ANNUAL REPORT OF THE TRUSTEES OF THE CAMBERWELL CONSOLIDATED CHARITIES FOR THE YEAR ENDED 31 MARCH 2025 Registered Charity Number.. 208441 Registered Office: 49 St James's Street London SWIA 1AH Trustees Michael Mitchell Chair John Major Hon Treasurer Gloria Brown (to 19 September 2024) Darren Cockburn Nicholas George Veronica Hunt Erwin Jonathan {from 19 September 2024) George Riccardi Structure overnance and mana ement The trustees were incorporated under a certificate of incorporation by the Charity Commissioners dated 14 February 1919. The Charity is regulated by a scheme of the Charity 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 Trustees 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 with, the operations of the Charity. The Charty has no employees. A clerk acts on a voluntary basis to assist in the administration of the Charity and, at the discretion of the trustees. is eligible to receive an honorarium. The Trustees meet four times a year as a Board In addition, a Finan Committee and a Beneffts Committee meet as necessary. The Charity's investrnents were managed by Sarasin & Partners LLP and Pinnick Lewis LLP, incorporating Hfm Tax and Business Services 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 ntury and earlier for the relief of poverty in the fomer parish of Camberwell. 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 foi not less than two years. The Trustees, following the policy of their predecessors, 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 charity, the Trustees are deemed to distribute £80 to provide gifts at Christmas for eight poor persons resident in the former parish of Camberwell. Public benefrt The Trustees have reviewed the Charity Commission's guidance on the requirement to report on public benefrt The Trustees are satisfied that the objectives and activities of the Charity, described above, provide tangible public benefit to elderty people with limited means residing within the Charity's area of benefit" the criteria used to assess those who may benefit are not unreasonably restrictive. Achievements and rforman The Trustees completed their annual review of the risks to which the Charity is perceived to be exposed and adopted the updated Risk Register at their meeting on 6 February 2025. The number of the Charity's beneficiaries at the year-end stood at 123 individuals, net (31 March 2024.. 118), and reflects new beneficiaries off-set by those who died or who no longer met the Charity's criteria. Trustees are aware of their obligation to ensure that those in receipt of payments from the Charity continue to meet the criteria to qualify as a beneficiary. During the year individual beneficiaries received £42012024.. £410) each and couples received £625 (2024.. £610). The total amount paid out to beneficiaries was £47,950 as compared with £48.230 in the previous year. This distribution was fInand from the Chaiity's investment income (see below) and a substantial grant from the Henry Smith Charity. a new grant from Southwark Charities and a reduced grant from The Dulwich Almshouse Charity. The Board has expressed its thanks to these grant making bodies which have make a substantial contribution to funding the work of the Charity. Expenditure (including the distribution to beneficiaries) exceeded Receipts by-£1,598 (2024.. -£5.159). The Board has agreed, in the short term, to fund shortfalls in income over expenditure from capital by withdrawals from the investrnent portfolio. Page 2
Financial review The Truslees have resolved to take advantage of Ihe Charities Act 1993 which pemiits the preparation of accounts on a "receipts and payments" basis. and to dispense wilh an independent audit. Mr W G Gibbs of Pinni¢k Lewis LLP was appointed as IndeperKlent Examiner to review these accounts. Sarasin & Partners LLP. as Fund Manager. is mandated to enhance the capital value of the Charity's investments over the longer-term whilst generating Sufflent income to meet the requirements of the Charity. A real, long-term. retum of CPI +3.5% p.a. has been largeled as an appropriate goal for the Fund Manager The portfolio is invested in the Sarasin Endowmenls Fund with a benchmark of 70% in global equities. 15Vts in fixed income, 100A in allernalives and 5 % in propety. with a weighting in Sterling of 60Yo A representative from Sarasin & Partnefs LLP attended the meeting of the Board on 6 February 2025 and reported on investrnent strategy and the performance of the portfolio. For the year, income produced on the Charity's portfolio was £42.300. as compared wrth £42,358 for the previous year. The value of the portfolio was up by £8,374. 0.540/0. at 31 March 2025 and this was after withdrawing £8,000 to cover the shortfall in income to cover payments to beneficiaries. Since the appointment of Sarasin & Partners LLP. in August 2019 up until 31 March 2025, the portfolio has returned 34 86¥0 as compared to 46.75% for the benchmark. The Board is keeping Ihis performance under review. Al 31 March 2025. the Charity held cash in the sum of £21.214 {2024' £14.812). The Charity's reseNes are all unreslricled and afe held lo generate income to fund the payment of benefrts and. going forward. are considered to be sufficient lo cover these and support and governan costs. The Board acknowledged, with thanks. the service of Gloria Brown to the Charity. 11 was pleased to welcome Erwin Jonathan lo the Board Approved by the Trustees on 8 May 2025 and signed on their behalf by Chair of Trustees Trustee Page 3
CAMBERWELL CONSOUDATED CHARITIES Independent examinerfs report to the Trust of Camberwell Consolidated Charltles I report on the accounts of Camberwell Consolidated CharFties for the year ended 31 March 2025, which are set out on pages 5 and 6. Respective responsibilities of trustee and examiner The charity's trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111-the Acfl. The charivs trustees consider that an audit is not required for this year under section 144 of the Act and that an independent examination is needed. It is my responsibility to= examine the attounts under section 145 of the Charities Act. to follow the applicable Directions given by the Charity Commission (under section 1451Sllbl oftheArt. and to State whether particular matters have come to my attentbon 8asls of Independent examlnerfs report My examination was carried out in accordance with general Dirertions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanation5 from the trustees corbcerning arby such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion 15 given as to whether the account5 present a'true and fairf view and the reF)0rt Is limited to those matters set out in the statement below. Independent examinerfs sMement In connection with my examination, no material matters have come to my which gives me cause to believe that in. any material respect.. accounting records were rbot kept in accordance with section 130 of the Charities Act or the accounts do not accord with the accounting records I have no concerns and have come across no other matters in connection with the examirbation to which attention should be drawn in order to enable a proper understanding of the accounts to be reathed. W G Gibbs FCCA Pinnick Lewis LLP Handel House 95 High Street Edgware HA8 70B 16 September 2025 PwJe 4
CAMBERWELL CONSOLIDATED CHARMES RECEIPTS AND PAYIIENT8 ACCOUNT YEAR ENDED 31 RCH 2025 2025 2024 REVENUE RECEIPTS Invoslm•nl Income Income from investMts Bank interest 42.3Crf) 33 42.333 42,358 30 42.388 Grants Henry Smith Charity Soulhwark charitS The Duhmch hjmshouse Charity 4,350 5,000 1,750 11.1(M) 5.2IXI 3,500 8,700 Total Rev•nu• Recelpt• 53833 51,088 REVENUE EXPENDED Charilablg actlvltes Pewons PaMJ 47,950 47,950 48.230 48.230 Governance costs Honoraria A¢counts'ng seNices 1,250 5,681 6,931 1,2CMJ 6,072 7,272 ml•11ane0uS costs Bank Charges Postage and Stslro P4Jvertising Sundries 95 590 745 Total R•v•nue Exp•nded $5.031 56,247 NET EXPENDITURE (1,5981 (5,159 CAprrAL RECEIPTS Sale of investments Tolal Capital Roc•ipts 8.000 8,000 6,000 6.000 NET RECEIPTS FOR THE YEAR Cash at bank and in hwKI at 31 March 2024 6,402 14,812 13.970 Cash at bank and in hand at 31 March 2025 21.214 14,811 Page 5
CAMBERWELL CONSOLIDATED CHARMES STATEMENT OF PIONETARY ASSETS AT 31 PIARCH 2025 2025 Unrestricted Fund 2024 Unrestrthd Fund Bank and in Hand CAF DeFOSit ac£xwnt CAF Current Account Sarasin INuid assets 35 14,761 16 21.168 10 Totsl Cash at Bank and in Hand 21.214 14.812 Investments Market Value Market Value Sarasln EndoThnts Fund 1.546.098 1.537.724 Total investments 1,537,724 TOTAL ASSETS 1.567.312 1,552,536 RECONCILIATION OF MOVEMENT IN UNRESTRICTED FUND Total •88•ts M at 31 IAav¢h 2024 1.552.536 1,444,704 Nel Expenditure Increase in market vaue of investments Sale of Investrnents (1,5981 8.374 8.000 15,1591 106,990 6,000 Total assth •$ at 31 IAarch 202S 1567.312 Approved by th• TnMtw• on 8 May 2025 Chair Of rust•e5 Trustee Page 6