## THE CRUCIBLE FOUNDATION
## **Trustee’s Report**
## **and Financial Statements**
for the period ended 5 April 2025
**Registered Charity Number 1195787**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2025
## **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 2025
## **CHARITY INFORMATION**
## **Trustee**
Ludlow Trust Company Limited, corporate trustee. The directors of the corporate trustee, company no. 12492064, during the year under review and to date of approval:
Mr Gary St John Collins Mr Walter Duncan Coxon Mr Ali Reza Sarikhani Miss Ziba Christina Sakine Sarikhani Mr Christopher Ian Thurlow Mr Matthew John Wickers Mr John Stephen Dennis (resigned 25/10/2024)
## **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
## **Banker and Investment Manager**
Coutts & Co 440 Strand London WC2R 0QS
**Page 1**
## **THE CRUCIBLE FOUNDATION**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2025
## **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 2025. 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 £3,421,149 (2024: £2,886,857) consisting of investment income £1,383,819 (2024: £1,195,315) and transfers from endowments of £2,037,330 (2024: £1,691,542). The settlors added £1,010,000 (2024: £541,000) to capital with £250,000 (2024: £133,750) gift aids claimed.
Charitable expenditure in the period comprised grants to charitable organisations, together with administration fees and governance costs, totalling £2,838,424 (2024: £3,852,152) while investment management fees totalled £217,189 (2024: £157,847) giving total expenditure of £3,055,613 (2024: £4,009,999).
A transfer from expendable endowment to income funds of £2,037,330 (2024: £1,691,542) 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 2025 free reserves were a deficit of £470,617 (2024 deficit: £1,053,342). 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 2025
## **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:
- 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 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
Date 03 February 2026
**Page 3**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2025
## **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 2025 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 2025, 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 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:
- the information given in the financial statements is inconsistent in any material respect with the trustee’s 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 2025
## **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:
- Enquiry of those charged with governance around actual and potential litigation and claims;
- Enquiry of the trustee 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**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2025
## **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 Date 03 February 2026
_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 2025
## **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 foreign exchange
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**
**£**
-
1,383,819
1,383,819
-
2,938,424
2,938,424
-
-
(1,554,605)
2,042,732
488,127
(1,053,342)
(565,215)|**Endowment**
**Funds**
**£**
1,260,000
-
1,260,000
217,189
-
217,189
40
(1,401,417)
(358,566)
(2,042,732)
(2,401,298)
45,793,856
43,392,558|**5 April 2025**
**Total**
**Funds**
**£**
1,260,000
1,383,819
2,643,819
217,189
2,938,424
3,155,613
40
(1,401,417)
(1,913,171)
-
(1,913,171)
44,740,514
42,827,343|**5 April 2024**
**Total**
**Funds**
**£**
674,750
1,195,315|
|---|---|---|---|---|
|||||1,870,065|
|||||157,847
3,852,152|
|||||4,009,999|
|||||-
3,854,484|
|||||1,714,550
-|
|||||1,714,550
43,025,964|
|||||44,740,514|
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 2025
## **BALANCE SHEET AS AT 5 APRIL 2025**
|**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**|**£**
**£**
41,888,473
552,102
42,440,575
144,389
1,365,034
1,509,423
950,655
558,768
42,999,343
(172,000)
42,827,343
43,392,558
(565,215)
42,827,343
**5 April 2025**|**£**
**£**
44,927,022
539,623
45,466,645
124,520
535,207
659,727
797,858
(138,131)
45,328,514
(588,000)
44,740,514
45,793,856
(1,053,342)
44,740,514
**5 April 2024**|**£**
**£**
44,927,022
539,623
45,466,645
124,520
535,207
659,727
797,858
(138,131)
45,328,514
(588,000)
44,740,514
45,793,856
(1,053,342)
44,740,514
**5 April 2024**|
|---|---|---|---|
||||44,740,514|
||||45,793,856
(1,053,342)|
||||44,740,514|
The notes on pages 12 to 18 form part of the financial statements.
03 February 2026
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**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2025
## **THE CRUCIBLE FOUNDATION**
## **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**
**Cash and cash equivalents at 6 April**
**Cash and cash equivalents at 5 April**
**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|**£**
**£**
(2,178,645)
1,383,819
(32,066,743)
33,691,396
3,008,472
829,827
535,207
1,365,034
1,365,034
1,365,034
**£**
**£**
(1,913,171)
(1,383,819)
1,401,417
(19,869)
(263,203)
(265,474)
(2,178,645)
**5 April 2025**
**5 April 2025**|**£**
**£**
(2,214,870)
1,195,315
(22,578,563)
22,742,453
1,359,205
(855,665)
1,390,872
535,207
535,207
535,207
**£**
**£**
1,714,550
(1,195,315)
(3,854,484)
(1,933)
1,122,312
(3,929,420)
(2,214,870)
**5 April 2024**
**5 April 2024**|**£**
**£**
(2,214,870)
1,195,315
(22,578,563)
22,742,453
1,359,205
(855,665)
1,390,872
535,207
535,207
535,207
**£**
**£**
1,714,550
(1,195,315)
(3,854,484)
(1,933)
1,122,312
(3,929,420)
(2,214,870)
**5 April 2024**
**5 April 2024**|
|---|---|---|---|
||||(2,214,870)|
**Page 9**
**THE CRUCIBLE FOUNDATION** FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2025
## **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.
## **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 2025
## **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 2025
## **THE CRUCIBLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **1. Donations and legacies**
|Additions to charity
Gift aid
**2. Investment income**
Income from investment holdings
Interest on cash deposits|**Unrestricted**
**Funds**
**£**
-
-
-
**Unrestricted**
**Funds**
**£**
1,351,590
32,229
1,383,819|**Endowment**
**Funds**
**£**
1,010,000
250,000
1,260,000
**Endowment**
**Funds**
**£**
-
-
-|**5 April 2025**
**Total**
**Funds**
**£**
1,010,000
250,000
1,260,000
**5 April 2025**
**Total**
**Funds**
**£**
1,351,590
32,229
1,383,819|**Unrestricted**
**Funds**
**£**
-
-
-
**Unrestricted**
**Funds**
**£**
1,166,100
29,215
1,195,315|**Endowment**
**Funds**
**£**
541,000
133,750
674,750
**Endowment**
**Funds**
**£**
-
-
-|**5 April 2024**
**Total**
**Funds**
**£**
541,000
133,750|
|---|---|---|---|---|---|---|
|||||||674,750|
|||||||**5 April 2024**
**Total**
**Funds**
**£**
1,166,100
29,215|
|||||||1,195,315|
## **3. Raising funds - investment management fees**
|Fees payable to investment managers|**Unrestricted**
**Funds**
**£**
-
-|**Endowment**
**Funds**
**£**
217,189
217,189|**5 April 2025**
**Total**
**Funds**
**£**
217,189
217,189|**Unrestricted**
**Funds**
**£**
-
-|**Endowment**
**Funds**
**£**
157,847
157,847|**5 April 2024**
**Total**
**Funds**
**£**
157,847|
|---|---|---|---|---|---|---|
|||||||157,847|
## **4. Charitable activities**
|Grants to institutions (see note 5)
Charity administration:
TLT Trustees Limited
Ludlow Trust Company Limited
Bank fees
Website costs
Governance costs (see note 6)|**Unrestricted**
**Funds**
**£**
2,911,838
-
23,271
15
-
3,300
2,938,424|**Endowment**
**Funds**
**£**
-
-
-
-
-
-
-|**5 April 2025**
**Total**
**Funds**
**£**
2,911,838
-
23,271
15
-
3,300
2,938,424|**Unrestricted**
**Funds**
**£**
3,809,395
19,656
20,186
15
500
2,400
3,852,152|**Endowment**
**Funds**
**£**
-
-
-
-
-
-
-|**5 April 2024**
**Total**
**Funds**
**£**
3,809,395
19,656
20,186
15
500
2,400|
|---|---|---|---|---|---|---|
|||||||3,852,152|
**Page 12**
## **THE CRUCIBLE FOUNDATION**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2025
## **NOTES TO THE FINANCIAL STATEMENTS**
|**5. Grants to institutions - One grant and England and Wales unless marked**
**5 April 2025**
**Unrestricted**
**Funds**
**£**
**Country**
**No.**
**Country**
**No.**
_Analysis of grants_
ActionAid UK: Moroccan Earthquake
Appeal
-
Baobab
-
BelEve UK
134,653
Beyond The Streets
59,000
Birth Companions
61,000
Blue Spirit
36,000
British Association For Holistic
Medicine & Health Care
10,000
British Red Cross: Libya Floods
Appeal
-
Carers Support West Sussex
2,000
Churches Together In Bexhill
56,000
Clean Break Theatre Company
60,000
Community Foundation for Calderdale
26,850
Dads Unlimited
-
2
DEC: Turkey-Syria Earthquake
-
Disasters Emergency Committee
2
200,000
Dressability
-
Element Creative Projects CIO
-
End of Life Doula UK
50,000
Fine Cell Work
-
Forgotten Women
100,000
Foundation for Paediatric Osteopathy
(Osteopathic Centre for Children)
-
4
Furnishing Futures CIO
10,000
Good Chance Theatre
165,000
Greencuisine Trust
2
40,380
Grimsby And Cleethorpes Area
Doorstep
75,000
Hearts Together
138,440
Human Story Theatre
10,000
Jamie's Farm
-
3
Journeyman Uk
90,000
Key4Life CIO
50,000
Landport Community Hub
2
30,000
Landport foodbank
-
LWDW Training Limited
80,000
Living Well Dying Well Trust
-
2
Magic Breakfast
-
3
Make Pivot Ltd.
51,334
Migrateful
-
3
Ocean Generation
-
Pelican Parcels
30,000
Playback Theatre South West
120,000
Prison Family Support CIC
60,000
Project Biome Inc
-
United States
Refugees At Home
2
71,765
Rights of Women Inc
-
SEESAW
-
3
Shelterbox Trust
50,000
Susila Dharma Britain
-
St Martin-In-The-Fields Trust
50,000
_Carried forward_
_1,917,422_|**5 April 2024**
**Unrestricted**
**Funds**
**£**
20,000
50,000
-
-
-
-
-
20,000
-
-
60,000
-
84,677
50,000
-
5,000
25,000
-
75,000
100,000
201,420
-
50,000
-
-
-
300,000
60,000
-
16,850
10,000
120,000
76,960
150,000
-
300,000
50,000
-
-
-
100,000
-
50,000
150,000
-
80,000
-|
|---|---|
||_2,204,907_|
**Page 13**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2025
## **THE CRUCIBLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
|**5. Grants to institutions - One grant and England and Wales unless marked****_continued_**
**5 April 2025**
**Unrestricted**
**Funds**
**£**
**Country**
**No.**
**Country**
**No.**
_Brough forward_
_1,917,422_
StandOut Programmes
50,000
Starlight Children's Foundation
69,350
Storybook Dads
-
Teachers Unite Inc.
United States
60,000
Tender Education and Arts
150,000
The Clock Tower Sanctuary
50,000
The Enthum Foundation
-
The Flying Seagull Project
2
40,000
2
The Gaia Foundation
-
The Little Things UK
-
The London Community Foundation
-
The Media Trust
90,066
The Nest Non-Profit Ltd
2
125,000
The Philosophy Foundation
50,000
The Sutherland Cranial college of
Osteopathy Limited
-
The Trussell Trust
50,000
The Woodlands Trust: Laughton
Woods
-
The Unite Foundation
-
3
Time To Talk Mental Health Uk
50,000
Trailblazers Mentoring Ltd
-
3
Transform Justice
50,000
We Are Grow
60,000
Wilderness Foundation UK
100,000
2,911,838|**5 April 2024**
**Unrestricted**
**Funds**
**£**
_2,204,907_
50,000
50,000
43,845
60,000
-
33,500
300,000
100,000
100,000
39,000
80,000
75,000
-
-
50,000
50,000
50,000
210,000
47,143
174,000
-
92,000
-|
|---|---|
||3,809,395|
## **6. Governance Costs**
|Independent auditor's remuneration
**7. Auditor's remuneration**
Auditor's remuneration - audit|**Unrestricted**
**Funds**
**£**
3,300
3,300
**Unrestricted**
**Funds**
**£**
3,300|**Endowment**
**Funds**
**£**
-
-
**Endowment**
**Funds**
**£**
-|**5 April 2025**
**Total**
**Funds**
**£**
3,300
3,300
**5 April 2025**
**Total**
**Funds**
**£**
3,300|**Unrestricted**
**Funds**
**£**
2,400
2,400
**Unrestricted**
**Funds**
**£**
2,400|**Endowment**
**Funds**
**£**
-
-
**Endowment**
**Funds**
**£**
-|**5 April 2024**
**Total**
**Funds**
**£**
2,400|
|---|---|---|---|---|---|---|
|||||||2,400|
|||||||**5 April 2024**
**Total**
**Funds**
**£**
2,400|
**Page 14**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2025
## **THE CRUCIBLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **8. Related party transactions and staff costs**
During the year under review, donations received from the settlors amounted to £1,010,000 (2024: £541,000) with £250,000 (2024: £133,7500) gift aids claimed.
The charity's trustee, TLT Trustees Limited until September 2023 and Ludlow Trust Company Limited since September 2023, invoiced administrative service fees totalling £23,271 (2024: £39,842). These fees are included under charitable activities as shown under note 4 and are authorised under section 7 of the trust deed. At the balance sheet date £6,401 (2024: £5,959) was accrued in respect of these fees.
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
**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
**11. Creditors: amounts falling due within one year**
Grant creditors
Accruals - Charity administration
Accruals - Independent auditor's remuneration
Accruals - Investment management fees payable|**5 April 2025**
**£**
44,927,022
32,066,743
(33,691,396)
(1,413,896)
41,888,473
41,888,473
41,888,473
**5 April 2025**
**£**
539,623
-
-
12,479
552,102
552,102
552,102
**5 April 2025**
**Total**
**Funds**
**£**
884,053
6,401
3,300
56,901
950,655|**5 April 2024**
**£**
41,254,160
22,578,563
(22,742,453)
3,836,752|
|---|---|---|
|||44,927,022|
|||44,927,022|
|||44,927,022|
|||**5 April 2024**
**£**
521,891
-
-
17,732|
|||539,623|
|||539,623|
|||539,623|
|||**5 April 2024**
**Total**
**Funds**
**£**
738,000
5,959
2,400
51,499|
|||797,858|
**Page 15**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2025
## **THE CRUCIBLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **12. Creditors: amounts falling due after more than one year**
|Grant creditors|**5 April 2025**
**Total**
**Funds**
**£**
172,000
172,000|**5 April 2024**
**Total**
**Funds**
**£**
588,000|
|---|---|---|
|||588,000|
## **13. Analysis of net assets between funds**
|Fixed assets
Current assets
Current liabilities
Non-current liabilities|**Unrestricted**
**Funds**
**£**
-
500,539
(893,754)
(172,000)
(565,215)|**Endowment**
**Funds**
**£**
42,440,575
1,008,884
(56,901)
-
43,392,558|**5 April 2025**
**Total**
**Funds**
**£**
42,440,575
1,509,423
(950,655)
(172,000)
42,827,343|**Unrestricted**
**Funds**
**£**
-
281,017
(746,359)
(588,000)
(1,053,342)|**Endowment**
**Funds**
**£**
45,466,645
378,710
(51,499)
-
45,793,856|**5 April 2024**
**Total**
**Funds**
**£**
45,466,645
659,727
(797,858)
(588,000)|
|---|---|---|---|---|---|---|
|||||||44,740,514|
## **14. Analysis of net movements in funds**
|Total funds brought forward
Total incoming resources
Total resources expended
Gains/(losses) on foreign exchange
Gains/(losses) on investments
Transfers between funds
Total funds carried forward|**Unrestricted**
**Funds**
**£**
(1,053,342)
1,383,819
(2,938,424)
-
2,042,732
(565,215)|**Endowment**
**Funds**
**£**
45,793,856
1,260,000
(217,189)
40
(1,401,417)
(2,042,732)
43,392,558|**5 April 2025**
**Total**
**Funds**
**£**
44,740,514
2,643,819
(3,155,613)
40
(1,401,417)
-
42,827,343|**Unrestricted**
**Funds**
**£**
(88,047)
1,195,315
(3,852,152)
-
-
1,691,542
(1,053,342)|**Endowment**
**Funds**
**£**
43,114,011
674,750
(157,847)
-
3,854,484
(1,691,542)
45,793,856|**5 April 2024**
**Total**
**Funds**
**£**
43,025,964
1,870,065
(4,009,999)
-
3,854,484
-|
|---|---|---|---|---|---|---|
|||||||44,740,514|
## **15. Description of funds**
Funds received from the settlor trustees to support the charity's ongoing and future activities.
_Capital fund General fund_ 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**
**Endowment**
**Funds**
**Funds**
**£**
**£**
2,042,732
(2,042,732)
2,042,732
(2,042,732)
**5 April 2025**|**Unrestricted**
**Endowment**
**Funds**
**Funds**
**£**
**£**
1,691,542
(1,691,542)
1,691,542
(1,691,542)
**5 April 2024**|**Unrestricted**
**Endowment**
**Funds**
**Funds**
**£**
**£**
1,691,542
(1,691,542)
1,691,542
(1,691,542)
**5 April 2024**|
|---|---|---|---|
||||(1,691,542)|
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 2025
## **THE CRUCIBLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **17. Financial instruments**
The carrying amounts of the charity's financial instruments are as follows:
|**17. Financial instruments**
The carrying amounts of the charity's financial instruments are as follows:||
|---|---|
|**5 April 2025**
**Total**
**Funds**
**£**
_Financial assets_
Measured at fair value through net income/(expenditure):
Fixed asset investments
42,440,575
42,440,575
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
1,351,590
Investment management fees
(217,189)
1,134,401
_Net gains and losses (including changes In fair value)_
Financial assets measured at fair value through net income/(expenditure)
Net gains/(losses) on investments
(1,401,417)
(1,401,417)|**5 April 2024**
**Total**
**Funds**
**£**
45,466,645|
||45,466,645|
||1,166,100
(157,847)|
||1,008,253|
||3,854,484|
||3,854,484|
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 2025
## **THE CRUCIBLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **18. 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**
Total funds brought forward
**14**
**Funds carried forward**
**14**|**Unrestricted**
**Funds**
**£**
-
1,195,315
1,195,315
-
3,852,152
3,852,152
-
(2,656,837)
1,691,542
(965,295)
(88,047)
(1,053,342)|**Endowment**
**Funds**
**£**
674,750
-
674,750
157,847
-
157,847
3,854,484
4,371,387
(1,691,542)
2,679,845
43,114,011
45,793,856|**5 April 2024**
**Total**
**Funds**
**£**
674,750
1,195,315|
|---|---|---|---|
||||1,870,065|
||||157,847
3,852,152|
||||4,009,999|
||||3,854,484|
||||1,714,550
-|
||||1,714,550
43,025,964|
||||44,740,514|
**Page 18**