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 fo￿ard
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