Charity number: 313473
THE CLEAVER ORDINATION CANDIDATES FUND
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
THE CLEAVER ORDINATION CANDIDATES FUND
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 |
THE CLEAVER ORDINATION CANDIDATES FUND
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Trustees | The Revd Dr Peter Anthony, Chairman |
|---|---|
| Mrs Claire Childs | |
| Dr Ann Chippindale | |
| Mr Michael Cooper OBE, 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 | |
| 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 Prospect House Rouen Road Norwich NR1 1RE |
Page 1
THE CLEAVER ORDINATION CANDIDATES FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025
The Trustees present their annual report together with the financial statements of the Charity for the year ended 30 September 2025.
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 2025 the Trust received income of £67,316 (2024: £66,936) and expenditure totaling £79,722 (2024: £72,405) was incurred, resulting in a net deficit of £12,406 (2024: deficit of £5,469). Loss on investments amounted to £62,502 (2023: gain of £197,114). Total funds accordingly fell from £2,235,367 to £2,160,459 (2024: grew from £2,043,722 to £2,235,367). Of this, Permanent Endowment funds total £1,962,521 (2024: £2,018,760), the designated Roy Porter fund stands at £197,938 (2024: £216,607), and unrestricted general funds are Nil (2024: £Nil).
The trustees are satisfied that the balance on unrestricted 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 £2,286,730 to £2,214,228 (2024: grew from £2,109,616 to £2,286,730).
Page 2
THE CLEAVER ORDINATION CANDIDATES FUND
REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
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 to support clergy conferences with educational content.
Achievement and performance
The Trustees met four times in the year (including video conferences). Grants totalling £68,576 (2024: £56,280) were made as follows:
Grants to potential ordinands participating in pastoral assistant schemes, 5 (2024: 7) Book grants to UK ordinands, 10 (2024: 10) Book grants to UK deacons, 7 (2024: 4) Grants to UK clergy studying for postgraduate degrees, 8 (2024: 6) Grants to overseas ordinands, 0 (2024: 0) Other support grants, 4 (2024: 2)
Grants to UK training institutions, 0 (2024: 0)
Page 3
THE CLEAVER ORDINATION CANDIDATES FUND
REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
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 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:
................................................ Michael Cooper OBE Treasurer Date: 6 May 2026
Page 4
THE CLEAVER ORDINATION CANDIDATES FUND
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
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 2025.
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
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: 3 June 2026 Giles Kerkham FCA DChA Larking Gowen LLP Chartered Accountants Norwich
Page 5
THE CLEAVER ORDINATION CANDIDATES FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Note Incoming resources Investment income 2 Total incoming resources Resources expended Charitable activities: 3 Grants to participants in Pastoral Assistant Schemes Grants to UK 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 |
Unrestricted funds 2025 £ 67,316 67,316 42,689 25,887 11,146 79,722 (12,406) (6,263) (18,669) 216,607 (18,669) 197,938 |
Endowment funds 2025 £ - - - - - - - (56,239) (56,239) 2,018,760 (56,239) 1,962,521 |
Total funds 2025 £ 67,316 67,316 42,689 25,887 11,146 79,722 (12,406) (62,502) (74,908) 2,235,367 (74,908) 2,160,459 |
Total funds 2024 £ 66,936 66,936 32,995 23,285 16,125 72,405 (5,469) 197,114 191,645 2,043,722 191,645 2,235,367 |
|---|---|---|---|---|
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
THE CLEAVER ORDINATION CANDIDATES FUND
BALANCE SHEET AS AT 30 SEPTEMBER 2025
| Note Fixed assets Investments 8 Current assets Cash at bank Current liabilities Creditors: amounts falling due within one year 9 Net current assets/(liabilities) Total assets less current liabilities Funds Endowment funds 10 The Roy Porter Fund Capital 10 The Roy Porter Fund Income 10 Roy Porter Fund total 10 Total funds |
2,828 2,828 (56,597) 190,057 7,881 |
2025 £ 2,214,228 2,214,228 (53,769) 2,160,459 1,962,521 197,938 2,160,459 |
5,619 5,619 (56,982) 196,320 20,287 |
2024 £ 2,286,730 2,286,730 (51,363) 2,235,367 2,018,760 216,607 2,235,367 |
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
Michael Cooper OBE Treasurer Date: 6 May 2026
The notes on pages 8 to 15 form part of these financial statements.
Page 7
THE CLEAVER ORDINATION CANDIDATES FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
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 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.
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.
Page 8
THE CLEAVER ORDINATION CANDIDATES FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. Accounting policies (continued)
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 Income from investments Bank interest |
General fund 2025 £ 67,303 13 67,316 General fund 2024 £ 66,924 12 66,936 |
Total funds 2025 £ 67,303 13 67,316 |
|---|---|---|
| Total funds 2024 £ 66,924 12 66,936 |
Page 9
THE CLEAVER ORDINATION CANDIDATES FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
3. Analysis of grants
| Grants to participants in Pastoral Assistant schemes Grants to UK ordinands and clergy Grants to participants in Pastoral Assistant schemes Grants to UK ordinands and clergy Grants to support ordination training |
Grants to Institutions 2025 £ 42,689 - 42,689 Grants to Institutions 2024 £ 32,995 - - 32,995 |
Grants to Individuals 2025 £ - 25,887 25,887 Grants to Individuals 2024 £ - 14,285 9,000 23,285 |
Total funds 2025 £ 42,689 25,887 68,576 |
|---|---|---|---|
| Total funds 2024 £ 32,995 14,285 9,000 56,280 |
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:
| Pastoral Assistant Schemes North London Pastoral Assistant Scheme Pusey House St Michael's Croydon PCC All Saints Lincoln Swindon New Town St Mary's Kenton |
2025 £ 18,000 9,500 3,589 - 11,600 - 42,689 |
2024 £ 11,200 6,500 4,400 2,975 6,600 1,320 |
|---|---|---|
| 32,995 |
Fr Toby Boutle is the Incumbent of Swindon New Town, where a beneficiary of the trust is a Pastoral Assistant
Page 10
THE CLEAVER ORDINATION CANDIDATES FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
4. Governance and support costs
| Administration, website, office and meeting costs Trustees' expenses reimbursed Independent examiner's remuneration |
2025 £ 8,631 307 2,208 11,146 |
2024 £ 11,361 2,652 2,112 16,125 |
|---|---|---|
5. Staff costs
| Wages and salaries Social security |
2025 £ 7,123 - 7,123 |
2024 £ 6,031 - 6,031 |
|---|---|---|
The average number of staff employed in the year was 1 (2024: 1) .
Page 11
THE CLEAVER ORDINATION CANDIDATES FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
6. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .
During the year ended 30 September 2025, expenses totalling £ 307 were reimbursed to 3 Trustees ( 2024: £2,651 to 7 Trustees ) for travel and subsistence.
7. Related party transactions
There were no related party transactions in the year other than expenses payments to Trustees as detailed in note 6.
8. Fixed asset investments
| Cost or valuation At 1 October 2024 Disposals Revaluations At 30 September 2025 Net book value At 30 September 2025 At 30 September 2024 |
Listed investments £ 2,286,730 (10,000) (62,502) 2,214,228 2,214,228 2,286,730 |
|---|---|
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 |
2025 £ 54,389 2,208 56,597 |
2024 £ 54,870 2,112 56,982 |
|---|---|---|
Page 12
THE CLEAVER ORDINATION CANDIDATES FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
10. Movements in funds
| Balance at 1 October 2024 £ Unrestricted funds Designated funds Roy Porter Fund Income 20,287 Roy Porter Fund Capital 196,320 216,607 General funds General Fund Income - Total Unrestricted funds 216,607 Endowment funds Endowment Fund 2,018,760 Total of funds 2,235,367 |
Income £ Expenditure £ 6,744 (7,721) - - 6,744 (7,721) 60,572 (72,001) 67,316 (79,722) - - 67,316 (79,722) |
Transfers in/out £ (11,429) - (11,429) 11,429 - - - |
Gains/ (Losses) £ - (6,263) (6,263) - (6,263) (56,239) (62,502) |
Balance at 30 September 2025 £ 7,881 190,057 197,938 |
|---|---|---|---|---|
| - | ||||
| 197,938 | ||||
| 1,962,521 | ||||
| 2,160,459 |
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 to 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 13
THE CLEAVER ORDINATION CANDIDATES FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
10. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Roy Porter Fund Income Roy Porter Fund Capital General funds General Fund Income Total Unrestricted funds Endowment funds Endowment Fund Total of funds |
Balance at 1 October 2023 £ 25,756 176,219 201,975 - 201,975 1,841,747 2,043,722 |
Income £ 7,020 - 7,020 59,916 66,936 - 66,936 |
Expenditure £ (6,132) - (6,132) (66,273) (72,405) - (72,405) |
Transfers in/out £ (6,357) - (6,357) 6,357 - - - |
Gains/ (Losses) £ - 20,101 20,101 - 20,101 177,013 197,114 |
Balance at 30 September 2024 £ 20,287 196,320 216,607 |
|---|---|---|---|---|---|---|
| - | ||||||
| 216,607 | ||||||
| 2,018,760 | ||||||
| 2,235,367 |
Page 14
THE CLEAVER ORDINATION CANDIDATES FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
11. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Total |
General funds 2025 £ 251,707 2,828 (56,597) 197,938 |
Endowment funds 2025 £ 1,962,521 - - 1,962,521 |
Total funds 2025 £ 2,214,228 2,828 (56,597) 2,160,459 |
|---|---|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
General funds 2024 £ 267,970 5,619 (56,982) 216,607 |
Endowment funds 2024 £ 2,018,760 - - 2,018,760 |
Total funds 2024 £ 2,286,730 5,619 (56,982) 2,235,367 |
|---|---|---|---|
Page 15