Charity number: 313473
THE CLEAVER ORDINATION CANDIDATES FUND
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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 2023
| Trustees | Dr Colin Podmore MBE, Chairman (resigned 27 September 2023) |
|---|---|
| The Revd Dr Peter Anthony, Vice-Chairman (appointed chairman | |
| 27 September 2023) | |
| Mrs Claire Childs | |
| Mr Matthew Chinery (resigned 27 September 2023) | |
| Dr Ann Chippindale | |
| Mr Michael Cooper, Treasurer | |
| The Revd Nicholas Debney | |
| The Revd Christopher Johnson | |
| The Revd Roderick Leece | |
| The Revd John Livesley | |
| Dr Lucy Razzall | |
| The Revd Toby Boutle (appointed 10 May 2023) 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 2023
The Trustees present their annual report together with the financial statements of the Charity for the year ended 30 September 2023.
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 2023 the Trust received income of £66,892 (2022: £66,171) and expenditure totaling £132,987 (2022: £97,367) was incurred, resulting in a net deficit of £66,095 (2022: deficit of £31,196). Loss on investments amounted to £13,162 (2022: loss of £96,829). Total funds accordingly fell from £2,122,979 to £2,043,722 (2022: fell from £2,251,004 to £2,122,979). Of this, Permanent Endowment funds total £1,841,747 (2022: £1,853,524), the designated Roy Porter fund stands at £201,975 (2022: £210,198), and unrestricted general funds are Nil (2022: £59,257).
The trustees are satisfied that the balance on unrestricted 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 £2,142,778 to £2,109,616 (2022: fell from £2,229,607 to £2,142,778).
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 2023
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 £120,839 (2022: £85,397) were made as follows:
Grants to potential ordinands participating in pastoral assistant schemes, 11 (2022: 6) Book grants to UK ordinands, 24 (2022: 17) Book grants to UK deacons, 6 (2022: 5) Grants to UK clergy studying for postgraduate degrees, 4 (2022: 5) Grants to overseas ordinands, 0 (2022: 1) Other support grants, 5 (2022: 3) Grants to UK training institutions, 1 (2022: 1)
The Trustees committed to undertake the professional cataloguing of the charity's archives and this project was completed during the year.
Page 3
REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 ststement of Trustees. responsibilities The Trustees are responsible for preparing the TnJslees' report anij the financial slalemenls in accordance with applicable law and United Kingdom Accounting Starbdards {Uniled Kingdom Generally Accepled Accounting Praclicel. The law applicable to charities in England & Wales requires the Trustees lo prepare financial statements for each linancial year which give a Irue and fair view of the stale of affairs of the Charity and of ils incoming resources and application of resources, including ils income and expenditure, for that period. In preparing these financial slalements. the Trustees are required to.. select suitable accounting policies and then apply them consislenlly., obseNe the methods and principles of the Charities SORP IFRS 1021.. make judgments and accounting estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial slalemenls.. prepare the financial statements on Ihe going concem basis unless it is inappropriate lo presume that the Charity will continue in business. The Trustees are responsible for keeping a¢Jequate accounting records that are sufficient lo show and explain the Charity's Ir8nsaclions and disclose th reasonable accuracy al any lime the financial position of the Charity and enable them lo ensure that the financial slalemenls comply wlh 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 Tnjstees and signed on their behalf by.. The Revd Dr Peter Anthony Chairman Dale.. 21st February 2024 Page 4
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023
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 2023.
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:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 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 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: 5 March 2024 Giles Kerkham FCA DChA
Larking Gowen LLP Chartered Accountants Norwich
Page 5
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023
| 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 (expenditure)/income Transfers between funds 11 Net movement in funds Reconciliation of funds Total funds brought forward Net movement in funds Total funds carried forward |
General fund 2023 £ 59,856 59,856 46,900 73,939 - 11,304 132,143 (72,287) - (72,287) 13,030 (59,257) 59,257 (59,257) - |
Roy Porter Fund 2023 £ 7,036 7,036 - - - 844 844 6,192 (1,385) 4,807 (13,030) (8,223) 210,198 (8,223) 201,975 |
Endowment funds 2023 £ - - - - - - - - (11,777) (11,777) - (11,777) 1,853,524 (11,777) 1,841,747 |
Total funds 2023 £ 66,892 66,892 46,900 73,939 - 12,148 132,987 (66,095) (13,162) (79,257) - (79,257) 2,122,979 (79,257) 2,043,722 |
Total funds 2022 £ 66,171 66,171 49,550 35,347 500 11,970 97,367 (31,196) (96,829) (128,025) - (128,025) 2,251,004 (128,025) 2,122,979 |
|---|---|---|---|---|---|
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 2023 2023 2022 Note Fixed assets Investments 2.109.616 2,142.778 2,109,616 2,142,778 Current assets Cash al bank 16.934 34,401 16,934 34,401 Creditors.. amounts falling due wlhin one year (70.828) (54,200J Net current assetsllliabilitie$) (53,894) (19. 799) Total assets18ss current liabilities 2,055.722 2,122,979 Creditors.. amounts falling due after more than one year Net assots excludlng pension asset 10 (12,0001 2.043,722 2,122,979 Funds Endowment funds Roy Porter Fund The Roy Porter Fund C8Pltal The Roy Porter Fund Income 1,841.747 1,853,524 11 176,219 25,756 77T,604 32,594 11 Roy Porter Fund total General Fund lolal 11 11 201,975 210,198 59,257 Total funds 2.043,722 2, 122,979 The financial slalemenls were approved and authori5ed for issue by the Truslees and signed on their behalf by,. The Revd Dr Peter Anthony Chairman Dale.. 2 1st February 2024 The notes on pages 8 10 15 form part of these financial slalements. Page 7
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
1. Accounting policies
1.1 Basis of preparation
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 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 2023
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 2023 £ 59,837 19 59,856 |
Roy Porter fund 2023 £ 7,036 - 7,036 |
Total funds 2023 £ 66,873 19 |
|---|---|---|---|
| 66,892 |
Page 9
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
2. Investment income (continued)
| 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 |
3. Analysis of grants
| Grants to participants in Pastoral Assistant schemes Grants to UK 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 UK training institutions |
Grants to Institutions 2023 £ 46,900 - 24,000 70,900 Grants to Institutions 2022 £ 49,550 - - 10,000 59,550 |
Grants to Individuals 2023 £ - 49,939 - 49,939 Grants to Individuals 2022 £ - 25,347 500 - 25,847 |
Total funds 2023 £ 46,900 49,939 24,000 |
|---|---|---|---|
| 120,839 | |||
| Total funds 2022 £ 49,550 25,347 500 10,000 |
|||
| 85,397 |
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 2023
3. Analysis of grants (continued)
| Pastoral Assistants Schemes North London Pastoral Assistant Scheme Pusey House St Michael's Croydon St James, Sussex Gardens PCC All Saints Lincoln Other grants to institutions |
2023 £ 13,000 7,200 10,500 7,200 9,000 24,000 70,900 |
2022 £ - 27,000 8,150 14,400 - 10,000 |
|---|---|---|
| 59,550 |
4. Governance and support costs
| Administration, website, office and meeting costs Trustees' expenses reimbursed Independent examiner's remuneration |
2023 £ 9,113 1,007 2,028 12,148 |
2022 £ 9,165 1,005 1,800 |
|---|---|---|
| 11,970 |
5. Staff costs
| Wages and salaries Social security |
2023 £ 6,031 - 6,031 |
2022 £ 6,400 - |
|---|---|---|
| 6,400 |
The average number of staff employed in the year was 1 (2022: 1) .
6. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
During the year ended 30 September 2023, expenses totalling £ 1,007 were reimbursed to 11 Trustees ( 2022: £1,005 to 7 Trustees ).
Page 11
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
7. Related party transactions
Mrs C Childs, a trustee, was paid £250 by the charity to undertake archives work during the period.
8. Fixed asset investments
| Cost or valuation At 1 October 2022 Disposals Revaluations At 30 September 2023 Net book value At 30 September 2023 At 30 September 2022 The charity's investment portfolio is managed by CCLA. |
Listed investments £ 2,142,778 (20,000) (13,162) |
|---|---|
| 2,109,616 | |
| 2,109,616 | |
| 2,142,778 | |
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 |
2023 £ 68,800 2,028 70,828 |
2022 £ 52,400 1,800 54,200 |
|---|---|---|
10. Creditors: Amounts falling due after more than one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Grants payable | 12,000 | - |
Page 12
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
11. Movements in funds
| Balance at 1 October 2022 £ Unrestricted funds General Fund Income 59,257 Endowment funds Endowment Fund 1,853,524 Designated Funds Roy Porter Fund Income 32,594 Roy Porter Fund Capital 177,604 210,198 Total of funds 2,122,979 |
Income £ Expenditure £ 59,856 (132,143) - - 7,036 (844) - - 7,036 (844) 66,892 (132,987) |
Transfers in/out £ 13,030 - (13,030) - (13,030) - |
Gains/ (Losses) £ - (11,777) - (1,385) (1,385) (13,162) |
Balance at 30 September 2023 £ - |
|---|---|---|---|---|
| 1,841,747 | ||||
| 25,756 176,219 |
||||
| 201,975 | ||||
| 2,043,722 |
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. The trustees are currently considering the use of the fund for additional purposes. A transfer has been made from The Roy Porter Fund to General Funds to support the grant making from this fund in the year.
The Endowment fund represents the original capital received from the Will of Mrs Swinburne. Under the terms of the Will, the income generated from the capital can be applied to making grants, paying salaries of the Clerk, and paying all costs, charges and expenses incurred by them on or about the execution of the trust. Following a review of the conditions applying to the fund, the fund has been represented in these accounts.
Page 13
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
11. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Fund Income Endowment funds Endowment Fund Designated Funds Roy Porter Fund Income Roy Porter Fund Capital Total of 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) |
Transfers in/out £ - (87,261) - - - (87,261) |
Gains/ (Losses) £ - - - (9,568) (9,568) (9,568) |
Balance at 30 September 2022 £ 59,257 |
|---|---|---|---|---|---|---|
| 1,853,524 | ||||||
| 32,594 177,604 |
||||||
| 210,198 | ||||||
| 2,122,979 |
Page 14
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
12. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Fixed asset investments 65,894 Current assets 16,934 Creditors due within one year (70,828) Creditors due in more than one year (12,000) Total - |
Desig- nated 2023 £ 201,975 - - - 201,975 |
Endowment funds 2023 £ 1,841,747 - - - 1,841,747 |
Total funds 2023 £ 2,109,616 16,934 (70,828) (12,000) 2,043,722 |
|---|---|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 79,056 34,401 (54,200) 59,257 |
Desig- nated 2002 £ 210,198 - - 210,198 |
Endowment funds 2022 £ 1,853,524 - - 1,853,524 |
Total funds 2022 £ 2,142,778 34,401 (54,200) 2,122,979 |
|---|---|---|---|---|
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