# **CLEVEDON CONVALESCENT FUND FINANCIAL STATEMENTS**
**YEAR ENDED 31 MARCH 2023**
**Charity Commission number: 249313**
## **CLEVEDON CONVALESCENT FUND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023**
|**Contents**|**Page**|
|---|---|
|Trustees’ Annual Report|1 - 5|
|Reference and Administrative Information|6|
|Independent Examiner’s Report|7|
|Statement of Financial Activities|8|
|Balance Sheet|9|
|Notes to the Financial Statements|10 - 17|
**CLEVEDON CONVALESCENT FUND TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 MARCH 2023**
The Trustees have pleasure in presenting their report and the independently examined financial statements of the charity for the year ended 31 March 2023
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The charity is an unincorporated association governed by a Trust Deed as amended by a High Court Scheme dated 5 June 1996. It is supported by a constitution.
Trustees are selected by a process of invitation and advertisement. There is a quorum required for Trustee decision making and a maximum number of 7 Trustees appointed at any one time. When a vacancy arises, potential applicants are invited to apply stating the reasons behind their interest and their suitability for the post. All Trustees consider the applicants in a meeting for the purpose, and if a second stage selection is required applicants may be invited to attend a meeting with nominated Trustees prior to a final decision being made.
The positions of Chair, Treasurer and Secretary are filled by working or retired professionals with diverse backgrounds and a common shared faith. The positions come up for election on a regular basis. Each appointment is made following careful consideration of the cross transferable skills which the individual has to offer from their secular background. Following the retirement of the Secretary this year the Trustees have taken turns in secretarial duties. This will continue until an appropriate Trustee is selected to take office.
A decision was taken to increase the number of Trustees from a maximum of 5 to 7 and this has been approved and implemented with the Charity Commission.
Management of the Fund is undertaken by the Trustees who oversee the work of the Grants Officer and bookkeeper. The Grants Officer, who acts as the external liaison between the referees and beneficiaries has responsibility for managing the workload of the charity.
## **Organisation**
The Trustees meet regularly as a body to deal with business matters, and weekly in working groups to sanction grants and pray for the recipients and their referees. The charity is operated day to day by the Grants Officer, an employee of the charity. The charity has continued to operate flexibly ever since the COVID pandemic with meetings reconvening at the Fund premises but attendance via the internet assisting staff and Trustees to continue to service the Funds needs virtually when illness or circumstance prevail. Prayer for the beneficiaries and those touched by the charity has continued on a regular basis and underpins all the activity of the Charity.
## **Risk review**
The Trustees carry out an annual review of the risks faced by the Charity and the manner in which these are managed. Mitigation of risk is primarily achieved by implementation of effective control procedures. These ensure a consistent quality of delivery for operational matters and the reassurance of considered authorisations for all transactions and projects. The Trustees constantly monitor the effectiveness of their working practices for improvement.
This year has seen the submission of grant applications start to revive. It has also seen an increase in the number of applications submitted by individual sponsors. The Trustees have reviewed their practices to ensure that the Fund can continue to operate for the benefit of as many applicants as possible, across different circumstance. After careful consideration it has been decided that the Fund should not become tied to a small number of sponsors. Control of numbers of applications as well as the timings of grants ensures that the Fund remains independently controlled. The Trustees retain their ability to grant across the public spectrum without the Fund being accessed exclusively by sponsors with limitless need.
1
**CLEVEDON CONVALESCENT FUND TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 MARCH 2023**
## **Business Continuity**
Throughout this year the Charity continued to apply its principles and business operation. The Charity staff numbers remained the same and the charity commends the staff for their continued support and adaptability with regard to the hybrid working arrangements that continue to operate.
The trustees' numbers have stayed the same overall. We thanked the outgoing secretary for the dedicated and excellent work she provided during her long and invaluable tenure. We welcomed a new Trustee to the Fund.
## **OBJECTIVES AND ACTIVITIES**
The charity seeks to help those in need of convalescence, concentrating the gifting to beneficiaries who cannot afford the total cost of such relief and for whom an uplift of wellbeing is possible. This includes:
- Persons recovering from sickness, medical or surgical treatment.
- People in a weak state of health who require a change of air, or respite care; and
- Carers of the sick, weak, and vulnerable in need of a break from their duties which benefits carer and their charge.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Grants**
The number of grant applications received during 2022/2023 has increased on the previous year from 75 to 78 applications, but the grants given this year are 65 as opposed to the 69 of the previous year. This indicates a relatively slow recovery towards pre covid figures. Meanwhile the number of referees have increased in number from 30 to 43. The number of beneficiaries has gone from 230 to 221. While the average cost of a grant for this year has decreased from £168 per person to £157 per person. This represents a figure below an average of £160 per person in the pre lockdown year of 2019-2020 and the great care being exercised by the team to keep within budget. Our investments continue to provide to meet the number of applications that are bestowed.
The return from convalescence continues to be marked with a gift of flowers and gospel, based tract sent to the beneficiary group. This may be a copy of “On Your Marks” or “So, who is this Jesus?”, a copy of John’s Gospel linked with the www.johnsgospel.org.uk website, or other suitable publication A bookmark accompanies these, which explains the Trusts intention; to demonstrate the love of Jesus in a practical way.
The Trustees and staff continue to receive encouragement in their work from the grateful response to the benefits of the grants and are very pleased to be able to share examples of the relief the often very different breaks, can bring:
## **External comment upon the Trusts work**
Every application received is supported by prayer. Praise and thanks are given to our Lord Jesus when referees report back on the positive impact of the grant of convalescence. It is a particular pleasure to hear where this represents a significant uplift for the beneficiaries.
_**“Can I please ask you to pass on our gratitude to those who made our holiday possible. Our break was just perfect and exactly what I needed, we had a fabulous time with glorious weather and just to spend some quality time without worry is just so relaxing. We had two lovely meals on the evening times and with the hotel being right in the centre meant I didn’t have to drive at all. We are all so very grateful. It was all just perfect.”**_
2
## **CLEVEDON CONVALESCENT FUND TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 MARCH 2023**
From a lady who is the carer for her husband and 2 autistic sons. Our grant enabled her to take a break from her caring role, funding travel for the couple and an adult daughter for a 2-night break to Torquay.
_**“Thank you so much for the grant of £250 which enabled me to have a wonderful mini break in London. It turned out to be exactly what I needed and was such a lovely pick-me-up. Thank you so much.”**_
From a gentleman awarded a grant to help in his convalescence from lifetime traumas.
## **Grants Officer Budget**
The grant officer’s budget remains at £500 and is used where the conventional grant criteria is not present, but it is felt by the grants officer that there are benefits to a donation. Particularly where a request is made by a new referee and donation under this discretionary budget can be made as a means of encouraging these referees to apply in future for convalescence or carers break holiday grants.
## **Trustees**
The Charity Commission approved the change in number of maximum trustees from 5 to 7. Frances Kay joined as a Trustee 13[th] July 2022 whilst Margaret Barker resigned 2[nd] February 2023.
## **Charity Employees**
The Charity employees continue to operate with care and due diligence and are to be commended for their control of the budgetary limits that have been set, and their flexibility in operating the new working practices.
## **Investments**
Our investments have been managed in a way designed to provide income from our self-sustaining fund, without the need to resort to the use of public funds.
## **Public Benefit**
Applications are considered for beneficiaries irrespective of their religious, ethnic, or other background. Only evident need, in line with the charity’s purposes, is the initial consideration and the qualifying circumstances for an upturn in health or welfare of the beneficiary. This need is confirmed by an involved care professional, or similar person, who is fully aware of the individual circumstances and makes an application on their behalf. Such individuals are referred to as “Referees”.
Awareness of the charity as a potential source of funding comes through personal recommendations and word of mouth, interaction with Trustees and or the Grants Officer, public witness of the Charity’s work, discovery of our website, from directories of charities, or occasionally by an approach direct by the charity to potential Referees, individuals, or organisations.
The Trustees confirm they have regard to the ongoing guidance given by the Charity Commission regarding Public Benefit, as initially required by the Charities Act 2011 and are preparing to review the operation of the Charity in light of changes to be incorporated by the Charities Act of 2022
## **Investment Powers**
There are no restrictions on the investment powers of the Trustees under its constitution. Ethical investment is considered to ensure that operation of the Trustees duties in this respect is consistent with the objectives of the Charity. The Trustee obligations to administer in the best interests of its beneficiaries, is always paramount.
3
**CLEVEDON CONVALESCENT FUND TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 MARCH 2023**
## **Legislative Changes**
The Trust continues to evaluate the impact of any legal change upon the Charity and regularly considers the impact of change in its risk assessments, upon the issue of guidance and following training updates.
## **FINANCIAL REVIEW**
## **Reserves**
Free and available cash is held in our current bank account, as a working balance and our cash reserve.
Our cash reserves policy guides Trustees to aim for 25% of the annual turnover to be held outside long term investment. This is to enable easy access in operating the charity. If the balance exceeds 50% of the estimated annual turnover, the trustees will consider reducing this figure by adding the surplus to our investment capital (portfolio). The amount for reinvestment will depend on whether circumstances suggest a spike in impending expenditure. At the year end cash at bank represented 41% of annual income.
Over the period considered, we experienced an influx of applications in the first and second quarter, with a few referees making multiple applications, thus providing a considerable fall in cash reserves. Lower levels of applications later in the year restored our cash situation. The number of applications was higher than experienced in previous years. Consequently, the trust was able to fully utilise its income and held its cash in the bank reserves within the policy guidelines.
## **Investment policy**
The Trustees aim to grow the capital base and income of the charity. Brewin Dolphin who has placed our funds in a variety of investments, are a specialist investment vehicle for charities and have invested according to our agreed risk level and the long term aims set out by the trustees. We have much appreciated their expertise and continued guidance on the options always available to the trust.
## **The Trustees**
The Trustees who served the charity during the period and up to the date of this report are set out on page 6.
4
## **CLEVEDON CONVALESCENT FUND TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 MARCH 2023**
## **Statement of trustees’ responsibilities**
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed/constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed by order of the Trustees
Gillian Mantle Chair of Trustees
Approved by the Trustees on ………………………..
5
**CLEVEDON CONVALESCENT FUND REFERENCE AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 MARCH 2023**
## **Status**
Clevedon Convalescent Fund is a registered charity, governed by a Trust Deed as amended by a High Court Scheme dated 5 June 1996. Its charity registration number is 249313 and is also known as Clevedon Forbes Fund and Forbes Fund.
## **Trustees**
Gillian Mantle Dr Roger Fido (Appointed 25[th] May 2023) Frances Mary Kay (Appointed 13[th] July 2022) Ruth Wilson Neil Foster Margaret Barker (Resigned February 2[nd] 2023) David Clark
Under the Deed there must be no less than three trustees.
Trustees are appointed for a term of five years by a resolution of the trustees at a meeting called specifically for the purpose.
## **Principal address**
4 Kenn Road, Clevedon, North Somerset, BS21 6EL
## **Independent Examiner**
Josh Kingston ACA, Burton Sweet Limited, The Clock Tower, 5 Farleigh Court, Old Weston Road, Flax Bourton, Bristol, BS48 1UR
## **Bankers**
The Co-operative Bank plc, Delf House, Southway, Skelmersdale, WN8 6SZ
Brewin Dolphin Limited, The Paragon, Counterslip, Bristol BS16BX
## **Investment managers**
Brewin Dolphin Limited, The Paragon, Counterslip, Bristol BS16BX
6
**CLEVEDON CONVALESCENT FUND INDEPENDENT EXAMINER’S REPORT YEAR ENDED 31 MARCH 2023**
## **Independent examiner’s report to the trustees of Clevedon Convalescent Fund**
I report to the trustees on my examination of the accounts of Clevedon Convalescent Fund (the Charity) for the year ended 31 March 2023.
## **Responsibilities and basis of report**
As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Charity’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 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:
1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
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.
Josh Kingston, ACA Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR
Date: …………………………
7
## **CLEVEDON CONVALESCENT FUND STATEMENT OF FINANCIAL ACTIVITIES**
## **YEAR ENDED 31 MARCH 2023**
**----- Start of picture text -----**
Unrestricted Endowment Total funds Total funds
funds funds 2023 2022
Note
£ £ £ £
Income from:
Investment income 81,559 - 81,559 75,032
Total income 81,559 - 81,559 75,032
Expenditure on:
-
Cost of raising funds 14,054 14,054 14,241
Charitable activities 2 55,722 - 55,722 61,208
-
Total expenditure 69,776 69,776 75,449
Net gains/(losses) on
investments 8 (18,267) (40,660) (58,927) 121,213
Net income / (expenditure) (6,484) (40,660) (47,144) 120,796
Transfer between funds 11 - - - -
Net movement in funds 4 (6,484) (40,660) (47,144) 120,796
Total funds at 1 April 11 700,951 1,551,593 2,252,544 2,131,748
Total funds at 31 March 11 694,467 1,510,933 2,205,400 2,252,544
**----- End of picture text -----**
The charity has no recognised gains or losses other than the results for the year as set out above.
All of the activities of the charity are classed as continuing.
The comparative funds are detailed in note 13.
**The notes on pages 10 to 17 form part of these financial statements**
________________________________________________________________________________________8
## **CLEVEDON CONVALESCENT FUND**
## **BALANCE SHEET**
## **AS AT 31 MARCH 2023**
**----- Start of picture text -----**
2023 2022
Note £ £ £
Fixed assets
Tangible assets 7 77 316
Investments 8 2,156,485 2,175,336
2,156,562 2,175,652
Current Assets
Debtors 9 311 308
Investments 8 19,450 67,240
Cash at bank 33,418 12,422
53,179 79,970
Creditors: amounts falling due
within one year 10 (4,341) (3,078)
Net current assets 48,838 76,892
Net assets 2,205,400 2,252,544
Funds
Unrestricted funds
General funds 12 45,514 33,731
Designated funds 12 648,953 667,220
Endowment funds 12 1,510,933 1,551,593
2,205,400 2,252,544
**----- End of picture text -----**
These financial statements were approved by the trustees on …....................................... and are signed on their behalf by:
______________________ Gillian Mantle Chair of trustees
**The notes on pages 10 to 17 form part of these financial statements**
________________________________________________________________________________________
9
## **CLEVEDON CONVALESCENT FUND**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2023**
## **1 Accounting policies**
- a) The financial statements have been prepared in accordance with the historical cost convention (except where otherwise stated in the accounting policy note) and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Charities Act 2011.
The accounts (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 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) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The charity is a public benefit entity as defined by FRS102.
There are no material uncertainties about the charity’s ability to continue as a going concern, despite the continued uncertainty being caused by the national cost of living crisis. Whilst these factors will have an impact on the charity’s reserves in the coming years, the Trustees expect to be able to continue the charity’s operations, having sufficient reserves to be able to meet these challenges.
b) Income is recognised when there is entitlement to receipt.
- c) Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs that relate to the category. Expenditure includes attributable VAT which cannot be recovered.
Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity, these are included within support costs.
- d) Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
- e) Tangible fixed assets costing more than £100 are capitalised and included at cost including any incidental expenses of acquisition.
- Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Equipment - 25% per annum reducing balance
- f) Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.
- g) Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
- h) Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
________________________________________________________________________________________
10
## **CLEVEDON CONVALESCENT FUND**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2023**
## **1 Accounting policies (continued)**
- i) Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
- j) The charity has arranged a defined contribution scheme for its staff. Pension costs charged in the SOFA represent the contributions payable by the charity in the year.
- k) Unrestricted funds can be used in accordance with the charitable objects at the discretion of the
- l) Designated funds form part of unrestricted funds and have been identified as being for particular purposes by the trustees. They are not restricted and can be transferred to general funds at any time at the discretion of the trustees. The purpose and likely timing of the use of each designated fund is set out in note 11 to the financial statements.
- m) Endowment funds represent those assets which must be held permanently by the charity. Income arising on the endowment fund can be used in accordance with the objects of the charity and is included as unrestricted income. Investment management charges and legal advice relating to these funds are charged against these funds.
## **2 Charitable activities**
|Grants to individuals
Support costs (see note 3)|**Unrestricted**
**Funds**
**£**
35,851
19,871
55,722|**Endowment**
**Funds**
**£**
-
-
-|**Total funds**
**2023**
**£**
35,851
19,871
55,722|Total funds
2022
£
39,929
21,279
61,208|
|---|---|---|---|---|
Included within grants to individuals is £1,302 (2022: £1,351) for flowers and £2 for gospels (2022: £231).
All charitable activities expenditure in 2022 was unrestricted.
|**3**
**Support costs**
Wages and salaries
Staff pension costs
Rent and rates
Office costs
Bookkeeping
Travel & subsistence
Website development
Insurance
Governance
Depreciation|**Unrestricted**
**Funds**
**£**
13,130
1,201
374
1,727
593
18
-
597
1,992
239
19,871|**Endowment**
**Funds**
**£**
-
-
-
-
-
-
-
-
-
-
-|**Total funds**
**2023**
**£**
13,130
1,201
374
1,727
593
18
-
597
1,992
239
19,871|Total funds
2022
£
12,380
1,148
374
1,473
609
11
2,160
770
2,106
248
21,279|
|---|---|---|---|---|
All support costs in 2022 were unrestricted.
________________________________________________________________________________________
11
## **CLEVEDON CONVALESCENT FUND**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2023**
- **4 Net income/(expenditure)**
## **This is stated after charging:**
|Depreciation
Independent examiner's fee:
for current year independent examination
for current year accounts preparation
(over)/under accrual in previous year|**2023**
**£**
239
1,098
894
-|2022
£
248
813
993
300|
|---|---|---|
- **5 Staff costs and numbers**
The aggregate payroll costs were:
|Wages and salaries
Other pension costs|**2023**
**£**
13,115
1,201
14,316|2022
£
12,380
1,148
13,528|
|---|---|---|
No employee received emoluments of more than £60,000. (2022: None)
The average weekly number of employees during the year was as follows:
|Number of staff|**2023**
**No.**
1
1|2022
No.
1
1|
|---|---|---|
The Trustees consider the key management personnel to be the Board of Trustees and the Grants Officer. Total benefits paid to key management personnel during the year were £14,316 (2022: £13,528).
No Trustee claimed or waived expenses during the year or the previous year.
## **6 Taxation**
The charity is exempt from corporation tax on its charitable activities.
________________________________________________________________________________________
12
## **CLEVEDON CONVALESCENT FUND NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2023**
## **7 Tangible fixed assets**
|**Cost**
At 1 April 2022
At 31 March 2023
**Depreciation**
At 1 April 2022
Charge for the year
At 31 March 2023
**Net book value**
**At 31 March 2023**
At 31 March 2022|**Equipment**
**£**
4,024
4,024
3,708
239
3,947
**77**
316|**Total**
**£**
4,024
4,024
3,708
239
3,947
**77**
316|
|---|---|---|
________________________________________________________________________________________
13
## **CLEVEDON CONVALESCENT FUND**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2023**
## **8 Investments**
|UK quoted investments
**Movement in market value**
Market value at 1 April
Acquisitions at cost
Disposal proceeds
Net gain/(loss) on revaluations in the year
Market value at 31 March
Cash held on investments
Total value of investments
Historical cost at 31 March|**2023**
**£**
2,175,935
**2023**
**£**
2,175,336
171,575
(131,499)
(58,927)
2,156,485
19,450
2,175,935
1,978,864|2022
£
2,242,576
2022
£
2,088,800
526,533
(561,210)
121,213
2,175,336
67,240
2,242,576
1,945,573|
|---|---|---|
By Trust Deed, the investments are not subject to the limitations of the Trustee Investments Act.
|Quoted investments as at 31 March 2023:
UK Bonds
Overseas Bonds
UK Equities
North American Equities
European Equities
Asia Pacific Equities
Global Investments
Absolute Return
Property
Other Investments
Cash Product
Brewin Dolphin
Cash held
Total UK quoted investments|**£**
41,725
44,168
462,109
106,338
167,220
35,550
990,680
36,581
48,291
183,844
39,980
2,156,485
19,450
2,175,935|
|---|---|
________________________________________________________________________________________
14
## **CLEVEDON CONVALESCENT FUND**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2023**
## **9 Debtors**
|Other debtors
Prepayments
**Creditors: amounts falling**
Trade creditors
Accruals
Other creditors
**Movement in funds**
**Unrestricted funds**
General funds
Designated funds:
Invested funds
**Endowment funds**
**Prior year comparative**
**Unrestricted funds**
General funds
Designated funds:
Invested funds
**Endowment funds**|**due within one year**
**1 April**
**2022**
**£**
**£**
33,731
81,559
667,220
-
1,551,593
-
2,252,544
81,559
**1 April**
**2021**
**£**
**£**
34,148
75,032
768,550
37,576
1,329,050
83,637
2,131,748
196,245
**Income and**
**gains**
**Income and**
**gains**|**£**
(69,776)
(18,267)
(40,660)
(128,703)
**£**
(75,449)
-
-
(75,449)
**Expenditure**
**and losses**
**Expenditure**
**and losses**|**2023**
**£**
191
120
311
**2023**
**£**
24
1,992
2,325
4,341
**£**
-
-
-
-
**£**
-
(138,906)
138,906
-
**Transfers**
**Transfers**|2022
£
202
106
308
2022
£
299
1,806
973
3,078
**31 March**
**2023**
**£**
45,514
648,953
1,510,933
2,205,400
**31 March**
**2022**
**£**
33,731
667,220
1,551,593
2,252,544|
|---|---|---|---|---|
## **10 Creditors: amounts falling due within one year**
## **11 Movement in funds**
The transfer between designated and endowment fund is to reflect a reallocation of the previous years' gains/(losses) on investments in line with the agreed fixed percentage.
________________________________________________________________________________________
15
## **CLEVEDON CONVALESCENT FUND**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2023**
## **11 Movement in funds (Continued)**
The Invested funds are set aside as designated to more clearly show the trustees' intention to use these funds to generate further income for the charity in the medium to long term. They are represented by the unrestricted fund quoted investments shown as part of note 8. This is in line with the historical policy of the charity to make use of surplus income in this way, and to maintain its ability to be self-sustaining. Each year a fixed percentage of 31% of the net gains and losses is charged to the designated fund with the remainder charged against the endowment fund. This percentage is based on the split of investments between designated and endowment fund when the portfolio was transferred between agents in 2018.
## **12 Analysis of net assets**
|**Unrestricted funds**
General funds
Designated funds:
Invested funds
**Endowment funds**
**Previous year**
**Unrestricted funds**
General funds
Designated funds:
Invested funds
**Endowment funds**|**Tangible**
**fixed assets**
**£**
77
-
-
77
**Tangible**
**fixed assets**
**£**
316
-
-
316|**Investments**
**£**
16,049
648,953
1,510,933
2,175,935
**Investments**
**£**
-
690,983
1,551,593
2,242,576|**Other**
**net assets**
**£**
29,388
-
-
29,388
**Other**
**net assets**
**£**
33,415
(23,763)
-
9,652|**Total**
**£**
45,514
648,953
1,510,933
2,205,400
**Total**
**£**
33,731
667,220
1,551,593
2,252,544|
|---|---|---|---|---|
________________________________________________________________________________________
16
## **CLEVEDON CONVALESCENT FUND**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2023**
## **13 Comparative funds**
|**Income from**
Investment income
**Total income**
**Expenditure on**
Raising funds
Charitable activities
**Total expenditure**
Net gains/(losses) on investments
**Net income / (expenditure)**
Transfer between funds
**Net movement in funds**
Total funds at 1 April
**Total funds at 31 March**|**Unrestricted**
**funds**
**£**
75,032
75,032
14,241
61,208
75,449
37,576
37,159
(138,906)
(101,747)
802,698
700,951|**Endowment**
**funds**
**£**
-
-
-
-
-
83,637
83,637
138,906
222,543
1,329,050
1,551,593|**Total funds**
**2022**
**£**
75,032
75,032
14,241
61,208
75,449
121,213
120,796
-
120,796
2,131,748
2,252,544|
|---|---|---|---|
________________________________________________________________________________________
17