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 re￿1ve 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 servI￿s Ltd was retained to provide book-keeping
and administrative services.
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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 prede￿SSors, 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 Per￿1ved 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 r￿1ve pensions from the Charity.
During the year individual beneficiaries received £410 (2023.. £380) each
and couples re￿iVed £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 finan￿d 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 Re￿Ipts 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.
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Financial review
The Trustees have resofved to take advantsge of the Charities Act 1993
which pemits the preparation of accounts on a 're￿Ipts and payments
basis, and to dispense with an independent audit. Mr l. N. Black of Hfm Tax
and Business Servi￿s 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
perfOn￿an￿ under review.
At 31 March 2024, the Charity held cash in the sum of £14,812 (2023:
£13,970). The Charity's rese￿eS 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
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CAM8ERWELi CONSOUDATEO CHARtTIES
Indepethntexamlnerfs reportto the Tn￿tee5 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
BasI50flndepethnt￿￿knrfs
Myexamination carried out in ac￿rdaTh￿ 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 conSeq￿ntIV 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 res￿1.
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 serv1￿5 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
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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
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