements and perfomianee All nine prop8rties have been fully occupied durlng 2024 which has 8ll8Lired a good and steady level of income from the maintenance conlribullons. One resident fell Into arrears during the year but plans havo been pul in place for th8 repayment by regular conlribullons and we expect Ihls to be resolved. Two residents qualify for Houslng Benefit and Ilaison with the Council and direct payment of these benefits to th8 Charily has been efficient and Straightfo￿ard. Payments of most land rents have been duly paid and provlde additional Income to the Charfty. One lenanl has fallen behind with payments bul contact has been made and plans are in pla to address Ihls. Durlng 2024 the focus of the Trustees, work was the purchase of the bungalow al 29 Cleaves Drive and pieparalions lo convert il into iwo dwellings lo providè two additional almshoLtse unlls. Work was also undgrtaken lo ensure all required pollcles were pul in place and approved. This w88 in preparation for ensurlng that Bll paperwork relating lo the residents can be bioughl up lo datè. One new Trustee was appointed lo increase the numbers and provide additional local representation and exp&rtise lo the Board. CLEAVES CHARITY AND OTHERS Trustees. Report For th? ygar ondlng 31 December 2024 Page 5 Flnanclal revlew The Trusleos have considered reseryes requlred as part of Ihelr assessment of risk and also tak6n into account the annual requirement lo transfer funds lo the Investment Fund. Having assessed the Charitls flnancial clrcumslances the Tfustees have a reasonable expectation that the Charity has adequate resources lo continue ils operations for the foreseèable future. The principal funding source is Weekly Maintenance ￿ntrIbUtionS from the resldents. The average contribution per unil of occupied accommodation was £4,426.67 per annum. Income from land rents amounled to £5,839.27 for the year. The Charity doès not rely on voluntary work nor does il receive any gifts in kind. The Trustees conslder the Investment pollcy al their quarterly Trustee meetings. The chalily has payments over Income for the year of £394,21712023: Income over payments £31,905} Cash reserves are £140,01712023'. £534,234) The invèstment policy of the Charity is to mitigate its risk by having a spread of investment funds, wllh revlew by the Trustees on a qu8rterly basls. Reserves Pollcy Al the end of the year, the charity's lotsl funds amounted lo £1,702,562. This includes an unrestricted fund of £48.924 and an endowment fund of £1,660.638. The endowmonl fund is divided into a permanent endowment of £1,150,590. representing the properties and land held by the charity, and an expendable endowment of £510,048, which consists of cash generated from the sale of propertie8, and a property purchased in the yeaT. The Iruslees have agreed that a free reserve of approximately £50,000 should be maintained lo allow for the charity lo operate for a period of al least 18 months wilhoul any weekly maintenance contribution income. The Iruslees are conlenl that the free reservg of £48,924 al 31 December 2024 is sufficient at meeting this laTg81. Investment Pollcy The overall Investment oblecllve is lo produce the best flnanclal return with an acceptable level of risk. Investfflenls are generally held for the long term under expendable endowrneTrt. however Iruslees should ensure that Ihelr ablllty lo meet future planned expenditure Is not compromlsed by holdong long term investemnls rather Ihan short term investments. CLEAVES CHARITY AND OTHERS Trustees. Report Fof the yoar endlng 31 Decembar 2024 Page 6 Plans for tho fvture Future qulnquennlal Inspections wlll take plac& and maintenanc8 and refurbishment will be undertaken as required on the Almshouses. When vacancios occur, the opportunity is taken lo assess the property and refurblsh as necessary. The main objective this year is lo complete the conversion of 29 Cleaves Drive into addition81 almshouse units and appoint new beneficiartes lo these properties. The Revd Dr Hard Willlams Dale- Cleavas Charity and Others New Vicarage Church Stfeel Walslngh8m Norfolk NR22 6BL INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CLEAVES CHARITY AND OTHERS YEAR ENDED 31 DECEMBER 2024 Pag8 7 I report lo the TNsle8s on my examlnallon of the accounts of Ihe charlty for the year gnded 3108cemb8r 2024. Rgsponslbllltlas and basls of rgport As the charfty trustees of the Trust you are responslble for the preparation of the accovrsts In accordance wllh the requlrements of the Charities Act 20111'lhe 2011 Act'l. I report in respect of my examination of the Trust's accounts cariled out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Dlreclions glven by the Charity Commission under section 145{5}Ibl of the 2011 Act. Ind•p8ndent Examln•r's Statement I have completed my examinalion. I confirm that no malerl81 matters hav8 come lo my attenllon in connection with the examination which glves me cause lo belleve that In, any materlal respect.. 1 accounllng records were not kepl In accordance w+th section 130 of the 2011 Act- or 2 the accounts do not accord with those accounllng reconJ$ I have no cOn￿rn$ and have come across no other matters in conneclion wlth th& examSnallon to which attenllon should be drawn in order to enable a proper understanding of the accounts to be reached. Slgned: ¢(LL Glles Kerkham FCA DChA Larklng Gowèn LLP Ch8rtered Accounlanls 1st Floor Propspecl House Rouen Road Norwich NR1 1RE Dale.. 18 September 2025 CLEAVES CHARITY AND OTHERS RECEIPTS AND PAYMENTS ACCOUNT YEAR ENDED 31 DECEMBER 2024 Pag8 8 2024 2023 RECEIPTS Land Ronls Shooting Rights Rental Oil Tanks Cleaves Rents Gaslwaler repayments Guest Room Bank Interest Donations and miscellaneous 5,454 185 200 40,312 9.112 850 12,198 1,798 6,040 185 200 39,535 6,399 370 20.612 175 TOTAL RECEIPTS 70,109 73,516 PAYMENTS Cleaves Hous& Insurance Professional fees Clerk 6,103 4,124 3,651 8,402 12.801 1.810 2,577 1,560 2,144 2,199 407,500 11,455 11.474 3,724 2,205 6,469 15,061 General expenses Gardenerlcleaner Independent examination fees Social security Other costs Propety purchase Propety improvement 470 1.500 708 TOTAL PAYMENTS 464,326 41,611 NET (PAYMENTS)IRECEIPTS 1394,2171 31,905 CASH FUNDS BIFWD 534 234 502,329 CASH FUNDS CIFWD 140,017 534,234 CLEAVES CHARITY AND OTHERS STATEMENT OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2024 Pag8 9 2024 2024 2024 2023 Unreslricled Endowment funds funds Total funds Total funds FIXED ASSETS Almshouses 3 Plots of Land 29 Cleaves Drive 984,000 166.590 418,955 1,150,590 984.000 166.590 418,955 1,569,545 984.000 166,590 Note 4 1.150,590 CURRENT ASSETS Bank and cash balances Commvnily Account CCLA Deposit Account 29,969 29,969 110,048 140,Ot7 38,384 497,850 534,234 110,048 110.048 29,969 Total Assets less Llabllltles 29.969 1.260,638 1.709,562 1,684,824 CHARITY FUNDS Endowment Unrestricted Reslrlcled 1,660,638 48.924 1.648.440 36,384 1,709,562 1.684.824 The financlal ststements were approved and aulhorised for Issue by the trustees and were signed on Ihelr behalf on e Revd Dr Harrl Wllllams ruslee Date.. l i K, Qolf CLEAVES CHARITY AND OTHERS NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2024 Paga 10 l. Valuailon V8lualion as per Bedfords Eslato Aganls on 2 November 2015. 2. Transactlons wlth Trustees No reMUnera￿On or other benefits were pald to th8 Cornmitteg of Trustees or people connected wllh them by the charlty. Durlng th6 yaar. &xp8ns8s lotslling £145.43 warè r&lmbur88d lo l Trust8e12023.' £132.59 to 1 Twsleel. Thare wer6 ￿0 olhgr transactions wlih or payments lo trustees. 3. Related Partytransactlons During the year, Mr O Sonko Ith8 husband ol Mrs A Sonko. TnJste81 was paid a5 an employee of tha charlly. Mr Sonko received remungration tot8111ng £1,252 lor the year. Donalion8 of £850 were recelved'lrom eAch of Bond's Educatlonal Trust and L8dy Mary Townshend s Chadty, to be used towards the co$1 of salaries. Ml ol the tru5t885 are 8180 Iruslees of these Iwo charities. 4. Funds 8alance at 31 Dèc6mbèr 2024 Balancg at 1 January 2024 Incom& Exp6ndlturè Transfers Unrogtrict8d ftJTrds 36.384 57,911 145,3711 48,924 Pe¥Fnallent Endowrnenl Expendable Endowm8nt 1.150,590 497,850 1,150,590 510.048 12,198 1.684.824 45.371 1,709 562 The Tfustees consider the char5tls endowment fund to be part permanent and part 8XP8ndable. The permanent endowrnent fund relates to the property and land gifted to the chadty to b6 retain8d Indefinllely. Unrestrlcted funds indudès th8 newly acqulred property ￿th 8 cost of £418,955. Expendobla enéowrn8nt repre88nts the ￿s￿ held on Investment in th8 Charity, thlch can be drown down upon at the Trustee's discrellon. During the year a Iransler was made from this lund towards the purchasè of th8 new properly. Incom8 98n8raled from the endowm8nt Inv881rn8nls and propgrtles Is app118d to unr8slri¢ted funds.