CLEVEDON CONVALESCENT FUND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Charity Commission number- 249313
CLEVEDON CONVALESCENT FUND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Contents Page Trustees, Annual Report Referen and Administrative Information Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10-17
CLEVEDON CONVALESCENT FUND TRUSTEES, ANNUAL REPORT YEAR ENDED 31 MARCH 2024 The Trustees have pleasure in presenting their rewrt and Ihe independently examined financial statements of the charity for the year ended 31 March 2024. STRUCTURE, GOVERNANCE AND MANAGEMENT The charity IS an unincorporated association governed by 8 Trust Deed as amended by a High Court Scheme dated 5 June 1996. as amended 12 April 2021.11 is supported by a constitution. Management ofthe Fund This is undertaken by the trustees who oversee the work of the Grants Officer and bookkeeper. The Grants Officer, who acts as the exiernal liaison between the referees and beneficiaries has responsibility for managing the workload of the charity. The Trustees have the responsibility of determining the direction of the Trust and making the decisions on its management and conduct. Trustees 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 al any one lime. During the current year Dr Roger Fido joined as Trustee on the 25th of May 2023 taking the current number of trustees to 6. The Trustees who served the charity during the period and up to the date of this report are set out on page 6. When a vacancy arises, potential applicants are invited to apply slating the reasons behind their interest and their suitabilityfor the post. Al Trustees consider the applicants in a meeting forthe purpose. During second stage selection applicants may be interviewed in person by nominated Trustees prior lo 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 lo offer from their secular background. If a position is temporarily empty the Trustees will share the duties and or elect them to a member of the Trustees Board. Charity employees The Charity employees continue lo operate with care and due diligence. This year with the introduction of lighter controls their willingness lo adapt lo and embrace new operating practiS has been greatly appreciated and they are commended for their approach. Organisation The Trustees meet regularly as a b(Y lo deal wf(h business matters, and weekly in working groups lo 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 al the Fund premises bul attendance via the internet assisting staff and Trustees to Continue to Servi the Fund's needs virtually when illness or Circumstan 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 reviow The Trustees carry out an annual review of the risks faced by the Charity and the manner in which these are managed. Miligalion of risk is primarily achieved by implementation of effective control procedures. These ensure a consistent quality of delivery for operational matters and the reassurance
CLEVEDON CONVALESCENT FUND TRUSTEES, ANNUAL REPORT YEAR ENDED 31 MARCH 2024 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 lo revive. It has also seen an increase in the number of applications submilled 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 circumstances. After careful consideration il has been decided that the Fund should not become lied lo 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 relain their ability to make grants across the public spectrum wilhoul the Fund being acTrssed exclusively by sponsors with limitless need. 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 lo operate. The Trustees, numbers have stayed the same overall. In the absence of a Se(retary this year the Trustees have taken turns in secretarial duties. This will continue until an appropriate Trustee is selected lo take office. The Charity is currently reeruiting lo bring the numbers lo maximLJm capauty. OBJECTIVES AND ACTIVITIES The charity seeks lo help those in need of convalescence, by giving lo beneficiaries of a convalescent break or an equivalent benefit lo their circumstance in accordance with charities slated objectives. The focus is upon those 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 stale of health who require a change of air, or respfce 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 202312024 has increased on the previous year from 78 to 91 applications, bul the grants given this year are 87 as opposed lo the 65 of the previous year. This represents a steady recovery towards pre covid figures. Meanwhile the number of referees has increased in number from 43 to 45. The number of beneficiaries has gone from 221 to 301. While the average cost of a grant for this year has increased from £157 per person lo £170 per person. This is now showing an increase in pre Covid figures and has caused the Trustees and Grant Officer lo operate a carefully controlled budget. Our investments continue to provide adequate income lo meet the number of applications that are bestowed. The return from convalescence continues to be marked wth a gift of flowers and a gospel or gospel - based tract sent to the beneficiary. 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 Trust's intention lo demonstrate the love of Jesus in a practical way.
CLEVEDON CONVALESCENT FUND TRUSTEES, ANNUAL REPORT YEAR ENDED 31 MARCH 2024 The Trustees and staff continue lo receive encouragement in their work from the grateful response to the benefits of the grants and are very pleased lo be atAe 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 lo our Lord Jesus when referees report back on the positive impact of the grant of convalescence. 11 is a particular pleasure to hear where this represents a significant uplift for the beneficiaries. Feedback from some of the beneficiaries this year include the following and all comments comply with data protection requirements.. From a beneficiary of a bak taken with carers after hospital 8dmission who said it helped to reduce his depression because.- 'It helps me see the world and show people that disabilities never stop us.. From a single mum caring for a son with high Ca needs. The grant prowded 8 break forher and other family members from a demanding caring role.. "To everyong involved ITn our trip to . I cannot thank you enough. We have just got back from the most amaJng weekend away. We have walked miTles, begn on ridg after ridg, met and had photos with the entire Pgppa Pig family, as W911 as staying in thg most amazing, friendly, helpfvl hotsl. Honestly, I cannot say how grateful l am thatyou funded ourholldayy The klds (and grown-upsj) have had the best time and we have enjoyed spending some much needed tlme as a famlly wlth the extra l)onus of having Nanny and Grandad there tooll" A successfulreferee commented as follows." 'As a therapiTSt for the NHS, we deal with lots of trauma and loss with the people we see and we try and pmvide lor them as much as we can but this grant has undoubtedly helped with thiTS ladys recovery and healing. Thls klndness Is somethiTng that wlll touch and beneflt her famlly, whom she strlves to provide wlth the experiences and love she may not have had herself In the past and It has been a truly appreciTated addition to the work we have done together over the past year. Kindness is something thatspreads. Thank you for your time, patiTence and genemsity." Grants Officer Budget The Grant Officers budget has increased from £500 to £600 having been static for several years. This is used where the conventional grant criteria are not present, but it is felt by the Grants OffIr that there are benefits lo a donation. This may be the case where a request is made by a new referee and a donation under this discretionary budget may be a means lo encourage future convalescence or carers break holiday grants. Trustees The Charity Commission approved the change in number of maximum trustees from 5 to 7. 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 wotking practices. Investments Our investments have been managed in a way designed to provide income from our self-suslaining fund, wilhoul the need lo resort to the use of public funds or lo necessitate fundraising.
CLEVEDON CONVALESCENT FUND TRUSTEES, ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Public Benefit Applications are considered for beneficiaries irrespective of their religious, ethnic, or other background. In line with the charitls purposes, evident need, plus the qualifying circumStanS for an upturn in health or welfare of the beneficiary, are the main criteria for consideration. These aspects are confirmed by an involved care professional, or similar person, who is fully aware of the individual circumstances and makes an application on the beneficiarfs behalf. These individuals are referred to as 'Referees" Awareness of the charity as a potential Sour of funding comes through many avenues, including.. personal recommendations and word of mouth, interaction with Trustees andlor the Grants Officer, public witness of the Charities work. discovery of our website, from directories of charities, or occasionally by an approach direct by the charity to potential Referees. individuals, or organisalions. 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 conducting an ongoing review of the operation of the Charity in light of changes under the Charities Acl of 2022. Investment Powers There are no restrictions on the investment powers of the Trustees under ils conslilution. 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. Legislative Changes The Trust continues to evaluate the impact of any legal ch8nge 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 Investment income received fell this year, from £81,559 in 202310 £69,900 in 2024. The charity made more grants lo individuals in 2024 in light of increased resetves as mentioned below. Total grants made in 2024 came to £48,24612023'. £35,851 }. Support costs increased slightly, lo £20,526 {2023'. £19,871). Gains on investments were £76,488, compared with losses of £58,927 for 2023.Therefore unrestricted resetves increased by £11,065, and Endowment funds increased by £52,777. Reserves Free and available cash is held in our current bank account, as a working balance and our cash resee. The Trustees policy is to retain in the region of 250/0 of ils annual incomeltumover as a cash sum within the day-104ay current bank account. This is intended lo enable the Fund to accommodate any unforeseen sudden uptums in expenditure. If the cash reserves exceed 500/a of the annual income the Trustees are guided to transfer funds into the investment portfolio, unless they foresee an unusual need in the near future. Since 2022 the cash reserves have been over the 500/0 reference. This was lo accommodate a potential upsurge antieipaled in grant applications in the post Covid pandemic era. 11 was anticipated that the Fund would utilise the surplus that had accumulated 8S 8 result of reduced call on the funds during 2020 and the earfy part of 2021. Approximately £12k was ulilised in the following year, further funds due to the reserve level and an unexpected increase in income during 2022123 were allocated lo the grant budget and used. However at the end of the budget year a sizeable SLJrplus remained. The Trustees instructed the Treasurer to
CLEVEDON CONVALESCENT FUND TRUSTEES, ANNUAL REPORT YEAR ENDED 31 MARCH 2024 transfer £20k from the current bank account lo the investment portfolio as soon as was feasible in May of 2024. Investment policy The Trustees aim lo 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 sel out by the Iruslees. We have much appreciated their expertise and continued guidance on the options always available to the trust. statement of trustees. responslbllltles 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 Iuniled Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Iruslees 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 lo.. select suitable accounting policies and then apply them consislenlly- observe the methods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudent., slate 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 concem basis unless il is inappropriate lo presume that the charity will continue in business. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy al any lime 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 deedlconslitulion. 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 15 January 2025
CLEVEDON CONVALESCENT FUND REFERENCE AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 MARCH 2024 Status Clevedon Convalescent Fund is a registered charity, governed by a Trust Deed as amended by a High Court Scheme dated 5 June 1996, as amended 12 April 2021.lts charity registration number is 249313 and is also known as Clevedon Forbes Fund and Forbes Fund. Trustees Gillian Mantle Dr Roger Fido (Appointed 25" May 20231 Frances Mary Kay Ruth Wilson Neil Foster 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 al a meeting called specifically for the purpose. Principal address 4 Kenn Road, Clevedon, North Somersel, BS216EL Independent Examlner Joshua Kingston Bsc., ACA, Burton Sweet Limited, The Clock Tower, 5 Fadeigh Court, Old Weston Road, Flax Bourton, Bristol, BS48 1 UR Bankgrs The Co-operative Bank plc, Dew House, Southway, Skelmersdale, WN8 6SZ Brewin Dolphin Limited, The Paragon, Counterslip, Bristol BS16BX Investment managers Brewin Dolphin Limited, The Paragon, Counlerslip. Bristol BS16BX
CLEVEDON CONVALESCENT FUND INDEPENDENT EXAMINER'S REPORT YEAR ENDED 31 MARCH 2024 Independent examinerfs report to the trustees of Clevedon Convalescent Fund I report to the trustees on my examination of the accounts of Clevedon Convalescent Fund Ilhe Charfcyl for the year ended 31 March 2024. Responsibilities and basis of report As the charity trustees of the Charity you are resFX)nsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe Act'l. I report in respect of my examination of the Charity's auntS 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 un(Jer section 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the Act., or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form and content of accounts sel out in the Charities (Accounts and ReFM)rtsl Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view which is not a maller considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Josh Kingston, Bsc., ACA Burton Sweet Limited The Clock Tower 5 Fadeigh Court Old Weston Road Flax Bourton Bristol BS48 1 UR Dale.. 1 S January 2025
CLEVEDON CONVALESCENT FUND STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 Unrestricted funds Endowment Total funds funds 2024 Total funds 2023 Note Income from.. Donations Investment income Total income 200 69,900 70,100 200 69,900 70,100 81,559 81,559 Expenditure on.. Cost of raising funds Charitable activities Total expenditure 13.974 68,772 82,746 13.974 68,772 82.746 14,054 55,722 69,776 Net gainslllossesl on investments 23,711 52,777 76.488 158,9271 Net incomel(expenditurel and net movement in funds 11.065 52,777 63.842 147,1441 Total funds al 1 April 11 694,467 1.510,933 2,205.400 2.252,544 Total funds at 31 March 11 705,532 1.563,710 2,269,242 2,205,400 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 fomi part of these flnanclal statements
CLEVEDON CONVALESCENT FUND BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flxed assets Tangible assets Investments 58 2,209,341 2,209,399 77 2,156,485 2,156,562 Current Assets Debtors Investments Cash at bank 306 26,614 38,239 65,159 311 19,450 33,418 53,179 Creditors: amounts falling due within one year Net current assets 10 5,316 4,341 48,838 59,843 Net assels 2,269,242 2,205,400 Funds Unrestricted funds General funds Designated funds Endowment funds 12 12 12 33,287 672,245 1,563,710 45,514 648,953 1,510,933 2,269,242 2,205,400 These financial statements were approved by the tnjstees on their behalf by.. -.15.JanLLaTr.202&........... and are signed on Gillian Mantle Chair of Iruslees The notes on pages 10 to 17 fomi part of these financial statements
CLEVEDON CONVALESCENT FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 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 nolel 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 1021 issued in October 2019, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, and the Charities Act 2011. The accounts (financial slatementsl have been prepared to give a 'lme 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 1021 issued in October 2019 rather than the Accounting and Reporting by Charities.. Slalement of Recommended Practice effective from 1 April 2005 which has since been wlhdrawn. The charity is a public benefit entity as defined by FRS102. There are no material uncertainties about the charity's ability lo continue as a going concem, despite the continued uncertainty being caused by the national cost of living crisis. Whilst these factors wll have an impact on Ihe charity's reserves in the coming years, the Trustees expect to be able to continue the charity's operations, having sufficient reserves lo be able lo meet these challenges. bl Income is recognised when there is entitlement to receipt. cl Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs that relate lo 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 ils activities and seNices for ils beneficiaries. It includes both costs that can be allocated directly to such activities and those cost5 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 al cost including any incident81 expenses of acquisition. Depreciation is calculated 80 as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows.. Equipment- 25010 per annum reducing b818nce 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 discounls 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 2024 1 Accounting policies Icontinuedl il Creditors and provisions are recognised where the charity has a present obligation resulting from a past event Ihat will probably result in the transfer of funds to a third party and the amount due lo settle the obligation can be measured or eslimaled reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Il 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 11 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 al any time al the discretion of the trustees. The purpose and likely liming of the use of each designated fund is sel 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 accordan 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 Expenditure on Charitable activities Unr8stri¢tgd Funds Endowment Total funds Total funds Funds 2024 2023 Grants to individuals Support costs (see note 31 48,246 20,526 48,246 20,526 35,851 19,871 68,772 68,772 55,722 Included within grants lo individuals is £1,44212023'. £1,302) for flowers and £16 for gospels {2023'. £2}. All charitable activities expenditure in 2023 was unreslricled. 3 Support costs Unrestricted Funds Endowment Total funds Total funds Funds 2024 2023 Wages and salaries staff pension costs Rent and rates offi costs Bookkeeping Travel & subsistence Insurance Governance Depreciation 13,834 1,327 393 1,750 468 13,834 1.327 393 1,750 468 13,130 1,201 374 1,727 593 18 597 1,992 239 599 2,136 19 599 2.136 19 20,526 20.526 19,871 All support costs in 2023 were unrestricted. 11
CLEVEDON CONVALESCENT FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 4 Net incomellexpenditure} This is stated after charging: 2024 2023 Depreciation Independent examinerfs fee.. for current year independent examination for current year accounts preparation 19 239 1,182 954 1,098 894 5 Staff costs and numbers The aggregate payroll costs were.. 2024 2023 Wages and salaries Other pension costs 13,834 1.327 13,115 1,201 15,161 14,316 No employee received emoluments of more than £60,000. {2023'. None) The average weekly number of employees during the year was as follows.. 2024 No. 2023 No. Number of staff The Trustees consider the key management personnel lo be the Board of Trustees and the Grants Officer. Total benefits paid to key management personnel during the year were £15,161 12023.. £14,316). No Trustee claimed or waived expenses during the year or the previous year. 6 Taxatlon The charity is exempl from corporation tax on its charitable activities. 12
CLEVEDON CONVALESCENT FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 7 Tangible fixed assets Equipment Total Cost At 1 April 2023 At 31 March 2024 4,024 4,024 4.024 4,024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 3,947 19 3,966 3,947 19 3,966 Net book value At 31 March 2024 58 58 At 31 March 2023 77 77 13
CLEVEDON CONVALESCENT FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 8 Investments 2024 2023 UK quoted investments 2,235,955 2,175,935 Movement in market value 2024 2023 Market value at 1 April Acquisitions at cost Disposal proceeds Net gainllloss} on rev8lu8tions in the year Market value at 31 March 2,156,485 294.503 1318.1351 76.488 2,209,341 2,175,336 171,575 {131,4991 58,927 2,156,485 Cash held on investments 26,614 19,450 Total value of investsmenls 2,235,955 2,175,935 Historical cost at 31 March 1,982,803 1,978,864 By Trust Deed, the investments are not subject to the limitations of the Trustee Investments Act. Quoted investments as at 31 March 2024.. 2024 2023 UK Bonds Overseas Bonds UK Equities North American Equities European Equities Asia Paufic Equities Global Investments Absolute Return Property Other Investments Cash Product 21.667 106.669 421.879 111.185 152.745 30,325 1,124,474 34,985 41,725 44,168 462,109 106,338 167,220 35,550 990,680 36,581 li 45.231 109.781 50.400 2,209.341 48,291 183,843 39,980 2,156,485 Cash held Brewin Dolphin 26.614 19,450 Total UK quoted investments 2,235,955 2,175,935 14
CLEVEDON CONVALESCENT FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 9 Debtors 2024 2023 Other debtors Prepayrnents 177 129 191 120 306 311 10 Creditors: amounts falling due within one year 2024 2023 Trade creditors Accruals Other creditors 24 1,992 2,325 2,136 3,180 5.316 4,341 11 Movement in funds Incomo and gains Expgnditure and 10ssgs 31 March 2024 2023 Transfers Unrestricted funds General funds Designated funds.. Invested funds 45,514 70,100 182,7461 419 33,287 648.953 23,711 14191 672,245 694.467 93,811 182,7461 705,532 Endowment funds 1,510,933 52,777 1,563,710 2,205,400 146,588 82,746 2,269,242 15
CLEVEDON CONVALESCENT FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 11 Movement in funds (Continued) Prior year comparative 1 Aprll 2022 Income and Expenditure gains and losses 31 March 2023 Unrestricted funds General funds Designated funds.. Invested funds 33,731 81,559 169,7761 45,514 667,220 118,2671 648,953 700,951 81,559 188.0431 694,467 Endowment funds 1,551,593 140.6601 1,510,933 2,252,544 81,559 1128,7031 2,205,400 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 lo long term. They are represented by the unreslricled 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 lo maintain its ability to be self-sustaining. Each year a fixed percentage of 310/0 of the nel 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 ftjnd when the portfolio was transferred between agents in 2018. 12 Analysis of net assets Tangible flxed assets other net assets 2024 Total Investments Unrestricted funds General funds Designated funds.. Invested funds Endowment funds 58 33,229 33,287 672,245 1,563,710 672,245 1,563,710 58 2,235,955 33,229 2,269,242 16
CLEVEDON CONVALESCENT FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 12 Analysis of net assets (continued) Previous year Tanglble flxed assets other net assets Total funds 2023 Investments unstrICted funds General funds Designated funds.. Invested funds Endowment funds 77 16,049 29,388 45,514 648,953 1,510,933 648,953 1,510,933 77 2,175,935 29,388 2,205,400 13 Comparative funds Unrestricted Endowmgnt Total funds funds funds 2023 Income from Investment income Total income 81,559 81,559 81,559 81,559 Expenditure on Raising funds Charitable activities Total expenditure 14,054 55,722 69,776 14,054 55,722 69,776 Net gainsl{losses} on investments 118,2671 140.6601 {58,9271 Net income I lexpenditurel 16,4841 140.6601 {47,1441 Transfer between funds Net movement in funds 16,4841 140,6601 {47,1441 Total funds al 1 April 700,951 1,551.593 2,252,544 Totsl funds at 31 March 694,467 1,510,933 2,205,400 17