2006 THE JOHN ROBINSON YOUTH CHESS TRUST TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2022
THE JOHN ROBINSON YOUTH CHESS TRusr FINANCIAL YEAR ENDED 31 AUGUST 2022 CONTENTS OF TRUSTEES. ANNUAL REPORT AND REfuRN Page Legal and regulatory infonnation Report of the Trustees Report of the independent examiner Statement of financial activitses Balance sheet Note5 to the financial statements 10-13
THE JOHN ROBINSON YOUTH CHESS TRUST FINANCIAL YEAR ENDED 31 AUGUST 2022 LEGAL AND ADMINISTRATIVE INFORMATION Registarod Charity numb•r 1116981 Trustee• Dr. John Higgs (Chaim18n) Mr. Gerry Wa15h Mr. lan Reynolds WIM Natasha Regan Addro•8 6 Mayfield Worth Crawley West Su88ex RH10 7FT em8il.' john.higgs@engllshchess.g.uk Bank•r• Ind•wnd•nt Examln•r• Natwest Bank PLC Hastings Branch Havelock Road Hastings East Sussex TN34 OGW Watson Associates (Audit ServiGes Ltd) 30-34 North Street. Hailsham, East Sussex BN27 1 DW
THE JOHN ROBINSON YOUTH CHESS TRUST FINANCIAL YEAR ENDED 31 AUGUST 2022 REPORT OF THE TRUSTEES Charity The Trust was registered by the Charity Commissioners on 24 November 2006. Gov•rnlng dO¢•nt Deed of Variation dated 24 June 2006. Charltable objeth To advance education by providing or assislirKJ in the provision of facilrties for th8 teaching development and supervision of the playing of che65 amongst persons undgr the age of enty-one. resident in England or eligible to represent England at chess. Tru8ts08 Appointment of new Trustees is vested in the Counol of the British Chess Federation. Trustees may be appointed at any ts'me (either by way of replacement or addition) so that the total number of Trustees shall at no tim8 8XC8ed four. Trustees may be removed by a resolutson of the Council of the British Chess Federation passed with a majorty in favour of 75% of those present in person or present by proxy and voting thereon. Summary of the maln achlevwmnts In tho perlod Due to parKlemic over the board chess was suspended for half of the audit year. This had a impact on the abilty of the Trustees to consK1er and make grants. However, with the withdrawal of restrictio in February 2022. the Trust was in a better posttion to consider grant applications. The Trustees have considered the impact of Covid-19 on the Trust. In wew of the Trust's low fixed costs and its strong liquidty positi'on. the Trustees do not believe that Covid-19 will have a material impact on the Trust's abilty to continue as a going concem nor will rt have a material impact on tts abilrty to continue to meet its charitable objectives. The may be an impact In the short tenn on the value of the chaS investment portfolio bLrt this is anticipated to be temporary and cannot currently be quantffied. The Twst continues to wovide support towards junior chess arKI a grants were made in the audit year.
Flnanclal revlew The Trust funds remain fully invested and have increased in overall value during the financial year. The main sources of funds during the period have been dividends. The majority of income is applied to grants. Expenses and professional fees are the other main areas of expenditure. Pollcy on Inveslrnents The return objeGtive of the Trust is to receive income, after fees. in the region of £25,000 per annum whilst maintaining the real value of the assets. The income generated (net of fees} is normally distributed quartety. The risk toleranGe is 'lower risk. bui given the long investment 'me horizon and the desire to maintain the real value of the assets, there is Scope for an allocation to equities. Constraints.. The Trust is managed with a long-time horlzon in mind as the Trustees wish to support junior chess for decades ahead. Given that there is little chance of cash di8tribution8 beyond the quarterly distributions of dividends, there are little or no liquidity constraints for the Charty. Due to the Trust's charitable sLqtus there are no tax constraints nor are Ihere any legal or regulatory constraints. The Trustees have requested Several ethical constraints and there are to b8 no investments in amaments, tobacco or gambling. Policy on fM•rv•$ The Trust holds cash at bank of £33.172 representing unre$tricted funds to be applied for the charity's oty'ectives. Since 2006 when the Trust was fourKled rt has been the policy of the Trustèes to.. li) To treat the capital of the Trust as a pemianent endowment and not to spend more than the accumulated income on grants from the Trust, unless there are grant applications that merit expenditu over and above the estimated income. (li) To give three months prior wrrtten notice to the BCF Management Board of any proposed expendrture of capital. Also held are fijnds totalling £905,461 by the Trust's investment managers. To the extent that these do not represent ac¢umulat8d income due to be paid over these are to be applied for the purchase of investments. Plans for the futurn The Trust will continue to support chess events aThJ individual junior players by way of grant giving and will aayS consider grant applications on merit and with an open mind.
Trustees. rnsponslbllllles In relatbon to the financial slatements The Gharity trustees are responsible for preparing an annual report and financial statements in accordance with aPIcable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charty trustees to prepare financial statements for each year vthich give a tru8 and fair view of the state of affairs of the charity and of the incoming resoUrS and applI110n of resources. of the charity for that penod. In preparing the financial statements, the trustees are required to: . select surtable accounting policaes and then apply them consistently., ' ob88rrfe the method8 and principles in the appli¢abbe Charities SORP., . make judgements and estimates that ar8 reasonable and prudent,. • state whether applicable accounting Standards have been followed, subj.ect to any material departures dbsdosed and explained in the financial statements.. prepare the financial ststements on the going concem basis unless rt 18 inappropriate to presume that the charrty will continue in business. Th8 trustees are responsible for keeping woper aUnkn.ng records that disclose with reasonable a¢¢ura¢y at any time the finaneial posrtion of th8 charity and to enable them to ensure that the financial statements comply with the Chanties Act 2011. the applicable Charit188 {Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the thanty and takn'ng reasonable steps for the prevenlion and detection of fraud and other irregularities. The trustees are responsible for the Maintenan and integnty of the charity and financial information induded on the charty's websrte. Legislation in the Unrted Kingdom governing the preparation and dissemination of financial statements may drffer from legislation in other jurisdictions. The trustees are content that Mr John Robinson, our founder, would approve of the efforts of the Trust over the last year and would be satisfied that the Trust is meeting the moral and legal obligations that it owes to its beneficiarie8 and to rts benefactors. Approved by the Trustees on 10m May 2023 and signed on their behalf by.. Dr. John Hig Chalrnian
THE JOHN ROBINSON YoirrH CHESS TRUST FINANCIAL YEAR ENDED 31 AUGUST 2022 INDEPENDENT EXAMINERS, REPORT TO THE TRUSTEES OF THE JOHN ROBINSON YOUTH CHESS TRUST I report on the financial statements for the year ended 31 August 2022, whidi are set out on pages 8 to 13. R•#p•clfv• r••ponslbllltles of truste8s and examlnor The charty'8 trustees are responsible for the preparation of the a¢counts. The charity's trLSStees consKler that an audit is not required for this year under section 144 of the Charities Act 2011 and that an independent examination is needed. Having been satisfied that the charity is not subj'ect to audit under tharity law and is eligibl8 for independent examination it is my resp)n8ibility: To examine the accounts under section 145 of the 2011 Act,. - To follow the procedures laid down in the General Directlons glven by the Charity Commission under section 145{5){b) of the 2011 Act- and - To state whether particular matters have com8 to my att8ntion Ba818 of Indop•nd•nt oxamlneVs roport My examination was carried out in accordance with the General Directions glven by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual rtems or disclosures in the accounts, and the seeking from you as trustees conceming any such matters. The procedures undertaken do not provida all the eviden that would be included in an audrt and. consequently, no opinion is given as to whether the accounts pr8sent a 'true and fair view. 8nd the report 18 limited to those matters set out in the statement below. Independent examln•f • 8tat•ment In connection with my examination. no matter ha8 come to my attenb'on: (1) Which gives cause to believe that, in any material respect, the requirements.. - To keep accounting records in accordance with section 130 of the 2011 Ad. - To prepare awounts which comply with the accounting records and to comply with the arxounting requirements of the 2011 Ad and wtth the methods and principles of the Slatement of Recommended Practice". Accounting and Reporting by Charities (revised 20051 have not been met: or {2) To which, in my pinion, attention should be drawn in order to enable a proper un rstsndin f the accounts to be aChed. r. John Males F Watson Associates {Audrt SeNts Ltd) 30-34 North Street, Hailsham, East Sussex BN27 1DW
THE JOHN ROBINSON YOUTH CHESS TRUST FINANCIAL YEAR ENDED 31 AUGUST 2022 STATEMENT OF FINANCIAL ACTiwfiES N¢)t• Total 2022 Total 2021 Income from: Investment income Bank interest Donation 29,437 25,887 147,700 Total 173,587 Exp•ndltur• on: Grants Governance co8t8 24.625 1,507 27,500 1,458 Total Net Inc¢)me l{•xp•ndlturn) 3,363 144,629 Gains on investment assets 3,370 109,78S N•t movamont In funds 8,733 254,414 R•conclllatlon of funds Funds brought forward 930,870 676,458 Fund• ¢arrl•d foThYard 930,870 A Statement of Total Recognised Gains and Losses 18 not requlred as all gains and108ses are included in the statement of Financial Ath'vrties. All incoming resources, resources expended and resulkn'ng not movement in funds are derived from continuing activities. All funds are unrestricted. The attached notes fomi part of these financial statements.
THE JOHN ROBINSON YOUTH CHESS TRUST FINANCIAL YEAR ENDED 31 AUGUST 2022 BALANCE SHEET 2022 2021 Fixed assets Investments 905.461 898,091 Currant a8sots Cash at bank Cash held by Investment Managers Debtors 33.172 29,859 4,000 50 33.222 33,859 Creditors Amounts falling du8 within one year N•t curr•nt 4u•ts 32,142 32,779 Total a89•ts1•89 curr•nt Ilablllllo• 937,603 930.870 Th• Funds ofth• Charfty Unrostrlcted funds 937,603 930,870 937 603 930 870
THE JOHN ROBINSON YOUTH CHESS TRUST FINANCIAL YEAR ENDED 31 AUGUST 2022 NOTES TO THE FINANCIAL STATEMENTS 1. Accountlng pollcles The principal accounting policies are summarised below. The accounting policies have been applied consistèntly throughout the year and in the previous year. l. Basis of accounting The financial statements have been prepared in accordance with the Statement of RecommerKled Practi". Accounting and Reporting by Charrties applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} effective January 2015 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Assets and liabilities are recognised at historic $t or transaction value unless otheN4ise staled in the levant aCUnting policy or note(s). The financial statements comply with the Charities (Accounts arKI Reports) Regulations 2008 issued under the Charits'es Act 2011. 11. Publlc bonefft entity The charity meets the definition of a public benefft enw under FRS 102. 111. Fund accountlng All funds are unrestncted and are available for use by the Trustee8 in furtherance of the general objectives of the Trust. fv. Incomlng resource8 All incoming resources are induded in the SL*ement of Financial Activities vth&n the Trust is entitled lo the income and the amount can be quantified with reasonable rtainty. v. Rasources expondod Expenditure is recognised on an alxruals basis as a liabilty is incurred. Govemance costs include those costs associated with the constriutional and stautory requirements of the charity and include costs linked to the strategic management of the charity. vl. Commltm•nt• for futur• •xp•nditur• Other than nomial commitments inherent to the operation of the charrty and under contracts of employment there are no contractual obligations to future expenditure at the balance sheet date. lthere the trustees authorise expenditure, which is not legally enforceable at the balan sheet date the appropriate amounts are set de into designated funds. There were no amounts aulhorised at the year end. io
THE JOHN ROBINSON YOUTH CHESS TRUST FINANCIAL YEAR ENDED 31 AUGUST 2022 NOTES TO THE FINANCIAL STATEMENTS 1. Accountlng pollcles contlnued vli. Cash Flow Statomont The charity has taken advantage of the exemption provided by Financial Reporting Standard No. 1 and Accounting by Chanties Statement of Recommended Practi and has not prepared a cash flow statement for the year. vlll. Flx•d a880ts Investments held as fixed assets are shown at the mid-market value on the balan sheet date. Gains and losses on the disposal of investments are taken to the Statement of Financial Adivities in the period in which they ocojr. 2. Grants 2022 2021 English Chess Federation.. FIDE online Olympiad Other events 1,500 19,500 Brit18h Chess Championships: Event support Junior coaching 5,000 2,500 7,500 John Robinson Fellowship The Chess Trust 5,CQO Grant for events 6.625 Other grants 2,200 500 24,625 27.500 li
THE JOHN ROBINSON YOUTH CHESS TRUST FINANCIAL YEAR ENDED 31 AUGUST 2022 NOTES TO THE FINANCIAL STATEMENTS 3. Governance costs 2022 2021 Administration & legal fees Independent examiners fees 427 1.080 378 1,080 1.507 1,458 4. Tru•teM' remunerallon and b•nefits There were no Trustees remuneration or other beneffts for the year ended 31 August 2022 (31 August 2021: nil). 6. Truste•g' •xpense8 Trust8es' expenses paid for the year ended 31 August 2022 totalled £131 (2021- £56). 6. Investment a88•ts 2022 2021 Investrnent8 898,091 The cost of the investments held at 31 August 2022 was £806.682 {2021- £802,682). At 31 August 2022 the assets consisted of investments in the COIF Charities Investm8nt Fund, the COIF Charities Ethical Investment Fund and the COIF Charities Property Fund. 7. Debtorn 2022 2021 othor Debtors 50 12
THE JOHN ROBINSON YOUTH CHESS TRUST FINANCIAL YEAR ENDED 31 AUGUST 2022 NOTES TO THE FINANCIAL STATEMENTS 8. Creditors: Amounts falling due within one year 2022 2021 Accrued expenses 1,080 1,080 1.080 1,080 9. Capltal Commllmonts There were no capital commitments not provided for in the financial statements for the year ended 31 August 2022 (2021 Nil) 10. Ultlmats Controlllng Party The charity is controlled by the independent Board of Trustees. 13
CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trustee$l members of THE JOHN ROBINSON YOUTH CHESS TRUST On accounts for the year ended 31 AUGUST 2022 Charity no (if any) 1116981 Sat out on pages I report to the trustees on my examination of the accounts of the abov8 charty ('the Trust") for the year ended 31 August 2022. Responsibilities and bas18 of report As the ¢hanty's trustees, you are responsible for the preparation of the accounts in accordance wrth the requirements of the Charities Act 2011 {'the Acl.) I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examinalion, I have followed all the applicable Directions given by the Charity Commission under section 145(5)Ib) of the Act. Independent I have completed my examination. l Confi that no matenal matters have examinerfs Statsmgnt oome lo my attenlion in connedion with the examination which gives me cause to believe that in, any material respect.. the accounting records were not kept in accordance with section 130 of the Charrties Act.. or the accounts did not accord wtlh the accounting e0rd$., or the accounts did not comply with the applicable requirements con¢eming the fom and content of accounts set out in the Chanties (Accounts and Reports) Regulations 2008 other than any requirement that Ihe accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection wth the examination to which attention should drawn in this report in order to enable a proper understanding of the accounts to be reached. Signod: Dats: 1510312022 Nam8- JOHN CHARLES MALES Relevant professional quallflcatlon(s) or body (if any): ICAEW FCA Address: 30-34 NORTH STREET HAILSHAM EAST SUSSEX, BN27 1DW IER Oct 2018
Section B Disclosure Only complete If the examiner needs lo highlight material matters of concern (see CC32, Independent examination of charity accounts.. directions and guKlance for examiners). Give here brief details of any items that the examiner wishes to disclose. IER Oct 2018