## THE CUCIBLE FOUNDATION
## **Trustees’ Report**
## **and Financial Statements**
for the period ended 5 April 2022
**Registered Charity Number 1195787**
## **THE CRUCIBLE FOUNDATION**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2022
## **INDEX**
|**Charity information**|**1**|
|---|---|
|**Trustees’ report**|**2**|
|**Independent auditor’s report**|**4**|
|**Statement of financial activities**|**7**|
|**Balance sheet**|**8**|
|**Statement of cash flows**|**9**|
|**Accounting policies**|**10**|
|**Notes to the financial statements**|**12**|
## **THE CRUCIBLE FOUNDATION**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2022
## **CHARITY INFORMATION**
## **Trustees**
TLT Trustees Limited
## **Principal office**
TLT Solicitors 1 Redcliff Street Bristol BS1 6TP
## **Registered charity number**
1195787
## **Independent Auditor**
Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
## **Bankers and Investment Managers**
Coutts & Co 440 Strand London WC2R 0QS
**Page 1**
## **THE CRUCIBLE FOUNDATION**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2022
## **TRUSTEES’ REPORT**
The trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the period ended 5 April 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
## **STRUCTURE GOVERNANCE AND MANAGEMENT**
The Crucible Foundation is a registered charity constituted under a trust deed dated 9 July 2021 and registered as a charity 10 September 2021.
The trust is controlled by the trustee. The power to appoint and remove trustees rests with the settlors or survivors of them during their lifetime.
On agreeing to become a trustee of the charity, the trustees are thoroughly briefed by the existing co-trustees on the history of the trust, the day-to-day management, responsibilities of the trustees, the current objectives and future plans.
The trustees have assessed the major risks to which the charity is exposed. The trustees believe that by ensuring controls exist over key financial systems incorporating Coutts & Co’s systems and controls they have established effective systems to mitigate those risks.
## **OBJECTIVES AND ACTIVITIES**
The charity’s objects are:
“To apply the income, and all or such part or parts of the capital, at such time or times and in such manner to, or for the benefit of such charities or such exclusively charitable purposes according to the law of England and Wales in any part of the world as the trustees may in their absolute discretion think fit.”
In pursuance of its objects, the charity’s income is applied in making grants to charitable organisations. The trustees believe by making such grants the charity fulfils its obligation to deliver public benefit.
In determining how the charity should pursue its objects, the trustees have had regard to the Charity Commission's guidance on public benefit.
## **ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW**
During the period under review the settlors donated £50,000,000 into the capital fund of the charity. Total income for the period amounted to £501,008 and comprised income arising on the charity’s investments and transfers from the endowment fund.
Charitable expenditure in the period comprised grants to charitable organisations, together with administration fees and governance costs, totalling £373,200 while investment management fees totalled £96,026 giving total expenditure of £469,226.
A transfer from expendable endowment to income funds of £162,722 was made during the period in order to cover expenditure in excess of investment income received and provide working capital to the charity.
As at 5 April 2022 free reserves were £127,808.
The charity’s investments are managed by Coutts & Co with the target of generating income and growing the investments above inflation. The trustees continually monitor the investment policy and performance against objectives and are content with the performance of investments during the period under review.
**Page 2**
## **THE CRUCIBLE FOUNDATION**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2022
## **TRUSTEES’ REPORT**
## **FUND RAISING STANDARDS**
The charity does not raise funds from the public and therefore does not follow any voluntary standards on fund raising.
## **PLANS FOR FUTURE PERIODS**
The trustees intend to continue the charity’s grant-making activity.
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United 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 consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and 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.
## **APPOINTMENT OF AN INDEPENDENT AUDITORS**
During the period under review the charity exceeded the audit threshold and appointed Blue Spire Limited as independent auditors. Blue Spire Limited have expressed their willingness to continue as auditors to the charity.
Approved by the trustees and signed on their behalf.
Deborah Gale on behalf of TLT Trustees Limited Trustee
14 March 2023 Date
**Page 3**
## **THE CRUCIBLE FOUNDATION**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2022
## **INDEPENDENT AUDITOR’S REPORT**
## **Independent Auditor’s Report to the trustees of The Crucible Foundation**
## **Opinion**
We have audited the financial statements of The Crucible Foundation (the ‘charity’) for the period ended 5 April 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and Notes to the Financial Statements, including a summary 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 Ireland_ (United Kingdom Generally Accepted Accounting Practice).
## In our opinion the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 5 April 2022, and of its incoming resources and application of resources, for the period then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 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 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 statements are 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 comprises the information included in the trustees’ 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.
In connection with our audit of the financial statements, 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 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 is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- • sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
**Page 4**
## **THE CRUCIBLE FOUNDATION**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2022
## **INDEPENDENT AUDITOR’S REPORT**
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 3, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees 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 trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters 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 but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain 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 guarantee that an audit conducted in accordance with ISAs (UK) 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 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, including fraud is detailed below.
Based on our understanding of the charity, we identified that the principal laws and regulations that directly affect the financial statements to be and the Charities Act, and Trustee Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
As an investment and settlor funded grantmaker there is a limitation to exposure to laws and regulations and where the likelihood of non-compliance is low. Auditing standards limit the required audit procedures to identify noncompliance with these laws and regulations to enquiry of the trustees and inspection of regulatory and legal correspondence if any.
Audit procedures performed by the engagement team included:
- Enquiry of those charged with governance around actual and potential litigation and claims;
- Enquiry of the trustees to identify any instances of non-compliance with laws and regulations;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Performing audit work over the risk of management override of controls and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and revieing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
- A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilitiesfor.This description forms part of our auditor’s report.
**Page 5**
## **THE CRUCIBLE FOUNDATION**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2022
## **INDEPENDENT AUDITOR’S REPORT**
## **Use of our 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 state to the charity’s trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Cawley Priory South Pallant Chichester West Sussex Blue Spire Limited, Statutory Auditor PO19 1SY 14 March 2023 Date
_Blue Spire Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006._
**Page 6**
## **THE CRUCIBLE FOUNDATION**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2022
## **STATEMENT OF FINANCIAL ACTIVITIES**
|**Note**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**1**
Investments
**2**
**Total**
**EXPENDITURE ON:**
Raising funds
**3**
Charitable activities
**4**
**Total**
Net gains/(losses) on investments
**9, 10**
**Net income/(expenditure)**
**Transfers between funds**
**14**
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Funds carried forward**|**Unrestricted**
**Funds**
**£**
-
338,286
338,286
-
373,200
373,200
-
(34,914)
162,722
127,808
127,808|**Endowment**
**Funds**
**£**
50,000,000
-
50,000,000
96,026
-
96,026
(2,928,085)
46,975,889
(162,722)
46,813,167
46,813,167|**5 April 2022**
**Total**
**Funds**
**£**
50,000,000
338,286|
|---|---|---|---|
||||50,338,286|
||||96,026
373,200|
||||469,226|
||||(2,928,085)|
||||46,940,975
-|
||||46,940,975|
||||46,940,975|
None of the charity's activities were acquired or discontinued during the above two financial periods.
The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.
**Page 7**
## **THE CRUCIBLE FOUNDATION**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2022
## **BALANCE SHEET AS AT 5 APRIL 2022**
||||**5 April**|**2022**|
|---|---|---|---|---|
||**Note**|**£**||**£**|
|**FIXED ASSETS**|||||
|Investments - portfolio 1|**9**|43,625,574|||
|Investments - portfolio 2|**10**|510,289|||
|**Total fixed assets**||||44,135,863|
|**CURRENT ASSETS**|||||
|Debtors - accrued investment income||132,608|||
|Cash at hand and in bank||2,733,965|||
|**Total current assets**||2,866,573|||
|**CURRENT LIABILITIES**|||||
|Creditors: amounts falling due within one year|**11**|61,461|||
|**Net current assets/(liabilities)**||||2,805,112|
|**Total assets less current liabilities**||||46,940,975|
|Creditors: amounts falling after more than one year|**12**|||-|
|**Net assets/(liabilities)**||||46,940,975|
|**THE FUNDS OF THE CHARITY**|||||
|**Expendable endowment funds**|**14**|||46,813,167|
|**Unrestricted funds**|**14**|||127,808|
|**Total charity funds**||||46,940,975|
|The notes on pages 12 to 16 form part of the financial|statements.||||
|||14 March 2023|||
The financial statements on pages 7 to 16 we approved and authorised for issue by the trustee on ……………………………………. and signed on its behalf by:
………………………………………… Debborah Gale on behalf of TLT Trustees Limited Trustee
**Page 8**
## **THE CRUCIBLE FOUNDATION**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2022
## **STATEMENT OF CASH FLOWS**
|**Note**
**Net cash flow from operating activities (see below)**
**Cash flow from investing activities**
Investment income
Payments to acquire investments
Receipts on sale of investments
**Net cash flow from investing activities**
**Net increase/(decrease) in cash and cash equivalents and cash and cash equivalents carried forward**
**Cash and cash equivalents consist of:**
Cash at bank and in hand
**Cash and cash equivalents at 5 April**
**Reconciliation of net income to net cash flow from operating activities**
Net income
Adjusted for:
Investment income
Net (gains)/losses on investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors|**£**
**£**
49,459,627
338,286
(59,854,183)
12,790,235
(46,725,662)
2,733,965
2,733,965
2,733,965
**£**
**£**
46,940,975
(338,286)
2,928,085
(132,608)
61,461
2,518,652
49,459,627
**5 April 2022**
**5 April 2022**|**£**
**£**
49,459,627
338,286
(59,854,183)
12,790,235
(46,725,662)
2,733,965
2,733,965
2,733,965
**£**
**£**
46,940,975
(338,286)
2,928,085
(132,608)
61,461
2,518,652
49,459,627
**5 April 2022**
**5 April 2022**|
|---|---|---|
|||49,459,627|
**Page 9**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2022
## **THE CRUCIBLE FOUNDATION**
## **ACCOUNTING POLICIES**
## **General information, scope and basis of the financial statements**
The Crucible Foundation is an unincorporated charity constituted under a trust deed. The address of the principal office is given in the reference and administrative details section and the nature of the charity’s operations and principal activities are given in the trustees' report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to throughout the period under review, being the first period of account for the charity.
## **Incoming resources**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.
## **Resources expended**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings:
- Raising funds; these include investment management fees charged by the charity's investment managers
- Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.
## **VAT**
The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.
## **Taxation**
The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.
**Page 10**
**THE CRUCIBLE FOUNDATION** FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2022
## **ACCOUNTING POLICIES**
## **Investments**
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Where investments are denominated in currencies other than Sterling, transactions are translated at the rate prevailing at the date of the transaction and year end values are calculated using the exchange rate prevailing at the year end.
## _Investments held in foreign currencies_
Where investment assets are held in a foreign currency they are translated at the prevailing rate at the balance sheet date and any gain/loss on exchange rate movements is included in the statement of financial activities in the other recognised gains and losses section.
## **Debtors receivable and creditors payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **Fund accounting**
Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Expendable endowment funds are those which are required to be invested to produce income but which may be transferred to unrestricted funds at the discretion of the trustees in order that they may be expended in furtherance of the charity's objectives.
## **Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
**Page 11**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2022
## **THE CRUCIBLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **1. Donations and legacies**
|Additions to charity
**2. Investment income**
Income from investment holdings
Interest on cash deposits|**Unrestricted**
**Funds**
**£**
-
-
**Unrestricted**
**Funds**
**£**
335,918
2,368
338,286|**Endowment**
**Funds**
**£**
50,000,000
50,000,000
**Endowment**
**Funds**
**£**
-
-
-|**5 April 2022**
**Total**
**Funds**
**£**
50,000,000|
|---|---|---|---|
||||50,000,000|
||||**5 April 2022**
**Total**
**Funds**
**£**
335,918
2,368|
||||338,286|
## **3. Raising funds - investment management fees**
|Fees payable to investment managers
**4. Charitable activities**
Grants to institutions (see note 5)
Charity administration
Governance costs (see note 6)|**Unrestricted**
**Funds**
**£**
-
-
**Unrestricted**
**Funds**
**£**
360,000
8,400
4,800
373,200|**Endowment**
**Funds**
**£**
96,026
96,026
**Endowment**
**Funds**
**£**
-
-
-
-|**5 April 2022**
**Total**
**Funds**
**£**
96,026|
|---|---|---|---|
||||96,026|
||||**5 April 2022**
**Total**
**Funds**
**£**
360,000
8,400
4,800|
||||373,200|
**Page 12**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2022
## **THE CRUCIBLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **5. Grants to institutions**
|_Analysis of grants_
Community Foundation for Calderdale
Greencuisine Trust
Playback Theatre South West
Refugees at Home
Susila Dharma Britain
The London Community Foundation
The Sussex Community Foundation
**6. Governance Costs**
Charity set up costs
Independent auditor's remuneration
**7. Auditor's remuneration**
Auditor's remuneration - audit|**Unrestricted**
**Funds**
**£**
50,000
50,000
50,000
50,000
60,000
50,000
50,000
360,000
**Unrestricted**
**Funds**
**£**
2,400
2,400
4,800
**Unrestricted**
**Funds**
**£**
2,400|**Endowment**
**Funds**
**£**
-
-
-
-
-
-
-
-
**Endowment**
**Funds**
**£**
-
-
-
**Endowment**
**Funds**
**£**
-|**5 April 2022**
**Total**
**Funds**
**£**
50,000
50,000
50,000
50,000
60,000
50,000
50,000|
|---|---|---|---|
||||360,000|
||||**5 April 2022**
**Total**
**Funds**
**£**
2,400
2,400|
||||4,800|
||||**5 April 2022**
**Total**
**Funds**
**£**
2,400|
## **8. Related party transactions and staff costs**
Fees payable to TLT Trustees Limited, the charity trustee, for charity administration are included under charitable activities and are authorised under section 7 of the trust deed.
The charity has no employees, with all administration being carried out by the trustee. There are no further related party transactions to be disclosed.
**Page 13**
## **THE CRUCIBLE FOUNDATION**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2022
## **NOTES TO THE FINANCIAL STATEMENTS**
|**9. Fixed asset investments - portfolio 1**
Market value brought forward
Additions at cost
Disposals at carrying value
Gain/(Loss) on revaluation
**Market value carried forward**
Asset distribution:
Listed investments and equivalents
**10. Fixed asset investments - portfolio 2**
Market value brought forward
Additions at cost
Disposals at carrying value
Gain/(Loss) on revaluation
**Market value carried forward**
Asset distribution:
Listed investments and equivalents
**11. Creditors: amounts falling due within one year**
Accruals - Charity administration
Accruals - Independent auditors remuneration
Accruals - Investment management fees payable
**12. Creditors: amounts falling due after more than one year**
Grants payable|**5 April 2022**
**£**
-
59,352,458
(12,790,235)
(2,936,649)|
|---|---|
||43,625,574|
||43,625,574|
||43,625,574|
||**5 April 2022**
**£**
-
501,725
-
8,564|
||510,289|
||510,289|
||510,289|
||**5 April 2022**
**Total**
**Funds**
**£**
2,400
2,400
56,661|
||61,461|
||**5 April 2022**
**Total**
**Funds**
**£**
-|
||-|
**Page 14**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2022
## **THE CRUCIBLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **13. Analysis of net assets between funds**
|Fixed assets
Current assets
Current liabilities
Non-current liabilities|**Unrestricted**
**Funds**
**£**
-
132,608
(4,800)
-
127,808|**Endowment**
**Funds**
**£**
44,135,863
2,733,965
(56,661)
-
46,813,167|**5 April 2022**
**Total**
**Funds**
**£**
44,135,863
2,866,573
(61,461)
-|
|---|---|---|---|
||||46,940,975|
## **14. Analysis of net movements in funds**
|_Endowment funds_
Capital fund
_Unrestricted funds_
General fund
Total funds||**Period ended 5 April**|**Period ended 5 April**|**2022**||
|---|---|---|---|---|---|
||**Total**
**incoming**
**resources**
**£**
50,000,000
50,000,000
338,286
338,286
50,338,286|**Total**
**resources**
**expended**
**£**
(96,026)
(96,026)
(373,200)
(373,200)
(469,226)|**Net gains/**
**(losses) on**
**Investments**
**£**
(2,928,085)
(2,928,085)
-
-
(2,928,085)|**Transfers**
**between**
**funds**
**£**
(162,722)
(162,722)
162,722
162,722
-|**Total funds**
**carried**
**forward**
**£**
46,813,167|
||||||46,813,167|
||||||127,808|
||||||127,808|
||||||46,940,975|
## **15. Description of funds**
_Capital fund General fund_
Funds received from the settlor trustees to support the charity's ongoing and future activities.
Income funds available for the charity's use at the discretion of the trustees.
## **16. Transfers between funds**
|**From**
**To**
_Transfer 1_
Capital fund
General fund|**Unrestricted**
**Funds**
**£**
162,722
162,722|**Endowment**
**Funds**
**£**
(162,722)|
|---|---|---|
|||(162,722)|
The transfer from endowment to unrestricted funds was implemented to provide resources for grant awards in furtherance of the charity's objectives as permitted under section 5 of the trust deed.
162,722 (162,722)
**Page 15**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2022
## **THE CRUCIBLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
|**17. Financial instruments**
The carrying amounts of the charity's financial instruments are as follows:
_Financial assets_
Measured at fair value through net income/(expenditure):
Fixed asset investments
The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows:
_Income and expense_
Financial assets measured at fair value through net income/(expenditure)
Investment income
Investment management fees
_Net gains and losses (including changes In fair value)_
Financial assets measured at fair value through net income/(expenditure)
Net gains/(losses) on investments|**5 April 2022**
**Total**
**Funds**
**£**
44,135,863|
|---|---|
||44,135,863|
||**5 April 2022**
**Total**
**Funds**
**£**
335,918
(96,026)|
||239,892|
||(2,928,085)|
||(2,928,085)|
Fixed asset investments are held at fair value with valuations obtained by reference to market prices from the appropriate stock exchange, bid prices and last traded prices where applicable.
**Page 16**