)CAID A Crown Agents Ragistered Charity CROWN AGENTS INTERNATIONAL DEVELOPMENT ANNUAL REPORT & FINANCIAL STATEMENTS, FOR THE YEAR ENDED 30 JUNE 2022 Company Registration Number: 12599517 Charity Number: 1192249
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Staternents for the year ended 30 lune 2022 Contents Page Report of the Trustees Administrative details Chair's Statement Our Purpose and Attivities Statement of Trustees, responsibilities Independent Auditor's Report Statement of Financial Activities io Balance Sheet li Notes to the accounts 12
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Statements for the year ended 30 June 2022 Report of the trustees for the year ended 30 June 2022 Administrative details Trustees of Crown Agents International Development Mary Reilly Jennifer Borden OBE Fergus Drake OBE lan Malcomson Registered Office Blue Fin Building 110 Southwark Street London SEI OSU Registered Number 12599517 Charity Number 1192249 Bankers Citibank N.A. 22-56 CGC Canary Wharf London E14 5LB External auditors Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Legal advisors Stone King LLP Upper Borough Court Bath BAI IRG
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Statements for the year ended 30 June 2022 Chairfs Statement Crown Agents International Development I'CAID'I is a registered charity with a vision to relieve poverty, distress and suffering of people in any part of the world. We are part of the Crown Agent5 group of companies (the 'Group'l, sharing a common public benefit purpose and with the generous support of our sole member, Crown Agents Limited, CAID has access to group resources which provide CAID with a level of expertise, experience and financial buying powerthat ha5 enabled CAID to deliver high impact and value for money in it'5 first year of operations, in the year ended 30 lune 2022. CAID'S year began with a focus on respondinE to the Covid-19 pandemic, notably procuring and delivering oxygen concentrators for Southern and Eastern African countries. Our Covid-19 response continues, including delivery of PPE to countries in need of these vital supplies. From February 2022 CAID launched an emergency response following the Russian invasion of Ukraine. Like many, we were appalled by the unprovoked invasion of Ukraine. As a Group, Crown Agents has a 25- year history supporting the people of Ukraine, beginning in 1997 with bilateral development a551Stance working with the japanese Government, and since 2015 working directly with the Ukraine Ministry of Health. With this unique experience, in-country network and dedicated Ukrainian team. the Group quickly moved to an emergency response footing, sUPPOrting the government and people of Ukraine with emergenty health equipment. CAID'S part of this response involved reaching out to donors and charities who wanted to help, but who lacked the network Crown Agents has established in Ukraine, including a deep and enduring relationship with the Ukrainian government ministries responding to the crisis. With a team based in Ukraine we combined first hand knowledge of the context with an ongoing needs assessment based on daily communication with Ukrainian officia15 and civil society groups. Knowing what was needed, we worked with donors and charities to fund these needs. CAID has now procured and delivered over 67,000 trauma kits by 30 lune 2022, as well as special needs kits, oyygen concentrators and incubators for premature babies. CAID has supported civil Society organisations, including assisting those dealing with the trauma of war and 8ender based violence perpetrated by the invader5. CAID and its partners feel privileged to have been able to respond to the crisis in Ukraine. We are committed to supporting the people of Ukraine. providing essential goods and services, rebuilding infrastructure and supporting government and civil society organisations through these most challenging of times. Chair
CROWN AGENTS INTERNATIONAL DEVELOPMENT Arinual Report and Financial Statements for the year ended 30 lune 2022 Trustees, Report The trustees (who are also the Directors of the Charitable Company for the purposes of company lawl are pleased to present their annual trustees, report together with the financial statements of the Charity for the year ended 30 lune 2022 which are a150 prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statement5 comply with the Charities Act 2011, the Companies Act 2CX)6, the Memorandum and Articles of Association, and the Charitie5 Statement of Recommended Practice I'charities SORP") (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland,. FRS 1021 issued in October 2019. Our Purpose and activities Our vlslon To relieve poverty, distress and suffering of people in any part of the world by tangibly transforming their lives for the better. Our mission We will achieve this by transforming the people'5 lives through supply chain activity. climate-positive capacity and resilience building, focusing on the most vulnerable populations where the world's greatest needs and greatest challenges converge. Ourcharltable objects and public benefrt Trustees have a duty to develop plans which further their organisation's charitable objects and provide public benefit. The Trustees have given due consideration to the Charity Commi$5ion's published guidance on the Public Benefit requirement under the Charities Act 2011 when reviewing the charity's aims and objectives and planning future activities. The Trustees have considered how these attivities will achieve CAID'S charitable aims and objectives, which are.. To promote sustainable development with a view to relieving poverty. including the improvement of the quality of life for communities facing poverty or social disadvantage: the promotion of sustainable means of achieving economic growth and regeneration., and the advancement of education and training for the public benefit. The advancement of health, including the prevention or relief of sickness amongst underprivileged communities in any part of the world. For CAID. "sustainable development" means development which meets the needs of the present without compromising the ability of future generations to meet their own needs. Structure, Governance and Management CAID is a company limited by guarantee, incorporated in England and Wales on 13 May 2021 INO. 125995171, and a registered charity in England and Wales (No. 11922491. As a charitable company, CAID'S
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Statements for the year ended 30 June 2022 governing document, its Articles of Association (revised 7 November 20211, provides that its immediate parent, Crown Agent5 Limited is the Charitfs sole Member. and limits member liability to £1. The Articles of Association set out CAID'S charitable objects and matters relating to the running of the tharity's internal affairs. Under charity law the Trustees have the legal dutie5 and responsibilities of charity trustees and under company law, the legal duties and responsibilities of company directors. The Charity's Member appoints Trustees by resolution pa55ed according to its ordinary practices. The first, and current. Trustees shall be appointed for such terms as are considered appropriate. Subsequent Trustees shall be appointed for initial term5 of three years. Trustees may be re-appointed for consecutive periods not exceeding in aggregate nine years from the date of his or her original appointment. Trustees are appointed with regard to the skills, knowledge and experience needed for effective administration of the Charity. Trustees are not remunerated by the charity and the Charity has no employees15ee note 8 to the account51. The CharItS sole member is Crown Agents Limited I'CAL'I incorporated as a company limited by shares and incorporated in the United Kingdom. registratiori number 03259922. CAL is an international development organi5ation that combines expertise in consultancy and supply chain management to transform the future for men, women and children around the world. The Charity is part of the wider Crown Agents Group of companies I'Group'l. which is a not-for-profit organisation controlled by the Crown Agents Foundation ICAFI. The purpose and activities of the Charity are substantially aligned with the social good mission and purpose of the wider Crown Agents Group of companies. The Charity has a shared resource agreement with Crown Agents Limited, which provides the Charity with access to resources, including experienced and expert personnel, office space and IT facilities. Two trustees are also Crown Agents Limited directors. The Group shares a public benefit purpose with the Charity which is benefitial to the Charity's èbility to deliver its object5. To ensure the arrangements with the Group continue to be in the best interests of the Charity, the shared resource5 agreement is reviewed annually and its use of the Group's technical expert15e is evaluated on the basis of suitability, value for money and impact. Any matters relating to the engagement of the Group's services are decided upon by the independent trustees to avoid conflict of interest. Key 8overnance decisions are reserved for the trustees, such as setting and approving policie5. approval of grants. utili5ation of reserves, establishment of branches. subsidiaries and representative offices, trade- marks, approval of financial statements, selettion of professional advisors. and use of affiliated companies to deliver services. Where a potential conflict is identified, for example between the interests of the charity and an affiliated company, decisions will be made by the independent trustees who are unaffected by the potential conflict. Within the parameters set by the trustees. operational decisions are delegated to Group personnel performing the charitable work, including delivery of programmes and reporting to donors. Grant maklng poll¢y CAID has been established primarily to secure and deliver grants, rather than to provide grants to other charities and organisations. However, CAID does provide a limited number of grants to organisation5 that are able to further the objects of CAID more effectively than CAID can itself. When a55e5sing grant applications, the trustees of CAID assess whether the grant application sit5 Wlthin the Charity's objects. The trustees consider whetherthe Charity, its affiliates or established partner5 has the necessary resources, skills and experience to oversee the grant and ensure a high probability of achieving the grant's sutcess criteria and deliver value for monev.
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Statements for the year ended 30 lune 2022 Fundraising attivltles Fundraising activities are carried out primarily by Crown Agents Group personnel utilising the Charity's shared resource agreement with Crown Agents Limited. The team responsible for raising funds focus on charities, philanthropist5. and corporate and family foundations with mature philanthropic and grant giving SV5tem5 in place. The Charity does not actively target members of the public, although due to the Charity's ability to deliver at speed and scale in Ukraine, the Charity has set up a JustGiving Ukraine Appeal page that is open to the general public: htt www. ust .corn cam crowna entsukraine JustGiving is well established and extensively used platform that subscribes to the Fundraising Regulator and thus adheres to the Code of Fundraising Practice and GDPR prattices. Using such a platform gives CAID comfort that vulnerable people and other members of the public are protected. In raising funds. the Charity has not engaged professional fund-raiser5 or commercial participators. No person acting on behalf of the charity was subject to an undertaking to be bound by any voluntary scheme for regulating fund-raising, or any voluntary standard of fund-raising, in respect of activities on behalf of the charity. During the year ended 30 JLtne 2022 there have been no formal complaints regarding CAID'S fundraising activity. Overview of Performance During the year ended 30 lune 2022. the operational sutcess criteria of the Charity was predominantly delivery of goods iri response to the crisis in Ukraine. By 30 lune 2022, the Charity had delivered 67.236 individual first aid kits. 9,100 thermal blankets, 200 oxygen concentrators, 96 generators and 1,219 other emergency commodities. Subsequent to year end a further 13,869 individual first aid kits ènd 77 generators were delivered. Delivery has been evidenced by goods receipt notes, photographic evidence, and the Charity has also received letters of thanks from beneficiaries. Additional services provided included the inspection and movement of the items noted above, rehabilitation of health facilities, and awarding of grants totalling £192,000 to Ukrainian Civil Society Organisations responding to the crisis in Ukraine, including through the provision of psycho-social support for those suffering from the trauma of war and gender-based violence. The Charity received grants and donations totalling £8.8m in the year ending 30 June 2022. £8.5m of this was received following the Russian invasion of Ukraine on 24 February 2022. Despite the short lead time, £8.Im or 95% of this had been spent on charitable activities by 30 lune 2022 primarily on the items listed above. A further £1.5m worth of commodities was delivered subsequent to the year end. Our financial statements evidence a speed of response only made possible by working together with the Crown Agents Group and its network of partners, which allowed the Charity to meet its success criteria at speed. £8.1rn or 93% of the Charity's income wa5 generated through grant income, with the remainin8 £0.7m or 7% received as restricted donations in support of our Ukraine response. Grant income has been secured primarily from charities, philanthropists, and corporate and family foundation5. CAID had £1.4m in cash at 30 lune 2022. £1.Orn of thiswas restricted, to be spent on delivering the Charitws response to the Ukraine and Covid-19 crises.
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Statements for the year ended 30 June 2022 Future plans CAID will continue to respond to the crisis in Ukraine. With temperatures set to fall as low as-20"C, Ukraine is bracing itself for a harsh winter. Civilian infrastructure has been severely impaired by Russia, with energv. municipal heating and water infrastructure cynically targeted. Mass movements of people, both in and out of cities and towns, as people seek temporary shelter and warmth means that there is huge demand for the provision of heating and running water. CAID is already responding to this demand. and with funding, can do even more to ensure Ukrainian citizens have access to generators and fuel, shelter, blankets and food. By partnering with civil Society organisations we can ensure civilians, women and children are provided for safely and securely. An estimated 15.7 million Ukrainians need humanitarian assistance, including 7.1 million internally displaced persons IIDPSI. Recent Government estimates identify over 950,000 of these IDPS are living in public buildings or other temporary accommodation. The New York Times estimates that over 140,000 residential buildings have beeri destroyed. CAID has launched an appeal and has already received a number of grants that will enable it to deliver vital assistance. but there is so much more that needs to be done. In the year ahead, CAID will seek to deepen and develop relationships with donors and philanthropists that we have engaged with, and will be looking to explore relationships with a diverse range of philanthropists, foundations and corporate partners to tackle some of the world's most pressing challenges. including.. Enabling equitable access to healthcare in a pandemic Emergency response to disasters Providing solar energy to the health sector in developing countries through our Solar4Health initiative Addressing Sexual and Gender Based Violence Providing Education in Emergencies Strengthening Global Health Systems The Charity will continue to develop its capacity and experience in fundraising, focussing in particular on philanthropic and private sector opportunities. As the Charity's operations and activities develop, it will continue to assess the appropriate level of reserve5 to hold and put in place plans to build those as necessary. Reserves Policy Reserves are needed to bridge the gap between the spending and receiving of income and to cover unplanned emergency costs and other un-forecast scenarios the Charity may face. The appropriate level of reserves will continue to be reviewed by the trustees as the Charity continues to grow. The annual operating c05t5 of the Charity, excluijing grant delivery, are estimated to be £0.2m to £0.3m. In the Charittys first year of operations it has expended £8.4m on it's attivitie5, the vast majoritv spent on goods. Our experience responding to the crisi5 in Ukraine dernon5trates the power of having £0.3m to £O.Sm available in reserve to prime activities, sometimes ahead of funds arriving from grantors. The trustees have therefore 355essed that the appropriate reseryes for CAID at the present time are £0.5m to £0.8m. The reserves policy is also informed by assessing the Charity's operating model and the main risks to the Charity. The Charity will calculate the reserves as that part of unrestricted funds that are freely available after taking account of designated funds that have been earmarked for specific investment in
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Statements for the year ended 30 June 2022 organisational improvements such as new way5 of working digitally and environmentally consciously, research and other strategic projects. At the year end the Charity had unrestricted reserves of £0.3m, setLFred through indirect C05t recovery on grant income less non-grant cost5 incurred during the year. Restricted funds were fully utilised during the year and there were no designation5 of unrestricted funds. Subsequent to year end the Charity has generated a further surplus, increasing reserves above the £0.5m target. The trustee5 will continue to monitor the level of re5erve5, and in the year ahead will target increasing the level of reserves to the upper end of our target reserves, or £0.8m. Principal risks and uncertainties CAID recognise5 that its long-term stability depends upon the delivery of its Strategic objectives and its relationships with its clients, donors, affiliatesand strategic partners. We believe in the value of effettively managing risk.. it informs business decisions,. enables a more effective use of precious resources,. enhances strategic and operationalplanning- and strengthens contingency planning. None of this is possible without a 5UPPOrtive risk culture. A positive risk culture, one which encourages openness and discusses realissues in a realistic manner, 15 absolutely essential to the effective management of risk. Everyone, from the trustees Ilown, has a clear role to play in establishing and maintaining that risk tulture. The Charity seeks to alleviate suffering in complex environments and therefore ha5 an "open appetite" for operational risks, whi15t a150 taking steps to safeguard the assets and reputations of the Charity, its donors, partners and affiliates. This means the trustees are prepared to consider all éelivery options and select those with the highest probability of productive outcomes, even when there are elevated levels of associated risks, where such risks are deemed controllable. Our risk management strategy is linked to our strategy. This helps CAID trustees ensure our arrangements for managing risk are structured and comprehensive. The identification, management and reporting of the risks to delivering our strategy are carried out via.. Quarterly meetings of the Board of Trustees Joint Audit and Risk Assurance Committee Iwith the Group) Professional and global Internal Audit provided by R5M UK Risk Assurance Services LLP Our approache5 and management of risk are continually refreshed and improved. By doing so. we will be well placed to innovate and deliver better results for our donors while protecting personnel who are at the front line of delivering these services. CAID monitors ri5k5 under 10 main headings, including an assessment of the residual risk exposure relative to the Group's risk appetite: Cashflowlliquidity The Charity faces a liquidity risk if it has insufficient available cash to meet its obligations a5 they fall due. The Charity 15 primarily funded in advance through grants and donations. The Charity does not commence work without securing funds in place first, unless there are exceptional circumstances and the advance funding is within the available resources of the Charity to deliver. Any advance funding of programme activity must be approved by a trustee.
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Statements for the year eniled 30 June 2022 Flduclary Management The Charity defines fiduciary management risk as the risk that donor or grant funds are mishandled due to fraud, leakage or Ljse of a proscribed organisation. The Charity has in place a range of mitigation measures such as ensuring due diligence is completed before any contract award is granted, regular financial reviews and spot checks. We follow an established delegation of authority schedule and have strict segregation of duty policies which greatly reduce fiduciary management risk. Our projerts and funds are subject to a range of audits, including those commissioned by the Audit and Risk Assurance Committee and delivered by RSM UK Risk Assurance Services LLP. Fraud CAID defines this as the risk that the Charity is unable to prevent and manage fraud in its operations. Fraudsters are known to target charities and this presents the Charity with significant anti-fraLJd, bribery and corruption challenges. To counter these risks, the Charity has access to the Group's CounteT-Fraud Committee and Global Ethical and Compliance System. together with its established financial controls and procedures. livl staff Safety and Security Although the Charity doe5 not employ staff directly, it does engage human resources through a shared resource agreement with Crown Agents Limited. There is a risk that such staff are in physical danger or that their well-being is detrimentally affected leading to loss of life, loss of productivity or employability. Crown Agents, immediate priority to the crisis in Ukraine was the safety of personnel. Crown Agents. crisis team was meeting twice a day, sharing intelligence, providing financial and logistical resources, to enable personnel to move to places of relative safety wherever practicable. All Crown Agents personnel have access to Security training. Any travelling staff must complete, and have reviewed, a Security & Health Risk Form before any travel 15 approved. The purpose of this form is to ensure that security risks at travel destinations rated 'Medium" risk or above are assessed by the traveller and designated managers and that appropriate mitl8ètion measures are put in place. Covid-19 risk has been incorporated into the form and risk assessment. All projects are required to have tested and shared security plans in place and compliance is checked at least monthly. In addition to all staff going through a Health and Safety induction when theyjoin Crown Agents, the Group also maintains extensive Health and Safety Standard Operating Procedures, which are available through a Policy Portal to all staff. Our procedures inclLJde advice on general office safey, first aid. fire. use of personal protective equipment, working from height, homeworking. new and expectant mothers, motor vehicles and more. All Health and Safety incidents are reported to the Health. Safey and Security Committee and Teviewed for lessons learned. During the pandemic, we have also highlighted guidance and enforced working alone protocols, to keep our personnel safe. Safeguarding Continuous improvement of our safeguarding culture is a priority for the Group's Board and Executive Team, the Charitvs Board of Trustees. and the whole organisation. The Charity defines safeguarding to be 'a responsibility to take all possible steps to prevent harm from potential, actual or attempted abuse of power. authority, trust or vulnerability, especially in relation to sexual exploitation and abuse,. However. safeguarding issues can a150 mean.. bullying, harassment, discrimination. personal attacks, physical or verbal abuse. Measures h3ve been taken to mitigate safeguarding risk.
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Statements for the year ended 30 June 2022 The Group's Safeguarding Committee, which covers the operations of CAID, has wide organi5ational representation. with leaders drawn from the Group's HR, the Business Integrity Unit, the Executive Team, projects and international offices to drive forward our work in this area, and is chaired by an independent Crown Agents non-executive director. The Group ha5 a proces5 of continuous improvement for all related Human Resource and compliance-based policies. Safeguarding is tr3cked at weekly Executive Team meetings, monthly Crown Agents Board meetings and quarterly CAID Board of Trustees meetings and incorporated as a risk to be assessed in relevant internal audit a55ignments. The Group understands that compliance-based solutions are not enough to ensure the safeBuardin8 risk is fully addressed. The Group encourages a 'speak up culture" for our staff and stakeholders. For Crown Agents, a speak up culture means creating an environment to enable difficult conversations, encouraging dialogue both openly or in confidence and raising issues and concerns to senior members of staff. There exist numerou5 ways in which safeguarding concerns can be raised. This includes a multi-platform whistle- blowing mechanism, direct contact with the Group's Business Integrity Unit and Human Resources and in- country safeguarding focal-point systems. {vil Policies and Procedures (Compliance) This is the risk that controls in place are not adequate enough to mitigate risks and/or that compliance with these controls is lacking. The trustee5 have reviewed and approved a full suite of policies and procedures, adopting Group policies where appropriate. and preparing CAID specific policies where required. such as donation acceptance and reserves policies. Business Inte8rity training is available to all Group staff regularly and non-compliance with policies and procedures are addressed promptly. Reputation (donors. medla and supporters) CAID defines this as the risk that poor service delivery results in a loss of stakeholder confidence and trust in the brand and our ability to win new funding. CAID values its reputation, it5 brand, and the trust that it comm3nds. and we believe thèt the quality of our delivery is the most effective way of maintaining this. Iviiil Fundraising Thi5 IS the risk that fundraising income generation potential 15 inadequate to achieve our desired impact and strategic objectives. Fundraising activitie5 are carried out primarily by Crown Agent5 Group personnel utilising the Charity'5 shared resource agreement with Crown Agents Limited. The team responsible for raising funds focus on charities. philanthropists, and corporate and family foundations with mature philanthropic and grant giving systems in place. The Charity seeks to deepen existing donor relationships and secure new partnerships and grants. including multi-year awards, which will enable the Charity to plan and (Jeliver long-term high-impact programmes that will benefit communities in sustainable and lasting ways. Ilxl Governance This is the risk that CAID is not compliant with regulations everywhere that it operates. In England and Wales, the Charity is regulated by the Charities Commission. The Charitv Is exposed to the economic, political and business risks associated with international operations. Political risk can include sudden changes in regulations, imposition of trade barriers and wage controls, nationalisation of eommerci81 and social enterprises, limits on the export of currency and volatility of prices, taxes arid currencies. The trustees monitor such risks and have procedures in place to mitigate any exposure.
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Statements for the year ended 30 lune 2022 Ixl This is the risk that the Charity's activities negatively impatt the environment or climate. or the Charitvs exposure to environamental and climate change reputational, market. biophysical and compliance risk. The Charity is pursuing grant funding to deliver solar energy solutions for health facilities and will be incorporating climate and environmental risk factors when preparing due diligence into donors and suppliers before engaging with them. Environment Trusteeg Indemnities As permitted by the Articles of Association, the Trustees have the benefit of an indemnity which 15 qualifying third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in forte throughout the last financial period and is currently in force. The Charity also maintained throughout the financial period Trustees, and Officers. liability insurance in respect of itself and its Trustees. Going Concern The Charity has performed strongly in its first full year of operations, generating reserves of £0.3m and cash of £1.4m. Management have prepared cash flow forecasts, includin8 Stress tested scenarios and consiilered the key risks facing the Charity. Thi5 analy515 demonstrated that CAID has sufficient cash to meet known liabilities and commitments for the next 12 month5 and beyond. After considering these factors. the trustees have concluded that the charity has a reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future and have continued to prepare the financial statements on the going concern basis. io
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Statements for the year ended 30 lune 2022 ststement of trustees, responsibilities in respect of the financial statements The Trustees (who are also directors of CAID for the purposes of company lawl are responsible for preparing the Trustees, Annual Report and the financial statements in 3ccordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice Iunited Kingdom Accounting Standards. comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and applicable lawl. Under company law the trustees must not approve the financial statements unle55 they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period. In preparing the financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP- make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going concern basis unless it 15 inappropriate to presume that the company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's tr3nsaction5 and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companie5 Act 2006 and provisions of the chèrity's constitution. The trustees 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 irreBularities. Dls¢losure of Information to Auditors Insofar as each of the trustees of the charity at the date of approval of this report is aware there is no relevant audit information (information needed by the charitvs auditor in tonnection with preparing the audit report) of which the charity's auditor is unaw3re. Each tTUStee has taken all of the steps that helshe should have taken as a trustee in order to make himself/herself aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The Trustees have taken advantage of the exemption from an obligation to prepare a strategic report, available under the small company regime. Approved by the Board of Trustees on 15 February 2023 and signed on behalf of the Board on 16 February 2023 by.. lan Ma5comson Trustee li
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Statements for the year ended 30 June 2022 Independent Auditorfs Report to the Members of Crown Agent5 International Development Oplnlon We have audited the financial statements of Crown Agents International Development I'the charitable company'l for the year ended 30 lune 2022 which comprise the Statement of Financial Activities, Balance Sheet and note5 to the financial statements, including significant accounting policie5. 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 an(1 Republic of Ireland (United Kingdom Generally Accepted Accounting Practicel. In our opinion the financial statements- give a true and fair view of the state of the charitable companws affairs as at 30 June 2022 and of its income and expenditure, for the year then ended- have been properly prepared in accordance with United KinEdom Generally Accepted Accounting Practice,. and have been prepareij in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'5 Ethical Standard, and we have fulfilled our other ethical responsibilitie5 in accordance with these requirement5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to event5 or conditions that, individually or collectively, may Cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are aLrthorised 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 contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 12
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Statements for the year ended 30 June 2022 Other information Icontlnued) Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial Statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in thi5 regard. Opinions on other matters prescribed by the Companles Act 2006 In our opinion based on the work undertaken in the course of our audit the information given in the trustee5' report, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements- and the directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the direttors, report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion.. adequate and proper accounting records have not been kept,. or the financial statements are not in agreement with the accounting record5 and returns,. or certain disclosures of trustees, remuneration specified by law are not made: or we have not received all the information and explanations we require for our audit,. or the trustees were not entitled to prepare the finantial statements in accordance with the sm811 companies regime and take advantage of the small companie5, exemptions in preparing the tru5tees' directors, report and from the requirement to prepare a strategic report. Responsibilltles of trustees As explained more fully in the trustees, responsibilities statement set out on page 11, the trustee5 (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessèry 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 trustees are responsible for assessing the charitable companvs ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unle55 the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 13
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Statements for the year ended 30 June 2022 Auditorfs responsibilities for the audlt of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as 3 whole are free from materi35 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 guarantee that an audit conducted in accordance with ISAS 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 economic decisions of users taken on the basis of these financial statemerits. Details of the extent to which the audit was consiilered capable of detecting irregularities. including fraud and non-compliance with laws and regulations are set out below. 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.or auditorsres onsibilitie5. This description forms part of our auditorfs report. Extent to which the audit was consldered capable of detecting irregularities, includlng fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregu5arities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates. focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial Statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 together with the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable coMpanS ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraLSd. Auditing standards limit the required audit procedure5 to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularitie5, including fraud, to be within the timing of the recognition of voluntary and grant income and override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Board about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals. reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minute5 of meetings of those charged with governance. 14
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Ststements for the year ended 30 June 2022 Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material m155tatements in the financial staternents, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non- compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Use of our report This report is made solely to the charitable companvs members, as a body, in accordance with Chapter 3 of Part 16 of the Companie5 Act 2006. Our audit work has been undertaken so that we might state to the charitable tompan¢s members those matters we are required to state to them in an auditor's 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 charitable company and the charitable company'5 members as a body, for our audit work, for this report, or for the opinions we have formed. Naziar Hashemi Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London 16 February 2023 15
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Statements for the year ended 30 June 2022 STATEMENT OF FINANCIAL AcfiviTIES {includin8 income and expenditure account) For the year ended 30 June 2022 Unrestricted Restricted Total Funds Funds Funds 2022 2022 2022 £'oDo Total Funds 2021 Note £'ooo £'ooo £'ooo Income Donations Income from charitable activities Total Income 42 8.114 8.760 8.114 8,802 42 Expenditure Expenditure on raising funds Expenditure on charitable activities Total Expenditure {120) 11201 {8A271 iii 18.4271 11201 18,4271 {8,5471 iii Transfers between funds Net movement in funds 333 255 {3331 255 Reconciliation of funds Total funds brought forward Total funds carried fon¥ard 260 260 The statement of financial activities includes all gains and losses for the period. All income and expenditure derive from continuing activities. 16
CROWN AGENT5 INTERNATIONAL DEVELOPMENT Annual fteport and Financial Statements for the year ended 30 June 2022 BALANCE SHE at 30June 2022 Note 2022 £'ooo 2021 £'ooo Current assets Debtors and accrued income Cash at bank Total Current Assets 1,570 1,447 3.017 Llabilities Creditors.. amounts falling due within one year Net turrent assets 2,757 260 Total assets less current Ilabllltles 260 Funds Unrestricted funds Restricted funds Total fund5 260 260 The notes on pages 19 to 26 form part of these financial statements. The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies, regime. The financial statements of Crown Agents International Development. registered number 12599517, were approved by the Board of Trustees on 15 February 2023 and signed on its behalf on 16 February 2023 by.. lan Malcomson Trustee 17
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Statements for the year ended 30 June 2022 CASH FLOW STATEMENT at 30 June 2022 Notes Total 2022 Total 2021 £'ooo £'ooo Cashflowsfrom operoting activities Net cash inflow from operating activities li 1,441 Retums on Investments ond servicing ofllnance Interest received Increase In cash in the year 1.441 Cash at the start of the year Cash at the end of the year 1,447 18
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financlal Statements for the year ended 30 June 2022 Notes to the Financial Statements for the year ended 30 June 2022 Accounting Policies General Informatlon CAID is a company limited by guarantee (company number 125995171 and charity registered in England & Wales Icharity number 11922491. The 3ddres5 of it5 registered offsce is Blue Fin Building, 110 Southwark Street, London, SEI OSU. Summary of slgnifi¢ant accounting policies The principal accountin8 policies applied in the preparation of these finantial statements are set out below. These policies have been consistently applied to all the periods and years presented, unless otherwise stated. a) Basis of preparatlon The financial statement5 have been prepared in accordance with the Charities.. Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211 (issued in October 20191 Icharities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othetwise stated in the relevant accounting policy notelsl. b) Golng Concern The Charity has acce55 to financial support from the Crown Agents Limited and has sufficient liquidity to support the operations of the Charity should cash support be required. The trustees are therefore confident that Crown Agents International Development is a going concern. The Trustees are satlsfied that the Charity has adequate resources and liquidity to continue with their operations for the foreseeable future. Accordingly, they tontinue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees, Responsibilities on page 11. cl Crltlcal judgements and estimate5 in applyln8 the a¢¢ountlng policies The trustees believe there are no critical judgements or estimates in applying the accounting policies. d) Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the itemlsl of income have been met, it is probable (more likely than not) that the income will be received, and the amount can be measured reliablv. Donations Donations are recognised in incoming resources in the year in which they are received or receivable. Grants Grant income received by CAID includes donor-imposed conditions which must be fulfilled before the charity becomes entitled to Use such income. Accordingly, SLJch income is deferred and not included in incoming resources until the preconditions for use are met. 19
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Statements for the year ended 30 June 2022 Notes to the Financlal Statements for the year ended 30 June 2022 Icontinuedl Project specific funding- when donors specify that donations and grants are for restrirted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable. Donated services and facilities Donated services or facilities are recognised zs income when the charity ha5 control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated SeiceS and facilities are recognised since the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised as expenditure in the period of receipt. Investment Income Interest on fund5 held on deposit Is included when receivable and the amount can be measured reliably by the charity,. this is normally upon notification of the interest paid or payable by the Bank. e) Fund accountlng Unrestricted funds are available to spend on activities that further any of the purposes of tharity. Designated funds are unrestricted funds of the charity which the trustees hève decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations and grants that the donor has specified are to be used solely for particular areas of the Charity's work. fl Expenditure and Irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: Costs of raising funds comprise the costs incurred in attracting donations. Expenditure on charitable activities includes the direct Costs of delivery projects undertaken to further the purposes of the charity and their associated support costs. Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurreil. g} Allocatlon of support costs Support costs are those costs which do not relate directly to a single activity- These include some staff costs, Costs of administration. internal and external audit tosts and IT support. Support costs have been apportioned between fundraising costs and charitable activities, on the basis of the work performed lin other words delivery of programmes or administrative functionsl, delivery costs are further allocated in proportion to the revenue generated on activities during the year. h) Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. il Debtors Trade and other debtor5 are recognised at the settlement amount due after any trade dIOunt offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 20
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Statements for the year ended 30 June 2022 Notes to the Financial Statements for the year ended 30 June 2022 (continued) j) Creditors and provisions Creditors and provisions 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 recogni5ed at their settlement amount after allowing for any trade discounts due. k) Flnanclal instrument5 The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value, and subsequently measured at their settlement value. l. Donations 2022 2021 £'o £'ooo Donatlons Ukraine Crisis Response Donated services from related parties (Note 81 Other Total 41 2. Income from Grants and Charltsble A¢ti¥ities 2022 £'ooo 2021 £'ooo Gmnt Fundingforspecific charitable activities Covid-19 Response Ukraine Crisis Response Total 306 7,808 8,114 Ukraine Crisis Response grant income includes £4.9m recognised during the period relating to an emergency grant provided by Save the Children to secure emergency individual first aid kits. 21
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Statements for the year eniled 30 lune 2022 Notes to the Financlal Statements for the year ended 30 June 2022 {continuedl 3. Expendlture Direct Project Costs 2022 £'ooo Staff Costs Governance note 8 Costs Allocation of support costs Total Total 2022 £'ooo 2022 £'ooo 2022 £'ooo 2022 £'ooo 2021 £'ooo Raising Funds Donations Grants Totsl cost of ralslng funds 71 41 112 76 44 120 ChorftobleArtivities Covid-19 Response Ukraine Crisis Response Total cost of charitable activities 285 7,963 291 8,136 iii 62 8,248 115 8.427 Total expenditure 8.248 191 44 8,547 The expenditure of the Charity includes the following charges for services provided by the Charitys auditors,. 2022 £'ooo 2021 Fees payable to the Charitws auditors for the audit of the charity's annual accounts Total 18 18 4. Debtors 2022 £'ooo 1,570 1.570 2021 £'ooo Prepayments Total 22
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Statements for the year ended 30 June 2022 Notes to the Financial Statements for the year ended 30 June 2022 (tontlnuedl 5. Creditors: amounts falling due wlthln one year 2022 £'ooo 2021 £'ooo Notes Grants payable Trade creditors Amount5 due to Crown Agents Limited Deferred income Accruals Total 202 li 825 1,684 2,757 Income of £1.7m was deferred at year end as it relate5 to income on performance Erants where the performance obligations had not been satisfied at the year end date. 6. Fund Movement Analysis Transfers between funds. £'ooo 333 333 Balance Bt I July 2021 £'ooo Balance at 30 June 2022 Income £'c0 Expenditure £'ooo 11201 11201 Unrestricted Funds Total Unrestricted Funds 42 260 42 260 Restricted Funds Covid-19 Response Ukraine Crisis Response Total Restricted Funds 306 12911 18,1361 18,4271 1151 13181 13331 8.454 8,760 Total Funds 8,802 18,547} 260 Transfers between funds IS the residual internal cost recovery (ICRI agreed with donors on a range of grunts ofter core costs in thefirst yeor of operotions have been deducted. Transfers between funds £'ooo Balance at I July 2020 £'ooo Balance at 30 June 2021 £'ooo Income £'ooo Expenditure £'ooo unrestricted Funds Total Unrestricted Funds iii Restricted Funds Total Restricted Funds Total Funds {ii 23
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Statements for the year ended 30 June 2022 Notes to the Financial Statements for the year ended 30 June 2022 (contlnuedl 7. Net Assets Between Funds Unrestricted 2022 £'o 482 12221 260 Restricted Totsl 2022 £'ooo 3.017 12,7571 260 Unrestricted Restrirted 2021 £'ooo Total 2022 £'ooo 2.535 12,5351 2021 £'ooo 2021 £'ooo Current Assets Current Liabilities Net Assets 8. Employees and Twstees The Charity had no employees during the year12021'. nill. Related costs are borne by Crown Agents Limited and recharged to the Charity as a seNice charge PLtrsuant to a shared resource agreement. By utilising the shared re50ur¢e agreement the Charity avoids duplication. ensure5 that each organisations costs are minimised and is able to operate in a unified manner to effettively implement and manage activitie5. Employee costs recharged to the Charity in 2022 were £0.2m12021'. nill, made up of,. 2022 £'ooo 2021 £'ooo Wages and salaries National Insurance Pension Costs Total 159 20 12 191 Services provided by the Charity which were not charged for have been recognised in the accounts as gift in kind and are valued at £41k. There were no employees whose emoluments exceeded £60k. No Trustees received reimbursement for expenses in 202212021.. nill. Members of the Board of Trustees Iwho are all directors within the meaning of the Companies Act 20061 did not receive any remuneration during the period 12021= nil) from the Charity for their services as directors and Trustees of the Charity. Trustees are provided with indemnity insurance as part of Crown Agent Limited's Group Insurance Policies. Two trustees of the Charity are employed by Crown Agents Limited. These trustees provided services to the Charity during the year but did not receive any remuneration for these seNices from the charity. The trustees did receive remLJneration from Crown Agents Limited with respect to their employment by Crown Agents Limited. The details of this remuneration are as follows,. Salaries and other short-term benefits £'ooo Social Seturity Post-employment £'ooo benefits £'ooo Total £,0 Trustee Fergus Drake lan Malcomson 190 147 25 20 259 191 24 These individuals are considered as Key Management Personnel of the Charity. 24
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Statements for the year ended 30 JL*ne 2022 Notes to the Financial Statements for the year ended 30 June 2022 {continued} 9. Tax Crown Agents International Development is a registered charity. The charitable company is not subject to corporation tax on income derived from its charitable artivities as it falls within various exemptions available to charities. 10. Commitments Under Operating Leases The Charity had no commitments under non-cancellable operating leases12021: nill. 11. Related Party Transartlons The Charl$ only related party transactions were with its parent company. Crown Agents Limited (CALI. Related Party Balances 2022 £'ooo 2021 £'ooo Amounts due to Crown Agents Limited 825 Related Party Transactions 2022 2021 £'o(10 Donations Reteived from Crown Agents Limited Donated Services Received from Crown Agents Limited Funds Granted to CAL to perform charitable work on behalf of the Charity Shared Resources Charged from CAL to CAID 41 7,860 454 12. Reconclliation Of Movement In Funds To Cash Flow From Operating Activities 2022 £'ooo 2021 £'(K)o Net movement in funds Ilncreasel in debtors Increase in creditor5 Net cash inflow from operatlng artlvltles 255 {1,5701 2.756 1.441 25
CROWN AGENTS INTERNATIONAL DEVELOPMENT Annual Report and Financial Statements for the year ended 30 lune 2022 Notes to the Financial Statements for the year ended 30 June 2022 Icontlnued) 13. Comparative Statement Of Flnancial Activities Unrestrlcted Funds 2021 Restrirted Totsl Funds Funds 2021 Note 2021 Income Donations Income from charitable activities Total Income Expendlture Expenditure on raising funds Expenditure on charitable activities Total Expenditure {ii iii Transfers between funds Net movement in funds Reconciliatlon of funds Total funds brought forward Totsl funds carried forward 14. Member and Ultlmate Parent The sole member of the Charity is Crown Agents Limited. The ultimate parent undertaking of Crown Agents Limited is The Crown Agents Foundation INO. 032511671, a non-trading, not for profit company limited by guarantee. Both Crown Agents Limited and The Crown Agents Foundation are registered in England and Wales. The Crown Agents Foundation is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements at 30 June 2022 and 30 June 2021. The consolidated financial statements of The Crown Agents Foundation are available from the Company Secretary at Blue Fin Building. 110 Southwark Street, London SEI OSU, United Kingdom. The Charity is independent, and had two independent trustee5 and two member appointed trustees during the year. The sole member, Crown Agents Limited, is not a corporate trustee, but it has the power to appoint and remove trustees. 15. Post Balance Sheet Events There are no events after the balance sheet date that require adjustment or disclosure in the financial statements. 26