MISS H V CAMERON SOUTER BEQUEST
CLERGY FUND
(Registered Charity No. 231795)
ANNUAL REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024
MISS H V CAMERON SOUTER BEQUEST - CLERGY FUND
CONTENTS
| Page | ||
|---|---|---|
| Legal and Administrative Information | 1 | |
| Trustees’ Annual Report | 2 – 4 | |
| Independent Examiner’s Report | 5 | |
| Statement of Financial Activities | 6 | |
| Balance Sheet | 7 | |
| Notes to the Financial Statements | 8 – 12 |
MISS H V CAMERON SOUTER BEQUEST - CLERGY FUND
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY REGISTRATION NUMBER
231795
TRUSTEES
Mrs C A Oldroyd The Right Reverend P Davies Reverend D J Orme
PRINCIPAL AND REGISTERED OFFICE
Nightingale Cottage Peat Common Elstead Surrey GU8 6DX
FUND MANAGERS
Brewin Dolphin Securities Limited 12 Smithfield Street London EC1A 9LA
INDEPENDENT EXAMINER
Alliotts LLP Manfield House 1 Southampton Street London WC2R 0LR
BANKERS
Barclays Bank Plc 1 Churchill Place Canary Wharf London E14 5HP
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MISS H V CAMERON SOUTER BEQUEST - CLERGY FUND (REGISTERED CHARITY NO. 231795)
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024
The Trustees of the Miss H V Cameron Souter Bequest - Clergy Fund have pleasure in presenting their Annual Report and Financial Statements for the year ended 5 April 2024.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Reference and Administrative Details
Reference and administrative details are shown on the legal and administrative information page of the financial statements.
Trustees
The Trustees who served the Charity during the year and since the year end were as follows:
Mrs C A Oldroyd The Right Reverend P Davies Reverend D J Orme
Structure, Governance and Management
The Charity was formed under a Will dated 30 June 1961. This was later updated by a Deed of Appointment dated 27 January 1997 and is registered with The Charity Commission under registration number 231795.
The Trustees who served throughout the period are shown above.
The first Trustees were appointed in accordance with the Will of the late Miss H V Cameron Souter. The Trustees have appointed further Trustees thereafter to fill vacancies as they arise. New Trustees are sought from within the Church of England community.
New Trustees are given training as considered appropriate to the level of experience in the sector. All serving Trustees are encouraged to attend training courses as appropriate to their ongoing needs.
The day-to-day affairs of the Trust are administered by Reverend D J Orme, Trustee, who works closely with the Fund Managers and her co Trustees. Reverend D J Orme also has responsibility for liaising with outside bodies, such as the Charity Commission and HM Revenue and Customs.
Objectives and Activities
The objective of the Charity is to augment the stipends of the Church of England Clergy and this is something that the Charity has been able to do with great success over the years. The Trustees review and consider all applications for assistance to ensure they are reasonable and worthy of support.
During the year the Charity made Donations totaling £4,594 (2023: £5,754).
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MISS H V CAMERON SOUTER BEQUEST - CLERGY FUND (REGISTERED CHARITY NO. 231795)
TRUSTEES’ ANNUAL REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2024
Objectives and Activities (continued)
The Trustees' investment powers stem from the Trust Deed referred to above.
The Trustees' investment policy is to maximize the total return on the investments of the Trust Fund in the manner which involves the minimum of risk of loss to the portfolio. The Trustees employ Fund Managers who work within the guidelines laid down by the Trustees. The Fund Managers, Brewin Dolphin, manage the portfolio of investments with the interests of ensuring there is sufficient income for the Charity's requirements.
Achievements and Performance
During the year the Trustees made grants to members of the clergy totaling £4,594 (2023: £5,754).
Taking one year with another, the Trustees aim to spend all income as it arises. The Trustees seek to have sufficient capital from which can be derived spendable funds of an amount which will enable them in real terms to maintain indefinitely their present level of activities. This has meant accumulating some investments in the General Fund.
This policy is reviewed periodically by the Trustees as they see fit.
Financial Review
The results for the year are set out in detail on page 6, and the Trustees anticipate that the position of the retained funds will remain largely unchanged for the foreseeable future, other than for any donations they consider appropriate.
The income from the Charity is derived from investment income. During the year ended 5 April 2024, the Charity's income amounted to £24,136 and the value of the investments increased with gains of £53,152 recorded in the year. At 5 April 2024 the Charity's free reserves amounted to £926,160 (£862,931 at 5 April 2023).
The charity seeks to maintain a sufficient capital base from which it can derive distributable funds of an amount which will enable it in real terms to maintain indefinitely the present level of grant-making activities. The trustees consider the current reserves are at a level appropriate to generate sufficient income for charitable purposes.
Plans for Future Periods
The Trustees intend to continue to augment the stipends of the Church of England Clergy. This will continue to be funded by the Charity's investment activities as detailed in the objectives and activities section of this report. We continue approaching various dioceses to widen the clergy supported by our grants.
Public Benefit
In setting our objectives and planning our activities the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing religion.
As set in our objectives, the main benefit of the Charity is to augment the stipends of the clergy. Further details of activities that link to the public benefit are given in the Objectives and Activities.
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MISS H V CAMERON SOUTER BEQUEST - CLERGY FUND (REGISTERED CHARITY NO. 231795)
TRUSTEES’ ANNUAL REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2024
Trustees’ Responsibilities
The Trustees are responsible for preparing the Trustees' annual report and the financial statements in accordance with applicable law and regulations.
The provisions of charity law require the Trustees to prepare financial statements for each financial year. Under that law, the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the state of affairs of the Charity as at the balance sheet date, and of the incoming resources and application of resources for that period. In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue on that basis.
The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Charity, and to enable them to ensure that the financial statements comply with the requirements of section 145 of the Charities Act 2011 ('2011 Act'). They are also responsible for safeguarding the assets of the Charity, and hence for taking reasonable steps for the detection of fraud and other irregularities.
APPROVED BY:
Delia Orme (Mar 27, 2025, 3:54pm)
RPDavies
Archdeacon of Surrey - P Davies (Apr 4,2025, 12:45pm)
Reverend D J Orme Trustee
The Right Reverend P Davies Trustee
caroline oldro d y
Caroline Oldroyd (Mar 27, 2025, 7:56pm)
Mrs C A Oldroyd Trustee
Date: 27 Mar 2025
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MISS H V CAMERON SOUTER BEQUEST - CLERGY FUND (REGISTERED CHARITY NO. 231795) INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF MISS H V CAMERON SOUTER BEQUEST – CLERGY FUND
I report on the financial statements of the Miss H V Cameron Souter Bequest – Clergy Fund for the year ended 5 April 2024 which are set out on pages 6 to 12.
Responsibilities and basis of report
As the Charity Trustees y o u are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trustee’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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2) the accounts do not accord with those records; or
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3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Nicholas Nicolaou
Nick Nicolaou (Apr 9, 2025, 4:44pm)
Nicholas Nicolaou FCCA Alliotts LLP
6[th] Floor, Manfield House 1 Southampton Street London WC2R 0LR
Date: 27 Mar 2025
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MISS H V CAMERON SOUTER BEQUEST - CLERGY FUND (REGISTERED CHARITY NO. 231795)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
| Notes INCOMING RESOURCES Incoming resources from generating funds: Investment income 2 TOTAL INCOMING RESOURCES RESOURCES EXPENDED Cost of generating funds: Investment management fees 3 Charitable activities 4 Governance costs 5 TOTAL RESOURCES EXPENDED NET (OUTGOING) RESOURCES FOR THE YEAR (Losses)/gains on investment assets 6 NET MOVEMENT IN FUNDS Funds at 6 April 2023 Funds at 5 April 2024 |
2024 £ Unrestricted funds 24,136 24,136 (7,715) (4,594) (1,750) (14,059) 10,077 53,152 63,229 862,931 926,160 |
2023 £ Unrestricted funds 26,251 |
||
|---|---|---|---|---|
| 26,251 | ||||
| (7,624) (5,754) (3,178) |
||||
| (16,556) | ||||
| 9,695 (51,729) |
||||
| (42,034) 904,965 |
||||
| 862,931 |
All income resources and resources expended are derived from continuing activities.
All funds are unrestricted and there are no restrictions on the purposes to which the Trust Funds can be applied.
There were no recognised gains or losses for either period except those included within the net movement in funds.
The notes on pages 8 to 12 form an integral part of these financial statements.
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MISS H V CAMERON SOUTER BEQUEST - CLERGY FUND (REGISTERED CHARITY NO. 231795)
BALANCE SHEET AS AT 5 APRIL 2024
| Notes FIXED ASSETS Investments 7 CURRENT ASSETS Cash at bank and in hand Accrued income CURRENT LIABILITIES Amounts falling due within one year Creditors Accruals NET CURRENT ASSETS NET ASSETS REPRESENTED BY: Trust fund (Unrestricted general funds) 8 |
2024 £ £ 837,702 94,433 965 95,398 1,440 5,500 88,458 926,160 926,160 |
2023 £ £ 794,699 70,223 2,699 72,922 2,940 1,750 68,232 862,931 862,931 |
2023 £ £ 794,699 70,223 2,699 72,922 2,940 1,750 68,232 862,931 862,931 |
||
|---|---|---|---|---|---|
| 862,931 | |||||
| 862,931 |
The financial statements were approved by the Trustees and signed on their behalf by:
| RPDavies | |
|---|---|
| Delia Orme (Mar 27, 2025, 3:54pm) | Archdeacon of Surrey - P Davies (Apr 4, 2025, 12:45pm) |
| Reverend D J Orme | The Right Reverend P Davies |
| Trustee | Trustee |
caroline oldro d y
Caroline Oldroyd (Mar 27, 2025, 7:56pm)
Mrs C A Oldroyd Trustee
Date: 27 Mar 2025
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MISS H V CAMERON SOUTER BEQUEST - CLERGY FUND (REGISTERED CHARITY NO. 231795)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1. ACCOUNTING POLICIES
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1.1. GENERAL INFORMATION
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The charity is registered with the Charity Commission under number 231795 in England. The principal activity of the charity is to augment the stipends of the Church of England Clergy. The charity's registered office is Nightingale Cottage, Peat Common, Elstead, Surrey GU8 6DX.
1.2. BASIS OF ACCOUNTING
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared in accordance with the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).”
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared on a going concern basis under the historical cost convention, except for investments which are included at market value.
The functional and presentational currency is pound sterling, rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.3. DONATIONS
All donations are allocated to the general fund when paid.
1.4. INCOMING RESOURCES
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Dividends and interest on investments are included in the Statement of Financial Activities when they are due to be received, at their gross amounts which include recoverable taxation.
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MISS H V CAMERON SOUTER BEQUEST - CLERGY FUND (REGISTERED CHARITY NO. 231795)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (continued)
1.5. RESOURCES EXPENDED
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of the resources. Charitable activity costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with compliance with constitutional and statutory requirements.
1.6. LISTED INVESTMENTS
Listed investments are shown in the balance sheet at market value less any provision for permanent diminution in value. Unrealised losses and gains are charged or credited to the Statement of Financial Activities each year.
1.7. CREDITORS DUE WITHIN ONE YEAR Creditors with no stated interest rate payable within one year are recorded at transaction price.
1.8. GOING CONCERN
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
| 2. INVESTMENT INCOME Dividends and interest receivable from equity shares and unit trusts Bank Interest received 3. INVESTMENT MANAGEMENT FEES Fees payable for the year |
2024 £ 23,439 697 24,136 2024 £ 7,715 |
2023 £ 26,153 98 26,251 2023 £ 7,624 |
|---|---|---|
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MISS H V CAMERON SOUTER BEQUEST - CLERGY FUND (REGISTERED CHARITY NO. 231795)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024 (continued)
4. DONATIONS
| Grants to individuals | 2024 2023 £ £ 4,594 5,754 |
|---|---|
All individuals who receive the donations are members of the clergy in need of assistance that the trustees deem worthy of support.
| 5. | GOVERNANCE COSTS | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Independent Examiner’s fees | 1,750 | 3,178 | |
| No Trustees received any emoluments, remuneration | or expenses in the current | ||
| or preceding financial year. | |||
| The Trust had no employees during the year or the previous year. | |||
| 6. | GAINS AND LOSSES ON INVESTMENT ASSETS | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Realised gains/(losses) on disposal of investments | 6,620 | 4,407 | |
| Unrealised (losses)/gains on investments held | 46,532 | (56,136) | |
| 53,152 | (51,729) |
No Trustees received any emoluments, remuneration or expenses in the current or preceding financial year.
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MISS H V CAMERON SOUTER BEQUEST - CLERGY FUND (REGISTERED CHARITY NO. 231795)
,
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (continued)
7. INVESTMENTS
| INVESTMENTS | |
|---|---|
| Cost At 6 April 2023 Additions Disposals At 5 April 2024 Market value At 5 April 2024 |
2024 £ 2023 £ 658,919 661,272 78,189 46,723 (81,719) (49,076) 655,389 658,919 837,702 794,699 |
The above represent UK investments listed on a recognised stock exchange and the market value comprises the following:
| Equity shares Fixed interest securities Investment trusts and unit trusts Commodities |
2024 £ 2023 £ 450,558 289,191 114,648 113,817 238,192 349,273 34,304 42,418 837,702 794,699 |
|---|---|
Market value is based on a report provided by Brewin Dolphin, the fund managers, as at 5 April 2024.
Investments representing more than 5% of the market value of the investments held at 5 April 2024 were:
| JPMorgan Funds Ltd US Equity Inc K BNY Mellon Fund Manager Newton Gbl Inc Instl W Inc M & G Securities Ltd Global REC C USD Fundsmith Equity Fund Monks Investment Trust Schroder International Selection FD Global Recovery |
Shares held |
|---|---|
| 42,150 28,164 14,575 7,045 4,850 310 |
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MISS H V CAMERON SOUTER BEQUEST - CLERGY FUND (REGISTERED CHARITY NO. 231795)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024 (continued)
| 8. UNRESTRICTED FUNDS Represented by: Brought forward Realised gains/(losses) on investment asset disposals Unrealised (losses)/gains on investment assets Net (outgoing) resources Unrestricted funds at 5 April 2024 |
2024 £ 2023 £ 862,931 904,965 6,620 4,407 46,532 (56,136) 10,077 9,695 926,160 862,931 |
|---|---|
9. RELATED PARTY TRANSACTIONS
There were no disclosable related party transactions during the year to 5 April 2024 (2023 – none).
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