Charlty number: 313473 THE CLEAVER ORDINATION CANDIDATES FUND UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
THE CLEAVER ORDINATION CANDIDATES FUND CONTENTS Page R8f8rénco and admlnlstrativo dotalls of tha Charlty, Its Trustees and advisers Report of the Trustees Report of the Independent Examiner Statement of Flnanclal Actlvltles Balance Sheet Notes to the Flnanclal Statements 8-16
THE CLEAVER ORDINATION CANDIDATES FUND REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEM8ER 2024 Trustees The Revd Dr P&l8r Anthony, Chairman Mrs Claire Chllds 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 Mr Tyler Hill (appointed 15 May 20241 C harlly reglstered number 313473 Princlpal offlce The Vicarage Church Street Little Walsingham Norfolk NR22 6BL Clerk The Revd Dr Harri Williams Accountants Larking Gowen LLP Chartered Accountants Prospect House Rouen Road Norwich NR11RE Page 1
THE CLEAVER ORDINATION CANDIDATES FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Trustees present th8ir annual report together with the flnancial slalements of tho Charity for the year ended 30 September 2024. The trustees have sdopled the provlsSons of Accounling and Reporting by Charities.. Stat8ment of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland {FRS 1021. Governlng document The Cleaver Ordination Candidates Fund was established wilh Iwelve trust8es under the will (dated 6 August 1910) of Mrs Friederica Frances Swinburne, who died on 14 April 1916. The will provldes that the power of appointing new Irustees shall be exercisable by a m8lority of the existing Iruslees. The truste8s are empowered lo employ a clerk. The provisions of the will were enlarged by schemes dated 8 October 1963 and 13 September 1966. Flnanclal revlew During the year ended 30 September 2024 tha Trust received income of £66,936 12023.. £66,892) and expenditure lolaling £72,405 (2023.. £132,987) was incurred, resulling in a nel deficit of £5,469 (2023.. deflcil of £86,095). Gain on investments amounted lo £197,114 (2023.. loss of £13,162). Total funds accordlngly grew from £2,043,722 10 £2,235,367 (2023.. fell from £2,122,979 to £2,043,722), Of Ihis, Permanent Endowment funds total £2,018,760 {2023'. £1,841,747), the designated Roy Porter fund slands al £216,607 12023., £201,975), and unrestricted general funds are Nll (2023,, £Nill. The trustees are satisfied that the balance on unrastrlcted funds is sufflcient to meet current grant obllgatlons, and Intend to maintain cash reserves al or above an amount equal to Ihree months, worth of expenditure, Investment pollcy 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 Iln8 with Inflation over the medium to long term, However, the trustees accept that markets can be volatile in the short term and take a medlum risk profile, The value of the Trust's portfollo, in line with UK and overseas equity markets, grew during the period from £2,109,616 10 £2,286,730 {2023., fell from £2,142,78810 £2,109,616). Page 2
THE CLEAVER ORDINATION CANDIDATES FUND REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Objectlves and Aims The purpose and object of the Cleaver Ordlnalion 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 paym8nt of tuillon fees, for the cost of maintenance during the course of th801ogical study and the purchase of books, or any of such purposes al their discr8tion. 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 enabl8 them lo pursue thelr studies In theology or related subjects in such manner as the Trustees may approve. A further Scheme dated 13 September 1966 extendad the provisions lo include persons d8sirous of taking Holy Orders in any Church comprlsed 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 objectlves and grants. The Roy Porter Fund The Trustees received a generous legacy from Canon Prof8ssor Joshua Roy Porter (1921 to 2006}, Professor of Theology al Exeter Universily, who was Chairman of the Trustees from 1988 to 2001. Though not bound by any reslriclion, the Trustees have d8sign8led this as a separate fund known as The Roy Porter Fund, Following a resolution dated 16 Nov8mber 2015 the fund has been applied in support of eligible ordinands and clergy from the overseas provlnces of the Angllcan Communlon. Achlevement and performance The Trustees mel three times In the year (including vldeo conferences}. Grants lolalling £56,280 (2023., £120,839) were made as follows,, Grants to potential ordlnands participallng in pastoral assistant schemes, 7 {2023'. 111 Book grants to UK ordinands, 10 (2023.. 241 Book grants to UK deacons, 4 {2023'. 61 Granls lo UK clergy studying for postgraduate degrees, 612023., 4> Grants to overseas ordlnands, O (2023., 01 Other support grants, 2 (2023.. 5} GianlS10 UK Iralning instilulions, O {2023', 1) Paqe 3
THE CLEAVER ORDINATION CANDIDATES FUNO REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Statement of Trustees, responsibilitles The Truslees are responsible for preparing the Trustees, reporl and the financial statements in accordance wlth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), The law applicable lo charities in England & Wales r8quir8s 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 ils income and expenditure, for that period. In preparing these fi nancial statements, the Trustees are required to.. select suitable accounting policies and then apply them conslstently., observe the methods and prlnciples of the Charllies SORP IFRS 1021., make judgments and accountlng 6Stimates that are reasonable and prudent; slat8 whether applicable UK Accounllng Standards {FRS 102) have been followed, subject to any material departures disclosed and explained in the f inancial slalemenls., prepare the financial statements on the going concern basis unless it Is inapproprlate lo presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accountlng records that are sufficient to show and explain the Charlty's transactions and disclose wlth reasonable accuracy al 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) Regulatlons 2008 and the provlsions of the Trust deed, They are also responslble for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and delection of fraud and other irregularities. Approved by order of the members of the board of Trustees and slgned on thelr behalf by.. The Revd Dr pÉfer Anthony Chairman Dale., 14. 3. 1£ Page 4
THE CLEAVER ORDINATION CANDIDATES FUND INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Independent examlner's report to the Trustees of the Charlty report to the charity Trustees on my examination of the accounts of the Charity for the y8ar ended 30 September 2024. Responslbllllles and basls of report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirgments of the Charities Act 2011 ('the 2011 Act'}, I report in respect of my examlnatlon of the Charlty's accounts carrled out under sectlon 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directlons given by the Charlly Commission under section 145151{b) of the 2011 Acl. Independenl examlner's statement I have completed my examlnatlon, l confirm that no matters have come to my attentlon In connection with the exam ination givi ng me cause lo believe that in any malerlal respect: accountlng records w8r8 nol k8PI in respect of the Charity as required by sectlon 130 of the 2011 Act., or the accounts do not accord wlth those records. or the accounts do not comply with the appllcable requirements concerning the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulalions 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 exarninalion. I have no concerns and have Come across no other mallers in connection with the examination to whlch attention should be drawn in this report in order to enable a prop6r underslandlng 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 Charitl8S (Accounts and Reports) Flegulations 2008. My work has been undertaken so that I might state lo the Charity's Trustees those matters l am requlred lo slate to them In an Independ8nt examiner's report and for no other purpose. To the fullest extent permilled by law, I do not accept or assume responslblllly to anyone Oiher than the Charity and the Charity's Trustees as a body, for my work or for this report. Dated: 3/4/2025 Giles Kerkham FCA DChA Larklng Gowen LLP Chartered Accountants Nomich Page 5
THE CLEAVER ORDINATION CANDIDATES FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 Endowment funds 2024 Total fund8 2024 Total funds 2023 General fund 2024 Note Incomlng resources Investment income 66,936 66,936 66,892 Total Incomlng resources Resources expended Charitable activities.. Grants to participants In Pastoral Assistant Schemes Grants to UK ordinands and clergy Support costs 66,936 66,936 66,892 32,995 23,285 16,125 32,995 23,285 16,125 46,900 73, 939 12,148 Total resources expendod 72,405 72,405 132,987 Net Incomlnglloutgolng) resources Gainslllosses) on inv8slment assets (5,469) 20,101 (5,469> 197,114 (66, 095) (13, 162) 177,013 Net movement In funds 14,632 177,013 191,645 (79, 257) Reconclllatlon of funds Total funds broughl foard Nel movement in funds 201,975 14,632 1,841,747 177,013 2,043,722 191,645 2, 122,979 (79, 257) Total funds carrled forward 216,607 2,018,760 2,235,367 2, 043, 722 The Statement of financial aclivlties includes all galns and losses r8cognised In the year. The notes on pages 810 16 form part of these fSnancial statements. Page 6
THE CLEAVER ORDINATION CANDIDATES FUND BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 2023 Note Fixad assets Investments 2,286,730 2, 109,616 2,286,730 2,109,616 Current assets Cash al bank 5,619 16,934 5,619 16,934 Credilors.. amounts falling due within one year (56,9821 (70, 828) Net current asselsl{Ilabllllle81 151,363) (53, 894) Total assets less current Ilabllltle8 2,235,367 2.055, 722 Creditors: amounts falling due after more than one year Net assets excludlng penslon asset 10 (12,000) 2,235,367 2, 043, 722 Fund8 Endowment funds 2,018,760 1,841,747 The Roy Porter Fund Capital The Roy Porter Fund Income 196,320 20,287 176,219 25, 756 Roy Porter Fund total 216,607 201,975 Total funds 2,235,367 2,043, 722 The financial statements were approved and authorised for Issue by the Trustees and slgned on their behalf by: The Revd Dr Peter Anlhony Chairman Dale.. 14. 3. ZS The notes on pages 8 to 16 form part of these financial slatemenls. Page 7
THE CLEAVER ORDINATION CANDIDATES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accountlng pollcles 1.1 Basls of preparation The financial slalemenls have been prepared in accordance with the Charities SORP (FRS 102} Accounting and Reporting by Charities.. Stalemenl of Racommended Practice applicable to Charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} leffeclive 1 January 20191, the Financial Reportlng Standard applicable in the UK and Republic of I reland {FRS 1021 and the Charities Act 2011. The Cleaver Ordinallon 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 otheDNise slated in the relevant accounllng policy, 1.2 Golng concern The financial statements have been prepared on a going concern basis as the Iruslees believe that no material uncerlainlies exist. The trustees have considered the level of funds held and th8 expected level of income and exp8nditure for 12 months from aulhorising thase flnancial slalemenls. 1,3 Incomlng resources All income is recognised once the Charity has entitlement lo 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 wtten recelvable and, wher8 appropriate, Is grossed up al th& appropriale rale lo lake account of recoverable lax, 1.4 Expendlture 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 atlrlbuled to partl¢ular headings they have been allocated lo activities on a basis consistent wth the use of resources, Grants offered subject lo conditions which have not been met at Ihe end of Ihe period are noted as a commitment but not accrued as expenditure, Expenditure on charitable activities Is incurred on directly undertaking the a¢llviti8s which further the Charity's objectives, as well as any assoclated support Costs, 1.5 Intorest recelvable 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, 1.6 Fund accountlng Unreslricted funds can be used in accordance with the charitable objectives al the discretion of the Iruslees. Trustees may choose to set aside a part of the unrestricted funds lo be used for a particular projecl or commitment. Such designated funds remain however parl of the unreslricled funds of the charity. Page 8
THE CLEAVER ORDINATION CANDIDATES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounling policies (contlnued> 1.7 Investments Fixed asset investments are a form of financlal instrument and are initially recognised at their transacllon cost and subsequently measured al fair valu@ at the Balance sheet dale, unless the value cannot be measured reliably i n which case it is measured at cost less impairm8nt, Investment gains and losses, whether realised or unreallsed, are combined and presented as 'Galnsl(Lossesl on i nveslmenls, in the Statement of f inancial activities. 1.8 Cash at bank and in hand Cash at bank and in hand includes cash and short.lerm hlghly Ilquid inveslmenls with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 1.9 Llabllltles and provlslons Liabili118s are recognised when there is an obllgation 81 the Balance sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be requlr8d in setllemenl, and the amount of the seltlemenl can be estimated reliably, Liabililies are recognised al the amount that the Charlty antlclpates It will pay to Settle the debt or the amount il has received as advanced payments for the goods or services it must provide, Investment Income General fund 2024 Total funds 2024 Income from inveslmenls Bank interest 66,924 12 66,924 12 66,936 66,936 Tol81 funds 2023 Gener81 fund 2023 Income from Investments Bank interest 66,873 19 66,873 19 66,892 66,892 Page 9
THE CLEAVER ORDINATION CANDIDATES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Analysls of grants Grant8 to Grants to Institutlons Indlvlduals 2024 2024 Total lunds 2024 Grants lo participants in Pastoral Assistant schemes Grants to UK ordinands and clergy Grants lo support ordination training 32,995 32,995 14,285 9,000 14,285 9,000 32,995 23,285 56,280 Grants to Institutions 2023 Grants to Individuals 2023 Total funds 2023 Grants to participants in Pastoral Assistant schemes Grants lo UK ordinands and clergy Grants lo support ordlnation trainlng 46, 900 46,900 49,939 24,000 49,939 24,000 70,900 49,939 120,839 The Charity has made the following material granls lo inslilulions during the year, In respect of the candidates who are currently serving as Pastoral Asslsiants wlthln those inslilulions.. 2024 2023 Pastoral Asslstants Scheme8 North London Pastoral Asslslanl Scheme Pusey House Sl Michael's Croydon Sl James, Sussex Gardens PCC All Saints Lincoln Other grants to institutions Swindon New Town Sl Marys Kenton 11,200 6,500 4,400 13,000 7, 200 10,500 7, 200 9,000 24, 000 2,975 6,600 1,320 32,995 70, 900 Fr Toby Boulle is the Incumbent of Swindon New Town, where a beneficiary of the trust is a Pasloral Assistant Page 10
THE CLEAVER ORDINATION CANDIDATES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Governance and support costs 2024 2023 Administration, website, offic8 and meellng costs Trustees, expenses reimbursed Independent examiner's remuneration 11,361 2,652 2,112 9,113 1,007 2,028 16,125 12,148 Staff costs 2024 2023 Wages and salaries Social security 7,123 6,031 7,123 6,031 The average number of staff employed in the year was 1 (2023,, 1). Page11
THE CLEAVER ORDINATION CANDIDATES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Trustees, remuneration and expenses During th8 year, no Trusle8s received any remuneralion or other benefits (2023 - £NIL). During the year ended 30 September 2024, expens8S tolalling £2,651 were reimbursed lo 7 Trustees 12023., £1,007 to 71 frusteesl for travel and subsistence, Related party transactlons There were no related party transactions In the year other than expenses payments lo Trustees as detailed In note 6. Flxed asset Investments Llsted Investments Cost or valuatlon Al 1 October 2023 Disposals Revaluations 2,109,616 120,000) 197,114 At 30 Sepl8mb8r 2024 2,286,730 Net book value AI 30 September 2024 2,286,730 AI 30 S6Ptomber 2023 2, 709,616 The charily's investment portfolio is managed by CCLA. The funds of the portfolio are invested in a range of fix8d income funds, equities and pooled investment vehicles, based in the UK and overseas. Page 12
THE CLEAVER ORDINATION CANDIDATES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Creditors: Amounts falllng due withln one yoar 2024 2023 Grants payable Accruals 54,870 2,112 68, 800 2,028 56,982 70, 828 10. Cred5tors: Amounts falllng due after more than ong year 2024 2023 Grants payable 12,000 Page 13
THE CLEAVER ORDINATION CANDIDATES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 11. Movements In funds Balance al 30 Galnsl September (Losses} 2024 Balance at 1 October 2023 Transfers Inlout In¢oma Expandlture Unrestrlcted funds Deslgnated funds Roy Porter Fund Income Roy Porter Fund Capital 25,756 7,020 (6,132) (6,357) 20,287 176,219 20,101 196,320 201,975 7,020 16,132) {6,357) 20,101 216,607 General funds General Fund Income 59,916 (66,273) 6,357 Total Unrostrlcted funds 201,975 66,936 (72,4051 20,101 216,607 Endowment funds Endowment Fund 1,841,747 177,013 2,018,760 Total of funds 2,043,722 66,936 (72,405) 197,114 2,235,367 The Trustees received a generous legacy from Canon Professor Joshua Roy Porter {1921 to 20061, Professor of Theology at Exeter University, who was Chairman of the Trustees from 1988 to 2001. Though not bound by any reslriclion, the Trustees have designated this as a s8parate fund known as The Roy Porter Fund. Following a trustee meeting in the year, a resolution was passed lo apply income from The Roy Porter Fund moving foward lo support clergy conferences with educational content. 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, Page 14
THE CLEAVER ORDINATION CANDIDATES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 11. Statement of funds (continued) Statoment of funds prlor year Balance al 30 Sepiember 2023 Balance a¢ 1 Octobei 2022 Transfers in/oul Gainsl (Losses) Income Exp8ndilure Unreslricted funds D88ignated funds Roy Porter Fund Income Roy Porter Fund Capital 32,594 7,036 (844) (73,030) 25, 756 177, 604 (1,385) 176,219 210, 198 7,036 (844) (13,030) (1,385) 201, 975 General funds General Fund Income 59,257 59, 856 (732, 143) 13,030 Total Unrestrlcled funds 269,455 66, 892 (132,987) (1,385) 201,975 Endowment funds Endowment Fund 1, 853, 524 (11,777) t.841, 747 Total of funds 2, 122,979 66, 892 (132,987) (13, 162) 2,043, 722 Page 15
THE CLEAVER ORDINATION CANDIDATES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 12. Analysls of n8t assets between funds Analysls of net assets between funds - current perlod General Endowment funds funds 2024 2024 Total funds 2024 Fixed asset investments Current assets Creditors due within one y8ar 267,970 5,619 156,982) 2,018,760 2,286,730 5,619 156,982> Total 216,607 2,018,760 2,235,367 Analysls of net assets between funds - prlor perlod Gener81 Endowm6nl fiinds funds 2023 2023 Tolal funds 2023 Fixed asset investments Current assets Creditors due W1thin one year Creditors due in more than one year 267,869 16,954 (70, 828) (12,000) 1,841,747 2,109,616 16,934 (70, 828) (12,000) 201,975 1,841,747 2, 043, 722 Total Page 16