Registered Charity Number: 1155101 

## LORD CREWE’S CHARITY 

## Financial Statements 

For The Year Ended 31 December 2024 



LORD CREWE'S CHARITY 

## Financial Statements For The Year Ended 31 December 2024 

|Index||
|---|---|
||Pages|
|Trustees’ report|2-10|
|Auditor's report|11-13|
|Statement of Financial Activities|14|
|Balance sheet|15|
|Statement of Cash Flows|16|
|AccountingpoliciesandNotestothefinancialstatements|17-29|





## LORD CREWE'S CHARITY TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 

The Trustees present their annual report and audited financial statements of Lord Crewe's Charity (the Charity) for the year ended 31 December 2024. The Trustees confirm that the annual report and financial statements of the Charity have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS102) effective 1 January 2019. 

## Structure, governance and management 

## a. Constitution 

Lord Crewe’s Charity (Charity No. 1155101) is governed by its constitution as a Charitable Incorporated Organisation. 

A linked Charity, Lord Crewe’s Library and Archives Trust (Charity No. 1155101-3), owns the libraries and archives collections currently held at Durham Cathedral, Durham University, the North East Religious Learning Resource Centre, and Northumberland Archives. This is governed by its Deed of Trust dated 31 December 2013. On 1 January 2014 the assets of the Reverend John Sharp's Library (Charity number 230347-2) were transferred to the new Charitable Incorporated Organisation for it to continue to act as Corporate Trustee for those assets. The Charities Commission directed that the Lord Crewe’s Library and Archives Trust (charity number 1155101-3) shall be treated as forming part of Lord Crewe's Charity (charity number 1155101) for the purposes of Part 4 (registration) and Part 8 (accounting) of the Charities Act 2011. 

## b. Method of appointment or election of Trustees 

The management of the Charity is the responsibility of the Trustees who are appointed under the terms of the Charitable Incorporated Organisation's constitution. 

The constitution provides that there shall be a minimum of five and a maximum of nine Trustees, including one ex-officio, two nominative and up to six co-optative. Of the nominative Trustees, one is nominated by the Bishop of Durham and one by the Bishop of Newcastle. The ex-officio trustee is the Rector of Lincoln College Oxford. The co-optative trustees are selected having regard to the skills, knowledge and experience needed for the effective administration of the CIO. 

## c. Policies adopted for the induction and training of Trustees 

Induction of new Trustees is provided by the Clerk and Chair, with technical induction also provided by the Charity's legal advisors and the Estate Manager. Trustees are familiar with charity law through their service on trustee boards of other charities and through information provided by the Charity Commission. Training, briefing and updating sessions are provided as required. The Clerk circulates relevant information received from the Charity Commission and other sources to the Trustees. 

## d. Organisational structure and decision making 

The Trustees elect a chair and vice-chair annually at the first meeting of the year. All business is formally presented, discussed and, when needed, voted on, each trustee having one vote and the chair a casting vote if required. 

The Trustees have delegated the administration of the Charity to the Clerk and the management of the estates to the Estate Manager, Savills. 

Both the Clerk and Estate Manager are in frequent contact with the chair or vice-chair, or with the Trustees when appropriate. The board meets and discusses business formally at least four times a year, and a Property Sub-committee meets quarterly to give more detailed attention to property management. 

The Charity is linked to the Lord Crewe's Library and Archives Trust (Charity number 1155101-3) and is unconnected with any other Charity. 

Page | 2 



## LORD CREWE'S CHARITY TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 

## e. Key management personnel remuneration 

The Trustees consider the Board of Trustees and the Clerk as comprising the key management personnel of the Charity in charge of directing and controlling the Charity and running and operating the Charity on a day to day basis. All Trustees give their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in note 9 to the accounts. 

Trustees are required to disclose all relevant interests and register them with the Clerk and in accordance with the Charity’s policy withdraw from decisions where a conflict of interest arises. 

The Clerk is contracted to work for the Charity in accordance with terms of business agreed in 2022, and during the year charged £26,160 (2023: £26,351) for services provided. 

## Reference and administrative details 

|Charity Registration Number|1155101|||
|---|---|---|---|
|Registered Address|Cuthbert House, Durham, DH1 3RY|||
|Trustees:||Appointed|Resigned|
|Nominative|BytheBishopofDurham:|||
||The Venerable R G Cooper (Chair)|24.02.19|31.12.24|
||The Venerable E M Wilkinson|01.01.25||
||By the Bishop ofNewcastle:|||
||The Venerable Dr C A Sourbut-Groves|18.02.22||
|Co-optative|Mrs Francesca E Trevelyan|19.01.23||
||Mr William F Watson-Armstrong|21.01.23||
||MrSimonF Riddell (Vice-Chair)|14.02.23||
||Mr Robert T deP Hunter|04.05.23||
||Mr Paul G Chandler (Chair)|24.02.25||
|Ex-officio|Professor H RWoudhuysen,|01.09.12|31.08.24|
||The Rector of Lincoln College, Oxford|||
||Mr Nigel R Clifford|01.09.24||
||The Rector of Lincoln College, Oxford|||
|The Clerk|Mr MW Orde|||
|Estate Manager|Savills|||
|Bankers|Barclays Bank plc,<br>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|Sarasin & Partners|||
||JuxonHouse,100St.Paul'sChurchyard,|London,EC4M8BU||



Page | 3 



LORO CREWE'S CHARITY
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Objectives and octivities
a. Policies and objectives
The principal objects of the Charity, after meeting the costs of managing itself and its properties, and payin8 a number of
annual sums specified in the Trust Deed Itotalling £18,320 in 20241, are,.
l. The advancement of Christian religion by..
lal augmenting the stipends of necesSItOUs cler8y and their dependents in the Dioceses of Durham and Newcastle,
particula rly for the education of their children, and assisting them in other charitable demonstrable need,. and
Ibl the repaSr or construction of churches, chancels and par50nages in an ecclesiastical parish in which the Charity owns land
or to which the Charity has the right of presentation to the benefice; and
Icl providing financial support to Anglican clergy of various ecclesiastical parishes as determined by the Trustees from time
to time for religious education within those parishes.
2. The relief of poverty by providing financial and other forms of charitable relief for the general benefit of the inhabitants of
the Dioceses of Durham and Newcastle, giving preference to people and groups resident in parishes where the Charity owns
land or has the right of presentation to the benefice.
3. The advancement of education by:
lal providing financial 5ub5idies to universlty students at Lincoln Colle8e at the University of Oxford, or for any other
charitable purposes connected with Lincoln College,. and
Ibl providing other financial subsidies to educational institutions. whether in the ecclesiastical parish in which the Charity
owns land or has the right of presentation to the benefice or otherwise, specifically including the City of Durham,
4. The relief of sickness (including physical, mental, emotional and spiritU311 by providing such assistance (financial and
otherwise) to such beneficiaries resident in the Dioceses of Durham and Newcastle as the Trijstees shall from lime to time
decide.
5. Other charitable purposes which the Trustees shall from time to time determine for the benefit of residents of the
ecclesiastical parishes in which the Charity owns land or to which the Charity has the right of presentation to the benefice.
The Trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the
Charity's aims and objectives, in planning future aclivities and setting the grant making policy for the year.
The Charity also furthers its charitable purposes for the public benefit by contiibuting to the running costs of the Sharp
Libraries of modern theology for the benefit of clergy, readers and University students in Durham and Newcastle, but also
open to all with a genuine interest, and by conserving and interpreting the Bamburgh Library of rare books, music and its
arch ives. This is achieved through the associated charity The Lord Crewe's Librarie5 and Archives Trust, Registered Charity
no. 1155101-3.
b. Strategles for achlevlng oblectlves
The principal beneficiaries of grant aid are the stipendiary clergy of the two Dioceses and their dependants. The Trustees are
conscious of the financial pressLJres facing many of them. Financial assistance with the costs incurred whilst educating their
dependents (from the primary stage through to higher education), Chair's grants to address individual cases of hardship, and
resettlement grants assisting with costs of moving from clergy housing on retirement are three examples of practical means
of easing these difficulties.
Pagel 4

LORD CREWE'S CHARITY
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Whereas the maintenance and proper management and development of its estates and properties remains a key priority,
any surplus arising in the estate revenue account and tho annu31 distribution arising from its financial investments operating
on a total return basis, enables the Trustees to further ihe Charity's aims by the making of grants.
¢. Activitie5 lor achleving oblectlves
In 2023 the Trustees agreed a further three year programme for clergy support through the Dioceses12024 - 20261 and for
four further academic years for Lincoln College1202314 to 2026171.
Significant activities during the year which form the bulk of what 15 reported in the Statement of Financial Activities were.,
The on-going managemenl of the Charity'5 estates and properties, including routine repairs to maintain capital values
and income levels, significant refurbishments or improvements usually resulting in increased income, and from time to
time malor projects significantly uplifting capital values and income as a result of substantial investment in a property.
The making of grants, particularly to clergy and their families in the dioceses of Durham and Newcastle, and also to other
eligible beneficiaries.
The Charity owns the contents of the Sharp Libraries in Durham and Newcastle and makes them available to all clergy,
ordinands and readers in the two dioceses, as well as to University students. The Charity also owns the Bamburgh Librarv
Iprintecs books collection from 17th Century onwards), held by the Ourham Universlty Library Special Colleclions, and the
Bamburgh Music Library held by Durham Cathedral Library.
The Charity continues to review its systems, parily in the light of recommendations from successive audits, and a150 to
achieve greater administrative efficlencv.
Achlevements and performance
In 2024 the Charity supported individual members of the clergy in the Dioceses of Durham and Newcastle by making.,
148 educational grant5 totalling £163,903 to members of the clergy in support of the education of their chlldren. (These
grants related lo two educational years second and final instalments of 8rants for 2023-24 and in5talments for granls
for the first term of 2024-251.
32 grants totalling £41,200 to members of the clergy to asslst with specific instances of hardship and the birth of a child
and 13 grants totallin8 £39,000 to as5ISt clergy moving out of church housin8 on retirement.
In 2024 the Charity provided £141,400 to Lincoln College for charitable purposes comprising support for Undergraduates and
Postgraduates and support for Junior Research Fellow in Music and for improving access lo the College.
The Charity also made a grant lotalling £172,000 to the Diocese of Newcastle for a package of approved projects to support
clergy through services includinE pastoral care and counsellinE, mentoring, continuing ministerial development, and support
for engagement in parishes in areas of high deprivation.
A grant of £260,000 was made to Durham Diocese for the Bridge Project, aSSlSting congregations to work with their parish
community and together seek its wellbeing, and for pastoral care a nd counselling to SUPPOrt clergy wellbeing.
Grants to other organisations included £7,000 to the Seahouses Youth Project, £15,000 to Seahouses Hostel, £15,000 to
Bamburgh St. Aidan's for kitchen and WC installation, £5,000 to the Farne5 Outreach Project, £1,000 to the Blanchland Show
and £15,000 to All Saints Mu88leswick for the development of Champing.
Page | 5

LORD CREWE'S CHARITY
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees awarded a range of grants totallin£ £365,362 to reflect the fact that 2021 was the tercentenary year of the
Charity including £IOO,000 to Newcastle Diocese for a youth and children's project, £49,175 for the Hartlepool Project,
£42,000 for the Jarrow Debt Project and £174,187 to Lincoln College for boiler replacement.
Sarasin & Partners were appointed during the year to act as the Charity's Investment Managers.
Savills continue as the Charity'5 Estate Manager.
There were no significant positive or negative factors affecting the achievement of objectives in 2024 compared to 2023 or
affecting future plans for 2025 and beyond. The financial base of the Charity through its endowment and the management
of the estates by Savills and the investment portfolio by Sarasin ensure that the Charity continues on a sound financial
footing.
Flnoncial review
The two primary sources of income for the Charity are from the estates and from the investment portfolio.
In 2024 the net income from these sources was..
Fundlng Source
Total
% of total
Income
Estates (net Income)
£655,36S
69.5%
Investment Portfollo (net Income)
£261,458
27.7%
Other
£26,469
2.8%
Total
£943,292
ioo.oo%
Investrnent policy and performance
a. Asset allocatlon
As at 31 December 2024, the allocation of assets, at valuation, was as follows:
Asat 31 Oec
2024
% of total
As at 31 Dec
2023
% of total
Investment Property
£45,494,926
81.98%
£43,857,738
82.38%
other Investments
£10,000,105
18.02%
£9,378,778
17.62%
Total
£55,495.031
ioo.oo%
£53,236,516
ioo.oo%
Asset Class
Asset Value
Asset % of
Total A55ets
Fixed Income
£1,290,014
12.9%
Equities
£3,370,035
33.7%
Alternatives
£1,050,011
10.5%
Cash
£4,290,045
42.9%
Total
£10,000,105
ioo.o%
Page | 6

LORD CREWE'S CHARITY
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The assets of the Charity are held for several different accounts as follows:
Personal Estate Account and Endowed Assets, comprising land, properties and other investments, are not available for
distribution and are regarded as long-term investments.
The Libraries and Archives Trust's investments and other net assets are included in the Charity's balance sheet.
Exlraordinary Repair Fund, maintained to provide for extraordinary repairs, improvements or rebuilding of properties.
This fund is regarded as a medium to long-term investment, in the expectation that it may be partly utilised whenever a
major expenditure requirement arises.
Other funds, which should be maintained in a sum sufficient to meet the annual expenses and disbursements of the
Charity, are regarded as short term.
b. Investment policy and performance
The Charily passed a re501ution on 26 April 2024 for it to operate the investment portfolio part of the permanenl
endowment on a total return approach. In accordance with the terms of the Order made by the Charity Commission, the
Trustees confirm that..
In identifying the value of the portion of the permanent endowment that represented unapplied total return, the
Trustees identified the base value, known as the Relevant Fund as starling from December 2002.
When determinin8 the amount of unapplied total relurn to transfer to income the Trustees have considered the amount
of income required to maintain the current level of charitable giving and the likely benefits to future beneficiaries.
When reaching their decision as to the unapplied total return to transfer to income, the trustees have taken professional
advice from their investment advisers regarding the market outlook, Investment trends and yield and the prospect for
future capital growth,
Our investment advisors Isarasln & Partners) are instructed to invest to optimlse the total return on the investment portfolio
assets within the permanent endowment, wiihin the context of an Investment Policy statement that is kept under regular
review and includes appropriate ethical constraints.
Trustee5 are mindful to protect the long term value of the investment fund, to ensure that the Relevant Fund's real value is
maintained after taking into consideration inflation ICPII. As a result, the Trustees will seek a prudent approach to grant
distribution5.
The Trustees will plan to use 3.5% of the five year average value of the investment portfolio for grant making in addition to
using funds from their direct property and land investments. In 2024 the income achieived prior to the total return
resolution was £51, 153, and distributions under the terms of the resolution totalled £247,581.
The risk profile of the investments is categorised by the investment managers as "medium"
During the year, investment
asset gains of £976,026 were made lan average return of 9.76% on investment assets heldl against a long-term benchmark
for assets under this risk profile of 10.1%. The Trustees consider this overall performance to be acceptable in the context of
prevailing market conditions.
General Investment Poll¢v
The Charity was endowed by its benefactor with lands and property, a significant proportion of which it still owns. These land
and buildings and the equity investments referred to below, are regarded as providing the balanced spread of investments
necessary to provide for the income and growth need5 of the Charity.
The Trustees seek exposure to good quality, carefully selected equities and other stock consistent with the terms of their
Investment Policy Statement, via a well-diversified portfolio in order to manage risk, which also provides a total return
exceeding inflation.
Pagel 7

LORD CREWE'S CHARITY
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
d. Ethical Investment Policy
Ethical considerations form an integral part of the investment managemenl process and Sarasin & Partners have sought and
received instructions from the Charity. The investment managers seek lo invest in companies that will successfully develop
their business financially in the interests of their shareholders, but which also demonstrate responsible employment
practices and are conscientious concerning issues of corporate governance, environmental performance and human rights
and are sensitive to the communities in which they operate. Comp3nie5 are monitored according to the Charity's ethical
investment policy and through developing a dialogue with them.
Risk management
The Trustees regularly assess the major risks to which the Charity is exposed, in particular those related to the operations and
finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
The Charity benefits from the strength and stabS1ity of Its financial position, due to ils endowment and its mix of residential,
commercial and agricultural estates and its investment portfolio. While financial returns may be subject to economic
conditions beyond the control of the Trustees, this is mitigated by the standard of professional estates and investment
management advice engaged on the Charity's behalf. The Trustees are able to take a long term view of investment and
financial performance. The Trustees consider that the use of a total return approach for their investment portfolio helps
5tabilise the resources available for grant making, thereby facilitating longer term grants.
Because of this financial strength the Trustees are able to mainlain the reserves polScy outlined below. The Charity maintalns
reserves sufficient to meet at least six months, outgoings, which should be sufficient to deal with any tsnforeseen situations
and allow time for any remedial action necessary to be undertaken.
The Charity's Risk Management Strategy provides..
A quarterly review of the principal risks and uncertainties faced by the Charity and Its associated charities.
Policies, systems and procedures lo mitigate risks identified in the review.
Thus managing any potential impact on the Charity and its beneficiaries should these or other risks materialise.
Reserve5 policy
The Trustees consider the assets to be sufficient to fulfil the Charity's obligations in respect of keeping its property properly
repaired, paying Its creditors and maintaining adequate funds lo provide financial assistance to necessitous clergy and other
potential beneficiaries. In order that they can enable the Charity to carry out its purpose effectively, the Trustees, current
policy 15 to maintain sufficient unrestricted reserve5 to meet at least six months, worth of outgoings, £500,000 from the
Charity's funds, assuming payments continue at the average of the last three years.
The Trustees consider that a level of six months is sufficient given the flexibility afforded by the total return approach
towards the investment portfolio whlch allows Trustees to transfer amounts from the unapplied total element of the
endowment fund in the case of urgent need.
The Trustees maintain an Extraordinary Repair Fund IERIFI against unforeseen expenditure required by the estates. In the
past this had been maintained at an artificially high level to guard against major unforeseen expenditure, Since 2013 ERIF
has been maintained at a level of £250,000, equivalent land additionall to the amount budgeted each year for planned
maintenance.
The Trustees maintain a minimum balance of £50,000 in the Charity's current account, to meel any immediate or urgent calls
on grant funding.
Page | 8

LORD CREWE'S CHARITY
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The total funds of the Charity afe £S6,452,340 of which £52,027,207 are restricted. The unrestricted free reserves of the
Charity at 31 December 2024 were £4,425, 133 of whith £5,750,381 are invested in stocks and shares, leaving l£1,325,2481
within current liabilities. This represents approximately 553% of the minimum target reserves. The unrestricted funds
include the designated Extraordinary Repair Fund of £250,000.
Bearing in mind recent difficulties and volatilities surrounding the economy and in particular uncertainly about the fundin8 of
agriculture, the Trustees, policy is to maintain sufficient reserves to ensure the continuation of the Charity's activities whilst
alternative means of income can be obtained.
Trustees are actively progressing the application of that part of the reserves which arises from unallocated income, to include
estates expenditure to safeguard future income and additional spendin8 on the Charity's charitable objectives within the
scope of the Charity's constitution.
Fundraislng
The charity is required lo report how it deals with fundraising from the public. As an endowed charity the Charity does not
raise funds from the public by any method.
Plans for thefuture
The Trustees undertake an annual review of spending plans at the beginning of each year.
2021 marked the three hundredth anniversary of the death of Lord Crewe and therefore the Tercentenary of the Charity. The
Charity Is concluding a series of grants and other activities in ils celebration,. the funded projects are in the course of being
completed.
Trustees, responsibilities In relation to the financial statements
The Trustees are responsible for preparing a Trustee5' report and financial statements in accordance with applicable law and
Unlted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the 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 resources 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 con51Stently,'
observe the methods and principles in the Charities SORP,.
make judgements and accounting eslimates that are reasonable and prudent,.
state whether applicable accounting standards have been followed, subject to any material departures that must be
disclosed and explained in the financial statements.
prepare the financial statements on the going concern basis unless it 15 inapproprlate to presume that the Charity will
continue in operation.
The TrLSStees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the
financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act
2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for
safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and
other irregularities.
Page | 9

LORD CREWE'S CHARITY
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
AUDITOR
Azets Audit Services have indicated their willingness to stand for reappointment at the forthcoming Annual General Meeting.
This report was approved by the Trustees ènd signed on their behalf by:
Date..
{-6-zoL
Paul Chandler (Chair of the Trustees)
Page | 10

LORD CREWE'S CHARITY
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF LORD CREWE'S CHARITY
OPINION
We have audited the financial statements of Lord Crewe's Charity (the 'Charity'l for the year ended 31 Oecember 2024 which
comprise the Statement of Financial Activities, the 8alance Sheet, the Statement of Cash Flows and the related notes, including
a SLJmmary of significant accounting policies. The financial reporting framework that has been applied in their preparation is
applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting
Standard applicable in the UK and Republic of I reland, (United Kingdom Generally Accepted Accounting Practice).
I n our opinSon the financial statements..
give a true and fair view of the state of the Charity's affairs as at 31 December 2024 and of its incoming resources, including
its income and expenditure for the year then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and
have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with
the Charities Act 2011.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditin8 IUKI IISAS IUKII and applicable law, Our
responsibilitie5 under those standards are further described in the Auditors, responsibilities for the audit of the financial
statements section of our report. We are independent of the Charity in accordance with the ethical requiremen15 that are
relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical
standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the
audit evidence we have obtained 15 sufficient and appropriate to provlde a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the Trustee5' use of the going concern basis of accounting in the
preparation of the financial statements Is appropriate,
8ased on the work we have performed, we have not identified any material uncertalnties relating to events or conditions that,
individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at
least twelve months from when the financial statement5 were authorised for Issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described In the relevant sections
of this report.
OTHER INFORMATION
The Trustees are responsible for the other information. The other information comprise5 the information included in the
Trustee Report, other than the financial statements and our Auditors, report thereon. Our opinion on the financial statements
does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of ihe financial statements, our responsibility is to read the other information ar)d, in doing $0,
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in
the audit or otherwise appear5 to be materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material
misstatement of the other information. If, based on the work we have performed, we conclude that there 15 a material
misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Page | 11

LORD CREWE'S CHARITY
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF LORD CREWE'S CHARITY
MArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
We have nothing to report in respect of the following matters where the Charitie5 (Accounts and Reports) Re8ulations 2008
requires us to report to you if, in our opinion..
the information given in the Trustees, Report is inconsistent in any material respect with the financial statements,. or
sufficient accounting records have not been kept,. or
the financial statements are not in agreement with the accounting records and returns., or
we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the Trustee5' Responsibilities Statement, the Trustees are responsible for the preparation of flnancial
Statements and for being satisfied that they give a true and fair view, and for such internal control as the Truslees determine is
necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, the Truslees are responsible for assessing the Charity's ability lo continue as a golng
concern, disclosing, a5 applicable, mallers related to going concern and using the going concern basis of accounting unless the
Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative b(Jt to do so,
AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
We have been appointed as auditor under section 144 of the Charities Act 2011 and report Sn accordance with the Act and
relevant regulations made or having effect thereunder.
Our objectives are to obtaln reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is
a high level of assurance, but is not a 8uarantee that an audit conducted in accordance with ISA5 IUKI will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to influence the economlc decislons of users taken on ihe basis of these
financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations, We design procedures in line with our
responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to
which our procedures are capable of detecting irregularities, includi ng fraud is detailed below..
Enquiries with management about any known or suspected instances of non-compliance with laws and regulations and
fraud,.
Reviewin8 board minutes,.
Challenging assumptions and judgements made by management in their significant accounting estimates,.
Auditing the risk of management override of controls, including throu8h testing journal entries and other adjustments for
appropriatenes5.
Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact
on the financial statements.. compliance with the Charities Act a5 well as compliance regulations relating to the ownership and
letting of property, includin8 Health anc5 Safety.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council's website at.. www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors, report.
Page112

LORD CREWE'S CHARITY
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF LORD CREWE'S CHARITY
USE OF THE REPORT
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports)
Regulations 2008. Our audit work has been undertaken so that we might stale to the Charity's Trustees those matters we are
required to state to them in an Auditors, report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Charity and its Trustees, as a body, for our audit work, for this report,
or for the opinions we have formed.
Slmon Brown BA ACA OChA Isenior Statutory Auditor)
For 3nd on behalf of
Azets Audit Services
Statutory Auditor
Chartered Accountant
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
Date..
Azets Audit Services is a trading name of Azets Audit Servlces Llmited.
Azets Audit Services Limited is eligible to act as an auditor in terms of section 1212 of the Companie5 Act 2006.
PaEe | 13

LORD CREWE'S CHARITY
Statement of Financlal Actlvltles for the year ended 31 December 2024
Note I
Unre5trlcted Restricted Endowment
Funds
Funds
Funds
2024
2023
Notes
Total Funds
Total Funds
Income ond endowment5 from:
Investments
1,815,105
1,815,105
1,841,943
Other
26,469
26,469
28,494
Total Income and endowments
1,841,574
1,841,574
1,870,437
Expendlture on:
Roisingfunds..
Investment management costs
873,741
337
24,204
898,282
719,887
Choritoble octivities.,
Payments under the Will and to Lincoln College
Oxford
165,541
165,541
160,961
Educational support of clergy depend3ntS
203,062
203,062
125,774
Diocese support
434,117
434,117
351,413
Clergy support
92,106
92,106
73,784
Maintenance of Library
43,088
43,088
43,458
Miscellaneous charitable giving
425,213
425,213
302,259
Total cost of charitable activities
1,320,039
43,088
1,363,127
1,057,649
Total Expendlture
2,193,780
43,425
24,204
2,261,409
1,777,536
Net gainslllossesl on investments
Ila&b
502,222
6,511
1,959,223
2,467,956
2,368,082
Net Sncome/lexpendlturel
150,016
136,9141
1,935,019
2,048,121
2,460,983
Transfer between funds
12
1195,8461
43,088
152,758
Net movement In funds
145,8301
6,174
2,087,777
2,048,121
2,460,983
Reconciliation of f unds:
Total fund brought forward
15-17
4,470,963
56,351 49,876,905
54,404,219
51,943,236
Total funds carrled forward
15.17
4,425,133
62,525 51,964,682
56,452,340
54,404,219
Page | 14

LORD CREWE'S CHARITY
Balance Sheet as at 31 December 2024
Note I
Notes Unrestrlcted Restrlcted Endowment
Funds
Funds
Funds
2024
2023
Total Funds
Total Funds
Flxed Assets
Investment Property
Ila
45,494,926
45,494,926
43,857,738
Other Investments
Ilb
5,750,381
62,525
4,187, 199
10,000,105
9,378,778
Total Fixed Assets
5,750,381
62,525 49,682,125
55,495,031
53,236,516
Current Assets
Debtors
13
43,833
43,833
58,008
Cash at bank and in hand
1961,6981
2,282,557
1,320,859
1,654,034
Total Current Assets
1917,8651
2,282,557
1,364,692
1,712,042
Current Llabllltles
Creditors- amounts falling due within one year
14
1407,3831
1407,3831
1544.3391
Net Current Assets
11,325,248)
2,282,557
957,309
1,167,703
Total Assets less Current Llabllltles
4,425,133
62,525 51,964,682
56,452,340
54,404,219
Total Net Assets
4,425,133
62,525 51,964,682
56,452,340
54,404,219
The funds of the charSty:
Endowment fund
15
Sl,964,682
51,964,682
49,876,905
Income funds..
Restricted funds
16
62,525
62,525
56,351
Designated funds
17
250,000
250,000
250,000
Unrestricted general funds
4,175,133
4,175,133
4,220,963
Total Charlty Funds
4,425,133
62,525 51,964,682
56,452,340
54,404,219
Note l.. Non-designated and Designated Funds have been combined in the SOFA and Balance Sheet as 'Unrestricted Fund5"
analysis of Designaled Funds is given in Note 17.
Approved by the Board of Trustees on 6 June 2025 and signed on their behalf by..
Paul Chandler, Chair of the Trustees.
The notes on pages 17 to 29 form part of these financial statements.
Page | IS

LORD CREWE'S CHARITY
Statement ofcash Flows for the year ended 31 December 2024
2024
Total Funds
2023
Total Funds
Note
Net cash used in operating activities
20
12,241,910) 12,118,965)
Cash flows from investing activities:
Dividends, interest and rents from investments
1,753,993
1,855,504
Proceeds from sale of investments
307,500
1,307,537
Purchase of investments
1152,758)
121,1581
Net cash provlded by InvestSng a¢tlvltles
1,908,735
3,141,883
Change In cash and cash equivalents in the year
{333,175}
1,022,918
Cash and cash equivalents brought forward
1,654,034
631,116
Cash and cash equlvalents carrled forward
1,320,859
1,654,034
Analysls of cash and cash equlvalents
2024
2023
Cash in Transit
80,000
Cash at bank
1,240,859
1,654,034
1,320,859
1,654,034
Analysls of changes In net debt
ljanuary
2023
Cash
Flows
31 December
2024
Cash and cash equivalents
1.654,034
1333,1751
1,320,859
Page | 16

LORD CREWE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
l. Accounting Policies
a. B3515 Of preparatlon of f inancial statement5
The financial statements have been prepared under the historical cost convention, with the exception of investmenls which are
included at fair value. The financial statements have been prepared in accordance with the Statement of Recommended
Practice ISORPI.. Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 issued on l January 2019 and the Financial Reporting
Standard applicable in the United Kingdom and Republic of Ireland IFRS1021 , and the Charities Act 2011.
Lord Crewe's Charity (Charity No. 11551011 is governed by its new constitution as a Charitable Incorporated Or8anisation.
A linked charity, Lord Crewe's Library and Archives Trust (Charity No. 1155101-31, owns the libraries and archives collections
currenily held at Durham Cathedral, Durham University, the North East Religious Learning Resource Centre, and the
Northumberland Records Office. This is governed by its Deed of Trust dated 310ecember 2013.
The Charities Commission directed that the Lord Crewe's Library and ArCh￿ve$ Trust (charity number 1155101-31 shall be treated
as forming part of the Lord Crewe's Charity (charity number IISSIOII for the purpose5 of Part 4 Iregistrationl and Parl 8
laccountingl of the Charities Act 2011.
The CharSty constitutes a public benefit entity as defined by FRSIO2,
b. Golng concern
The Charity has cash resources and has no requlrement for external funding. The Trustees consider that there are no material
uncertainties about the Charity's ability to continue as a going concern. The Trustees consider it appropriate that the annual
financial statements are prepared on a going concern basis.
c. Personal estate account and endowed assets
The endowed assets of the Charily comprising land and properties are included in the Balance Sheet at open market value.
Acquisitions and disposals of land and properly are accounted for in the Balance Sheet on the legal completion of transactions.
Amounts realised from the disposal of assets of the endowment are credited to the Personal Estate. Amounts expended to
enhance the capital value of investment propertie5 are added to the Persona1 Estate. The accumulated amount5 of the Personal
Estate Account are invested by the Trustees and form part of these accounts.
d. Flnanclal Instruments
The Charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial
instruments are init1311y recognised at transaction value and subsequently measured at their settlement value.
Quoted investments are included in the Balance Sheet at their fair value Imarket value) using the closing quoted market price.
The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year,
The quoted investment portfolio is managed on a total return basis. The Trustees, at their discretion, may allocate any part of
the vnapplied total return to income.
e. Debtors and current assets
Trade and other debtors are recogni5ed at the settlement amount due after any trade discount offered. Prepayments are
valued al the amount prepaid net of any trade discounts due.
f. Creditors and provlslons for liabilitie5 and charges
Creditors and provision5 are recognised where the Charity has a present obligation resulting from a past event that will probably
result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated
reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Page | 17

LORD CREWE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
g. Income recognltlon
All incoming resources are recognised once the Charity has entitlement to the resources, it 15 probable th3t the resources will be
received and the monetary value of the incoming resources can be measured with sufficient reliability. All incoming resources
receivable from Endowment assets are recognised as unrestricted income in the accounts.
h. Expenditure
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the
category. Grants have been made in accordance with the provisions of the Will of Lord Crewe and the various schemes
approved by the Charity Commission. Grants payable are charged in the year when the offer is made except in those cases
where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants
offered subject to conditions which have not been met at the year end are noted a5 a commitment, but not accrued as
expenditure.
l. Allocatlon of overhead and support costs
Overhead, support and governance costs relating to charitable activities have been apportioned to each activity based on the
number of individual grant awards.
Governance costs
Governance costs comprise all costs involving the accountabllity of the Charity and its compliance with regulation and good
practice, These cost5 include costs related to statutory audit and legal fees.
k. Expendlture on Investment propertles
Expenditure to repair or maintain investment properties is expensed to the Statement of Financial Activities in the year in which
it is incurred. Expenditure on properties of a capital nature over £1,000 is capitalised. Such additions to investment properties
are not depreciated, in line with accounting standards.
l. Extraordlnary repalr fund
The Extraordinary Repair Fund is a designated Fund and is maintained for the purpose of providing lor extraordlnary repairs,
Improvements or rebuilding of propertles of the Charlty,
m. Lord Crewe's Llbrarles and Archlves Trust Iprevlously called Dr. Sharp's Trust)
The books and property of the Libraries and Archives Trust are not regarded as fixed assets and do not appear in the Balance
Sheet of the Trust. The investments and other net assets of the Trust are included in the Balance Sheet and the Personal Estate
Account and Revenue Account of the Trust are treated as Restricted Funds.
The Libraries and Archive5 Trust is a separate charity11155101-31 that is linked to the Lord Crewe's Charity and is treated as
forming part of this Charitable Incorporated Organisation under part 8 laccountin81 of the Charities Act 2011.
n. Herltage assets
Heritage assets are tangible as5etS Wlth historical, artistic or scientific importance that are held to advance preservation or
conservation objectives.
The Trustees consider thal some books and property of the Libraries and Archives Trust, the 8amburgh library and the Lord
Crewe records held at the Northumberland Archives in Woodhorn fall under the definition of Heritage assets. These assets have
not been capitali5ed as valuation5 for them cannot be obtained at a cost which is commensurate with the benefits to users of
the financial statements.
Page | 18

LORD CREWE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Charity status and charitable oble¢t5
The Lord Crewe's Charity is a Charitable Incorporated Organisation registered in the UK under the 1960 Charities Act and is
accorded exemption from liability to taxation on it5 income under S521 to 536 Income Tax Act 2007. The Li braries and Archives
Trust 15 a linked charity. The Lord Crewe's Charity exists to apply the income arising from land and a55ets of the Charity in
accordance with its new constitution registered on 20 December 2013.
3. Investment income
Unrestricted
Funds
Restricted Endowment
Funds
Funds
Total Funds
2024
Total Funds
2023
Total income from properties
Income from Llsted Investments and deposlts
Dividends and interest on listed investments
1,499,897
1,499,897
1,499,068
315,208
315,208
342,875
Total Income from listed investments and deposits
315,208
315,208
342,875
Total Investment Income
1,815,105
1,815,105
1,841,943
2023
1,841,943
1,841,943
4. Other Income
Unrestricted
Funds
Restricted Endowment
Funds
Funds
Total Funds
2024
Total Funds
2023
Other Income
25,561
25,561
908
28,494
Disposal of Heritage Assets
908
26,469
26,469
28,494
2023
28,494
28,494
Included in prior year Other Income is É23,000 cash received from Lord Crewe's Apprenticeshlp Fund (charity number 5274091
and Lord Crewe's Durham Educational Foundation Icharity number 5273371 upon their closure and merger with the Charity.
5. Total return Investment
The investment power of total return was granted by a Resolution on 26 April 2024. At the time the power was granted the
trustees identified the value of the permanent endowment received since 1721 up until 31 December 2002. This set the
baseline value of £5,171,795 to which any subsequent gift5 of endowment are added. The difference between the total of
endowment fund5 as at 310ecember 2002 and the opening value represented the opening value of unapplied total return of
£4,484,785.
The power of total return permits the trustees to invest permanently endowed funds to maximise total return and to apply an
appropriate portion of the unapplied total return to income each year. Until the power is exercised to transfer a portion of
unapplied total return to income, the unapplied total return remains invested as part of the permanent endowment.
Page | 19

LORD CREWE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
The power allows the trustees to decide in each year how much of the unapplied total return is transferred to income fund5 and
so available for expenditure. Having considered their obligations under the duty of even-handedness, the Trustees made no
transfer of unapplied total return to unrestricted income funds in 2024. In making this decision the trustees have taken account
of the current investment climate, the return on investment for the year and the income needs of the charity. In deciding on the
amount to transfer to income funds, the trustees took the advice of their investment advisors, Sarasin & Partners, as to the
likely investment trends and the susta inability of the investment fur)d after considerin8 various levels of transfer to income.
The value of the permanent endownment is maintained each year by CPI and a recoupment transfer is shown from the
unapplied total return.
The Investment fund and applicatlon of total return to permanent endowment fund5',
2024
Endowment Unapplied
Total
Return
Total
Openlng value at 31 March 2024:
Gift component of the permanent
endowment
Unapplied total return
5,171,795
5,171,795
4,484,785
4,484,785
Total
5,171,795
4,484,785
9,656,580
Movements..
Recoupment of trust for investment
Dividends and distribution
101,103
1101,1031
315,208
315,208
Recognised and unrecognised
galns/llossesl
Investment management costs
976,026
976,026
153,7501
153,7501
Total
101,103
1,136,381
1,237,484
Unapplied total return allocaled to
income
Net movement
101,103
1,136,381
1,237,484
C1051ng value:
Gift component of the permanent
Unapplied total return
5,272,898
5,272,898
5,621,166
5,621,166
Total
5,272,898
5,621,166
10.894,064
The total return approach to the investments was adopted during 2024 therefore prior year comparatives are omitted.
As described in Note IS, the £10,894,064 balance forms part of the £51,964,682 endowment fund.
Page | 20

LORD CREWE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. Investment management costs
Unrestricted
Funds
Restricted Endowment Total Funds
Funds
Funds
2024
Total Funds
2023
Property costs
Travel and Subsistence related costs
Subscriptions
Accountancy - property related
Professional fees - property related
Professional fees - other investments
606,114
1,329
5,016
655
606,114
1,329
5,016
655
424,768
1,003
4,100
680
231,418
29,209
231,418
53,750
232,650
56,686
337
24,204
873,741
337
24,204
898,282
719,887
2023
696,685
319
22,883
719,887
7. Allocatlon of support costs and overheads
The breakdown of support costs and how these were allocated is shown below..
Unrestricted
activitie5
Restricted
activities
Total
actlvitles
2023
Basls of
Total ?pportlonment
Charitable Activities
Office
Communications
Printing, postage and stationery
Mana8ement
Accountancv
Tercentenary
LSbraries and archives
Governance costs
590
590
6,703
1,034
26,160
5,893
767
561 C05t and usage
30,562 C05t and usage
1,465 Cost and usa8e
26,351 Cost and usa8e
6,124 sraff tSme
334 Cost and usage
6,422 Specific
16,718 Cosl
6,703
1,034
26,160
5,893
767
5,700
5,700
21,295
21,295
62,442
5,700
68,142
88,537
The total support cost attributable to charitable activities is apportioned pro rota to the number of grants awarded:
Payments under the Will and to Lincoln College Oxford
Educational support of clergy dependants
Diocese support
Clergy support
Libraries and Archives
Grants to other institutions
Tercentenary grants
5,821
39,159
2,117
11,906
7,288
1,322
529
Total charitable activities costs
68,142
The £7,288 allocated to the Libraries and Archives activity is classified as restricted expenditure within the accounts.
Page | 21

LORD CREWE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of governance costs
Total Funds
Total Funds
2024
2023
Tru5tee5' expenses and meetings costs
Audit Fee current year
Professional and Legal fees
3,279
11,350
6,666
2,299
10,500
3,919
21,295
16,718
8. Analys15 of charStable actSvltle5 expendlture
Unrestricted
Funds
Restricted Endowment Total Funds
Funds
Funds
Total Funds
2024
2023
Payments under the Wlll and to Llncoln Colle8e Oxford:
grant funded activitv
support costs and overheads
159,720
5,821
159,720
5,821
156,370
4,591
165,541
165,541
160,961
Educatlonal support ol clergy dependants..
grant funded activitv
support costs and overheads
163,903
39,159
163,903
39,159
111,117
14,657
203,062
203,062
125,774
Dlocese support
grant funded activitv
support Costs and overheads
432,000
2,117
432,000
2,117
350,000
1,413
434,117
434,117
351,413
Clergy support:
grant funded activity
support costs and overheads
80,200
11,906
80,200
11,906
67,250
6,534
92,106
92,106
73,784
Llbrarles and Archlves:
grant funded activity
dlrect costs
support costs and overheads
28,000
7,800
7,288
28,000
7,800
7,288
28,000
7,800
7,658
43,088
43,088
43,458
Grants to other Instltutlons
grant funded activily
support costs and overheads
58,000
1,322
58,000
1,322
37,200
1,413
59,322
59,322
38,613
Tercentenary Grants
grant funded activity
supporl costs and overheads
365,362
365,362
529
211,375
52,271
529
365,891
365,891
263,646
Total costs of charitable activities
1,320,039
43,088
1,363,127
1,057,649
2023
1,014, 191
43,458
1,057,649
Page | 22

LORD CREWE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
The support Costs and overheads of £7,288 allocated to the Libraries and Archives activities includes £5,700 detailed as
restricted activities and £1,588 detailed as restricted support costs.
9. Trustees, remuneratlon and related party transactlons
Trustees received no emoluments in the year12023.' £nill. Travel and accommodation expense5 reimbursed to three trustees, in
the year totalled £1,04312023 two trustees.. £7391.
The Venerable R Cooper was a Trustee of the Charity during the year. He received an education grant of £2,037 in 202412023..
£2.5851 and a fuel support grant of £Nil12023.' £7501.
The Rector of Lincoln College, Oxford is a trustee of the Charity. Under the terms of the will, scholarships ancs bursaries were
paid to undergraduates and graduates of Lincoln Colle8e totalling £141,100 in 202412023: £150,000) in addition to a Brant for
Tercentenary projects of £174,18712023- £Nill, Other Trustees (the three Archdeaconsl have an institutional interest in the
Dioceses of Durham and of Newcastle. In 2024 annual grants of £172,00012023'. £140,000) was paid to Newcastle Diocese and
£260,000 12023.. £210,000) to Durham Diocese in addition to grants for Tercentenary projects ol £IOO,00012023: £100,000) and
£91,17512023: £Nill respectively. On all occasions Trustee5 declare any institutional interest and take no part in the voting of
such granls.
10. Comparatlve for Statement of Flnanclal Actlvltle5
Unrestricted
Funds
Restricted Endowment
Funds
Funds
Total Funds
Income and endowments from:
Investments
Other
1,841,943
28,494
1,841,943
28,494
Total Income and endowments
1,870,437
1,870,437
Expendlture on:
Roisingfunds..
Investment management costs
Choritoble octivities..
Payments under the Will and to Lincoln College Oxford
Educational support of clergy dependants
Diocese support
Clergy support
Maintenance of Library
Miscellaneous charitable giving
696,685
319
22,883
719,887
160,961
125,774
351,413
73,784
160,961
125.774
351,413
73,784
43,458
302,259
43,458
302,259
Total cost of charitable activities
1,014,191
43,458
1,057,649
Total Expendlture
1,710,876
43,777
22,883
1,777,536
Net gains on investments
32,809
328
2,334,945
2,368,082
Net Incomellexpendlturel
192,370
143,4491
2,312,062
2,460,983
Transfer between f unds
164,6161
43,458
21,158
Net movement In funds
127,754
2,333,220
2,460,983
Reconclllatlon of funds:
Total fund brought forward
4,343,209
56,342
47,543,685 51,943,236
Total funds carried forward
4,470,963
56,351
49,876,905
54,404,219
Page | 23

LORD CREWE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. Fixed A55et Investments
Ila. Unquoted Investments - Investment property
Unrestricted
Funds
Restricted Endowment
Funds
Funds
Total Funds
Total Funds
2023
2024
Valuation as at l January 2024
Additions
Proceeds from disposals
Net increase on disposals and revaluations
43,857,738
152,758
17,5001
1,491,930
43,857,738
152,758
17,5001
1,491,930
42,157,719
21,158
1632,5371
2,311,398
Valuation a5 at 31 December 2024
45,494,926
45,494,926
43,857,738
Cost as at 31 December 2024
4,093,623
4,093,623
3,940,865
An informal valuation of the properlies wa5 carried out by Savills as at 31 December 2024 and the property valuatlons included
in the accounts as at this date. Properties were valued at Open Market Value.
Ilb. Quoted Investments
Unrestricted
Funds
Restricted Endowment Total Funds Total Fund5
Funds
Funds
2024
2023
Investments at market value l January 2024
Cash withdrawn
Management fees
Investment 8ains/llossesl on disposals and revaluations
5,278,317
56,351
4,044,110
1300,0001
124,2041
467,293
9,378,778
{300,0001
154,6991
976,026
10,052,180
1675,0001
155,0861
56,684
130,1581
502,222
13371
6,511
Investments at market value 310ecember 2024
5,750,381
62,525
4,187,199
10,000,105
9,378,778
Cost as at 31 December 2024
5,202,361
58,181
4,175,429
9,435,971
8,334,827
Analysls of Investments at market value
Unrestricted
Funds
Restricted Endowment Total Funds
Funds
Funds
2024
Total Funds
2023
Quoted Investments
5,750,381
62,525 4,187,199
io,000,ios
9,378,778
5,750,381
62,525
4,187,199
10,000,105
9,378,778
The Charity operates its investment portfolio on a total return basis - see note 5.
Financial instruments measured at falr value equivalent to market value comprise quoted investments. The significance of
financial instruments to the ongoing financial sustainability of the Charity is considered in the financial review and investment
policy and performance sections of the Trustees, Annual Report. The main risk to the Charity from financial instrument5 lie5 in
the combination of uncertain investment markets and volatility in yield. Market conditions may limit the investment options
available at any one time within the Charity's stated policy on risk and return.
As an organi5ation which has existed since 1721 and which in addition to its investment portfolio has large holdings of
agricultural, commercial and residential property, the Charity Is not solely reliant on dividend income from the investment
portfolio and in general takes a long term view on investment policy and performance. The Charity manages these investment
isks by retaining expert investment managers who manage the portfolio on a di5cretion3ry basis, with regular reporting to
trustees 2nd information provided electronically and available on line on at least a monthly basis. In addition the Trustees retain
an independent investment adviser lo assist them in monitoring and assessing the performance of the investment managers.
Page | 24

LORD CREWE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. Fund transfers
Transfers of £43,088 12023.. £43,458) have been made from unrestricted funds to the Libraries and Archives Trust Restricted
Fund, representing the maintenance of the Durham and Newcastle Sharp Libraries.
Transfers of £152,758 12023.. £21,158) have been made from unrestricted funds to the Endowment Fund, representing the
additions to the property portfolio.
13. Debtors
Total Funds
Total Funds
2024
2023
Prepayments
Accrued income
Amounts due from tenants
2,518
41,315
3,420
46,114
8,474
All debtors relate to Unrestricted Funds.
43,833
58,008
14. Credltor5 - Amounts fallSng due wlthln one year
Total Fund5
Total Funds
2023
2024
Accruals and sundry creditors
Trade creditors
Payroll taxes and Value Added Tax
Advances of rents
Deferred Income
Tenants, bonds
157,423
56,620
39,078
10,388
78,991
64,883
361,084
23,363
22,976
72,035
64,881
All creditors relate to Unrestricted Funds.
407,383
544,339
14a. Deferred Income
Total Funds
Total Funds
2023
2024
Deferred Income b/fwd
Deferred in the year
Released in the year
72,035
78,991
172,0351
67,765
72,035
167,7651
Deferred Income clfwd
78,991
72,035
Oeferred income relates to rental income received in advance.
P38e | 25

LORD CREWE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. Endowment Fund
Balance as
at l January
Amounts
Expended
Gains/
(Losses) on
investments
Balance as at
Tra nsfers 31 December
2024
2024
Personal Estate
49,876,905
124,2041
1,959,223
152,758
51,964,682
Balance as
at l January
Amount5
Expended
Gains/
(Losses) on
investments
Balance as at
Transfers 31 December
2023
2023
Personal Estate
47,543,685
122,8831
2,334,945
21,158
49,876,905
The Personal Estate comprises the endowed properties Set out in the Schedule to the Scheme of 8 August 1974, together with
expenditure incurred to date of £1,557,315 including £152,758 for 2024, which enhanced the capita1 value of investment
properties of the Personal Estate. All profits fealised on disposals of properly are added to the Personal Estate Account.
As described in Note 5, £,10,894,064 of the £51,964,682 Balance is a permanent endowment fund operated on a total return
basis.
16. Restrlcted Funds
Balance as
at l January
Incoming
Restricted
fvnds
Outgoing
Galns/
Restricted IL055es1 on
funds inve5tmentS
Balance as at
31 December
Transfers
2024
2024
Llbrarle5 & Archlves Trust Fund:
Personal Estate Account
29,128
27,223
29,128
33,397
Revenue Account
143,4251
6,511
43,088
56,351
143,4251
6,511
43,088
62,525
Balance as
al l January
Incoming
Restricted
funds
OL*tgoing
Gains/
Restricted ILossesl on
funds investments
Transfers
Balance as at
31 December
2023
2023
Llbrarles & Archlves Trust Fund.,
Personal Estate Account
29,128
27,214
29,128
27,223
Revenue Account
143,7771
328
43,458
56,342
143,7771
328
43,458
56,351
The Scheme of 8 August 1974 provide5 for the upkeep and provision of accommodation for the library of Dr Sharp. The income
arising from the Personal Estate investments is primarily to be applied to this purpose. Surplus revenue is accounted for within
the Revenue Account.
Page | 26

LORD CREWE'S CHARITY
NOTES TO THE FSNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
17. Designated Funds
Balance as
at l January
Designations
from
Revenue
Gains/
ILossesl on
investments
Expenditure
movements
Balance as at
31 Oecember
Transfers
2024
2024
Extraordlnary Repair Fund
250,000
250,000
250,000
250,000
8alance as
at I january
Designatioris
from
Revenue
Gains/
(Losses) on
investments
Expenditure
movements
Transfer5
Balance as at
31 December
2023
2023
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 Extraordinarv
Repair Fund shall be maintained by transfer to it, out of the 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
Extr30rdinary Repair Fund can be expended on Permanent Endowment property in almost any way. The expenditure could
include 3dding extensions to existing buildings. The fund was reclassified as a designated fund during the year ended
31 December 2005.
18. Summary of Funds
Funds
brought
forward
Note
Incoming
resources
Funds
carrled
forward
31 December
Expenditure
Transfers
Gains /
Ilossesl
l January
2024
2024
Unrestrlcted funds
General
Designated
4,220,963
250,000
1,841,574 12,193,780) 1195,8461
502,222
4,175,133
250,000
17
4,470,963
1,841,574 12,193,780) 1195,8461
S02,222
4,425,133
Restricted funds
Endowment funds
16
15
56,351
49,876,905
143,4251
124,2041
43,088
152,758
6,511
62,525
1,959,223 51,964,682
Total funds
54,404,219
1,841,574 12,261,409)
2,467,956
56,452,340
Page | 27

LORD CREWE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
18. Summary of Funds- contlnued
Funds
brought
forward
Incoming
resources
Funds
carrled
forward
31 December
Expenditure
Transfers
Gains/
Ilosse51
I january
2023
2023
Unrestricted funds
General
Designated
4,093,209
250,000
4,343,209
1,870,437 11,710,876)
164,6161
32,809
4,220,963
250,000
4,470,963
1,870,437 11,710,876)
164,6161
32,809
Restricted funds
Endowment funds
56,342
47,543,685
143,7771
122,8831
43,458
21,158
328
56,351
2,334,945 49,876,905
Total funds
51,943,236
1,870,437 11,777,536)
2,368,082
54,404,219
19. Reconclllatlon of net Income/lexpendlturel to net cash flow from operatlng actlvltles
2024
2023
Net income
2,048,121
2,460,983
Adjustments for..
Other investments management charges
IGainsl l Losses on investments
Dividends, distributions, Interest and rents from investments
Decrease/lincreasel In debtors
Increase/ldecreasel in creditors
54,699
55,086
12,467,956) 12,368,0821
11,841,574) 11,870,437)
101,756
55,266
1136,956)
1451,7811
Net cash used In operatlng a¢lvltles
12,241,910) 12,118,965)
20. Flnanclal commltments
Financial commitments entered Into at the end of the financial year were as follows,.
2024
2023
Contracted for but not provided for in the accounts
333,617
79,245
21. Grant Commltments
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.
2024
2023
Education Grants awarded for payment in January and May 2025
Tercentenary Grants awarded for payment in 2023 and 2024..
Durham Diocese - Hartlepool Project
Durham Diocese - Jarrow Oebt Advice Project
Newcastle Diocese - Youth & Children's Work Project
131,983
107,016
49,175
42,000
loo,000
131,983
298,191
Page | 28

LORD CREWE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
22. Contingent Liabilitie5
Contingent liabilities can exist in connection with tenants, improvements to properties where a change of tenant arises. In
these circumstances, depending on the age and nature of the lease, the Trustees, as landlord, may be obliged to purchase the
benefit of the outgoing tenant's improvements at an agreed value.
As at 31 December 2024 there were no immediate contingent liabilities of which the Trustees were aware in connection with
agricultural leases. No contingent liabilities existed in respect of other leases.
23. Herltage Assets
As disclosed in Note I IAccounting policies), the Trustees consider that three categories of assets are Heritage Assets and can be
summarised a5 follows..
Asset category
Sharp Library
Detalls
Mostly modern books held for theological research.
Bamburgh Library
Archives at Woodhorn, the
Northumberland Archives
The library comprises of music books and manuscripts and early printed works.
This comprises map5 and estate records dating from 1709 to the late 1900s.
The two Sharp Libraries (Durham and Newcasilel provide access to extensive collections of modern theology books for clergy,
ordinands, and other Diocesan academic readers who may not have acces5 to the libraries of University departments or other
Hlgher Education institutions. They are also accessible to Theology students in addilion to their academic libraries.
The Bamburgh Library held in Ihe Special Collections Department of Durham University Library at Palace Green is an historic
library of simi lar significance to the neighbouring Bishop Cosin's Library. The Bamburgh Library has its origins in the holdings of
the Sharp family. These were partly sold to and partly gifted to the Trustees by Archdeacon Sharp in the late eighteenth
century. It operated as a public lending library in Bamburgh Castle, even after the sale of the castle to Lord Armstrong. In 1958 it
was moved to Durham. It includes notable collections of early science, history and anli-slavery literature, with volumes from
the 17th Century onwards and a number of medieval manuscripts. The collection is of considerable academic and historical
interest.
The Bambur8h Music Collection held at Durham Cathedral Library comprises around 40 music manuscripts, including secular
and sacred, vocal and instrumental items. These are largely 17th and 18th century and were copied either by or for members of
the Sharp famlly. They also include some music from the collection of Ihe Hon. Edward Finch11664-17381.
The Trustees consider that obtaininE valuations for the books and other heritage assets in its care would involve
disproportionate costs compared with the benefits derived by users of the accounts. ConsequeT)tly no values are attributed to
heritage assets in the balance sheet.
Further information relating to the management of and access to the a55ets is provided within the Activities for Achieving
Objectives section of the Trustees, Report.
PaBe | 29