2023-12-31-accounts - Lord Crewe's Charity

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

Index
	Pages
Trustees' report	2-11
Auditor's report	12 - 14
Statement of Financial Activities	15
Balance sheet	16
Statement of Cash 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				Bythe Bishop ofDurham:
				The Venerable R G Cooper				24.02.19
				Bythe Bishop ofNewcastle:
				The Venerable Dr C A	Sourbut-Groves			18.02.22
Co-optative				Mr John H Blackett-Ord				30.06.06	28.07.23
				Mr John P P Anderson				19.04.03	18.02.23
				Mrs Francesca 6 Trevelyan				19.01.23
				Mr William F Watson-Armstrong				21.01.23
				Mr Simon F Riddell				14.02.23
				Mr Robert TdeP Hunter				04.0S.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
				6Market Place
				Durham, DH13ND
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

==> picture [286 x 96] intentionally omitted <==

==> picture [372 x 92] intentionally omitted <==

Asset Class	Asset Value f	Asset %of Total Assets
Fixed Income	f1,209,862	12.9%
UK Equities	f3,160,648	33.7%
Overseas Equities	f3,470,148	37.0%
Alternatives	f984 772	10.5%
Cash	f553,348	5.9%
Total	f9,378,778	100.0%

==> picture [201 x 10] intentionally omitted <==

==> picture [128 x 34] intentionally omitted <==

				Note 1				2023	2022
				Unrestricted	Restricted		Endowment
			Notes	F d unds	F d unds		F d unds	Total Funds	Total Funds
				E		6
Income and endowments		from:
Investments			3	1,841,943				1,841,943	1,662,322
Other			4	28,494				28,494	8,982
Total income and endowments				1,870,437				1,870,437	1,671,304
Expenditure on:
Raising funds:
Investment management		costs	5	696,685		319	22,883	719,887	590,838
Charitable activities:
Payments under the Will Oxford		and to Lincoln College		160,961				160,961	146,814
Educational support ofclergy dependants				125,774				125,774	136,407
Diocese support				351,413				351,413	318,528
Clergy support				73,784				73,784	38,107
Maintenance of Library					43,458			43,458	37,249
Miscellaneous charitable		giving		302,259				302,259	1,675,592
Total cost ofcharitable	activities			1,014,191	43,458			1,057,649	2,352,697
Total Expenditure				1,710,876	43,777		22,883	1p777,536	2,943,535
Net gains/(losses) on investments			10a&b	32,809		328	2,334,945	2,368,082	480,510
Net income/(expenditure)				192,370	(43,449)		2,312,062	2,460,983	(791,721)
Transfer between funds				(64,616)	43,458		21,158
Net movement in funds				127,754		9	2,333,220	2p460,983	(791,721)
Reconciliation offunds:
Total fund brought forward			14 - 16	4,343,209	56,342		47,543,685	51,943,236	52,734,957
Total funds carried forward			14 - 16	4,470,963	56,351		49,876,905	54,404,219	51,943,236

Balance Sheet as	at	31De	cember 2023
					Note 1			2023	2022
				Notes	Unrestricted	Restricted	Endowment
					Funds	Funds	Funds	Total Funds	Total Funds
Fixed Assets
Investment Property				10a			43,857,738	43,857,738	42,157,719
Other Investments				10b	5,953,317	56,351	3,369,110	9,378,778	10,052,180
Total Fixed Assets					5,953,317	56,351	47,226,848	53,236,516	52,209,899
Current Assets
Debtors				12	58,008			58,008	98,341
Cash at bank and	in	hand			(996,023)		2,650,057	1,654,034	631,116
Total Current Assets					(938,015)		2,650,057	1,712,042	729,457
Current Liabilities
Creditors - amounts		falling	due within one year	13	(544,339)			(544,339)	(996,120)
Net Current Assets					(1,482,354)		2,650,057	1,167,703	(266,663)
Total Assets less Current			Liabilities		4,470,963	56351	49876 905	54p404p219	51943236
Total Net Assets					4,470,963	56,351	49,876,905	54,404,219	51,943,236
The funds ofthe charity:
Endowment fund				14			49,876,905	49,876,905	47,543,685
Income funds:
Restricted funds				15		56,351		56,351	56,342
Designated funds				16	250,000			250,000	250,000
Unrestricted general funds					4,220,963			4,220,963	4,093,209
Total Charity Funds					4,470,963	56,351	49,876,905	54,404,219	51,943,236

					2023	2022
				Note	Total Funds	Total Funds
					f	6
Net cash used in operating		activities		18	(2,118,965)	(2,217,749)
Cash flows from investing		activities:
Dividends, interest	and rents from investments				1,855,504	1,656,502
Proceeds from sale	of investments				1,307,537	17,000
Purchase of investments					(21,158)	(315,790)
Net cash provided	by investing activities				3,141,883	1,357,712
Change in cash and	cash equivalents		in the year		1,022,918	(860,037)
Cash and cash equivalents		brought forward			631,116	1,491,153
Cash and cash equivalents		carried forward			1,654,034	631,116
Analysis ofcash and cash		equivalents
					2023	2022
					6	E
Cash at bank					1,654,034	631,116
Analysis ofchanges	in net	debt
				1January	Cash	31December
				2022	Flows	2023
				f		6
Cash and cash equivalents				631,116	1,022,918	1,654,034

						Unrestricted	Restricted	Endowment	Total Funds	Total	Funds
						Funds	Funds	Funds	2023		2022
							f	f	f		f
Total income from properties						1,499,068			1,499,068	1,337,354
Income from Listed Investments				and	deposits
Dividends	and interest		on listed	investments		342,875			342p875	324,968
Total income from listed investments					and deposits	342,875			342,875	324,968
Total Investment		income				1,841,943			1,841,943	1,662,322
2022						1,662,322			1,662,322
4.Other	Income
						Unrestricted	Restricted	Endowment	Total Funds	Tota	I Funds
						Funds	Funds	Funds	2023		2022
									f		f
Other Income						28,494			28,494		8,982
						28,494			28,494		8,982
2022						8,982			8,982

				Unrestricted	Restricted	Endowment	Total Funds	Total Funds
				Funds	Funds	Funds	2023	2022
				f	f	f	f	f
Property costs				424,768			424,768	346,080
Travel and subsistence		related costs		1,003			1,003	1,524
Subscriptions				4,100			4,100	2,251
Accountancy	-property	related		680			680	922
Professional	fees - property		related	232,650			232,650	184,111
Professional	fees - other investments			33,484	319	22,883	56,686	55,950
				696,685	319	22,883	719,887	590,838
2022				568,855	302	21,681	590,838

		Unrestricted	Restricted	Total	2022	Basis of
Charitable Activities		activities	activities	activities	Total	aPPortionment
				f
Office		561		561	1,578	Cost and usage Staff
Communications		30,562		30,562	5,160	Costandusage
Printing, postage and stationery		1,465		1,465	1,955	Cost and usage
Management		26,351		26,351	24,230	costand usage
Accountancy		6,124		6,124	8,294	tim
Tercentenary		334		334	35,787	cost and usage
Libraries and	archives		6,422	6,422	5,783	Specific
Governance	costs	16,718		16,718	20,989
		82,115	6,422	88,537	103,776

The total suppor	t cost attributable to charitable activities is apportioned	pro rara to the number o
		f
Payments under	the Will and to Lincoln College Oxford	4,591
Educational support of clergy dependants		14,657
Diocese support		1,413
Clergy support		6r534
Libraries and Archives		7,658
Grants to other	institutions	1,413
Tercentenary grants		52,271
Total charitable	activities costs	88,537

Analysis of	governance	costs	Total Funds	TotalFunds
			2023	2022
			f	f
Trustees' expenses and		meetings costs	2,299	2,159
Audit Fee current year			10,500	7,000
Professional	and Legal	fees	3,919	11,830
			16,718	20,989

7 Analysis ofc	haritable	activities expenditure
			Unrestricted	Restricted	Endowment	Total Funds	Total Funds
			Funds	Funds	Funds	2023	2022
				6	6	6
Payments under the Will and to Lincoln College Oxford:
grant funded	activity		156,370			156,370	141,370
support costs	and overheads		4,591			4,591	5,444
			160,961			160,961	146,814
Educational support of		clergy dependants:
grant funded	activity		111,117			111,117	119,656
support costs	and overheads		14,657			14,657	16,751
			125,774			125,774	136,407
Diocese support
grant funded	activity		350,000			350,000	317,062
support costs	and overheads		1,413			1,413	1,466
			351,413			351,413	318,528
Clergy support:
grant funded	activity		67,250			67,250	33,500
support costs	and overheads		6,534			6,534	4,607
			73,784			73,784	38,107
Libraries and Archives:
grant funded	activity			28,000		28,000	24,000
dil'ect costs				7,800		7,800	6,000
support costs	and overheads			7,658		7,658	7,249
				43,458		43,458	37,249
Grants to other institutions
grant funded	activity		37,200			37,200	16,000
support costs	and overheads		1,413			1,413	418
			38,613			38,613	16,418
Tercentenary Grants
grant funded	activity		211,375			211,375	1,591,333
support costs	and overheads		52,271			52,271	67,841
			263,646			263,646	1,659,174
Total costs ofcharitable		activities	1,014,191	43,458		1,057,649	2,352,697
2022			2,315,448	37,249		2,352,697

		Unrestricted	Restricted	Endowment
		Funds	Funds	Funds	Total Funds
			f	f	6
Income and endowments	from:
Donations and Legacies
Investments		1,662,322			1,662,322
Other		8,982			8,982
Total income and endowments		1,671,304			1p671,304
Expenditure on:
Raising funds:
Investment management	costs	568,855	302	21,681	590,838
Charitable activities:
Payments under the Will	and to Lincoln College Oxford	146,814			146,814
Educational support ofclergy dependants		136,407			136,407
Diocese support		318,528			318,528
Clergy support		38,107			38,107
Maintenance of Library			37,249		37,249
Miscellaneous charitable	giving	1,675,592			1,675,592
Total cost ofcharitable activities		2,315,448	37,249		2,352,697
Total Expenditure		2,884,303	37,551	21,681	2,943,535
Net gains on investments		(845,781)	(8,036)	1,334,327	480,510
Net income/(expenditure)		(2,058,780)	(45,587)	1,312,646	(791,721)
Transfer between funds		(353,039)	37,249	315,790
Net movement in funds		(2,411,819)	(8,338)	1,628,436	(791,721)
Reconciliation offunds:
Total fund brought forward		6,755,028	64,680	45,915,249	52,734,957
Total funds carried forward		4,343,209	56,342	47,543,685	51,943,236

							Unrestricted	Restricted	Endowment	Total Funds	Total Funds
							Funds	Funds	Funds	2023	2022
								f	E	f	f
Valuation as	at 1January			2023					42,157,719	42,157,719	39,947,874
Additions									21,158	21,158	315,790
Proceeds from disposals									(632,537)	(632,537)	(17,000)
Net increase	on disposals			and revaluations					2,311,398	2,311,398	1,911,055
Valuation as	at 31December 2023								43,857,738	43p857p738	42,157,719
Cost as at 31December			2023						3 940865	3p940p865	3919707
An informal	valuation	of		the properties		was carried out by Savills as at		31December	2023 and the	property valuations included
in the accounts as at this				date. Properties were valued at Open Market				Value.
10b. Quoted	Investments
							Unrestricted	Restricted	Endowment	Total Funds	Total Funds
							Funds	Funds	Funds	2023	2022
							f	f	f	f	f
Investments	at market		value 1January 2023				5,952,392	56,342	4,043,446	10,052,180	11,536,504
Cash withdrawn									(675,000)	(675,000)
Management	fees						(31,884)	(319)	(22,883)	(55,086)	(53,779)
Investment gains/(losses)			on disposals		and revaluations		32,809	328	23,547	56,684	(1,430,545)
Investments	at market		value 31December 2023				5,953,317	56,351	3,369,110	9,378,778	10,052,180
Cost as at 31December			2023				4824 258	48 245	3462 324	gp334p827	8850977
Analysis ofinvestments				at market	value
							Unrestricted	Restricted	Endowment	Total Funds	Total Funds
							Funds	Funds	Funds	2023	2022
Quoted Investments							5,953,317	56,351	3,369,110	9,378,778	10,052,180
							5,953,317	56,351	3,369,110	9,378,778	10,052,180

					TotalFunds	Total Funds
					2023	2022
					E	E
Prepayments					3,420	7,030
Accrued	income				46,114	48,595
Amounts	due from tenants				8,474	42,716
All debtors relate to		Unrestricted		Funds.	58,008	98,341
13. Creditors - Amounts			falling due within one year
					Total Funds	Total Funds
					2023	2022
					f	f
Accruals	and sundry	creditors			361,084	816,191
Trade creditors					23,363	44,430
Payroll taxes and Value			Added Tax		22,976	4,365
Deferred	Income				72,035	67,765
Tenants'	bonds				64,881	63,369
All creditors relate to Unrestricted				Funds.	544,339	996,120
13a.Deferred Income
					Total Funds	Total Funds
					2023	2022
					f	f
Deferred	Income b/fwd				67,765	55,066
Deferred	in the year				72,035	67,765
Released	in the year				(67,765)	(55,066)
Deferred	Income c/fwd				72,035	67,765

14. End	owment Fund
		Balance as	Amounts	Gains /		Balance as at
		at 1January	Expended	(Losses) on investments	Transfers	31December
		2023				2023
		f			f	E
Personal	Estate	47,543,685	(22,883)	2,334,945	21,158	49,876,905
		Balance as	Amounts	Gains/		Balance as at
		at 1January	Expended	(Losses) on investments	Transfers	31December
		2022				2022
		E				E
Personal	Estate	45,915,249	(21,681)	1,334,327	315,790	47,543,685

15. Rest	ricted Funds
		Balance as		Incoming	Outgoing	Gains/		Balance as at
		at	1January	Restricted funds	Restricted funds	(Losses) on investments	Transfers	31December
			2023					2023
			f					E
Libraries	&Archives Trust Fund:
Personal	Estate Account		29,128					29,128
Revenue	Account		27,214		(43,777)	328	43,458	27,223
			56,342		(43,777)	328	43,458	56,351
		Balance as		Incoming	Outgoing	Gains/		Balance as at
		at	1January	Restricted funds	Restricted funds	(Losses) on investments	Transfers	31December
			2022					2022
			E					f
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	56,342

										Balance as at 1January	Balance as at 1January	Designations from Revenue	Designations from Revenue	Expenditure movements	Expenditure movements		Gains/ (Losses) on investments		Transfers	Transfers	Transfers	Balance as at 31December	Balance as at 31December
											2023												2023
											f												f
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
											2022												2022
											E												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	1992		that	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 reclassiged as			a	designated	fund	during		the		year ended
31December		2005.
17. Summary		of	Funds
											Funds												Funds
									Note		brought forward	Incoming resources		Expenditure			Transfers			Gains / (losses)			carried forward
											1January											31December
											2023												2023
													f			f							f
Unrestricted		funds
General											4,093,209	1,870,437			(1,710,876)		(64,616)			32,809			4,220,963
Designated									16		250,000												250,000
											4,343,209	1,870,437			(1,710,876)		(64,616)			32,809			4,470,963
Restricted	funds								15		56,342				(43,777)		43,458				328		56,351
Endowment		funds							14	47,543,685					(22,883)		21,158		2,334,945				49,876,905
Total funds										51,943,236		1,870,437			(1,777,536)				2,368,082				54,404,219

								Funds brought forward	Incoming resources	Expenditure	Expenditure	Transfers	Gains/ (losses)	Funds carried forward
								1January						31December
								2022						2022
								f	f		f	E		f
Unrestricted funds
General								6,505,028	1,671,304	(2,884,303)		(353,039)	(845,781)	4,093,209
Designated								250,000						250,000
								6,755,028	1,671,304	(2,884,303)		(353,039)	(845,781)	4,343,209
Restricted funds								64,680		(37,551)		37,249	(8,036)	56,342
Endowment funds							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	51,943,236
18.Reconciliation	ofnet income/(expenditure)							to net cash flow from		operating	activities
													2023	2022
														f
Net income													2p460p983	(791,721)
Adjustments for:
Other investments	management			charges									55,086	53,779
(Gains) / Losses on	investments												(2,368,082)	(480,510)
Dividends, interest	and rents	from investments											(1,870,437)	(1,671,304)
Decrease/(increase)	in debtors												55,266	(10,321)
Increase/(decrease)	in creditors												(451,781)	682,328
Net cash used in operating acivities													(2,118,965)	(2,217,749)
19. Financial commitments
Financial commitments entered				into at the			end ofthe financial year were as follows:						2023	2022
													f	f
Contracted for but	not provided			for in	the		accounts						79,245	90,599
20. Grant Commitments
Grants awarded for payment		in subsequent					years, subject to certain conditions that are required
to be met, therefore are not		included			in	year		end liabilities.					2023	2022
													f	f
Education Grants awarded for			payment			in	January and May 2024						107,016	58,670
Fuel Support Grants awarded		for payment					in	2023						115,500
Tercentenary Grants awarded			for payment				in	2023 and 2024:
Durham Diocese -	Nartlepool	Project											49,175	49,175
Durham Diocese -	Jarrow Debt			Advice	Project								42,000	42,000
Newcastle Diocese	—Youth &	Children's			Work			Project					100,000	200,000
													298,191	465,345