## **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|
2
## **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|
3
## **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.
4
## **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.
5
## **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
6
## **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:
1. 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
3. 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
7
## **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|
8
## **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
9
## **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.
10
## **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|
11
## **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|
12
|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).
13
## **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).
14