**Charity number: 313473**
## **THE CLEAVER ORDINATION CANDIDATES FUND**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 SEPTEMBER 2022**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Report of the Trustees**|2 - 4|
|**Report of the Independent Examiner**|5|
|**Statement of Financial Activities**|6|
|**Balance Sheet**|7|
|**Notes to the Financial Statements**|8 - 15|
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2022**
|**Trustees**|Dr Colin Podmore MBE, Chairman|
|---|---|
||The Revd Dr Peter Anthony, Vice-Chairman|
||Mrs Claire Childs|
||Mr Matthew Chinery|
||Dr Ann Chippindale|
||Mr Michael Cooper, Treasurer|
||The Revd Nicholas Debney|
||The Revd Christopher Johnson|
||The Revd Canon Stephen Jones (resigned 14 July 2022)|
||The Revd Roderick Leece|
||The Revd John Livesley|
||Dr Lucy Razzall|
|**Charity registered**
**number**
313473
**Principal office**
The Vicarage
Church Street
Little Walsingham
Norfolk
NR22 6BL
**Clerk**
The Revd Dr Harri Williams
**Accountants**
Larking Gowen LLP
Chartered Accountants
Statutory Auditors
Prospect House
Rouen Road
Norwich
NR1 1RE||
Page 1
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2022**
The Trustees present their annual report together with the financial statements of the Charity for the year ended 30 September 2022.
The trustees have adopted the provisions of 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).
## **Governing document**
The Cleaver Ordination Candidates Fund was established with twelve trustees under the will (dated 6 August 1910) of Mrs Friederica Frances Swinburne, who died on 14 April 1916. The will provides that the power of appointing new trustees shall be exercisable by a majority of the existing trustees. The trustees are empowered to employ a clerk. The provisions of the will were enlarged by schemes dated 8 October 1963 and 13 September 1966.
## **Financial review**
During the year ended 30 September 2022 the Trust received income of £66,171 (2021: £62,685) and expenditure totalling £97,367 (2021: £50,729) was incurred, resulting in a net deficit of £31,196 (2021: surplus of £11,956). Loss on investments amounted to £96,829 (2021: gains £249,695). Total funds accordingly fell from £2,251,004 to £2,122,979 (2021: rose from £1,989,353 to £2,251,004). The trustees are satisfied that the balance on income funds is sufficient to meet current grant obligations, and intend to maintain cash reserves at or above an amount equal to three months' worth of expenditure.
## **Investment policy and performance**
The trustees have invested in a range of CCLA Church of England CBF Funds with a view to maintaining the capital value of the portfolio in line with inflation over the medium to long term. However, the trustees accept that markets can be volatile in the short term and take a medium risk profile. The value of the Trust's portfolio, in line with UK and overseas equity markets, fell during the period from £2,229,607 to £2,142,778 (2021: rose from £1,909,912 to £2,229,607).
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
## **Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Page 2
## **REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022**
## **Objectives and Aims**
The purpose and object of the Cleaver Ordination Candidates Fund is the provision of means for assisting persons desirous of taking Holy Orders in the Church of England, who should primarily be University graduates. The Trustees are empowered to make grants towards the payment of tuition fees, for the cost of maintenance during the course of theological study and the purchase of books, or any of such purposes at their discretion. By a Scheme dated 8 October 1963 the provisions were widened to include clergy who are members of any Church comprised in the Anglican Communion to enable them to pursue their studies in theology or related subjects in such manner as the Trustees may approve. A further Scheme dated 13 September 1966 extended the provisions to include persons desirous of taking Holy Orders in any Church comprised in the Anglican Communion. The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Trust's objectives and grants.
## **The Roy Porter Fund**
The Trustees received a generous legacy from Canon Professor Joshua Roy Porter (1921 to 2006), Professor of Theology at Exeter University, who was Chairman of the Trustees from 1988 to 2001. Though not bound by any restriction, the Trustees have designated this as a separate fund known as The Roy Porter Fund. Following a resolution dated 16 November 2015 the fund has been applied in support of eligible ordinands and clergy from the overseas provinces of the Anglican Communion.
## **Achievement and performance**
The Trustees met four times in the year (including video conferences). Grants totalling £85,397 (2021: £36,725) were made as follows:
Grants to potential ordinands participating in pastoral assistant schemes, 6 (2021: 3) Book grants to UK ordinands, 17 (2021: 20)
Book grants to UK deacons, 5 (2021: 2) Grants to UK clergy studying for postgraduate degrees, 5 (2021: 2) Grants to UK clergy for other study, 0 (2021: 3) Grants to overseas ordinands, 1 (2021: 1) Other support grants, 3 (2021: 0) Grants to UK training instutions, 1 (2021: 0)
The Trustees committed to undertake the professional cataloguing of the charity's archives and this project is currently ongoing.
Page 3
## **REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022**
## **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 (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 its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- 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 adequate accounting records that are sufficient to show and explain the Charity's transactions and 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. 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
**----- Start of picture text -----**
................................................
**----- End of picture text -----**
................................................ **Dr Colin Podmore MBE** Chairman Date:
Page 4
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022**
## **Independent examiner's report to the Trustees of the Charity**
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 30 September 2022.
## **Responsibilities and basis of report**
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no 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 2011 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.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 26 May 2023 Giles Kerkham FCA DChA **Larking Gowen LLP** Chartered Accountants Norwich
Page 5
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2022**
|**Note**
**Incoming resources**
Investment income
2
**Total incoming resources**
**Resources expended**
Charitable activities:
Grants to participants in Pastoral
Assistant Schemes
Grants to UK ordinands and clergy
Grants to overseas ordinands and
clergy
_._ Support costs
**Total resources expended**
**Net incoming/(outgoing) resources**
Gains/(losses) on investment assets
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**General fund**
**2022**
**£**
**59,621**
**59,621**
**49,550**
**35,347**
**-**
**11,181**
**96,078**
**(36,457)**
**(87,261)**
**(123,718)**
**2,036,499**
**(123,718)**
**1,912,781**|**Roy Porter**
**Fund**
**2022**
**£**
**6,550**
**6,550**
**-**
**-**
**500**
**789**
**1,289**
**5,261**
**(9,568)**
**(4,307)**
**214,505**
**(4,307)**
**210,198**|**Total**
**funds**
**2022**
**£**
**66,171**
**66,171**
**49,550**
**35,347**
**500**
**11,970**
**97,367**
**(31,196)**
**(96,829)**
**(128,025)**
**2,251,004**
**(128,025)**
**2,122,979**|_Total_
_funds_
_2021_
_£_
_62,685_|
|---|---|---|---|---|
|||||_62,685_|
|||||_21,100_
_13,125_
_2,500_
_14,004_|
|||||_50,729_|
|||||_11,956_
_249,695_|
|||||_261,651_|
|||||_1,989,353_
_261,651_|
|||||_2,251,004_|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 15 form part of these financial statements.
Page 6
## **BALANCE SHEET AS AT 30 SEPTEMBER 2022**
|**Note**
**Fixed assets**
Investments
8
**Current assets**
Cash at bank
Creditors: amounts falling due within one
year
9
**Net current assets/(liabilities)**
**Total assets less current liabilities**
**Funds**
Roy Porter Fund
The Roy Porter Fund Capital
10
The Roy Porter Fund Income
10
Roy Porter Fund total
10
General Fund
General Fund capital
10
General Fund income
10
General Fund total
10
**Total funds (unrestricted)**|**34,401**
**34,401**
**(54,200)**
**177,604**
**32,594**
**1,853,524**
**59,257**|**2022**
**£**
**2,142,778**
**2,142,778**
**(19,799)**
**2,122,979**
**210,198**
**1,912,781**
**2,122,979**|_45,077_
_45,077_
_(23,680)_
_187,172_
_27,333_
_1,940,785_
_95,714_|_2021_
_£_
_2,229,607_|
|---|---|---|---|---|
|||||_2,229,607_
_21,397_|
|||||_2,251,004_
_214,505_
_2,036,499_|
||||||
|||||_2,251,004_|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
**Dr Colin Podmore MBE** Chairman Date: **Complete 'ACCOUNTS COMPLETION' section**
The notes on pages 8 to 15 form part of these financial statements.
Page 7
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022**
## **1. Accounting policies**
## **1.1 Basis of preparation**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accouning 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 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
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 Charities SORP (FRS 102) published 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 Cleaver Ordination Candidates Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **1.2 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.
## **1.3 Incoming resources**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Investment income is included when receivable and, where appropriate, is grossed up at the appropriate rate to take account of recoverable tax.
## **1.4 Expenditure**
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost 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 resources. Grants offered subject to conditions which have not been met at the end of the period are noted as a commitment but not accrued as expenditure.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
## **1.5 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 8
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022**
## **1. Accounting policies (continued)**
## **1.6 Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Trustees may choose to set aside a part of the unrestricted funds to be used for a particular project or commitment. Such designated funds remain however part of the unrestricted funds of the charity.
## **1.7 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
## **1.8 Cash at bank and in hand**
Cash at bank and 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.
## **1.9 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
## **2. Investment income**
|Income from investments
Bank interest|**General**
**fund**
**2022**
**£**
59,612
9
59,621|**Roy Porter**
**fund**
**2022**
**£**
6,550
-
6,550|**Total**
**funds**
**2022**
**£**
**66,162**
**9**|
|---|---|---|---|
||||**66,171**|
Page 9
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022**
## **2. Investment income (continued)**
|||_Roy Porter_|_Total_|
|---|---|---|---|
||_General fund_|_fund_|_funds_|
||_2021_|_2021_|_2021_|
||_£_|_£_|_£_|
|Income from investments|_56,711_|_5,974_|_62,685_|
## **3. Analysis of grants**
|Grants to participants in Pastoral Assistant schemes
Grants to UK ordinands and clergy
Grants to overseas ordinands and clergy
Grants to UK training institutions
Grants to participants in Pastoral Assistant schemes:
Grants to UK ordinands and clergy
Grants to overseas ordinands and clergy:|**Grants to**
**Institutions**
**2022**
**£**
49,550
-
-
10,000
59,550
_Grants to_
_Institutions_
_2021_
_£_
_21,100_
_-_
_-_
_21,100_|**Grants to**
**Individuals**
**2022**
**£**
-
25,347
500
-
25,847
_Grants to_
_Individuals_
_2021_
_£_
_-_
_13,125_
_2,500_
_15,625_|**Total**
**funds**
**2022**
**£**
**49,550**
**25,347**
**500**
**10,000**|
|---|---|---|---|
||||**85,397**|
||||_Total_
_funds_
_2021_
_£_
_21,100_
_13,125_
_2,500_|
||||_36,725_|
The Charity has made the following material grants to institutions during the year, in respect of the candidates who are currently serving as Pastoral Assistants within those institutions:
Page 10
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022**
## **3. Analysis of grants (continued)**
|**Pastoral Assistance Schemes**
North London Pastoral Assistant Scheme
Pusey House
St Michael's Croydon
St James, Sussex Gardens
Other grants to institutions|**2022**
**£**
**-**
**27,000**
**8,150**
**14,400**
**10,000**
**59,550**|_2021_
_£_
_9,000_
_12,100_
_-_
_-_
_-_|
|---|---|---|
||||
|||_21,100_|
## **4. Governance and support costs**
|Administration, website, office and meeting costs
Trustees' expenses reimbursed
Independent examiner's remuneration|**2022**
**£**
**9,165**
**1,005**
**1,800**
**11,970**|_2021_
_£_
_11,050_
_1,274_
_1,680_|
|---|---|---|
|||_14,004_|
## **5. Staff costs**
|Wages and salaries
Social security|**2022**
**£**
**6,400**
**-**
**6,400**|_2021_
_£_
_6,400_
_-_|
|---|---|---|
|||_6,400_|
The average number of staff employed in the year was 1 _(2021: 1)_ .
## **6. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2021 - £NIL)_ .
During the year ended 30 September 2022, expenses totalling _£_ 1,005 were reimbursed to 7 Trustees ( _2021: £1,274 to 10 Trustees_ ).
Page 11
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022**
## **7. Related party transactions**
Mr M Chinery, a trustee, is also a trustee of Pusey House, a charity which received a grant of £27,000 in the period. Mrs C Childs, a trustee, was paid £1,360 by the charity to undertake archives work during the period.
## **8. Fixed asset investments**
|**Cost or valuation**
At 1 October 2021
Additions
Revaluations
At 30 September 2022
**Net book value**
At 30 September 2022
_At 30 September 2021_|**Listed**
**investments**
**£**
**2,229,607**
**10,000**
**(96,829)**|
|---|---|
||**2,142,778**|
||**2,142,778**|
||_2,229,607_|
The charity's investment portfolio is managed by CCLA.
The funds of the portfolio are invested in a range of fixed income funds, equities and pooled investment vehicles, based in the UK and overseas.
## **9. Creditors: Amounts falling due within one year**
|Grants payable
Accruals|**2022**
**£**
**52,400**
**1,800**
**54,200**|_2021_
_£_
_22,000_
_1,680_
_23,680_|
|---|---|---|
Page 12
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022**
## **10. Movements in funds**
|**Unrestricted funds**
General Fund income
General Fund capital
**Designated funds**
Roy Porter Fund Income
Roy Porter Fund capital
**Total funds**|**Balance at 1**
**October**
**2021**
**£**
**95,714**
**1,940,785**
**27,333**
**187,172**
**214,505**
**2,251,004**|**Income**
**£**
**59,621**
**-**
**6,550**
**-**
**6,550**
**66,171**|**Expenditure**
**£**
**(96,078)**
**-**
**(1,289)**
**-**
**(1,289)**
**(97,367)**|**Gains/**
**(Losses)**
**£**
**-**
**(87,261)**
**-**
**(9,568)**
**(9,568)**
**(96,829)**|**Balance at**
**30**
**September**
**2022**
**£**
**59,257**
**1,853,524**|
|---|---|---|---|---|---|
||||||**32,594**
**177,604**|
||||||**210,198**|
||||||**2,122,979**|
The Trustees received a generous legacy from Canon Professor Joshua Roy Porter (1921 to 2006), Professor of Theology at Exeter University, who was Chairman of the Trustees from 1988 to 2001. Though not bound by any restriction, the Trustees have designated this as a separate fund known as The Roy Porter Fund. Following a resolution dated 16 November 2015 the fund has been applied in support of eligible ordinands and clergy from the overseas provinces of the Anglican Communion.
Page 13
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022**
## **10. Statement of funds (continued)**
## **Statement of funds - prior year**
||||||_Balance at_|
|---|---|---|---|---|---|
||_Balance at_||||_30_|
||_1 October_|||_Gains/_|_September_|
||_2020_|_Income_|_Expenditure_|_(Losses)_|_2021_|
||_£_|_£_|_£_|_£_|_£_|
|**Unrestricted funds**||||||
|General Fund Income|_87,232_|_56,711_|_(48,229)_|_-_|_95,714_|
|General Fund Capital|_1,714,888_|_-_|_-_|_225,897_|_1,940,785_|
||_1,802,120_|_56,711_|_(48,229)_|_225,897_|_2,036,499_|
|**Designated funds**||||||
|Roy Porter Fund Capital|_163,374_|_-_|_-_|_23,798_|_187,172_|
|Roy Porter Fund Income|_23,859_|_5,974_|_(2,500)_|_-_|_27,333_|
||_187,233_|_5,974_|_(2,500)_|_23,798_|_214,505_|
|**Total of funds**|_1,989,353_|_62,685_|_(50,729)_|_249,695_|_2,251,004_|
|**Analysis of net assets between funds**||||||
|**Analysis of net assets between funds - current year**||||||
||||**Unrestricted**|**Roy Porter**|**Total**|
||||**funds**|**fund**|**funds**|
||||**2022**|**2022**|**2022**|
||||**£**|**£**|**£**|
|Fixed asset investments|||1,932,580|210,198|**2,142,778**|
|Current assets|||34,401|-|**34,401**|
|Creditors due within one year|||(54,200)|-|**(54,200)**|
|**Total**|||1,912,781|210,198|**2,122,979**|
|||||||
## **11. Analysis of net assets between funds**
Page 14
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022**
## **11. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior year**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2021_
_£_
_2,015,102_
_45,077_
_(23,680)_
_2,036,499_|_Roy Porter_
_fund_
_2021_
_£_
_214,505_
_-_
_-_
_214,505_|_Total_
_funds_
_2021_
_£_
_2,229,607_
_45,077_
_(23,680)_
_2,251,004_|
|---|---|---|---|
## **12. Contingent liabilities**
During the year, the Trustees made a commitment to issue a grant to cover the cost of a future conference. As the cost of this conference is not known, no liabilility has been recognised in the accounts.
Page 15