ANNUAL REPORT OF THE TRUSTEES OF THE CAMBERWELL CONSOLIDATED CHARITIES FOR THE YEAR ENDED 31 MARCH 2024 Registered Charity Number: 208441 Registered Office: 49 St James's Street London SW1A 1AH Trustees Michael Mitchell Chair Katherine Vineall Hon Secretary (to February 2024) John Major Hon Treasurer Gloria Brovm Darren Cockbum Nicholas George Veronica Hunt George Riccardi Structure ovemance and mana ement The trustees were incorporated under a rtificate of incorporation by the Charty Commissioners dated 14 February 1919. The Charity is regulated by a scheme of the Charty Commission dated 28 July 1999, replacing earlier schemes. The 1999 scheme provided for the appointment of all Trustees by the Council of the London Borough of Southwark. An amendment to that scheme made by resolution of the Trustees on 17 February 2011 provides for not more than six Twstees to be appointed by that Council and not more than six to be appointed by the Board of Trustees. Appointments are initially for four years and may be renewed. Trustees volunteer their time freely and receive no remuneration or reward. During the period under review. no trustee had any interest in, or conflict wrth, the operations of the Charity. The Charrty has no employ&s. A clerk acts on a voluntary basis to assist in the administration of the Charity and, al the discretion of the trustees. is el@ible to re1ve an honorarium. The Trustees meet four times a year as a Board. In addition, a Finan Committee and a Beneffts Commrttee meet as necessary. The Charity's investsnents were managed by Sarasin & Partners LLP and Hfm Tax and Business servIs Ltd was retained to provide book-keeping and administrative services. Page 1
Ob"ectives and activities The Charity consolidates a number of earlier charities founded in the nineteenth century and earlier for the relief of poverty in the former paHsh of CambeTwell. The purpose as stated in the present, amended, scheme. is to pay benefits to poor persons of good character who have lived in the former parish of Camberwell for not less than two years. The Trustees, following the policy of their predeSSors, have concentrated on elderly people whose income is at or a little above the State minimum pension level. The Trustees invite applications on the Charity's website and by distributing a leaflet. Continuing a predecessor charty, the Trustees are deemed to distribute £80 to provide gtfts at Christmas for eight poor persons resident in the former parish of Camberwell. Public benefit The Trustees have reviewed the Charty Commission's guidan on the requirement to report on public benefrt. The Trustees are satisfied that the objectives and activtties of the Charrty, described above, provide tangible public benefft to elderly people wrth limited means residing within the Charity's area of benefft., the criteria used to assess those who may benefit are not unreasonably restrictive. Achievements and rfomiance The Trustees completed their annual review of the risks to which the Charity is Per1ved to be exposed and adopted the updated Risk Register at their meeting on 1 February 2024. The number of the Charivs beneficiaries at the yearond stood at 118 individuals, net (31 March 2023= 128), and reflects new beneficiaries off-set by those who died or who no longer met the Charty's criteria, following a verification exercise.. Trustees are obliged to ensure that those in receipt of payments from the Charty continue to meet the criteria to qualfy as a beneficiary. During the year. the Charty wrote to all its existing beneficiaries asking them lo confim their level of income and address. Chaser letters were sent to those who failed to respond but to dale, 9 have still not replied and will therefore no longer r1ve pensions from the Charity. During the year individual beneficiaries received £410 (2023.. £380) each and couples reiVed £610 (2023.. £575). The total amount paid out to beneficiaries was £48,230 as compared with £48,850 in the previous year. This distribution was finand from the Charty's investment income (see below) and a grant from The Dulwich Almshouse Charty and a substantial grant from the Henry Smith Charity. Expendtture (induding the distribution to beneficiaries) exceeded ReIpts by £5,159 (2023.. net expenditure of £3,389). The Board has agreed, in the short term, to fund shortfalls in income over expenditure from capital by withdrawals from the investment portfolio. Page 2
Financial review The Trustees have resofved to take advantsge of the Charities Act 1993 which pemits the preparation of accounts on a 'reIpts and payments basis, and to dispense with an independent audit. Mr l. N. Black of Hfm Tax and Business Servis Ltd was re-appointed as Independent Examiner to review these accounts. Sarasin & Partners LLP, as Fund Manager. is mandated to enhance the capital value of the Chartty's investrnents over the longer-temi whilst generating sufficient income to meet the requirements of the Charty. A 'real return, of CPI +3.5OA p.a. has been targeted as an appropriate goal for the Fund Manager. The portfolio is invested in the Sarasin Endowments Fund with a benchmark of 700/0 in global equities, 150A in fixed income, loo in altematives and 5 % in propety, with a weighting in Sterling of 60 % . Representatives from Sarasin & Partners LLP attended the meeting of the Board on 1 February 2024 and reported on investrnent strategy and the perf0mlan of the portfolio. For the year, income produced on the Charity's portfolio was £42,358, as compared with £41,116 for the previous year, an increase of 3 %. The value of the portfolio was up by £106,990, 7.50/0, at 31 March 2024 and this was after withdrawing £6,000 to cover the shortfall in income to cover payments to beneficiaries. sin the appointment of Sarasin & Partners LLP, in August 201g up until 31 March 2024, the portfolio has returned 33.3¥o as compared to 42.40/0 for the benchmark. The Board is keeping this perfOnan under review. At 31 March 2024, the Charity held cash in the sum of £14,812 (2023: £13,970). The Charity's reseeS are all unrestricted and are held to generate income to fijnd the payment of beneffts and, going forward, are considered to be sufficient to cover the and support arKI govemance costs. The Board acknowledges, wtth thanks, the service to the Charity by Katherine Vineall both as a trustee and as Honorary Secretary. Approved by the Trustees on 9 May 2024 and signed on their beha by Chair of Trustees Trustee Page 3
CAM8ERWELi CONSOUDATEO CHARtTIES Indepethntexamlnerfs reportto the Tntee5 of Cantherwdl ConsolKlatrd tha1ft$ I report oft the atcounts of Camberwell Consolidated Charities for the ended 31 March 2024, whlch are set CArt on pages 5 and The charivstrusteesare spOnSIb for thE preparntlon of the accounts in accordance wlth the requirements olthe CharitiesAct 20111.the Arfl. The charfvs trusteesconslderthat an audit is not required forthisyear under section 144 of the Act and that an independentexaminalion is le. It is my responsibility to: examine the accounts under section 145 of the Charities ACL to follow the applicable threction5 given by the Charity Commi55>)n lundersectlon 145{51{bl of the Act. and to State whether partigjlar matters have come to myattention BasI50flndepethntknrfs Myexamination carried out in acrdaTh wlth general Directions given by the Charity Commission. An examinatioti indudes a review of the accountire records kept by the charity and a comparison of the attounts presented with those records. It also indudes consideration of any unusual items or disdosures in the accounts and 5eekln8 exF4anatlofis from the trustees conceming any suth matters. The procedures undertaken do not provlde all the evidence that would be requlred in an audiL and conSeqntIV no opit)ion is 8Nen as to whether the occounts present a ,tn and falrf view and the re[rt is Ilmlted to thrAe matters %t out in the ststement below.. Indepernlent examlnerfs slateThnt In connection with my e¥aminatton, no material matters ha¥e come to my which gives me ouse to believe that in. any material res1. accounttng records were n¢X kept in accordarKe with settion 130 of tt* Charities Act or the accounts do not aC£OTd wbth the accountlng records I have no concern5 and come across ry) othEr matter5 in connection wtth the examlnatlon to which attentton should be drawn in order to enable a proper understsndirE of the accounts to be reached. l.N. Black CTA Hfm Tax & Business serv15 Ltd 49 St Jamegs Street London wlt 9HF 9 May 2024
CAMBERWELL CONSOLIDATED CHARITIES RECEIPTS AND PAYMENTS ACCOUNT YEAR ENDED 31 PAARCH 2024 2024 2023 REVENUE RECEIP Inve8tmeTrt Income Income from investrnents Bank interest 42,358 30 42,388 41,116 29 41,145 Grants Henry Smith Charity The Duhvich Almshouse Chaiity 5,200 3,500 8,700 5,200 5,250 10,450 Total Revenue Recelpts 51,088 51,595 REVENUE EXPENDED Charitable aclivites Pensions Paid 48,230 48,230 48,850 48,850 G¢)vemance costs Honoraria Accounting services 1,2C(I 5,334 6,534 1.150 4,912 6,CE2 Ml8cellaneous costs Bank Charges Postage and Stab"onery Advertising Sundries 72 738 95 589 1,482 72 Tolal Rev8nuo Expended 54.984 NET EXPENDITURE (5,158) 13,389) CAPITAL RECEIPTS Capltal Recelpts Sale of investments 6,000 6,000 Total Capltal Recelpts NET RECEIPT (EXPENDITURE) FOR THE YEAR Cash at bank and in hand at 31 March 2023 (3.389) 17,359 13,970 Cash at bank and in hand at 31 March 2024 14.812 13,970 Page 5
CAMBERWELL CONSOUDATED CHARITIES STATEMENT OF MONETARY ASSErs AT 31 MARCH 2024 2024 Unrestricted Fund 4023 Elnrestricted Fund Cash at Bank and In Hand CAF Deposit account CAF Current Accourbt Sarasin liqu assets 35 14,761 16 13,931 Total Cash at Bank and In Hand 14,812 13,970 Investments Market Value Mark Value Sarn8ln Endowments Fund 1.537.724 1,430,734 Totsl invgstrnonts 1,537.724 1,430,734 TOTAL ASSETS 1,552,536 1,444.704 RECONCILIATION OF MOVEME IN UNRESTRICTED FUND Total assets as at 31 March 2023 1,444,704 1,539,478 Net Expendriure IncreasellDecreasel in market value of investments Sale of Inveslments 15,159) 106,990 6,000 (3,389} {91,384} Total assets as at 31 March 2024 1,552,536 1.444.704 Approved by the Trustees on 9 May 2024 Chali OfT TNstee Page 6