2022-12-31-accounts - Lord Crewe's Charity

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Index
		Pages
Trustees'	report	2-11
Auditor's report		12 - 14
Statement	of Financial Activities	15
Balance sheet		16
Statement	ofCash Flows	17
Accounting	policies and Notes to the financial statements	18 - 31

Title			Lord Crewe's Charity
Charity Registration		Number	1155101
Registered Address			Cuthbert House
			Durham
			DH1 3RY
Trustees:							Appointed	Resigned
Nominative			By the Bishop of Durham:
			Mr James MF Fenwick				24.08.15	13.11.22
			The Venerable R G Cooper				24.02.19
			Bythe Bishop of Newcastle:
			The Venerable Dr CSourbut-Groves				18.02.22
Co-optative			Mr John H Blackett-Ord				30.06.06
			Mr John P PAnderson				19.04.03	18.02.23
			Mrs Francesca 6Trevelyan				19.01.23
			Mr William FWatson-Armstrong				21.01.23
			Mr Simon F Riddell				14.02.23
Ex-officio			Professor H RWoudhuysen,				01.09.12
			The Rector of Lincoln College, Oxford
The Clerk			Mr M W Orde
The Receiver			Mr A R Harle
Bankers			Barclays Bank pic
			6 Market Place
			Durham, DH1 3ND
Auditors			Azets Audit Services
			Statutory Auditor
			Chartered Accountant
			Bulman House
			Regent Centre
			Gosforth
			Newcastle upon Tyne	NE3 3LS
Solicitors			Womble Bond Dickinson		(UK) LLP
			One Trinity
			Broad Chare
			Newcastle upon Tyne	NE1 2HF
Investment	Managers		Rathbone Investment	Management		Limited
			8 Finsbury Circus
			London EC2M 7AZ

Asset Class	Asset Value f	Asset% of Total Assets
Fixed Income	f944,905	9.4%o
UK Equities	E4352 594	43 3%
Overseas Equities	f3 146332	313%
Alternatives	f1,125,844	11.2%
Cash	f482 505	4.8%
Total	f10,052,180	100.0%

				Note 1			2022	2021
				Unrestricted	Restricted	Endowment
			Notes	F d unds	F d unds	F d unds	Total Funds	Total Funds
				E	E	E	E	E
Income and endowments		from:
Investments			3	1,662,322			1,662,322	1,588,995
Other			4	8,982			8,982	14,194
Total income and endowments				1,671,304			1,671,304	1,603,189
Expenditure on:
Raising funds:
Investment management		costs	5	568,855	302	21,681	590,838	741,142
Charitable activities:
Payments under the Will Oxford		and to Lincoln College		146,814			146,814	161,482
Educational support of	clergy dependants			136,407			136,407	178,075
Diocese support				318,528			318,528	346,496
Clergy support				38,107			38,107	54,809
Maintenance of Library					37,249		37,249	15,147
Miscellaneous charitable		giving		1,675,592			1,675,592	244,729
Total cost ofcharitable	activities			2,315,448	37,249		2,352,697	1,000,738
Total Expenditure				2,884,303	37,551	21,681	2,943,535	1,741,880
Net gains/(losses) on investments			11a&b	(845,781)	(8,036)	1,334,327	480,510	5,551,968
Net income/(expenditure)				(2,058,780)	(45,587)	1,312,646	(791,721)	5,413,277
Transfer between funds			12	(353,039)	37,249	315,790
Net movement in funds				(2,411,819)	(8,338)	1,628,436	(791,721)	5,413,277
Reconciliation offunds:
Total fund brought forward			15 - 17	6,755,028	64,680	45,915,249	52,734,957	47,321,680
Total funds carried forward			15 - 17	4,343,209	56,342	47,543,685	51,943,236	52,734,957

Balance Sheet as at	31D	ecember 2022
				Note 1			2022	2021
			Notes	Unrestricted	Restricted	Endowment
							Total Funds	Total Funds
				Funds	Funds	Funds
				f	f	f	f	E
Fixed Assets
Investment Property			11a			42,157,719	42,157,719	39,947,874
Other Investments			11b	5,952,392	56,342	4,043,446	10,052,180	11,536,504
Total Fixed Assets				5,952,392	56,342	46,201,165	52,209,899	51,484,378
Current Assets
Debtors			13	98,341			98,341	73,218
Cash at bank and in	hand			(711,404)		1,342,520	631,116	1,491,153
Total Current Assets				(613,063)		1,342,520	729,457	1,564,371
Current Liabilities
Creditors - amounts	falling	due within one year	14	(996,120)			(996,120)	(313,792)
Net Current Assets				(1,609,183)		1,342,520	(266,663)	1,250,579
Total Assets less Current		Liabilities		4,343,209	56,342	47,543,685	51,943,236	52,734,957
Total Net Assets				4,343,209	56 342	47 543 685	51p943~236	52p734 957
The funds ofthe charity:
Endowment fund			15			47,543,685	47,543,685	45,915,249
Income funds:
Restricted funds			16		56,342		56,342	64,680
Designated funds			17	250,000			250,000	250,000
Unrestricted general funds				4,093,209			4,093,209	6,505,028
Total Charity Funds				4,343,209	56,342	47,543,685	51,943,236	52,734,957

				2022	2021
			Note	Total Funds	Total Funds
					6
Net cash used in operating	activities		19	(2,217,749)	(1,567,620)
Cash flows from investing	activities:
Dividends, interest and rents from investments				1,656,502	1,590,564
Proceeds from sale of investments				17,000	858,000
Purchase ofinvestments				(315,790)	(305,413)
Net cash provided by investing activities				1,357,712	2,143,151
Change in cash and cash equivalents		in the year		(860,037)	575,531
Cash and cash equivalents	brought	forward		1,491,153	915,622
Cash and cash equivalents	carried forward			631,116	1,491,153
Analysis ofcash and cash	equivalents
				2022	2021
				6	f
Cash at bank				631,116	1,491,153

Cash at bank
Analysis ofchanges	in net debt
Cash and cash equivalents

1January	Cash	December
2021	Flows	2022
6	6	6
1,491,153	(860,037)	631,116

							Unrestricted	Restricted	Endowment	Total Funds	Total Funds
							Funds	Funds	Funds	2022	2021
								f	f	f	f
Total income from			properties				1,337,354			1,337,354	1,265,790
Income from Listed Investments					and	deposits
Dividends	and interest			on listed	investments		324,968			324,968	323,205
Total income from			listed investments			and deposits	324,968			324,968	323,205
Total Investment		Income					1,662,322			1,662,322	1,588,995
2021							1,588,995			1,588,995
4.Other	Income
							Unrestricted	Restricted	Endowment	Total Funds	Total Funds
							Funds	Funds	Funds	2022	2021
							f	E	f	f	f
Otherlncome							8,982			8,982	14,194
							8,982			8,982	14,194
2021							14,194			14,194

				Unrestricted	Restricted	Endowment	Total Funds	Total Funds
				Funds	Funds	Funds	2022	2021
				6	6	6		6
Property costs				346,080			346,080	487,070
Travel and subsistence		related costs		1,524			1,524	35
Subscriptions				2,251			2,251	8,156
Accountancy	- property	related		922			922	868
Professional	fees - property		related	184,111			184,111	190,193
Professional	fees - other investments			33,967	302	21,681	55,950	54,820
				568,855	302	21,681	590,838	741,142
2021				719,721	294	21,127	741,142

		Unrestricted	Restricted	Total	2021		Basis of
Charitable Activities		activities	activities	activities	Total	apportionment
		E			E
Office		1,578		1,578	9,599	Cost	and usage
Communications		5,160		5,160	2,798	Cost	and usage
Printing, postage and stationery Administration salaries		1,955		1,955	955 17,305	Cost Staff	and usage time
Management Accountancy Tercentenary Libraries and	archives	24,230 8,294 35,787	5,783	24,230 8,294 35,787 5,783	8,208 7,811 25,362 5,700	Cost and usage Stafftime Cost end usage Specific
Governance	costs	20,989		20,989	10,228	Cost
		97,993	5,783	103,776	87,966

The total support cost attributable to charitable activities is apportioned	pro rata to the number of
	E
Payments under the Will and to Lincoln College Oxford Educational support of clergy dependants Diocese support Clergy support Libraries and Archives	5,444 16,751 1,466 4,607 7,249
Grants to other institutions	418
Tercentenary grants	67,841
Total charitable activities costs	103,776

Analysis ofgovernance	costs	Total Funds 2022	Total Funds 2021
		E	E
Trustees' expenses and Audit Fee current year Professional and Legal	meetings costs fees	2,159 7,000 11,830	578 5,750 3,900
		20,989	10,228

7 Analysis of	charitable	activities expenditure
			Unrestricted	Restricted	Endowment	Total Funds	Total Funds
			Funds	Funds	Funds	2022	2021
				f	f		E
Payments under the Will and to Lincoln College Oxford:
grant funded	activity		141,370			141,370	148,020
support costs	and overheads		5,444			5,444	13,462
			146,814			146,814	161,482
Educational support of		clergy dependents:
grant funded	activity		119,656			119,656	133,701
support costs	and overheads		16,751			16,751	44,374
			136,407			136,407	178,075
Diocese support
grant funded	activity		317,062			317,062	345,000
support costs	and overheads		1,466			1,466	1,496
			318,528			318,528	346,496
Clergy support:
grant funded	activity		33,500			3' 500	40,350
support costs	and overheads		4,607			4,607	14,459
			38,107			38,107	54,809
Libraries and Archives:
grant funded	activity			24,000		24,000	1,951
direct costs				6,000		6,000	6,000
support costs	and overheads			7,249		7,249	7,196
				37,249		37,249	15,147
Grants to other institutions
grant funded	activity		16,000			16,000	26,000
support costs	and overheads		418			418	1,993
			16,418			16,418	27,993
Tercentenary Grants
grant funded activity			1,591,333			1,591,333	211,750
support costs	and overheads		67,841			67,841	4,986
			1,659,174			1,659,174	216,736
Total costs ofcharitable		activities	2,315,448	37,249		2,352,697	1,000,738
2021			985,591	15,147		1,000,738

			2022	2021
			E	E
Salaries				16,173
Pension	to	employees		1132
				17,305

			Unrestricted	Restricted	Endowment	TotalFunds
			Funds	Funds	Funds
Income and endowments		from:
Donations and Legacies
Investments			1,588,995			1,588,995
Other			14,194			14,194
Total income and endowments			1,603,189			1,603,189
Expenditure on:
Raising funds:
Investment management		costs	719,721	294	21,127	741,142
Charitable activities:
Payments under the Will		and to Lincoln College Oxford	161,482			161,482
Educational support ofclergy dependents			178,075			178a075
Diocese support			346,496			346,496
Clergy support			54,809			54,809
Maintenance of Library				15,147		15,147
Miscellaneous charitable		giving	244,729			244,729
Total cost ofcharitable	activities		985,591	15,147		1,000,738
Total Expenditure			1,705,312	15,441	21,127	1,741a880
Net gains on investments			649,571	6,171	4,896,226	5,551,968
Net income/(expenditure)			547,448	(9,270)	4,875,099	5,413,277
Transfer between funds			(320,560)	15,147	305,413
Net movement in funds			226,888	5,877	5,180,512	5,413,277
Reconciliation offunds:
Total fund brought forward			6,528,140	58,803	40,734,737	47,321a680
Total funds carried forward			6,755,028	64,680	45,915,249	52,734,957

11a. Unquoted Invest		e	nts - Inve	stmen	t property
						Unrestricted	Restricted	Endowment	Total Funds	TotalFunds
						Funds	Funds	Funds	2022		2021
								f	f		f
Valuation as at 1January			2022					39,947,874	39,947,874	36,047,114
Additions								315,790	315,790		305,413
Proceeds from disposals								(17,000)	(17,000)		(858,000)
Net increase on disposals			and revaluations					1,911,055	1,911,055		4,453,347
Valuation as at 31December 2022								42,157,719	42,157,719	39,947,874
Cost as at 31December		2022						3919707	3g919p707		3 603917
An informal valuation	of		the properties		was carried out by Savills as at 31December			2022 and the	property valuations		included
in the accounts as at this			date. Properties were valued at Open Market Value.
11b. Quoted Investments
						Unrestricted	Restricted	Endowment	TotalFunds	Total Funds
						Funds	Funds	Funds	2022		2021
						f	E	E	f		f
Investments at market		value 1January 2022				6,829,969	64,680	4,641,855	11,536,504	10,490,291
Management fees						(31,796)	(302)	(21,681)	(53,779)		(52,408)
Investment gains/(losses)		on disposals		and revaluations		(845,781)	(8,036)	(576,728)	(1g430p 545)		1,098,621
Investments at market		value 31December 2022				5,952,392	56,342	4,043,446	10,052,180	11,536,504
Cost as at 31December		2022				5 232 963	49721	3568293	gp850p977		8962461
Analysis ofinvestments		at market		value
						Unrestricted	Restricted	Endowment	Total Funds	TotalFunds
						Funds	Funds	Funds	2022		2021
							f	f	f		f
Quoted Investments						5,952,392	56,342	4,043,446	10,052,180	11,536,504
						Sp952 392	56 342	4 043p446	10~052~180	11(536)504

				Total Funds	TotalFunds
				2022	2021
				E	E
Prepayments				7,030	3,847
Accrued	income			48,595	49,062
Amounts	due from tenants			42,716	20,309
All debtors relate to Unrestricted			Funds.	98,341	73,218
14. Creditors - Amounts		falling due within one year
				Total Funds	TotalFunds
				2022	2021
				E	E
Accruals	and sundry creditors			816,191	140,855
Trade creditors				44,430	17,051
Payroll taxes and Value		Added Tax		4,365	27,216
Amounts	prepaid by Tenants				6,818
Deferred	Income			67,765	55,066
Tenants'	bonds			63,369	66,786
All creditors relate to Unrestricted			Funds.	996120	313792
14a.Deferred Income
				Total Funds	Total Funds
				2022	2021
				E	E
Deferred	Income b/fwd			55,066	54,390
Deferred	in the year			67,765	55,066
Released	in the year			(55,066)	(54,390)
Deferred	Income c/fwd			67,765	55,066

15. End	owment Fund
		Balance as	Amounts	Gains /		Balance as at
		at 1January	Expended	(Losses) on investments	Transfers	31December
		2022				2022
		E				6
Personal	Estate	45,915,249	(21,681)	1,334,327	315,790	47,543,685
		Balance as	Amounts	Gains /		Balance as at
		at 1January	Expended	(Losses) on investments	Transfers	31December
		2021				2021
		6				6
Personal	Estate	40,734,737	(21,127)	4,896,226	305,413	45,915,249

16. Rest	ricted Funds
		Balance as at 1January	Incoming Restricted funds	Outgoing Restricted funds	Gains / (Losses) on investments	Transfers	Balance as at 31December
		2022					2022
		E					E
Libraries	&Archives Trust Fund:
Personal	Estate Account	29,128					29,128
Revenue	Account	35,552		(37,551)	(8,036)	37,249	27,214
		64,680		(37,551)	(8,036)	37,249	56p342
		Balance as at 1January	Incoming Restricted funds	Outgoing Restricted funds	Gains / (Losses) on investments	Transfers	Balance as at 31December
		2021					2021
		6					6
Libraries	&Archives Trust Fund;
Personal	Estate Account	29,128					29,128
Revenue	Account	29,675		(15,441)	6,171	15,147	35,552
		58,803		(15,441)	6,171	15,147	64,680

									Balance as at 1January	Balance as at 1January	Designations from Revenue	Designations from Revenue	Expenditure movements	Expenditure movements	Gains/ (Losses) on investments		Transfers	Balance as at 31December
										2022								2022
										6								6
Extraordinary		Repair			Fund					250,000								250,000
										250,000								250,000
									Balance as at 1January		Designations from Revenue		Expenditure movements		Gains / (Losses) on investments		Transfers	Balance as at 31December
										2021								2021
										6								f
Extraordinary		Repair			Fund					250,000								250,000
										250,000								250,000
The Trustees		have		been		directed		by the	Charity Commissioners by an Order dated						30 November	1992that the		Extraordinary
Repair Fund		shall	be		maintained			by transfer		to it, out ofthe		Charity's	income, of such annual sum			sufficient for the purposes of
the Fund	which			is	to	provide		for extraordinary repairs,				improvements or rebuilding of property					of the	Charity. The
Extraordinary		Repair			Fund		can be expended			on Permanent		Endowment		property	in almost any	way.	The expenditure could
include adding			extensions				to existing		buildings. The		fund	was reclassified as a designated				fund	during the	year ended
31December		2005.
18. Summary		of	Funds
										Funds								Funds
								Note		brought forward	Incoming resources		Expenditure		Transfers		Gains / (losses)	carried forward
										1January								31December
										2022								2022
										6								6
Unrestricted		funds
General										6,505,028	1,671,304			(2,884,303)	(353,039)	(845,781)		4,093,209
Designated								17		250,000								250,000
										6,755,028	1,671,304			(2,884,303)	(353,039)	(845,781)		4,343,209
Restricted funds								16		64,680				(37,551)	37,249		(8,036)	56,342
Endowment		funds						15	45,915,249					(21,681)	315,790	1,334,327		47,543,685
Total funds									52,734,957		1,671,304			(2,943,535)			480 510	51p943~236

18. Summary of Funds -continu	ed
				Funds brought forward	Incoming resources		Expenditure		Transfers	Gains/ (losses)	Funds carried forward
			1)anuary							31	December
				2021							2021
				E
Unrestricted funds General Designated			6,278,140 250,000 6,528,140		1,603,189 1,603,189		(1,705,312) (1,705,312)		(320,560) (320,560)	649,571 649,571	6,505,028 250,000 6,755,028
Restricted funds Endowment funds			58,803 40,734,737				(15,441) (21,127)		15,147 305,413	6,171 4,896,226	64,680 45,915,249
Total funds			47,321,680		1,603,189		(1,741,880)			5,551,968	52,734,957
19.Reconciliation ofnet income/(expenditure)				to net cash		flow from	operating	activities
										2022	2021
										6	E
Net income										(791,721)	5,413,277
Adjustments for: Other investments management	charges									53,779	52,408
(Gains) / Losses on investments Dividends, interest and rents from investments Decrease/(increase) in debtors Increase/(decrease) in creditors										(480,510) (1,671,304) (10,321) 682,328	(5,551,968) (1,603,189) 25,921 95,931
Net cash used in operating acivities										(2,217,749)	(1,567,620)
20. Financial commitments
Financial commitments entered	into at the		end ofthe financial year were as follows:							2022	2021
										6	E
Contracted for but not provided	for in the		accounts - yet to be supplied				by Savills			90,559	287,562
21. Grant Commitments
Grants awarded for payment in subsequent years, subject to be met, therefore are not included in year end liabilities.						to certain conditions that are required				2022	2021
										6	E
Education Grants awarded for	payment	in	March 2023							58,670	58,793
Fuel Support Grants awarded for payment			in	2023						115,500
Tercentenary Grants awarded for payment in Durham Diocese - Hartlepool Project Durham Diocese - Jarrow Debt Advice Project				2023 and 2024:						49,175 42,000
Newcastle Diocese - Youth & Children's		Work		Project						200'000
										465,345	58,793