Charlty number: 1042211 MICHAEL CRAWFORD CHILDREN'S CHARITY UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
MICHAEL CRAWFORD CHILDREN'S CHARITY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2024 Trustees P Crawford CBE A Clark K Dias N MaG411er Crawford Charlty registered number 1042211 Prlnclpal address Regina House 124 Finchley Road London NW3 5JS Independent examlnerJ Adler Shine LLP Chartered Accountsnts Aston House Comwall Avenue London N3 1LF Bankèrs The Royal Bank of Scotland 28 Cavendish Square London W1G ODB Investment advi5er5 NLP Financial Managefflent LNllited Charfes House 108-110 Finchley Road London NW3 5JJ Page 1
MICHAEL CRAWFORD CHILDREN'S CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 The Trustees present their report and financaal statements for the year ended 31 October 2024. The Trustees confirm that the annual report and the financial statements of the charity compty the current statutory requirements and the provIOnS of the Statement of Recommended Practice {SORP), applicable to charities preparing their accounts in accordance wth the Financial Reportinq Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). Status and administration The charity was established by a twst deed dated 18 April 1994 and is registered th the Charity Commission under the registration number 1042211. The charty is govemed by its trust deed which established the Michael Cravhord Children's Charty as an unincorporated association. The charity was established in order to womote any tharrtable purposes for the benefit of children and young people and in particular but without limitation to the relief of sickness and the relief of povety. Governanco The charbty is administered by the Board of Trustees which is its goveming body. The Trustees meet regulady lo discuss and implement policy. Trustees are appointed to the Board by Mr Crawft>rd CBE during his lifetime and thereafter by the Trustees, in accordance with the charity's trust deed. Review of activities and financial position During the year the charity r[ed donations of £2.586 and investrnent income of £122,642. Grants payable for the year amounted to £100.406 The charitys primary assets comprise the holding of listed investments lo the value of £6,135,257 together with funds held wth UK banks. The Trustees are of the opinion that the financial position of the charity at the balance sheet date is sufficient to meet its ongoing projects. The charity continued to achleve Its prlnclpal ¢)Oiecllves and made granls totalllng £100,406 10 other chlldren's charities during the year. As a result. the Trustees are satisfied that the charity has fulfilled rts public services obligations. The Trustees confirm that in accordance with Section 17 of the Charities Act 2011, they have referred to Ihe Charity Commission's general guidance on public benefft when reviewing the Trust's aims and objectives and in planning their future grant makj.ng activits"es. Grant making policies Applications are received from numerous organisabons. The Trustees determine, with consideration being given to the avaikbilty of funds and the chaiitys objectives. which of the suitable applicants receive a grant award. Page 2
MICHAEL CRAWFORD CHILDREN'S CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Trustees The Trustees who served during the year and up to the date of this report were.. M P Crawford CBE A Clark K Dias N MacAller Crawford Investment powers, policy and perfonnance The Trustees have wde investment powers as set out in the goveming do<xJment. Investments are made in a range of shares and bonds and managed on a diSC.0nary basis by external investment advisers. The Boards investment policy is to aim for safety commensurate with immediate and planned spending requiremenls. The Board considers the performance of the investments to be in accordan with this policy. Further details of investrnents can be found in notes 11 and 12 to the financial statements. The Trustees will continue to manage the charitys investments in confomity with this Folicy and the governing document. Reserves policy The Trustees have now met their previously stated obj'ective of inueasing the Expendable Endowment Fund to £5 million to establish an ongoing fund to finance future donations. The Trustees ¥MII continue to review the level of their current and foreseeable expenditure in the light of future investment perfoanCe. general economic condrtions and implemenlation of their grant making policies. Rlsk factors The Board of Trustees are responsible for the management of risks faced by the charity. All major risks to which the tharity is exposed have been identified, assessed and controls established as appropriate. Consequently the Trustees are satisfied thal the major risks have been mrtigated. Truslees. responsibilities ststement The Trustees are spOnsible for preparing Ihe Trustees, rewrt and the finanaal statements in accordants wth applicable law an¢J United Kingdom Accounting Standaid5 (Unite(l Kingdom Geneially AGpted Accounting Practice). The law applicable to charities in England & Wales requires 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 the incoming sources and application of resources of the charity for that period. In preparing these financial statements. the Trustees are required to.. select suitable accounting policies and then apply them consistently" obsepie the methods and principles in the Charities SORP {FRS 102)., make judgments and accounb'ng estimates that are reasonable and prudent: slate whether applicable UK Accounting Standards {FRS 102) have been followed, subjecl lo any material departurea dioclosed and explained in the finanGial $tatement8'. prepare the financial statements on the going conrn basis unless rt is inappropriate to presume that the charity will continue in business. Page 3
MICHAEL CRAWFORD CHILDREN'S CHARrrY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 The Trustees are responsible for keeping proper accountsng records that are sutficient to show and explain the charity's transactions and disciose with reasonable accuracy at any b'me the financial posits'on of the charity and enable them to ensure thal the financial statements comply ryth the Charities Act 2011, the Charities (ArKounts and Reports) Regulations 2008 and provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for tskino reasonable steps for the prevents'on and detection of fraud and other irregularities. Appro order of the rnembers of the boafd of Trustees and signed on their b8half by. A Clark Trustee K Dias Trustee Date". Page 4
MICHAEL CRAWFORD CHILDREN'S CHARITY INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 Independent Examlnerfs Report to the Trustees of Mkhael Crawford Chlldren's Charlty ('the Charlty.) I report to the charity Trustees on my examination of the accounts of the Chanty for the year ended 31 October 2024. This report is made solely to the chartty trustees. as a body. in accordance section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity those matters l am required to stale to them in an independent examinerfs report and for no olher purpose. To the fullest extent permitted by law, I do not accept or assume responsibity to anyone other than the charity and the charty trustees. Responslbllltles and Basls of Report As the Trustees of the Charity you are responsible for the weparation of the accounts in accordance with the requirements of the Charities Act 2011 (Ihe 2011 Act.). I report in respect of my examination of the Charitys accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable DIrectn$ given by the Chanty Commission under sectlon 145{5)Ibl of Ihe 2011 Act. Independent Examinerfs Statoment I have completed my examinats'on. I confirm that no matters have come to my attenb'on in Connects'on with the examinati¢)n 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 those records.. or the accounts do not comply with the applicaLI8 requirements concemin9 the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requiremenl that the accounts give a Irue and fair wew vthich is rK)t a matter considered as part of an independent examination. I have no concems and have corne 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. Dated: 09/0612025 Sonia Yeshin. FCA. For and on behalf of Adler Shine LLP Chartered Accountsnts Aston House Comwall Avenue London N3 1LF Page 5
MICHAEL CRAWFORD CHILDREN'S CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2024 Expendable Endowment Fund 2024 Total funds 2024 Total funds 2023 Note Income from: Donations Investments 2.586 122,642 2.586 122,642 1.008 112.268 Total Income 125,228 125,228 113,278 Expenditure on: Raising funds 2.220 2.220 2,220 Charitable acttvities Other expenditure 103.127 73,084 103.127 73,084 91.472 77,988 Totsl expendtture 178,431 178,431 171,680 Net expenditure before investment gainsl(losses Net ga¥is on investments {53,203} 528.540 {53,2031 528,540 {58,404> 2.955 Net movement In funds 475.337 475,337 {55.449} Reconclllatlon of funds: Total funds brought forward Net movement in funds 5,675,403 475,337 5,675.403 475,337 5,730,852 {55.449) Total funds carried forward 6,150,740 6,150,740 5,675,403 The Statement of Finanaal Activities indudes all gains arKI losses recognised in the year. The notes on pages 8 to 18 lo part of these financial statements. Page 6
MICHAEL CRAWFORD CHILDREN'S CHARITY BALANCE SHEEr AS AT 31 OCTOBER 2024 2024 2023 Note Fixed assets Invèstmonts 11 6,136,267 5.657,580 6.135,257 5,657.580 Current assets Debtors Cash at bank and in harKI 13 2.220 15.768 20,255 17,988 20.255 Creditors: amounts falling due within one year 14 (2.5051 (2,432) Not current assets 15.483 17,823 Total assets less current Ilabllltles 6,150,740 5.675.403 Net a55ets 6.150,740 5.675.403 Totsl net assets 6.150.740 5,675,403 Charlty funds Restricted funds Expendable endchyment fund 6.150.740 5.675,403 Totsl funds 6.150,740 5.675.403 The fin I statements were approved and authorised for issue by the Twstees and Sign on their béhalf by. ACI Trustee rustee Date: The notes on pages 8 to 18 fom part of these financial statemnts. Page 7
MICHAEL CRAWFORD CHILDREN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting policies 1.1 Basis of preparation of financlal statements The financial stalements have been prepared under the historical cost convention with itern5 recognised at st or transaction value unless otherwise stated in the relevant notes lo these accounts. The financial statements have been ppared in accordance with the Statement of Recommended Practi." Accounting and Reporting by Charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 {effective 1 January 20191 and Financial Reportsng Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Ad 2011. Michael Crawford Children's Charity constitues a public beneffl entity as defined by FRS 102. 1.2 Fund accountlng The charity maintains an Expendable Endowment Fund. The Trustees have decided to allocate all voluntary income together with all investment income to the Fund. In any given year, the Trustees may, but need not, apply the balan standing to the credit of the Expendable Endowment Fund in furtherin9 the tharFW3 obj'ectives. 1.3 Income Donation income arising from donations and gifts are credited to the Statement of Financial Activities in the year in thich they are received. Grft aid is also recognised on a received basis. Investment income is recognised on an accruals basis. Page 8
MICHAEL CRAWFORD CHILDREN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting policies (continued) 1.4 Expendlture Expenditure is recognised once there is a legal or constructive obligats'on to transfer economic benefit to a third party, rt is probable that a transfer of economic benefits wll be required in settlement and the amount of the obligabon can be measured reliably. Expenditure is classified by activity The costs of each activity are made up of Ihe total of direct costs and shared costs, induding support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated direcuy to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activtty are apportioned between Ihose activits'es on a basis consistent with the use of resources. This comprises expenditure, including grants, incurred wholly or mainly in connection with the direct charitable activth'es of the charity. Expenditure on grants is recorded once there is an unconditional commitment to pay the grant or it has been paid. vthtchever is the earlr. The charity has not made any grant commitments of more than one year. (i) Raising funds This comprises expenditure incurred in fA)nnection the costs of generabng donations. (li) Charitable activities This comprises expenditure, including grants. incurred wholly or mainly in connection with the direct haritable activrties of the charity. Expenditure on grants is recorded once there is an unconditional commitment to pay the grant or it has been paid. Ichever is the eadier. The charity has not made any grant commitments of more than one year. (iii) Govemance This comprises expenditure incurred in connection with the govemance of the chanty and is recognised on an accruals basis. Expenditure on raising funds includes all expendrture Incurred by the Lharty to raise lun¢Js tor rts charitable purposes and includes costs of all fundraising activthes events and non-charitable trading. Expendrture on charitable activities is inCurd on diredy undertaking the activities which further the Charitys objectives, as well as any associated support costs. 1.5 Inveslments Fixed asset investments are a form of finanaal instrument and are initially recognised at their transaction cost and subsequentsy measured at fair value at the balance sheet date, using the midmarket value at that date. Profft and losses on disposals and unrealised gains and105ses on revaluations of listed investments are shovm in Ihe Ststement of Financial Activities as a single item under the heading "Gains on investments" Page 9
MICHAEL CRAWFORD CHILDREN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Accountlng pollcles (contlnued 1.6 Direct taxation The chanty Is a registered chanty an¢ Is generally exempt Irom Income lax an(1 caprtal gains tax but is r)ot able to recover VAT. Irrecoverable VAT is included in the cost of those rtems to which it relates. 1.7 Golng concem At the time of approwng 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 Truslees therefore consider it appropriate to continue to adopt the going concem basis in prepafing the charttls financial statements and there is no material uncertainty with the charitys ability to continue as a going conM. 1.8 Debtors Other debtors are re¢ognised 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 investrnents with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.10 Liabilities and provisions Liabilities are recognised vrtn there is an obligatK>n at the balance sheet date as a result of a past event, rt is probable that a transfer of economic benefft will be required in settlement. and Ihe amount of the settlement can be ests'mated reliably. 1.11 Flnanclal instruments The Chority only has financial assets and financ4al liabilities of a lond that qualify as basic finanaal instruments. Basic finanaal instruments are inrtiJly recognised at transaction value and subsequently rneared at their settlement value. 1.12 Interest and dividends receivable Interest and dividerKls from the investment portfdK) are recognised *then received. Page 10
MICHAEL CRAWFORD CHILDREN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Judgements In applylng accountlng pollcles and key sources of estlmatlon and uncertalnty The preparation of the financial statements requires management to make judgements. estimates and assumptions that affect the amounts reported for assets and liabilibes as at the reporting date and the amounts reportcd for revcnues and ¢xpense¥ during the year. However. the nature of the estimation means that actual outcomes could differ frcxn those estimates. Accruals The charity makes an estimate of accnjals at the year end based on invoices received after the year end and work undertaken which has not been invold based on quotatsons or estimates of amounts that a due lor payment. Investments The charity makes an estimate of the value of listed investments at the year end based on valuab'on reports prepared by investment advisors. Trustees. beneffts: advances, credlt and guarantees None of the Trustees received any remuneration during the year nor were reimbursed for any expenses 12023 - £nil). Income from donatlon$ Expendable Endowment Fund 2024 Total funds 2024 D¢Jnats'ons 2.586 2,586 Expendable Endowment Fund 2023 Total funds 2023 Donations 1,008 1.C(18 Page11
MICHAEL CRAWFORD CHILDREN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Investment Income Expendable Endvwinenl Fund 2024 Tol¢il funds 2024 Income from listed investments Interest receivable 121,426 1,216 121,426 1,216 Total 2024 122.642 122,642 Expendable Endowment Fund 2023 Total funds 2023 Income from listed investments Interest receivable 111.890 378 111.890 378 Total 2023 112,268 112.268 Analysis of expenditure by expenditure type Costs of generating funds Total furid5 2024 other costs 2024 Expenditure on raising voluntary 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 2024 Analysls of expendlture by expendlture type Icontlnued) Total funds 2023 other costs 2023 Expendrture on raising voluntary income 2.220 2,220 2.220 2,220 Charltable actlvftles Total funds 2024 Other costs 2024 Donations to other charities 100,406 2,721 100,406 2,721 Govemance costs Totsl 2024 103,127 103,127 Total nds 2023 Other 51S 2023 Donations to other tharities Govemance costs 88.824 2,648 88.824 2.648 Total 2023 91.472 91,472 The charity did not undertake any activity diredy but met its charttable purposes by makn'ng grants to other charities. Grants made were all in respect of the following.. Other charitable acb'vits'es £100,4C612023: £88.824). Page 13
MICHAEL CRAWFORD CHILDREN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Other charltable actlvhies comprised: 2024 2023 The Sick Children's Trust Strongbones Children's Charitable Trust Handicapped Children's Action Group DEMAND 50,000 15,000 15,000 3,000 7,500 9,906 57,518 10,000 10,000 1,000 6,000 4,306 Designability Others Total 100,406 88,824 Goveniance costs 2024 2023 Independent examinakn'on fees (induding VAT) General costs 2.505 216 2,432 216 Total 2,721 2,648 Other expendlture Expendable Endowment Fund 2024 Total fijnds 2024 Investment management fees 73.084 73,084 Expendable En(k)wment Fund 2023 Total fijnds 2023 Investment management fees 77.988 77,988 Page 14
MICHAEL CRAWFORD CHILDREN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Net galns I Ilosses) on Investments 2024 2023 Revaluation of investments to market value * Jear end Gain on disposal of investrnents 386.113 142,427 180,940) 83.895 Total 528,540 2,955 10. Independent examination The independent examinerfs remuneration amounts to an independent examiner fee of £2,505 {2023 - £2,432). 11. Flxed asset Investments Listed securitses Cost orvaluation At 1 November 2023 Additions Disposals Revaluations 5,657,580 2.645,328 12,553,764) 386,113 At 31 October 2024 6,135,257 Investments at market value comprise £6.135.257 (2023". £5.657.580) worth of listed investments. All inveslments are held in the UK wth Standard Lrfe Page15
MICHAEL CRAWFORD CHILDREN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 12. Llsted Investments at market value comprfsed: 2024 2023 Money Market Instruments {inc cashl Bonds UK Equities Overseas Equities Multi asset 261,874 3.160,823 383.232 2.218.311 111,017 528.379 2.789.254 605.183 1.630.220 104.544 6.135,257 5.657.580 13. Debtors 2024 2023 Prepayments arKI accrued income 2,220 Page 16
IAICHAEL CRAWFORD CHILDREN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 14. Credltofs: Amounts falling due withln one year 2024 2023 Acuuals 2,505 2,432 15. Surnmary offunds Broughl forward Incoming reSoUrS Expenditure Gainsl (Losses) Carried forward 5.675.403 125.228 Expendable endchvment furKI (178,431 > 528,540 6,150,740 16. Anatysls of net assets between funds Anatysjs of net assets between funds . current perlod Unrestricted funds 2024 Total fiJnds 2024 Fixed asset investments Current assets 6,135,257 17,988 (2,5051 6.135.257 17,988 (2.505) Creditors due wthin one year Total 6,150,740 6,150.740 Anatysis of net assets between funds - prior period Unrestricted funds 2023 Total fiJnds 2023 Fixed asset investrnents Current assets Creditors due wthin one year 5,657.580 20,255 (2,4321 5.657,580 20.255 {2,432) Totsl 5,675.403 S,675.403 Page 17
MICHAEL CRAWFORD CHILDREN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 17. Relatèd party transactlons Grants and donations payable include £50,000 (2023. £57,518) payable to The Sick Children's Trust, a charity of lch Mr M f.rAwft)rd CBE is Prosidont. Tre is no balan outstanding at the year end {2023.. £nill. The Trustees consider there to be no ultimate controlling paty. Page 18