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2023-04-05-accounts

THE CUCIBLE FOUNDATION

Trustee’s Report

and Financial Statements

for the period ended 5 April 2023

Registered Charity Number 1195787

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2023

THE CRUCIBLE FOUNDATION

INDEX

Charity information 1
Trustee’s 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 2023

CHARITY INFORMATION

Trustee

Ludlow Trust Company Limited (from 01 September 2023) TLT Trustees Limited (to 01 September 2023)

Principal office

Ludlow Trust Company Limited Tower Wharf Cheese Lane Bristol BS2 0JJ

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 2023

TRUSTEE’S REPORT

The trustee has pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the period ended 5 April 2023. The trustee has 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 new trustee is 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 trustee has assessed the major risks to which the charity is exposed. The trustee believes 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 trustee believes by making such grants the charity fulfils its obligation to deliver public benefit.

In determining how the charity should pursue its objects, the trustee has had regard to the Charity Commission's guidance on public benefit.

ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW

During the year under review income totalling £1,596,491 (2022: £501,008) consisting of investment income £842,096 (2022: £338,286), donations of £75,565 and transfers from endowments of £678,830 (2022: £162,722). In the comparative year the settlors added £50,000,000 to capital.

Charitable expenditure in the period comprised grants to charitable organisations, together with administration fees and governance costs, totalling £1,812,346 (2022: £373,200) while investment management fees totalled £151,145 (2022: 96,026) giving total expenditure of £1,963,491 (2022: £469,226).

A transfer from expendable endowment to income funds of £678,830 (2022: £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 2023 free reserves were a deficit of £88,047 (2022 surplus: £127,808). The trustee acknowledges deficits may arise from time to time due to the timing of transfers of funds from the expendable endowment with sufficient available funds to cover any deficit.

The charity’s investments are managed by Coutts & Co with the target of generating income and growing the investments above inflation. The trustee continually monitors 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 2023

TRUSTEE’S 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 trustee intends to continue the charity’s grant-making activity.

STATEMENT OF TRUSTEE’S RESPONSIBILITIES

The trustee is responsible for preparing the Trustee’s 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 trustee 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 trustee is required to:

The trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable the trustee 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. The trustee is 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 auditor. Blue Spire Limited have expressed their willingness to continue as auditor to the charity.

Approved by the trustee and signed on its behalf.

Chris Thurlow on behalf of Ludlow Trust Company Limited Trustee

02 February 2024 Date

Page 3

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2023

THE CRUCIBLE FOUNDATION

INDEPENDENT AUDITOR’S REPORT

Independent Auditor’s Report to the trustee of The Crucible Foundation

Opinion

We have audited the financial statements of The Crucible Foundation (the ‘charity’) for the period ended 5 April 2023 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:

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 trustee’s 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 trustee with respect to going concern are described in the relevant sections of this report.

Other information

The trustee is responsible for the other information. The other information comprises the information included in the trustee’s 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:

Page 4

THE CRUCIBLE FOUNDATION

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2023

INDEPENDENT AUDITOR’S REPORT

Responsibilities of trustee

As explained more fully in the trustee’s responsibilities statement set out on page 3, the trustee is responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustee determines 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 trustee is 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 trustee either intends 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 trustee and inspection of regulatory and legal correspondence if any.

Audit procedures performed by the engagement team included:

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.

Page 5

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2023

THE CRUCIBLE FOUNDATION

INDEPENDENT AUDITOR’S REPORT

Use of our report

This report is made solely to the charity’s trustee, 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 trustee 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 trustee 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 03 February 2024 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 2023

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
Total funds brought forward
14
Funds carried forward
14		 Unrestricted
Funds
£
75,565
842,096
917,661
-
1,812,346
1,812,346
-
(894,685)
678,830
(215,855)
127,808
(88,047)		 Endowment
Funds
£
-
-
-
151,145
-
151,145
(2,869,181)
(3,020,326)
(678,830)
(3,699,156)
46,813,167
43,114,011		 5 April 2023
Total
Funds
£
75,565
842,096
917,661
151,145
1,812,346
1,963,491
(2,869,181)
(3,915,011)
-
(3,915,011)
46,940,975
43,025,964		 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 2023

BALANCE SHEET AS AT 5 APRIL 2023

Note
FIXED ASSETS
Investments - portfolio 1
9
Investments - portfolio 2
10
Total fixed assets
CURRENT ASSETS
Debtors - accrued investment income
Cash at hand and in bank
Total current assets
CURRENT LIABILITIES
Creditors: amounts falling due within one year
11
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due after more than one year
12
Net assets
THE FUNDS OF THE CHARITY
Expendable endowment funds
14
Unrestricted funds
14
Total charity funds		 £
£
41,254,160
521,891
41,776,051
122,587
1,390,872
1,513,459
163,546
1,349,913
43,125,964
(100,000)
43,025,964
43,114,011
(88,047)
43,025,964
5 April 2023		 £
£
43,625,574
510,289
44,135,863
132,608
2,733,965
2,866,573
61,461
2,805,112
46,940,975
-
46,940,975
46,813,167
127,808
46,940,975
5 April 2022		 £
£
43,625,574
510,289
44,135,863
132,608
2,733,965
2,866,573
61,461
2,805,112
46,940,975
-
46,940,975
46,813,167
127,808
46,940,975
5 April 2022
46,940,975
46,813,167
127,808
46,940,975

The notes on pages 12 to 18 form part of the financial statements.

02 February 2024

The financial statements on pages 7 to 18 we approved and authorised for issue by the trustee on ……………………………………. and signed on its behalf by:

………………………………………… Chris Thurlow on behalf of Ludlow Trust Company Limited Trustee

Page 8

THE CRUCIBLE FOUNDATION

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2023

STATEMENT OF CASH FLOWS

Note
£
£
Net cash flow from operating activities (see below)
(1,675,820)
Cash flow from investing activities
Investment income
842,096
Payments to acquire investments
(27,940,164)
Receipts on sale of investments
27,430,795
Net cash flow from investing activities
332,727
Net increase/(decrease) in cash and cash equivalents
(1,343,093)
Cash and cash equivalents at 6 April
2,733,965
Cash and cash equivalents at 5 April
1,390,872
Cash and cash equivalents consist of:
Cash at bank and in hand
1,390,872
Cash and cash equivalents at 5 April
1,390,872
Reconciliation of net income to net cash flow from operating activities
£
£
Net income
(3,915,011)
Adjusted for:
Investment income
(842,096)
Net (gains)/losses on investments
2,869,181
(Increase)/decrease in debtors
10,021
Increase/(decrease) in creditors
202,085
2,239,191
(1,675,820)
5 April 2023
5 April 2023		 £
£
49,459,627
338,286
(59,854,183)
12,790,235
(46,725,662)
2,733,965
-
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
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

THE CRUCIBLE FOUNDATION FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2023

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:

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.

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.

Page 10

THE CRUCIBLE FOUNDATION FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2023

ACCOUNTING POLICIES

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 2023

THE CRUCIBLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

1. Donations and legacies

Additions to charity
Other donations
2. Investment income
Income from investment holdings
Interest on cash deposits		 Unrestricted
Funds
£
-
75,565
75,565
Unrestricted
Funds
£
822,200
19,896
842,096		 Endowment
Funds
£
-
-
-
Endowment
Funds
£
-
-
-		 5 April 2023
Total
Funds
£
-
75,565
75,565
5 April 2023
Total
Funds
£
822,200
19,896
842,096		 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 Unrestricted
Funds
£
-
-		 Endowment
Funds
£
151,145
151,145		 5 April 2023
Total
Funds
£
151,145
151,145		 Unrestricted
Funds
£
-
-		 Endowment
Funds
£
96,026
96,026		 5 April 2022
Total
Funds
£
96,026
96,026

4. Charitable activities

Grants to institutions (see note 5)
Charity administration
Governance costs (see note 6)		 Unrestricted
Funds
£
1,789,616
20,330
2,400
1,812,346		 Endowment
Funds
£
-
-
-
-		 5 April 2023
Total
Funds
£
1,789,616
20,330
2,400
1,812,346		 Unrestricted
Funds
£
360,000
8,400
4,800
373,200		 Endowment
Funds
£
-
-
-
-		 5 April 2022
Total
Funds
£
360,000
8,400
4,800
373,200

Page 12

THE CRUCIBLE FOUNDATION

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2023

NOTES TO THE FINANCIAL STATEMENTS

5. Grants to institutions - One grant and England and Wales unless marked
5 April 2023
Unrestricted
Funds
£
Analysis of grants
BelEve UK
50,000
Birth Companions
65,494
Community Foundation for Calderdale
20,000
Dads Unlimited
54,000
Doorstep
10,000
End of Life Doula UK CIC
50,000
Fine Cell Work
51,000
Foundation for Paediatric Osteopathy
(Osteopathic Centre for Children)
50,000
Furnishing Futures CIO
50,000
Greencuisine Trust
-
Hebden Bridge
50,000
International Rescue Committee, U.K.
25,000
Jamie's Farm
100,688
Key4Life CIO
50,000
Living Well Dying Well Training
112,000
Magic Breakfast
50,000
Migrateful
50,000
Playback Theatre South West
-
Project Biome Inc
United States
25,000
Refugees at Home
-
SEESAW
50,000
Spurgeons
14,000
Susila Dharma Britain
-
Tender Education and Arts
100,000
The Enthum Foundation
100,000
The Flying Seagull Project
2 grants
100,000
The Groundwork South Trust Limited
50,000
The Little Things UK
35,434
The London Community Foundation
20,000
The Prince's Trust
50,000
The Railway Land Wildlife Trust
30,000
The Sussex Community Foundation
20,000
The Sutherland Cranial college of
Osteopathy Limited
50,000
We Are Grow
60,000
WISH
47,000
1,589,616		 5 April 2022
Unrestricted
Funds
£
50,000
-
-
-
-
-
-
-
-
50,000
-
-
-
-
-
-
-
50,000
-
50,000
-
-
60,000
-
-
-
-
-
50,000
-
-
50,000
-
-
-
360,000
6. Governance Costs
Charity set up costs
Independent auditor's remuneration		 Unrestricted
Funds
£
-
2,400
2,400		 Endowment
Funds
£
-
-
-		 5 April 2023
Total
Funds
£
-
2,400
2,400		 Unrestricted
Funds
£
2,400
2,400
4,800		 Endowment
Funds
£
-
-
-		 5 April 2022
Total
Funds
£
2,400
2,400
4,800

Page 13

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2023

THE CRUCIBLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

7. Auditor's remuneration

7. Auditor's remuneration
5 April 2023 5 April 2022
Unrestricted Endowment Total Unrestricted Endowment Total
Funds Funds Funds Funds Funds Funds
£ £ £ £ £ £
Auditor's remuneration - audit 2,400 - 2,400 2,400 - 2,400

8. Related party transactions and staff costs

Fees payable to TLT Trustees Limited, the charity trustee until September 2023, 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.

9. Fixed asset investments - portfolio 1

Market value brought forward
Additions at cost
Disposals at proceeds
Gain/(Loss) on revaluation
Market value carried forward
Asset distribution:
Listed investments and equivalents		 5 April 2023
£
43,625,574
27,940,164
(27,430,795)
(2,880,783)
41,254,160
41,254,160
41,254,160		 5 April 2022
£
-
59,352,458
(12,790,235)
(2,936,649)
43,625,574
43,625,574
43,625,574

10. Fixed asset investments - portfolio 2

Market value brought forward
Additions at cost
Disposals at proceeds
Gain/(Loss) on revaluation
Market value carried forward
Asset distribution:
Listed investments and equivalents		 5 April 2023
£
510,289
-
-
11,602
521,891
521,891
521,891		 5 April 2022
£
-
501,725
-
8,564
510,289
510,289
510,289

Page 14

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2023

THE CRUCIBLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

11. Creditors: amounts falling due within one year

Grant creditors
Accruals - Charity administration
Accruals - Independent auditor's remuneration
Accruals - Investment management fees payable
12. Creditors: amounts falling due after more than one
Grant creditors
13. Analysis of net assets between funds
Unrestricted
Funds
£
Fixed assets
-
Current assets
122,753
Current liabilities
(110,800)
Non-current liabilities
(100,000)
(88,047)		 year
Endowment
Funds
£
41,776,051
1,390,706
(52,746)
-
43,114,011		 5 April 2023
Total
Funds
£
41,776,051
1,513,459
(163,546)
(100,000)
43,025,964		 Unrestricted
Funds
£
-
3,835,679
(8,715)
-
3,826,964		 5 April 2023
Total
Funds
£
100,000
6,000
4,800
52,746
163,546
5 April 2023
Total
Funds
£
100,000
100,000
Endowment
Funds
£
44,135,863
(969,106)
(52,746)
-
43,114,011		 5 April 2022
Total
Funds
£
-
2,400
2,400
56,661
61,461
5 April 2022
Total
Funds
£
-
-
5 April 2022
Total
Funds
£
44,135,863
2,866,573
(61,461)
-
46,940,975

Page 15

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2023

THE CRUCIBLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

14. Analysis of net movements in funds

Endowment funds
Capital fund
Unrestricted funds
General fund
Total funds
Endowment funds
Capital fund
Unrestricted funds
General fund
Total funds		 Total funds
brought
forward
46,813,167
46,813,167
127,808
127,808
46,940,975
Total funds
brought
forward
-
-
-
-
-		 Total
incoming
resources
£
-
-
917,661
917,661
917,661
Total
incoming
resources
£
50,000,000
50,000,000
338,286
338,286
50,338,286		 Total
Net gains/
resources
(losses) on
expended
Investments
£
£
(151,145)
(2,869,181)
(151,145)
(2,869,181)
(1,812,346)
-
(1,812,346)
-
(1,963,491)
(2,869,181)
Total
Net gains/
resources
(losses) on
expended
Investments
£
£
(96,026)
(2,928,085)
(96,026)
(2,928,085)
(373,200)
-
(373,200)
-
(469,226)
(2,928,085)
5 April 2023
5 April 2022		 Transfers
between
funds
£
(678,830)
(678,830)
678,830
678,830
-
Transfers
between
funds
£
(162,722)
(162,722)
162,722
162,722
-		 Total funds
carried
forward
£
43,114,011
43,114,011
(88,047)
(88,047)
43,025,964
Total funds
carried
forward
£
46,813,167
46,813,167
127,808
127,808
46,940,975

14. 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.

15. Transfers between funds

From
To
Transfer 1
Capital fund
General fund		 Unrestricted
Endowment
Funds
Funds
£
£
678,830
(678,830)
678,830
(678,830)
5 April 2023		 Unrestricted
Endowment
Funds
Funds
£
£
162,722
(162,722)
162,722
(162,722)
5 April 2022		 Unrestricted
Endowment
Funds
Funds
£
£
162,722
(162,722)
162,722
(162,722)
5 April 2022
(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.

Page 16

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2023

THE CRUCIBLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

16. Financial instruments

The carrying amounts of the charity's financial instruments are as follows:

16. Financial instruments
The carrying amounts of the charity's financial instruments are as follows:
5 April 2023
Total
Funds
£
Financial assets
Measured at fair value through net income/(expenditure):
Fixed asset investments
41,776,051
41,776,051
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
822,200
Investment management fees
(151,145)
671,055
Net gains and losses (including changes In fair value)
Financial assets measured at fair value through net income/(expenditure)
Net gains/(losses) on investments
(2,869,181)
(2,869,181)		 5 April 2022
Total
Funds
£
44,135,863
44,135,863
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 17

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2023

THE CRUCIBLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

17. Comparative 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

Page 18