The trustees present their annual report and financial statements for the year ended 31 March 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and "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 Cameron Charitable Trust was set up to directly provide accommodation and to provide assistance in satisfying the housing needs of people with learning disabilities and physical disabilities who, as a consequence, require support to make their own way in their local community. The properties owned by the charity are being used to provide a residence for a small number of individuals. There is also a focus on the charity to provide information and advice for people with disabilities to understand the different options of housing with support.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The charity purchased a small number of properties in January 2010 and since then, in the current period and previous years, has been renting out these properties as a part of fulfilling its charitable objectives. In addition, the charity has supported a number of other cases in which it has enabled individuals with learning disabilities to satisfy their housing needs via alternative private leasing options and supporting its subsidiary charity, Lets for Life.
A renovation project began in 2022 to refurbish these properties and is due for completion in 2023. This will ensure the properties continue to provide high standard housing to tenants.
During the prior and current period, Mr Cameron, the main benefactor to the charity, has provided a guarantee in respect of the bank finance used to purchase the freehold property on the balance sheet in addition to making donations.
Further bank finance of £500,000 was obtained by the charity to enable it’s subsidiary undertaking Lets for Life to work on the complex projects under the NHSE Transforming Care programme, which is centred around the goal of “homes not hospitals”.
Net expenditure for the year amounted to £316,325 (2022: £50,658) and the charity ended the year with net assets of £294,899 (2022: £616,225), all of which relates to unrestricted funds.
At present the charity does not have a formal reserves policy as it relies on funding from Mr Cameron to cover required expenditure. Unrestricted reserves at 31 March 2023 amounted to £294,899 however this is not freely available as reserves are tied up in fixed assets.
The charity intends to supplement its revenues and generate additional funds net of expenses in order to increase its capital base. At the present time, with the costs of finance increasing compared with previous years, the directors intend to repay the additional borrowing in the next financial year using further funding from Mr Cameron and funds received from NHSE. In future periods the charity intends to continue to facilitate its subsidiary undertaking, Lets for Life, in supporting housing solutions for a greater number of individuals with learning disabilities and complex support needs.
The Cameron Charitable Trust is a registered charity in England and Wales (No 1126377) and a company limited by guarantee (No 6653397). Its governing document is a memorandum and articles of association.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Trustees are recruited by reference to an Appraisal Review and Framework of Competency to ensure the composition of the Board such that it can perform effectively.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.
The charity's direct property holdings are overseen by its team of staff. The team's role includes working with its subsidiary undertaking, Lets for Life, in order to find appropriate tenants, assist with home moves and liaise with the local authority to assist tenants with their housing entitlements. The team is overseen by the Trustees, who possess a combination of complementary skills. The charity's team of staff has been working to continue to manage its existing responsibilities and with a view to supporting further tenants in identifying and meeting their housing needs.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of The Cameron Charitable Trust (the charity) for the year ended 31 March 2023.
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
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 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The Cameron Charitable Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Hensmill House, 9-13 Manchester Road, Wilmslow, Cheshire, SK9 1BQ.
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Property rental income under operating lease agreements is recognised on a straight line basis over the term of the lease.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
Provision of accommodation
Provision of accommodation
Property repairs, maintenance and insurance
Premises expenses
Finance costs
Sundry other costs
Staff costs (travel, training, etc)
Legal and professional fees
Independent Examiner's fees
The average monthly number of employees during the year was:
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
Investment property comprises land and buildings. In the opinion of the trustees, the fair value of the charity's investment property is equivalent to cost, as guided by a professional valuation.
During the current and previous periods, Mr D R Cameron, a trustee of the charitable company, provided a personal guarantee to HSBC Private Bank for the £815,000 bank loans (2022: £315,000).
Mr D R Cameron provided the charitable company with an unrestricted donation of £200,000 (2022: £280,000) and rent-free use of office space.
At the year end, the charitable company owed Mr D R Cameron £1,475 (2022: £1,475).
The charitable company was owed £156,600 by (2022: owed £25,343 to) Lets for Life, its subsidiary undertaking, at the balance sheet date.
The charitable company was owed £9,377 by (2022: £9,377) Hensmill Estates LLP, an entity in which Mr D R Cameron is a designated member.
The charity is a company limited by guarantee and has no share capital. Every member of the charity undertakes to contribute to the assets of the charity in the event of the same being wound up during the time he/she is a member or within one year afterwards for payments of the debts and liabilities of the charity contracted before the time he/she ceases to be a member, and of the costs, charges and expenses of winding up the same and for the adjustment of the right and contributories amongst themselves, such amount as may be required not exceeding £10 or equivalent.