Charity number 1119422 (England and Wales)
Chartered Accountants
EARL OF CHESTER'S FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
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EARL OF CHESTER'S FUND
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2025
The trustees present their annual report and financial statements for the year ended 5 April 2025 ~~.~~
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 charity’s objectives are such charitable purposes (other than the advancement of religion) within the county of Cheshire (as constituted on the 1st January 1974), or for the benefit of persons ordinarily resident in the county (as so constituted) as the Trustees shall from time ~~-t~~ o ~~-~~ time decide.
The Trustees have paid due regard to the guidance issued by the Charity Commissioners on public benefit in deciding what activities the charity shall undertake ~~.~~
Thirty (2024 ~~-~~ Twenty ~~-F~~ our) charitable donations were made in the current year ~~.~~ Others are under consideration for future periods ~~.~~
Financial review
The net incoming resources for the year amounted to £2,557,481 (2024 ~~-~~ £199,058) Net income/(expenditure) earned in the General Fund before donations totalled (£95,528) (2024 ~~-~~ £45,422).
The funds available to carry forward comprise £5,306,232 as an Endowment Fund, £16,500 as a designated reserve and £37,887 as a general reserve.
Interest rates have remained low for several years until recently. Consequently, the trustees decided some years ago to invest the charity’s assets in domestic and commercial rental property, so as to provide the charity with a source of predictable income, as well as to allow for the potential for asset appreciation ~~.~~ The gross rental income received in the year was £156,350 (2024 ~~-~~ £145,155) ~~.~~ The investment properties were revalued in 2020 resulting in a £371,228 revaluation gain ~~.~~ There were no gains on any investment properties held by the Charity in 2023, but a revaluation in 2025 resulted in a further gain of £178,829 ~~.~~ With interest rates rising in recent years, the trustees have decided to invest surplus funds in bank deposits ~~.~~
Gift Aided donations totalling £125,000 (after recovery of Gift Aid) (2024 ~~-~~ £125,000) were received in the year. The donor instructed the trustees to include these in the general fund ~~.~~ Other donations received in the year to the General Fund totalled ENil (2024 ~~-~~ £Nil) ~~.~~ Donations received in the year to the Endowment Fund totalled £2,500,000 (2024 ~~-~~ £28,636). In the current year this relates to the gift of Lleweni Parc which was gifted and sold in the same year ~~.~~ Donations made by the charity for charitable purposes in the year totalled £370,423 (2024 ~~-~~ £54,748) ~~.~~
Reserves Policy
It is the charity's policy to maintain, as a minimum, unrestricted cash reserves sufficient to fund one year’s property costs.
Investment Policy
As noted, the trustees hold the charity’s funds in domestic and commercial properties and surplus funds are held on deposit ~~.~~
Grant-making policy
The charity aims to distribute its annual net income each year (other than sums allocated to endowment funds or retained under the reserves policy) ~~.~~
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EARL OF CHESTER'S FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
Plans for future periods
The trustees do not expect any changes in the objectives of the charity in the forthcoming year ~~.~~ The level of activity by the charity is dependent upon the generosity of its donors and income generated by its assets ~~.~~ The key priorities for the future are to continue to support local charities and other worthwhile causes in Cheshire. After the year end this geographical area was extended to include the former county of Clwyd ~~.~~
Structure, governance and management
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Constitution The charity was established under a Trust Deed on 13 March 2007. It was registered as a charity on 30th May 2007 ~~.~~ The Trust Deed sets out the objects and powers of the charity ~~.~~
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Recruitment and Appointment of new Trustees The committee consists of elected committee members ~~.~~ Committee members are elected at the charity’s Annual General Meeting ~~.~~
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« Organisational, Structural and Decisio ~~n-~~ making The Trustees determine and execute the policies of the Trust ~~.~~
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¢ Trustee Induction and Training
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New Trustees are advised of their roles and responsibilities when appointed ~~.~~ They are subsequently advised of suitable external induction and training courses ~~.~~
e Risk Policy
- A risk assessment is carried out as part of the organisational business plan, identifying and classifying risks and detailing measures to deal with these risks ~~.~~ The committee is satisfied that systems are in place to mitigate exposure to risks ~~.~~
The trustees who served during the year and up to the date of signature of the financial statements were:
Mr RB Witter Mr RE Harries (retires 2025 AGM ~~-~~ eligible for re ~~-~~ election) Mr NS Jenkins (retires 2025 AGM ~~-~~ eligible for re ~~-~~ election) Mr RJS Lea (Deceased in year) Mr DO Pickering Professor K Sykes (retires 2025 AGM ~~-~~ eligible for re ~~-~~ election) Mr DC Starbuc ~~k-~~ Edwards Major MG Huntriss
The trustees' report was approved by the Board of Trustees ~~.~~
Cwan Harriea
Mr RE Harries Chairman
22 October 2025
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EARL OF CHESTER'S FUND
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 5 APRIL 2025
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 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 year.
In preparing these financial statements, the trustees are required to:
~~-~~ select suitable accounting policies and then apply them consistently;
~~-~~ observe the methods and principles in the Charities SORP;
~~-~~ make judgements and estimates that are reasonable and prudent;
~~-~~ state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
~~-~~ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation ~~.~~
The trustees are responsible for keeping 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 ~~.~~
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EARL OF CHESTER'S FUND
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF EARL OF CHESTER'S FUND
Opinion
We have audited the financial statements of Earl of Chester's Fund (the ‘Charity’) for the year ended 5 April 2025 which comprise the statement of financial activities, the balance sheet 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:
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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 year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the Charities Act 2011 ~~.~~
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law ~~.~~ Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report ~~.~~ We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements ~~.~~ We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion ~~.~~
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate ~~.~~
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The 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:
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the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
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EARL OF CHESTER'S FUND
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF EARL OF CHESTER'S FUND
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.
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:
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« Enquiry of management and those charged with governance around actual and potential litigation and claims;
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« Reviewing minutes of meetings of those charged with governance; « Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the formal course of business and reviewing accounting estimates for bias;
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e Enquiry of management and those charged with governance to identify any instances of non ~~-~~ compliance with laws and regulations.
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EARL OF CHESTER'S FUND
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF EARL OF CHESTER'S FUND
The potential effect of these laws and regulations on the financial statements varies considerably ~~.~~
Firstly, the charity is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the charity is subject to many other laws and regulations where the consequence of non ~~-~~ compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the charity’s license to operate ~~.~~ Auditing standards limit the required audit procedures to identify non ~~-~~ compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any ~~.~~ Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
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 ~~-c~~ ompliance ~~.~~ The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation ~~.~~
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit ~~.~~
Other matters
Your attention is drawn to the fact that the charity has prepared financial statements 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 (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice ~~.~~
The comparative figures for the year ended 05 April 2024 were unaudited
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 ~~.~~
Robert Pearl
Robert Pearl BEng BSc ACA
For and on behalf of Xeinadin Audit Limited, Statutory Auditor The Foundation
Herons Way Chester Business Park Chester CH4 9GB 27 January 2026
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EARL OF CHESTER'S FUND
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2025
| Current | Current | Current | Current | Current | Current | financial year | financial year | financial year | financial year | financial year | financial year | financial year | financial year | financial year | financial year | financial year | financial year | Unrestricted Unrestricted |
Unrestricted Unrestricted |
Unrestricted Unrestricted |
Unrestricted Unrestricted |
Unrestricted Unrestricted |
Endowment | Total | Total | Total | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | |||||||||||||||||||||||||||||
| general | Property | ||||||||||||||||||||||||||||||
| maintenance | |||||||||||||||||||||||||||||||
| 2025 | 2025 | 2025 | 2025 | 2024 | |||||||||||||||||||||||||||
| Notes | £ | £ | £ | £ | £ | ||||||||||||||||||||||||||
| Income | and endowments from: | ||||||||||||||||||||||||||||||
| Donations and legacies | 3 | 125,000 | - | - | 125,000 | 153,636 | |||||||||||||||||||||||||
| Investments | 4 | 47,532 | - | - | 47,532 | 12,954 | |||||||||||||||||||||||||
| Other | material income | 5 | - | - | 2,500,000 | 2,500,000 | ~~-~~ | ||||||||||||||||||||||||
| Other | income | 6 | 157,724 | - | - | 157,724 | 146,374 | ||||||||||||||||||||||||
| Total | income | and | |||||||||||||||||||||||||||||
| endowments | 330,256 | ~~-~~ | 2,500,000 | 2,830,256 | 312,964 | ||||||||||||||||||||||||||
| Expenditure on: | |||||||||||||||||||||||||||||||
| Raising funds | 7 | 55,361 | - | - | 55,361 | 59,158 | |||||||||||||||||||||||||
| Charitable activities | 8 | 370,423 | - | - | 370,423 | 54,748 | |||||||||||||||||||||||||
| Other | material expenditure | 13 | - | - | 25,820 | 25,820 | ~~-~~ | ||||||||||||||||||||||||
| Total | expenditure | 425,784 | ~~-~~ | 25,820 | 451,604 | 113,906 | |||||||||||||||||||||||||
| Net gains/(losses) on | |||||||||||||||||||||||||||||||
| investments | 14 | - | - | 178,829 | 178,829 | ~~-~~ | |||||||||||||||||||||||||
| Net income/(expenditure) and | |||||||||||||||||||||||||||||||
| movement in | funds | (95,528) | ~~-~~ | 2,653,009 | 2,557,481 | 199,058 | |||||||||||||||||||||||||
| Reconciliation | of funds: | ||||||||||||||||||||||||||||||
| Fund | balances at | 6April 2024 | 133,415 | 16,500 | 2,653,223 | 2,803,138 | 2,604,080 | ||||||||||||||||||||||||
| Fundbalancesat5 | April2025 | 37,887 | 16,500 | 5,306,232 | 5,360,619 | 2,803,138 |
The statement of financial activities includes all gains and losses recognised in the year ~~.~~ All income and expenditure derive from continuing activities.
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EARL OF CHESTER'S FUND
BALANCE SHEET
AS AT 5 APRIL 2025
| 2025 | 2024 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||||||||||||||||||
| Fixed assets | |||||||||||||||||||||||
| Investment property | 16 | 2,495,000 | 2,316,171 | ||||||||||||||||||||
| Investments | 17 | 44,812 | 44,812 | ||||||||||||||||||||
| 2,539,812 | 2,360,983 | ||||||||||||||||||||||
| Current assets | |||||||||||||||||||||||
| Debtors | 18 | 4,590 | ~~-~~ | ||||||||||||||||||||
| Cash | at bank | and in hand | 2,822,007 | 442,155 | |||||||||||||||||||
| 2,826,597 | 442,155 | ||||||||||||||||||||||
| Creditors: amounts falling due within 19 |
|||||||||||||||||||||||
| one year | (5,790) | ~~-~~ | |||||||||||||||||||||
| Net current assets | 2,820,807 | 442,155 | |||||||||||||||||||||
| Total | assets less | current liabilities | 5,360,619 | 2,803,138 | |||||||||||||||||||
| The funds ofthe | the Charity | ||||||||||||||||||||||
| Endowment funds | 20 | 5,306,232 | 2,653,223 | ||||||||||||||||||||
| Unrestricted funds | ~~-~~ general | 22 | 37,887 | 133,415 | |||||||||||||||||||
| Unrestricted funds | ~~-~~ Property maintenance 21 |
16,500 | 16,500 | ||||||||||||||||||||
| 5,360,619 | 2,803,138 |
The financial statements were approved by the trustees on 22 October 2025
Cowan Harnite
Mr RE Harries Chairman
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EARL OF CHESTER'S FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
- 1 Accounting policies
Charity information
The charity was established under a Trust Deed on 13th March 2007. It was registered as a charity on 30th May 2007 ~~.~~ The Trust Deed sets out the objects and powers of the charity ~~.~~
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 Charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows ~~.~~ The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view ~~.~~ This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn ~~.~~
- The Charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows ~~.~~
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 ~~.~~
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 Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used ~~.~~ The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity ~~.~~
- 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 ~~.~~
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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EARL OF CHESTER'S FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
- 1 Accounting policies
(Continued)
- 1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably ~~.~~
Expenditure is classified by activity ~~.~~ The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources ~~.~~ Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use ~~.~~
1.6 Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure ~~.~~ Subsequently it is measured at fair value at the reporting end date ~~.~~ The surplus or deficit on revaluation is recognised in profit or loss ~~.~~
- 1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred ~~.~~
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other shor ~~t-~~ term liquid investments with original maturities of three months or less, and bank overdrafts ~~.~~ Bank overdrafts are shown within borrowings in current liabilities ~~.~~
1 ~~.~~ 9 Financial instruments
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments ~~.~~
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously ~~.~~
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 ~~.~~
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EARL OF CHESTER'S FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
- 1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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 ~~-c~~ urrent 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.
Critical judgements
The investment properties are held at fair value at the reporting end date ~~.~~ The valuation of these properties involves significant judgement and estimation, including assumptions relating to market values, condition and current economic situation. As a result, changes in these assumptions could lead to adjustments to the carrying value of investment properties.
3 Income from donations and legacies
| Unrestricted | Unrestricted | Endowment | Total | Total | Unrestricted | Unrestricted | Endowment | Total | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | ||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | ||||||||
| £ | £ | £ | £ | £ | £ | ||||||||
| Donations | and | gifts | 125,000 | ~~-~~ | 125,000 | ~~-~~ | 125,000 | 125,000 | |||||
| Other | - | - | - | - | 28,636 | 28,636 | |||||||
| 125,000 | ~~-~~ | 125,000 | ~~-~~ | 153,636 | 153,636 |
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EARL OF CHESTER'S FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
3 Income from donations and legacies
(Continued)
| Unrestricted | Unrestricted | Endowment | Total | Total | Unrestricted | Unrestricted | Endowment | Total | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | |||||||||||
| £ | £ | £ | £ | £ | £ | |||||||||||
| Donations and gifts | ||||||||||||||||
| Donations | 100,000 | ~~-~~ | 100,000 | ~~-~~ | 100,000 | 100,000 | ||||||||||
| Gift aid | 25,000 | ~~-~~ | 25,000 | ~~-~~ | 25,000 | 25,000 | ||||||||||
| 125,000 | ~~-~~ | 125,000 | ~~-~~ | 125,000 | 125,000 | |||||||||||
| Income from investments | ||||||||||||||||
| Unrestricted | Unrestricted | |||||||||||||||
| funds | funds | |||||||||||||||
| 2025 | 2024 | |||||||||||||||
| £ | £ | |||||||||||||||
| Interestreceivable | 47,532 | 12,954 |
-
4 Income from investments
-
5 Other material income
Donations received in the year to the Endowment Fund totalled £2,500,000, this relates to the gift of Lleweni Parc which was gifted and sold in the same year ~~.~~
6 Other income
| Unrestricted | Unrestricted | Unrestricted | Unrestricted | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| funds | funds | |||||||||
| 2025 | 2024 | |||||||||
| £ | £ | |||||||||
| Insurance | premiums reimbursed by tenant | 1,374 | 1,219 | |||||||
| Domestic | rents | 111,461 | 98,155 | |||||||
| Commercial rents | 44,889 | 47,000 | ||||||||
| 157,724 | 146,374 |
7 Expenditure on raising funds
Investment management
| Unrestricted | Unrestricted | Unrestricted | Unrestricted |
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| 55,361 | 59,158 |
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EARL OF CHESTER'S FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
9 Grants payable
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|Unrestricted|
|funds|funds|
|2025|2024|
|£|£|
|Grants|to|institutions:|
|Clonter|Outreach|programme|5,000|4,000|
|Down|Syndrome|Cheshire|15,000|3,000|
|Adoption|Matters|2,000|2,500|
|Save|the|Family|4,940|5,000|
|Royal|Northern|College|of Music|1,000|1,000|
|Hammond|School|fees|5,000|3,000|
|Z|Davies|-|Bolshoi|Ballet|1,000|
|Green|Weekend|maps|2,500|
|Cheshire|Young|Carers|5,000|
|N|Morgan|-|National|Youth|Choir|1,628|
|Proud|Marys|2,175|
|Rage|Fitness|17,500|
|Hospice|of the|Good|Shepherd|7,000|
|Platform|for|Life|7,500|
|Countess|of Chester|Hospital|2,000|
|Francis|House|Childrens'|Hospice|3,500|
|East|Cheshire|Hospice|3,000|
|CRE8|Macclesfield|3,500|
|Nevach|Chair|-|Handicapped|Children|1,000|
|Changing|Lives|Together|4,500|
|1st|Upton|Scouts|3,000|
|AmasSing|5,000|
|Clatterbridge|Cancer|2,000|
|Sophie|Galle|Dance|School|3,000|
|Northern|Chamber|Orchestra|3,653|
|Northern|College|of|Music|Scholarship|Fund|150,000|
|Theatre|in|the|Quarter|-|Blacon|Project|2,500|
|Theatre|in|the|Quarter|-|Wings|in|the|Sky|5,000|
|Cila|Games|1,527|
|Hammond|School|Bursary|Fund|100,000|
|18|other|donations|in|2024|-|36,248|
|370,423|54,748|
----- End of picture text -----
~~NTT~~
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~~-~~ 15 ~~-~~
EARL OF CHESTER'S FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
10 Support costs allocated to activities
| 2025 | 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| £ | £ | |||||||||
| Management fee | 10,574 | 11,008 | ||||||||
| Insurance | 4,445 | 3,763 | ||||||||
| Repairs | 26,738 | 37,349 | ||||||||
| Council tax | 182 | 626 | ||||||||
| Other professional fees | ~~-~~ | 185 | ||||||||
| Light and heat | 6,439 | 2,346 | ||||||||
| Bank | charges | 61 | 61 | |||||||
| Deposit and | referencing fees | 3,078 | 1,852 | |||||||
| Loss of rent insurance | 2,644 | 1,968 | ||||||||
| Governance | costs | 1,200 | ~~-~~ | |||||||
| 55,361 | 59,158 |
11. ‘Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
12. Employees
The average monthly number of employees during the year was:
| The | average monthly number of employeesemployees during the year was:was: | |
|---|---|---|
| 2025 | 2024 | |
| Number | Number | |
| Total - |
- |
13 Other material expenditure
Expenditure in the year from the Endowment Fund totalled £25,820, this relates to the legal fees associated with the sale of Lleweni Parc which was gifted and sold in the same year.
14 Gains and losses on investments
| Endowment | Endowment | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| funds | funds | |||||||||
| 2025 | 2024 | |||||||||
| Gains/(losses) arising on: | £ | £ | ||||||||
| Revaluationofinvestmentproperties 178,829 |
~~-~~ |
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EARL OF CHESTER'S FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
15 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
16 Investment property
| 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| £ | ||||||||
| Fair value | ||||||||
| At 6 April 2024 2,316,171 Net gains or losses through fair value adjustments 178,829 |
||||||||
| At5April2025 | 2,495,000 |
The Trustees have considered the valuation of the investment properties some of which have been held since 2013 ~~.~~ The Trustees have reviewed locally available comparable market prices as a cost ~~-e~~ ffective method for assessing the fair value of properties ~~.~~ The fair values of the investment properties are below ~~.~~ Any changes in fair value are recognised in income and expenditure.
| Investment | Investment | Investment | Investment | Investment | Investment | Investment | Investment | properties, at | properties, at | properties, at | properties, at | valuation: 2025 |
valuation: 2025 |
valuation: 2025 |
valuation: 2025 |
valuation: 2025 |
2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| £ | £ | ||||||||||||||||
| 32 Talbot Street, Newtown | 170,000 | 160,000 | |||||||||||||||
| 104 Westminster Road, Hoole | 220,000 | 190,000 | |||||||||||||||
| 51 Tomkinson Street, | Hoole | 210,000 | 190,000 | ||||||||||||||
| 52 Tomkinson Street, | Hoole | 210,000 | 200,000 | ||||||||||||||
| 3 Phillip Street, Hoole | 220,000 | 200,000 | |||||||||||||||
| 15 Phillip Street, Hoole | 220,000 | 190,000 | |||||||||||||||
| 9 Westminster Court, | Hoole | 220,000 | 190,000 | ||||||||||||||
| 1 Tomkinson Street, | Hoole | 210,000 | 193,000 | ||||||||||||||
| 8 Tomkinson Street, | Hoole | 210,000 | 200,000 | ||||||||||||||
| 3/3a | Northgate Street, Chester | 605,000 | 603,171 | ||||||||||||||
| 2,495,000 | 2,316,171 |
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EARL OF CHESTER'S FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
17 ___ Fixed asset investments
| Investments | Investments | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| £ | ||||||||||||||||||||||
| Cost | or | valuation | ||||||||||||||||||||
| At 6 April | 2024 | & 5 April | 2025 | 44,812 | ||||||||||||||||||
| Carrying | amount | |||||||||||||||||||||
| At 05 | April | 2025 | 44,812 | |||||||||||||||||||
| At 05 | April | 2024 | 44,812 | |||||||||||||||||||
| 18 Debtors |
||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||
| Amounts | falling due within one year: | £ | £ | |||||||||||||||||||
| Other | debtors | 4,590 | ~~-~~ | |||||||||||||||||||
| 19 Creditors: |
amounts falling due within one year | |||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||
| £ | £ | |||||||||||||||||||||
| Other | creditors | 4,590 | ~~-~~ | |||||||||||||||||||
| Accruals | and | deferred income | 1,200 | ~~-~~ | ||||||||||||||||||
| 5,790 | ~~-~~ |
20 Endowment funds
This unrestricted fund was created from the donations received in this and previous years ~~.~~ Any property and investment revaluations are also posted to this fund.
| At 6 April | At 6 April | At 6 April | Incoming Resources |
Incoming Resources |
Incoming Resources |
Gains and | Gains and | Gains and | At 5 April | At 5 April | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | resources expended |
losses | 2025 | ||||||||||
| £ | £ £ |
£ | £ | ||||||||||
| Permanent endowments | |||||||||||||
| 2,653,223 | 2,500,000 (25,820) |
178,829 | 5,306,232 | ||||||||||
| Previous year: | At 6 April | Incoming Resources |
Gains and | At 5 April | |||||||||
| 2023 | resources expended |
losses | 2024 | ||||||||||
| £ | £ £ |
£ | £ | ||||||||||
| Permanent endowments | |||||||||||||
| 2,499,587 | 153,636 - |
- | 2,653,223 |
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EARL OF CHESTER'S FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
- ~+Unrestricted funds ~~-~~ Property maintenance
The Trustees have created a designated fund to reserve against potential future liabilities for repairs to the charity’s investment properties ~~.~~ This year an amount of £Nil (2024 ~~-~~ ENil) was transferred to this fund from the General Fund.
| At | 6 April | At 5 April | At 5 April | ||||
|---|---|---|---|---|---|---|---|
| 2024 | 2025 | ||||||
| £ | £ | ||||||
| 16,500 | 16,500 | ||||||
| Previous | year: | At | 6 April | At 5 April | |||
| 2023 | 2024 | ||||||
| £ | £ | ||||||
| 16,500 | 16,500 |
22 ~ Unrestricted funds
All rent received and investment income is credited to this fund ~~.~~ All grants and expenses are paid from it. Its balance is carried forward to future years.
| At 6 April | Incoming Resources |
Incoming Resources |
Incoming Resources |
At 5 April | ||||
|---|---|---|---|---|---|---|---|---|
| 2024 | resources expended |
2025 | ||||||
| £ | £ £ |
£ | ||||||
| General funds | 133,415 | 330,256 (425,784) |
37,887 | |||||
| Previous year: | At 6 April | Incoming Resources |
At 5 April | |||||
| 2023 | resources expended |
2024 | ||||||
| £ | £ £ |
£ | ||||||
| Generalfunds | 87,993 | 159,328 (113,906) |
133,415 |
- 23 Potential future committed funds
The Charity is committed to paying school fees totalling approximately £6,000 (2024 ~~-~~ £Nil) over the next year (2024 ~~—~~ one year). These fees have not been provided for in the accounts due to the uncertainty over whether the pupils concerned will, or will not, complete their courses of study. 24 _ ~=Tenants' deposits
In accordance with the requirements of the RCIS, tenants’ deposits are held in a separate bank account with the Deposit Protection Service Custodial Scheme. At 5th April 2025, these amounted to £4,590 (2024 ~~-~~ £5,400) ~~.~~
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