2022-08-31-accounts - Chelsea Academy Foundation

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CHELSEA ACADEMY FOUNDATION

Annual Report and Financial Statements

Year to 31 August 2022

Charity Registration Number: 1120784

CHELSEA ACADEMY FOUNDATION

Contents Page
Reference and administration information 3
Trustees’ report 4 - 6
Independent Examiner’s report 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 14

CHELSEA ACADEMY FOUNDATION

Reference and administration information


Trustees
Ms Megan Ouchterloney (Chair) Ms Simone Brych-Nourry Mr Niccolo Caderni Mr David Rosa Casado Ms Susan Harris Mr Filippo Lanza Ms Astrid Nellemann Ms Serena Snell	Appointed 28 February 2023 Appointed 25 November 2014 Resigned 7 March 2023 Appointed 25 November 2014 Appointed 27 January 2021 Appointed 6 March 2017 Appointed Chair 5 March 2019 Resigned 28 February 2023 Appointed 15 August 2021 Appointed 2 March 2020 Appointed 2 March 2020

Secretary
Mr Lucian Boyd Harte Ms Sara Hopkins	Appointed 1 April 2016 Resigned 31 August 2022 Appointed 1 September 2022
Charity address Charity Registration No Bankers Independent Examiner	Lots Road London SW10 0AB 1120784 National Westminster Bank PLC Kensington, Royal Garden Branch PO Box 2341 55 Kensington High Street London W8 5ZG Stuart McKay BSc FCA DChA MHA Chartered Accountants 6thFloor 2 London Wall Place London EC2Y 5AU

CHELSEA ACADEMY FOUNDATION

Trustees' report for the year to 31 August 2022

The trustees present their annual report and financial statements of the Chelsea Academy Foundation for the year ended 31 August 2022.

GOVERNANCE, STRUCTURE AND MANAGEMENT

The Chelsea Academy Foundation is governed by a Declaration of Trust dated 2 August 2007 and was registered as a charity with the Charity Commission on 6 September 2007.

Trustees

The names of the trustees who served during the period are set out as part of the reference and administration information on page 3 of this annual report and financial statements.

Recruitment and appointment

The appointment of the trustees is governed by the Declaration of Trust dated 2 August 2007. All trustees must be aged at least 18, and there must at all times be a minimum of two. The trustees may appoint additional trustees in consultation with the Governing Body of Chelsea Academy.

The term of office for trustees is three years. Trustee appointments can be renewed.

Induction and training

The Foundation recognises that new and current trustees should be aware of the Foundation’s charitable purposes, mode of operation, plans, policies and costs. As part of the informal training provided to trustees, trustees are provided with a copy of the Declaration of Trust, the grant giving policy, and a copy of other relevant policies as well as minutes of recent trustees’ meetings. Further training is provided to trustees upon their request.

Statement of trustees’ responsibilities

The trustees are responsible for preparing the trustees’ report and 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 period. 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 Statement of Recommended Practice (Accounting and Reporting by Charities) (the Charities’ SORP);
make judgements and estimates that are reasonable and prudent;
state whether applicable United Kingdom 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 proper 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 Declaration of Trust. 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.

CHELSEA ACADEMY FOUNDATION

Trustees' report for the year to 31 August 2022

Organisation

The trustees are ultimately responsible for the policies, activities and assets of the Foundation. They meet formally at least twice each year.

The secretary takes day to day responsibility for the administration of the Foundation, including the management of income and expenditure and the preparation of annual accounts.

Risk management

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

ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES

Charitable objectives and activities

In setting the Foundation’s objectives and planning its activities, the trustees have given careful consideration to the Charity Commission’s general guidance on public benefit.

The Foundation’s charitable objectives as expressed in its Declaration of Trust are as follows:

The support of such charitable purpose or purposes which promote the advancement of the education of the pupils at Chelsea Academy, including the provision of scholarships, bursaries and the funding of capital projects connected to Chelsea Academy.

Grant making policy

The Chelsea Academy opened in September 2009, and grants have been made having considered the merits of each individual request. The trustees have agreed that the following categories of grant application will be given priority :

Projects that support and enhance the Academy’s delivery of its core academic curriculum;
Projects that support and enhance the Academy’s ability to provide opportunities that develop students' skills in sport, music and the arts;
Educational travel opportunities within and beyond the UK that would otherwise be difficult for students and their families to access;
Activities that serve to develop the Academy’s distinctively Christian ethos; and
Projects that give students sustainable and strategic life skills, e.g. leadership; problemsolving; research; networking; team-building; making presentations; public speaking; debating; etc.

Reserves policy

Reserves are maintained in line with policies and grants are not disbursed prior to receipt of funds. The charity held restricted funds of £102,809 (2021: £115,584) and unrestricted funds of £327,341 (2021: £237,378) at the year end. The trustees aim for the charity to hold a reserve of unrestricted funds at the end of the year to enable the charity’s key projects to continue without interruption until donations are received

Investment policy

Monies raised to date have been retained on deposit with the Foundation’s bank.

CHELSEA ACADEMY FOUNDATION

Trustees' report for the year to 31 August 2022

ACHIEVEMENTS AND PERFORMANCE

Review of the period and financial transactions

The Foundation received voluntary income totalling £234,321 (2021: £208,423) which helped the Foundation to sustain its work with Chelsea Academy. The total spent from unrestricted funds on projects was £39,315 (2021: £26,786) and from restricted funds £117,818 (2021: £87,833).

FUNDRAISING

The Foundation raises its funds mostly from grant applications from several grant giving bodies. It does not work with any commercial participants or professional fundraisers and abides by the Code of Fundraising Practice produced by the Fundraising Regulator. All fundraising is monitored by the trustees.

FUTURE PLANS

The trustees continue to review how they can best help generate income in a structured way. The income will continue to be derived from the following three separate sources :

(a) gifts from donors, and any associated gift aid;
(b) fundraising events; and
(c) applications to grant making trusts.

The Foundation will continue to support the development of the broadest learning experience possible for the students of the Academy and, in particular, to help ensure access for all regardless of the economic means of parents and carers of students.

On behalf of the trustees

Ms Megan Ouchterloney (Chair) Approved by the trustees on: 17 May 2023

CHELSEA ACADEMY FOUNDATION

Independent examiner’s report to the trustees of the Chelsea Academy Foundation

I report on the accounts of the Charity for the year ended 31 August 2022, which are set out on pages 8 to 14.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner’s Statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

Accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. The accounts do not accord with those records; or
The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination,

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Stuart McKay BSc FCA DChA

MHA Chartered Accountants 6[th] Floor 2 London Wall Place London EC2Y 5AU

Date: 19/05/2023

CHELSEA ACADEMY FOUNDATION

Statement of financial activities for the year to 31 August 2022

Note Incoming Resources Voluntary income – donations Gift aid Total incoming resources Resources Expended Cost of raising funds 2 Governance costs 4 Expenditure on Charitable Activities- Grants 8 Total resources expended Net gain/ (losses) on investment Net (outgoing) incoming resources for the period Funds balances brought forward at 1 September 2021 Funds balances carried forward at 31 August 2022	2022 2021 Unrestricted Funds Restricted Funds Total Funds Total Funds £ £ £ £ 106,671 104,994 211,665 178,505 22,607 49 22,656 29,918
	129,278 105,043 234,321 208,423
	2,823 - 2,823 2,609 1,920 - 1,920 1,740 34,572 117,818 152,390 110,270
	39,315 117,818 157,133 114,619
	- - - 11,062 89,963 (12,775) 77,188 104,866 237,378 115,584 352,962 248,096
	327,341 102,809 430,150 352,962

CHELSEA ACADEMY FOUNDATION

Balance sheet at 31 August 2022 Note Current assets Cash at bank and on deposit Debtors Creditors: amounts falling due within one year 5 Net current assets Creditors: amounts falling due after one year Total net assets Represented by: Funds and reserves - restricted funds 6 - unrestricted funds 7 Total funds	2022 2021 £ £ 549,904 399,924 34,859 - (154,613) (46,962)
	430,150 352,962

	430,150 352,962
	102,809 115,584 327,341 237,378
	430,150 352,962

The Notes on pages 10 - 14 form part of these financial statements.

Approved by

Ms Megan Ouchterloney (Chair of Trustees)

Date: 17 May 2023

CHELSEA ACADEMY FOUNDATION

Notes to the financial statements

1 Accounting policies

Basis of accounting

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Chelsea Academy Foundation is an unincorporated charity and a public benefit entity. The presentation currency is pounds sterling, rounded to the nearest £1.

The financial statements have been prepared on a going concern basis. The trustees have considered the reserves available to the Foundation. Grants are not distributed prior to receipt of funds.

The financial statements have been prepared to give a ‘true and fair’ view and 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 Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Incoming resources

Incoming resources are recognised in the period in which the Foundation is entitled to receipt and the amount can be measured with reasonable certainty. Gift Aid receivable is recognised in the same period as the related donation.

Resources expended

Expenditure is included in the statement of financial activities when incurred and includes any attributable VAT which cannot be recovered.

Grants payable are charged in the year when the offer is made and are unconditional. Grants offered subject to conditions which have not been met at the year end are noted as a commitment but not accrued as expenditure.

Fund accounting

The unrestricted funds comprise those monies which are freely available for application towards achieving the charitable objects of the Foundation, and which may be applied at the discretion of the trustees. The restricted funds are monies raised for, and their use restricted to, a specific purpose or donations subject to donor imposed conditions.

Investments

Unlisted equity investments held for the long term are initially measured at cost. They are subsequently measured at fair value, unless fair value cannot be measured reliably, when they are measured at cost less impairment.

Notes to the financial statements (continued)

2 Cost of raising funds Professional fees ICT Other costs Total cost of raising funds	2022 2021 £ £ 420 420 1,447 1,426 956 763
	2,823 2,609

3 Employees

There were no staff employed by the Foundation in either the current or previous year. No trustee received any remuneration from the Foundation in respect of their services during the year (2021: Nil). During the year no trustee received any out of pocket travelling expenses (2021: Nil).

4 Governance costs Independent examination 5 Creditors: amounts falling due within one year Expense creditors and accruals Grants and expenses owing to Chelsea Academy	2022 2021 £ £ 1,920 1,740
	1,920 1,740
	2022 2021 £ £ 1,920 1,740 152,693 45,222
	154,613 46,962

Notes to the financial statements (continued)

5 (continued) Grants and expenses owing to Chelsea Academy (included creditors) Grants and expenses payable brought forward Grants awarded in the year Expenses incurred by Chelsea Academy on the Foundation’s behalf during the year Grants and expenses paid during the year Grants and expenses payable carried forward	2022 2021 £ £ 45,222 70,433 152,195 110,270 498 132 (45,222) (135,613)
	152,693 45,222

6 Restricted funds

The income funds of the Foundation include restricted funds comprising the following unexpended balances held for restricted purposes:

	At 1	Incoming	Resources	At 31 August
	September	resources	expended	2022
	2021
	£	£	£	£
Art Auction Fund	2,155	-	(2,155)	Nil
Art Auction Fund 2019	1,312	-	(1,312)	Nil
The Feathers Association	9,000	-	(4,603)	4,397
Groundwork UK	Nil	500	(500)	Nil
The Hedley Foundation	2,000	-	(2,000)	Nil

John Armitage Charitable Trust John Lyon’s Charity Kellogg’s Peter Stormonth Darling Charitable Trust The Portal Trust Sir Simon Robertson South Kensington Estates Variety Capital Wolfson Foundation Anonymous St Luke & Christ Church	35,000 65,000 (43,719) 56,281 4,093 - (4,093) Nil 1,000 - (303) 697 Nil 10,000 - 10,000 Nil 15,000 (15,000) Nil 40,000 - (10,000) 30,000 20,000 - (19,615) 385 1,000 - - 1,000 Nil 14,299 (14,299) Nil Nil 244 (195) 49 24 - (24) Nil
	115,584 105,043 (117,818) 102,809

All of the restricted funds represent funds where the donor has stated the purpose of the funds provided (and sometimes also the period over which the funds may be utilised).

Notes to the financial statements (continued)

7 Unrestricted funds

The income funds of the Foundation include unrestricted funds comprising the following unexpended balances, which form part of our reserves policy:

Unrestricted funds	At 1 September 2021 Incoming resources Resources expended At 31 August 2022 £ £ £ £ 237,378 129,278 (39,315) 327,341
	237,378 129,278 (39,315) 327,341

8 Connected charity and related party

The students attending the Chelsea Academy are the main beneficiaries of the Chelsea Academy Foundation. Grants made in the year to Chelsea Academy totalled £152,195 (2021: £110,270) and expenses incurred by Chelsea Academy on the Foundation’s behalf during the year totalled £498 (2021: £132). The balance due to Chelsea Academy at the year end was £152,693 (2021: £45,222).