Charity registration number 1126377
Company registration number 06653397 (England and Wales)
THE CAMERON CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
THE CAMERON CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr DR Cameron
Mr RG Thompson
Mr PH McKeown
Secretary
Mr RG Thompson
Charity number
1126377
Company number
06653397
Registered office
Hensmill House
9-13 Manchester Road
Wilmslow
Cheshire
SK9 1BQ
Independent examiner
Mr N S Jenkins FCA
c/o UHY Hacker Young
St John's Chambers
Love Street
Chester
Cheshire
CH1 1QN
THE CAMERON CHARITABLE TRUST
CONTENTS
Page
Trustees' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 13
THE CAMERON CHARITABLE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT)
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

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).

Objectives and activities

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.

Achievements and performance

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.

Financial review

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.

Plans for future periods

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.

Structure, governance and management

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 CAMERON CHARITABLE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

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:

 

Mr DR Cameron
Mr RG Thompson
Mr PH McKeown

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.

Small company provisions

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.

Mr RG Thompson
Trustee
27 September 2023
THE CAMERON CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE CAMERON CHARITABLE TRUST
- 3 -

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.

Responsibilities and basis of report

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.

Independent examiner's statement

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:

1

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

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

4

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.

Mr N S Jenkins FCA
c/o UHY Hacker Young
St John's Chambers
Love Street
Chester
Cheshire
CH1 1QN
Dated: 27 September 2023
THE CAMERON CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Unrestricted
Unrestricted
funds
funds
2023
2022
Notes
£
£
Income from:
Donations and legacies
3
280,731
363,125
Investments
4
34,420
34,512
Total income
315,151
397,637
Expenditure on:
Charitable activities
5
639,854
448,295
Net expenditure for the year/
Net movement in funds
(324,703)
(50,658)
Fund balances at 1 April 2022
611,225
661,883
Fund balances at 31 March 2023
286,522
611,225

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE CAMERON CHARITABLE TRUST
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 5 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
10
936,431
936,431
Investments
11
-
0
1
936,431
936,432
Current assets
Debtors
12
165,976
9,482
Cash at bank and in hand
18,039
19,225
184,015
28,707
Creditors: amounts falling due within one year
14
(518,924)
(38,914)
Net current liabilities
(334,909)
(10,207)
Total assets less current liabilities
601,522
926,225
Creditors: amounts falling due after more than one year
15
(315,000)
(315,000)
Net assets
286,522
611,225
Income funds
Unrestricted funds
286,522
611,225
286,522
611,225

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 27 September 2023
Mr RG Thompson
Trustee
Company registration number 06653397
THE CAMERON CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
1
Accounting policies
Charity information

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.

1.1
Accounting convention

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.

1.2
Going concern

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.

1.3
Charitable funds

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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

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 CAMERON CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 7 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure includes all VAT which cannot be recovered.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line
Computers
20% straight line

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.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8
Fixed asset investments

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.

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

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.

THE CAMERON CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 8 -
Basic financial assets

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

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE CAMERON CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
3
Donations and legacies
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Donations and gifts
258,856
341,250
Donated goods and services
21,875
21,875
280,731
363,125
4
Investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Rental income
34,420
34,479
Interest receivable
-
33
34,420
34,512
5
Charitable activities

Provision of accommodation

Provision of accommodation

2023
2022
£
£

Property repairs, maintenance and insurance

40,729
15,918
Share of support costs (see note 6)
597,031
430,337
Share of governance costs (see note 6)
2,094
2,040
639,854
448,295
THE CAMERON CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
6
Support costs
Support costs
Governance costs
2023
Support costs
Governance costs
2022
£
£
£
£
£
£
Staff costs
521,056
-
521,056
375,021
-
375,021

Premises expenses

30,629
-
30,629
36,894
-
36,894

Finance costs

32,247
-
32,247
10,510
-
10,510

Sundry other costs

345
-
345
-
-
-

Staff costs (travel, training, etc)

12,754
-
12,754
7,412
-
7,412

Legal and professional fees

-
-
-
500
-
500

Independent Examiner's fees

-
2,094
2,094
-
2,040
2,040
597,031
2,094
599,125
430,337
2,040
432,377
Analysed between
Charitable activities
597,031
2,094
599,125
430,337
2,040
432,377
7
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Total
16
16
Employment costs
2023
2022
£
£
Wages and salaries
464,889
340,767
Social security costs
46,492
27,163
Other pension costs
9,675
7,091
521,056
375,021
There were no employees whose annual remuneration was more than £60,000.
9
Taxation

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.

THE CAMERON CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
10
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
936,431

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.

11
Fixed asset investments
Other investments
Cost or valuation
At 1 April 2022
1
Disposals
(1)
At 31 March 2023
-
Carrying amount
At 31 March 2023
-
At 31 March 2022
1
2023
2022
Other investments comprise:
Notes
£
£
Investments in subsidiaries
-
1
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by fellow group undertakings
156,600
105
Other debtors
9,376
9,377
165,976
9,482
THE CAMERON CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
13
Loans and overdrafts
2023
2022
£
£
Bank loans
815,000
315,000
Directors' loans
1,475
1,475
816,475
316,475
Payable within one year
501,475
1,475
Payable after one year
315,000
315,000
14
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
13
500,000
-
Other borrowings
1,475
1,475
Other taxation and social security
11,489
10,296
Amounts owed to fellow group undertakings
-
25,343
Accruals and deferred income
5,960
1,800
518,924
38,914
15
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans
13
315,000
315,000
THE CAMERON CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
16
Related party transactions
Transactions with related parties

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.

17
Limited by guarantee

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.

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