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2024-12-31-accounts

Charity registration number 1205106 (England and Wales)

THE CRANBROOK FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

THE CRANBROOK FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Jennifer Khoo Carmichael Edith Tess Bruce Carmichael Julia Kaye Bruce Carmichael Charity number 1205106 Registered office 82 Stanhope Mews East London SW7 5QT Auditor HW Fisher Audit Acre House 11-15 William Road London NW1 3ER United Kingdom

THE CRANBROOK FOUNDATION

CONTENTS

Page
Trustees' report 1 - 2
Statement of trustees' responsibilities 3
Independent auditor's report 4 - 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Notes to the financial statements 10 - 14

THE CRANBROOK FOUNDATION

TRUSTEES' REPORT

FOR THE PERIOD ENDED 31 DECEMBER 2024

The Foundation

The Cranbrook Foundation was established by a Deed dated 17 August 2021 and was dormant up until its first transaction on 10 July 2023. It was registered with the Charities Commission from 9 October 2023 under Charity Number 1205106.

The Charity's address is 82 Stanhope Mews East, London, SW7 5QT.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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 (FRS 102) (effective 1 January 2019)".

Objectives and activities

The Foundation’s objects are such charitable purposes (according to the law of England and Wales) as the trustees see fit from time to time, including:

both in the United Kingdom and elsewhere in the world.

In November 2023 the Foundation received a grant of unrestricted funds from Mrs Jennifer Carmichael of £1 million. A further unrestricted grant of £400,000 was received from the same source on 9 October 2024. The Foundation has sufficient funds to begin the process of making donations in accordance with the aims and objectives of the Foundation.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake, including the guidance on public benefit.

Achievements and performance

The Foundation made a number of grants during the period:

Canine Concern Scotland Trust £2,000
The Smile Train UK £3,000
The Save the Children Fund £5,000
Prostate Cancer UK £10,000
Frimley Health Charity £10,000
The United Kingdom Committee for UNICEF £15,000
The Brooke Hospital for Animals £50,448
Childs Dream Association £69,672
University College London £100,000

Prior to the end of the period, the trustees also approved a grant of £200,000 payable to Great Ormond Street Hospital, over a 2 year period in two tranches of £100,000 each. This has been accrued for in these financial statements.

The donations made by the Foundation were all consistent with the aims of the charity, as set out above.

THE CRANBROOK FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE PERIOD ENDED 31 DECEMBER 2024

Financial review

During the period, charity generated total income of £1,405,000 and total resources expended for £499,546 including 10 grants paid amounting to £465,120. The year end net fund position was fully unrestricted and amounted to a £936,180 surplus.

At year end the charity is acting in line with its reserves policy outlined below. Grant expenditure furthered the charity's objectives by funding aligned causes. On this basis the trustees deem the activities of the period to be a success.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the period.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is governed by its Trust Deed. It was established on 17 August 2021 and was dormant up until its first transaction on 10 July 2023. The charity was registered with the Charity Commission on 9 October 2023, with registered number 1205106.

The trustees who served during the period and up to the date of signature of the financial statements were:

Jennifer Khoo Carmichael Edith Tess Bruce Carmichael Julia Kaye Bruce Carmichael

No further trustees are currently being recruited. The trustees are aware of their responsibilities and have been trained accordingly. The trustees handle the day to day management of the charity.

Financial Risk

The trustees have assessed the major risks to which the Foundation is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. The Foundation ensures that it has sufficient cash resources to meet the grants that are made.

Future Plans

The trustees plan to continue ongoing support for the charity to further its objectives outlined above by providing grants to entities who conduct related charitable work.

The trustees' report was approved by the Board of Trustees.

J Carmichael

..............................

Jennifer Khoo Carmichael

Trustee 27 Oct 2025 Dated: .........................

THE CRANBROOK FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE PERIOD ENDED 31 DECEMBER 2024

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 and Wales requires the trustees to prepare financial statements for each financial period 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:

The trustees are responsible for keeping sufficient 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.

THE CRANBROOK FOUNDATION

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE CRANBROOK FOUNDATION

Opinion

We have audited the financial statements of The Cranbrook Foundation (the ‘charity’) for the period ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in 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 requires us to report to you if, in our opinion:

THE CRANBROOK FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CRANBROOK FOUNDATION

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is 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 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 the Act and relevant regulations made or having effect thereunder.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the trustees of the charity.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor's report.

THE CRANBROOK FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE CRANBROOK FOUNDATION

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.

HW Fisher Audit

HW Fisher Audit

Chartered Accountants Acre House 11-15 William Road London NW1 3ER United Kingdom 27 Oct 2025 Date: .........................

HW Fisher Audit is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE CRANBROOK FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE PERIOD ENDED 31 DECEMBER 2024

Unrestricted
funds
2024
Notes £
Income from:
Donations and legacies 3 1,405,000
Investments 4 30,726
Total income 1,435,726
Expenditure on:
Charitable activities 5 499,546
Total expenditure 499,546
Net income and movement in funds 936,180
Reconciliation of funds:
Fund balances at 10 July 2023 -
Fund balances at 31 December 2024 936,180

The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.

THE CRANBROOK FOUNDATION

BALANCE SHEET

AS AT 31 DECEMBER 2024

Notes
Current assets
Cash at bank and in hand
Creditors: amounts falling due within one year
12
Net current assets
Creditors: amounts falling due after more than one year
13
Net assets
The funds of the charity
Unrestricted funds
14
The financial statements were approved by the trustees on .........................
27 Oct 2025
2024
£
1,148,780
(112,600)
£
1,036,180
(100,000)
936,180
936,180
936,180

J Carmichael

..............................

Jennifer Khoo Carmichael

Trustee

THE CRANBROOK FOUNDATION

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Notes
Cash flows from operating activities
Cash generated from operations
17
Investing activities
Investment income received
Net cash generated from investing activities
Net cash generated from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
2024
£
30,726
£
1,118,054
30,726
-
1,148,780
-
1,148,780

THE CRANBROOK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

The Cranbrook Foundation is a charity incorporated by trust deed on 17 August 2021 and registered with the Charity Commission on 9 October 2023. The registered address is 82 Stanhope Mews East, London, SW7 5QT.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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 (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The current period figures cover the period from the date of the Foundation's first transaction, 10 July 2023 to 31 December 2024.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

All of the Foundation's funds are unrestricted funds, which are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5 Expenditure

Resources expended are recognised in the period to which they relate.

All costs which can be directly attributed to charitable activities are allocated to the relevant activity. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

1.6 Financial instruments

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE CRANBROOK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The trustees do not believe there to be any judgements or estimates that would be considered critical to the financial statements.

3 Income from donations and legacies

Unrestricted
funds
2024
£
Donations and gifts 1,405,000

4 Income from investments

Unrestricted
funds
2024
£
Interest receivable 30,726

THE CRANBROOK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

5 Expenditure on charitable activities

Unrestricted
funds
2024
£
Direct costs
Grant funding of activities (see note 6) 465,120
Share of support and governance costs (see note 7)
Support 59
Governance 34,367
499,546
Analysis by fund
Unrestricted funds 499,546

6 Grants payable

Grants to institutions:
Canine Concern Scotland Trust
Childs Dream Association
Frimley Health Charity
Great Ormond Street Hospital Children's Charity
Prostate Cancer UK
The Brooke Hospital for Animals
The Save the Children Fund
The Smile Train UK
The United Kingdom Committee for UNICEF
University College London
2024
£
2,000
69,672
10,000
200,000
10,000
50,448
5,000
3,000
15,000
100,000
465,120

THE CRANBROOK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

7 Support costs

Support costs
Governance
costs
£
£
Bank charges
59
-
Audit fees
-
9,600
Accountancy
-
3,000
Legal and professional
-
21,767
59
34,367
Analysed between
Charitable activities
59
34,367
2024
£
59
9,600
3,000
21,767
34,426
34,426

Governance costs includes audit fees of £9,600, and £3,000 relating to non-audit work undertaken by the auditor during the current period.

8 Net movement in funds

Net movement in funds 2024
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements 9,600

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the period.

10 Employees

There were no employees during the current period.

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Creditors: amounts falling due within one year

Other creditors
Accruals and deferred income
2024
£
100,000
12,600
112,600

THE CRANBROOK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 DECEMBER 2024

13 Creditors: amounts falling due after more than one year

Creditors: amounts falling due after more than one year
2024
£
Other creditors 100,000

14 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 10 July 2023 Incoming Resources At 31 December
resources expended 2024
£ £ £ £
General funds - 1,435,726 (499,546) 936,180

15 Related party transactions

During the period, trustee Jennifer Khoo Carmichael donated £1,405,000 to the Foundation.

16 Analysis of changes in net funds/(debt)

The charity had no debt during the year.

17
Cash generated from operations
Surplus for the period
Adjustments for:
Investment income recognised in statement of financial activities
Movements in working capital:
Increase in creditors
Cash generated from/(absorbed by) operations
2024
£
936,180
(30,726)
212,600
1,118,054

Issuer

HW Fisher

Document generated Mon, 27th Oct 2025 14:09:46 GMT

Document fingerprint b206581bdf673223663d418f5544aa67

Parties involved with this document

Document processed

Party + Fingerprint

Mon, 27th Oct 2025 15:11:24 GMT Mon, 27th Oct 2025 15:28:45 GMT

Jennifer Carmichael - Signer (0703462ed712a14afc6c773df6068dca) Darshna Choudhury - Signer (6b3f08e159e3194741ca164610954d47)

Audit history log

Date

Action

Mon, 27th Oct 2025 14:09:46 GMT Mon, 27th Oct 2025 14:09:46 GMT

Mon, 27th Oct 2025 14:12:30 GMT

Mon, 27th Oct 2025 14:13:42 GMT Mon, 27th Oct 2025 14:30:13 GMT Mon, 27th Oct 2025 15:07:28 GMT Mon, 27th Oct 2025 15:10:26 GMT Mon, 27th Oct 2025 15:11:24 GMT Mon, 27th Oct 2025 15:11:24 GMT

Mon, 27th Oct 2025 15:11:24 GMT Mon, 27th Oct 2025 15:28:04 GMT Mon, 27th Oct 2025 15:28:14 GMT Mon, 27th Oct 2025 15:28:45 GMT Mon, 27th Oct 2025 15:28:45 GMT

Envelope generated by Jamie Thompson (185.105.75.177) Document generated with fingerprint b206581bdf673223663d418f5544aa67 (185.105.75.177) Sent the envelope to Jennifer Carmichael (jkhoocarmichael@googlemail.com) for signing (185.105.75.177) Document emailed to jkhoocarmichael@googlemail.com Jennifer Carmichael opened the document email. (185.192.69.222) Jennifer Carmichael opened the document email. (185.192.71.98) Jennifer Carmichael viewed the envelope (185.192.69.250) Jennifer Carmichael signed the envelope (185.192.69.250) Sent the envelope to Darshna Choudhury (dchoudhury@hwfisher.co.uk) for signing (185.192.69.250)

Document emailed to dchoudhury@hwfisher.co.uk Darshna Choudhury viewed the envelope (195.167.119.210) Darshna Choudhury viewed the envelope (172.186.8.134) Darshna Choudhury signed the envelope (195.167.119.210) This envelope has been signed by all parties (195.167.119.210)