## ## ## ## |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|||||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |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%| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||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| ## ## ## ## ##