Charlty number: 1042211 MICHAEL CRAWFORD CHILDREN'S CHARITY UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
MICHAEL CRAWFORD CHILDREN'S CHARITY CONTENTS Page Reference and Admlnlstratlve Detalls of the Charlty, Its Trustees and AdVerS Trustees, Report Independent Examlnerfs Report Statement of Flnanclal Actlvltles 8alanc• Sheet Nots$ to the Flnanclal Statements 8-16
MICHAEL CRAWFORD CHILDREN'S CHARITY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2023 Trusl&e$ M P Crawford CBE A Clark K Dias N MacAller Crav4ford Charity registered number 1042211 Prlnclpal address Reglna House 124 Finchley Road London NW3 5JS Indapend8nl examlners Adler shir LLP Chartered Awountsnts Aston House Comwall Avenue London N31LF 8anke The Royal Bank of Scotland pl¢ 28 Cavendish Squaie London W1G ODB Invostment advl$gr8 NLP Financial Management Limited Charfe$ Houso 108-110 Finchley Road London NW3 5JJ Page 1
MICHAEL CRAWFORD CHILDREN'S CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 OCTOBER 2023 The Trustees present their report and finanaal statements for the year ended 31 October 2023. The Truste&s confirm that the annual report and the financial stslemenls of the charity comply with the current stslulory requ1mentS and the provisions of the Statement of Reeommended Practice ISORPI. applicable lo eharilies preparing their accounts in accordance with the Finandal Reporting Standard applicable in the UK and Republic of ITeland IFRS 1021 leffective 1 January 20151. ststus and admlnlstratlon The charity was established by a trust deed dated 18 April 1994 and is registered with the Charity Commission under the registration number 1042211. The charity IS govemed by its trust deed which established the Michael Crawford Children's Charity as an unincorporated association. The charity was estsblished in order lo promote any Chantable purposes for the beneff( of children and young people and in parbcular bul wilhoul limilalion to the relief of sickness and the relief of povety. Governance The charity is administered by the Board of Trustees which is its goveming body. The Trustees meet regularfy lo discuss and implement policy. Trustees are appointed lo the Board by Mr Crawlord CBE during his lifets.me and thereafter by the Trustegs, in accordance with the charity's trust deed Revlew of actlvltles and flnanclal po$ltlon During the year the charity received donations of £1.008 and investment income of £112.268. Grants payable for the year amounted lo £88,824. The ¢haritl$ primary assets CoMpse the holding of listed investments lo the value of £5,657,580 together wf(h funds held with UK banks. The Trustees are of the opinion that the financial position of the charity al the balance sheet date is suffiaenl 19 meet ils ongoing projects. The charity conb'nued to achieve its princ¢pal objectives and made grants tolalling £88,824 10 01her Childn.$ charities during the year. As a result, the Trustees are Satisfied that the charty has fulfilled ils public services obligations. The Trustees confirm that in accordance with Sedion 17 of the Charities Act 2011, they have referred lo the Charity Commission's general guidance on public benefrt when Teviewing the Trust's aims and ribjecb'ves and in pLanning their future grant making actwilies. Gfant maklng pollclos Applications are received from numerou5 organisalions. The Trustees determine, with consideration bein9 given lo the avaiL8bility of funds and the charity's objectives, which of the suitsble applicants receive a grant award. Page 2
MICHAEL CRAWFORD CHILDREN'S CHARITY TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 OCTOBER 2023 Trustsos The Trustees who served during the year and up lo the date of this report were.. M P Crawford CBE A Clark K Dias N MacAller Crawford Investment powers, pollcy and perfonnance The Trustees have wide investment powers Is sel out in the governing document. Investments are made in a range of shares and bonds and managed gn a discretionary basis by exiernal investment advisers. The Board's investment policy is to aim for safety commensurate th immediate and planned spending requirements. The Board considers the performance of the investments to be in accordance with this policy. Further detsils of investments can be found in notes 11 and 12 to the financial stslemenls. The Trustees will continue to manage the charitys investments in conformity wlh this policy and the goveming document. Reserves policy The Trustees have now met their previoLbsly ststed oblectlve of increasing the Expendable Endowment Fund to £5 million lo establish an ongoing fund to finance future donations. The Trustees will continue lo review the level of their current and foreseeable expenditure In the light of future investment performance, general economic conditions and implementation of their 9ranl making policie5. Rlsk factors The Board of Trustees are responsible for the management of risks faced by the charity. All major risks lo vhich the charity is exposed hav$ been identified, assessed and controls estsblished as appropriate. Conyequenlly the Tnjstees are satisfied that the major risks have bèen mitigated. Trustses. responslbllltles statsmènt The Trustees are responsible for preparing the Tru51ee5' report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Aceepled Accounting Pracu'cel. The law applicable to charities in England & Wales requires the Trustees lo prepare financial slalemenls for each financial year which give a true and fair view of the slate of affairs of the charity and Df the incoming resource5 and application of resources of the charity for that perKJd. In preparing these financial slatemenls, the Trustees are required to.. select suitable aOUntIng policies and then apply them consistently; obs&rve the methods and principles in the Charities SORP IFRS 1021.. make judgments and accounting estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been lollowed, subject to any material departures disclosed and explained in the financial stalemenls.. prepare the financjal statements on the going concern basis unless il is inappioprlale to presume Ih8t the charity will continue in business. Page 3
MICHAEL CRAWFORD CHILDREN'S CHARITY TRUSTEES. REPORT ICOMTENUEDI FOR THE YEAR ENDED 31 OCTOBER 2023 The Tnjstees ar8 responsible for kègplng propgr acc¢unllng racord$ thai ar8 sufficleD.L to sh.ovi 84rl explaii tb.e chariLYs transacbons and dis¢thg with re8sonab19 accur¥cy at any time 'the financial posiLitsn ol tre c,: Lap.ty and enèblé th•m its ènsuro that'thè finanual statemènts eomply with thè Charites Act 2011, the Ch8riti68 IAccoLr4ts and R$portsl RègblaJon8 2008 and pro$10n$ of th¢ trust deed. Tb.ey are also responslb18 fcr saiegG'arding the assets of the charfty and hence for trng reasonabla stéps for tha prevenuon and detection ts fraud ano other Irregulartttes. ved by order of the members tsfthe board of Trust$ and 8lgned on th6lr behalf by.. K DIÈS Truee Datè.. /q4 Paoe 4
MICHAEL CRAWFORD CHILDREN'S CHARITY INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2023 Indep•ndent Examlnorfs Report to the Trustee5 of Mlchael Crawlord Chlldrgn's Charity Ilhe Charlty'l I report lo the charity Truslees on my examination of the accounts of the Charity for the year ended 31 Odober 2023. This port is made solely lo the charity trustees, as a body, in accordance with sec*ion 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charlty those matters l am required lo slate to them in an independent examinef s report and for no other purpose. To the fullest extent perniitted by law, I do not aept or assume responsibilty lo anyone other than the charity and the charity trustees. Responsibilities and Basis of Report A5 the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe 2011 ACYI. I report in respect of my examination of the Chafitys accounts carried out under Section 145 of the 2011 Act and in carying out my examination I have followed the applicable Directions given by the Charity Commisston under section 14515llbl of the 2011 Act. Ind¢pendent Examlnefs Statement I have completed my ex8minalion. I confirm that no matters have come lo my attention in connection wth the examination giving me cause to believe that in any material respect.. a¢ntIng records were not kept in respect of the Charity as required by secb'on 130 of the 2011 Act., or the accounts do not accord with those reeords.. or the accounts do not comply wllh the applicalle Tequiremerrts conceming the fomi and conlenl of accounts set out in the Charities IAccounls and Reports) Regulations 2008 other than any requirement that the accounts give a'lrue and fail view thich is not a matter considered a5 part of an independent examinati. I have no cOnmS and have Corne across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Alexander Chrysaphiades, FCA. For and on behalf of Adler Shine LLP Chartered Accountants Aston House Comwall Avenue London N3 1LF Page 5
MICHAEL CRAWFORD CHILDREN'S CHARITY STATEMENT OF FINANCIAL AcnviTIES FOR THE YEAR ENDED 31 OCTOBER 2023 Expendable Endowment Fund 2023 Total funds 2023 Total funds 2022 Nole Income from- Donations 1,008 112,268 1,008 112,268 3,206 90,510 Investments Total income 113,276 113,276 93.716 Expendlture on.. Raising funds 2,220 2,220 Charitable activibes other expenditure 91.472 77,988 91,472 77,988 82.655 82.410 Total expenditure 171,680 171,680 165.065 Net expendlture fore Invostm8nt gaSnslllosse$} Net gainslllossesl on investments 158,4041 2,955 {58,4041 2.955 171,3491 {745.6471 Net mov&m&nt In funds 155,4491 155.449) 1816.9961 Reconclllatlon of fvnds: Total funds brought foNard Nel movement in funds 5,730.852 155,4491 5.730,852 155,4491 6,547,848 1816,996} Total funds earrled loard 5,675.403 5.675,403 5,730,852 The Statement of Financial ActivitS includes all gains and losses recognised in Ihe year. The notes on pages 8 10 16 form part of these finanryal slatemenls. Page 6
MICHAEL CRAWFORD CHILDREN'S CHARrrY BAUNCE SHEET AS AT 31 OCTOBER 2023 2023 2022 Noto Flxed assets Investmants 5,720,486 5,657.580 5,720 88 Currènt assets Debtors Cash at bank and in hand 13 20,255 12.723 20.255 12.727 CRditts*.' am¢uftts faS1ing due withift on• year 14 12.4321 12,3611 N•t ¢urr•nt avJ•ts 17,823 rotsl assets les$ ¢urrent Ilabllltl•s 5,675,403 0,73C.,8¢2 Net a88•ts 5,875,403 5,730,8K- Total nèt aS8•ts ,675,403 5,73",852 Charity fund8 R$th¢.gJ'iund$ xpendable enaowment fund 5.675,A03 a 730,852 Total fund• i,875.403 5,73C,852 The f,ria al 8tstemonts wsr8 approvad and authorised for issu8 Dy the Tnistets and signeo on triel." g&hal', A Clark Trnstae K Dia8 Trusteo D8t8. 2¢ q•t7 21 The not86 on Pag 8 to 16 form part ofthese finondal 8talem¢nts. P8ge ?
MICHAEL CRAWFORD CHILDREN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Accountlng pollcles 1.1 Basls of preparatlon of financlal statements The financia5 slalements have been prgpared under the historical cost convention wlh items recognised al cosl or transaction value unless otherwise stated in the felevanl notes lo these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing Ihelr accounts In accordance with the Finandal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021 and the Charities Act 2011. Michael Crawford Children's Charity conslilues a public benefit entity as defined by FRS 102. 1.2 Fund accountlng The charity maintains an Expendablo Endowment Fund. The Trustees have decided lo allocate all voluntary income together wth all investment income to the Fund. In any given year, the Trustees may. bul need not, apply the balance standing lo the credit of the Expendable Endowment Fund in fijrthering the charitys objectives. 1.3 Income Donation income aTising from donations and gifts a credited to the Statement of Financial Activities in the year in which they are received. Gift aid is also recognised on a reIVed basis. Investment income is rewgni$ed on an accruals basi5. Page 8
MICHAEL CRAWFORD CHILDREN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Accountlng pollcles Icontlnuedl 1.4 Expondlture Expenditure is recognised once there is a legal or mnslructive obligation lo transfer eo)nomic benefit lo a third party, il is probable that a Iransfel of economic benefits will be qUired in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by a¢ty'vity. The costs of each activity are made up ol the total of direct costs and shared costs, induding support costs involved in undertaking each activity. Dirert costs attributable lo a single acts'vity are allocated directly to that activity. Shared costs which ¢ontribute to more than one activity and support costs which are not attributable lo a single activity are apportioned beeen Ih¢)se activities on a basis consislenl with the use of resources. This comprises expenditure, including grants. InCued wholly Or mainly in connection wth the direct charitable activities ol the charity Exponditure on grants is recorded once there is an unconditional commitment to pay the grant or il has been paid, whichever is the earlier. The charty has not made any grant commrtmenls of more than one year. lil Raising bJnds Thi$ comprises expenditure incurred in eonnection with the costs of generating donatlons. lill Charitable activities This comprises expenditure. including grants, incurred wholly or mainly in connection with the direct charitable activities of the Charity. Expenditure on grants is recorded once there is an unconditional commitment lo pay the grant or il has been paid, bvhichever is the earli8f The charity has not made any grant commitments of more than one year. liiil Governance This comprises expenditure incurred in connection wth the governance ol the charty and is regnised on an accruals basis. Expenditure on raising fvnd$ include5 all expendf(ure incurred by the Charity lo raise funds for ils charitable purposes and include$ costs of all fvndraising activities events and non-eharilable trading. 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 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured at fair value al the balance sheet dale. uslng the midmarket value al that d*. Profil and losses on disposals aThJ unrealised gains and losses on revaluationy of1Ssted investments are shown in the Statement of Financial Activities as a single item under the heading "Gains ¢ investments" Page 9
MICHAEL CRAWFORO CHILDREN'S CHARI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Accountlng pollclos Icontlnued} 1.6 Direct taxatlon The charity is a registered charity and is generally exempl from income lax and capital gains lax bul is not ablg to recover VAT. Irrecoverable VAT 15 induded in the cost of those items to which il relates. 1.7 Golng concern Al the time of approving these financial statements the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the next 12 months. The Trustees therefore consider il appropriate to continue to adopt the going concern basis in preparing the charity's financial slalements and there is no material un¢ertainty with the charitls ability lo continue as a going concern. 1.8 Dabtors Other debtors are Tecognised at the settlement amount. 1.9 Cash at bank and In hand Cash at bank and in hand includes cash and short term highly liquid investments wth a short malurily of three months or less from the date of acquisition or opening of the deposit or similar aceount. 1.10 Liabilltles and provlslons Liabilities are recognised when there is an obligation at the balance sheet date as a re8uIt of a past event, rt is probable that a transfer of economic benefil will be required in settlement, and the amount of the settlement Can be eslimaled reliably. 1.11 Flnanclal Instrumonts The Charity only has financial assets and finanaal liabilities of a kind that qualify as basic financial instruments. Basic financTal instruments are initially recognised al transaction value and subsequgnlly measured at their settlement value. 1.12 Interest and dividends receivable Interest and dividends from the Investment portfolio are recognised when recefved. Page 10
MICHAEL CRAWFORD CHILDREN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Judgements In applySng aecountlng pollcles and key Sources of estlmatlon and uncertalnty The preparation of the finanaal statements requires management lo make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting dale and the amounts reported for revenues and expenses during the year. However, the nature of the estimation means that actual outcomes could differ from those estimates. Accruals Tho charity makes an estimate of accruals at the yoar end based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or ests"males of arnounls that are due for payment. Investments The charity makes an estimate of the value of listed investments al the year end based on valuation reports prepared by investsnent advisors. Trustees, beneflts: advances. crgdlt and guarantOeS None of the Trustees received any Muneration during the year nor were reimbursed lor any expenses {2022- £nill. Income from donatlons Expendable Endowment Fund 2023 Total fijnds 2023 Donations 1,008 1,008 Expendable Endowment Fund 2022 Total fvnds 2022 Donations 3,206 3.206 Page 11
MICHAEL CRAWFORD CHILDREN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCT08ER 2023 Investment income Expendable Endowment Fund 2023 Total fvnds 2023 Income from listed investments Interest receivable 111,890 378 111,890 378 Totsl 2023 112,268 112,268 Expendabl¢ Endowment FUNI 2022 Total funds 2022 Income from listed investments 28,855 61,655 28,855 61,655 Interest receivable Total 2022 90,510 90,510 Anatysls of expendlture by expendllurg type Costs of generatlng funds Total fLsnds 2023 Total fiJnd5 2022 Other costs 2023 Expenditure on raising voluntsry income 2,220 2,220 2,220 2,220 Page 12
MICHAEL CRAWFORD CHILDREN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 OCTOBER 2023 Charitable activltles Total funds 2023 Other costs 2023 Donations to other charits'es 88,824 2.648 88,824 2,648 Govemance costs Total 2023 91,472 91,472 Total funds 2022 Other costs 2022 Donations to olher charities Governan costs 80,100 2,555 80,100 2,555 Totsl 2022 82,655 82,655 The charity did not undertake any activity directly bul mel 115 charitable purposes by making grants to other charrties Grants made were all in respect of the followng.. Other charrtable activities £88,82412022'. £80,100). Other charitable a¢tlvltiès comprlsed: 2023 2022 The Sick Children's Trust Slrongbones Children's Charitable Trust Handi¢apped Children's Action GTOUP DEMAND Designability Others 57,518 10.000 10.000 1,000 6,000 4,306 32,000 15,000 10,000 5,000 5,000 13,100 Total 88,824 80,100 Page 13
MICHAEL CRAWFORD CHILDREN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Governance costs 2023 2022 Independent examination fees (including VAT) Genwal costs 2,432 216 2,349 206 Total 2.648 2,555 other exp8ndlturg Expendable Endowment Fund 2023 Totsl flsnds 2023 Investment management fees 77,988 77,968 Expendable Endowment Fund 2022 Total funds 2022 Investsnenl management fees 82,410 82,410 Net gains I Ilo$sesl on Investments 2023 2022 Revaluation of investments lo market value al year end Gain I Ilossl on disposal of investrnenls (80,9401 83,895 1576.442} 1169,2051 Total 2,955 1745.6471 10. Indgpgndent gxamlnatlon The independent examinerfs rfjmungralion amounts to an independent examiner fee of £2.432 12022 - £2,349>. Page 14
MICHAEL CRAWFORD CHILDREN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 11. Flxgd assot Investments Listed securities Cost or valuatlon Al 1 November 2022 Additions 5,720,486 2,881,806 12,863.7721 180.9401 Disposals Revaluations Al 31 October 2023 5,657.580 Investments al market V8lue comprise £5,657,58012022.' £5,720,486) worth of listed investments. All investments are held in the UK wrf£h Stsndard Life. 12. Llsted investments at markèt value Comprised: 2023 2022 Money Market Instruments linc cashl Bonds UK Equitres Overseas Equities Multi asset Specialist 528.379 2,789.254 605.183 1,630.220 104,544 266,511 1,463,216 568,361 1,329,270 1,947.398 145,730 5,657.580 5,720.486 13. Debtorn 2023 2022 Prepayments and accrued income Page15
MICHAEL CRAWFORD CHILDREN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 14. Creditors.. Amounts falling due within ono year 2023 2022 Accruals 2,432 2.361 IS. Summary of funds Brought forward Incoming reSoUrS Expenditure Gainsl (Losses) Carrigd forward 5,730,852 113,276 1171,6801 2,955 5,675.403 Expendable endowment fvnd 16. Relatsd party transactlons Grants and donaknons payable indude £57,51812022.' £32.0001 payable to The Sick Children's Trust, charity of which Mr M Crawford CBE is President. There is no balance oulslanding al the year end12022.' £nil). Th8 Trusloes consider Ihefe to be no ultimate controlling party. Page 16