CHELSEA ACADEMY FOUNDATION Annual Report and Financial Statements Year Ended 31 August 2025 Charity RegistratK)n Number. 1120784
CHELSEA ACADEMY FOUNDATION Contents Page Reference and administrab.on inlormation Trustees, report Independent Examinerfs report Statement of financial ath.viks Balance sheet 10 Notes to the financial statements 11-15
CHELSEA ACADEMY FOUNDATION Reference and administration Infomiatlon Trustees Ms Megan Ouchtertoney (Chairl Dr Deli Adewoye Mr David Rosa Casado Mr Matthew Gela Mrs Zehra Imam-sadeque Mr Filippo Lanza Mr Andreja Lazic Mr Jean-charles Lemardeley Ms Mariana Luxardo Ms Astrid Nellemann Ms Julie OycxJoa Ms Anna Rainsford Appointed 17 June 2025 Appointed 17 June 2025 Resigned 1 March 2025 Secretary Diana Goodhugh Appointed 1 September 2024 Charity address Lots Road London SW10 OAB Charity Registration No 1120784 Bankers N8tional Westminster Bank PLC Kensington. Royal Garden Branch PO Box 2341 55 Kensington High Street London W8 5ZG Independent Examiner Rachel Doyle ACA DChA MHA Chartered Accountants MHA House Charter Court Swansea Enterprise Park Swansea SA7 9FS
CHELSEA ACADEMY FOUNDATION Trustees. report ft>r the year ended 31 August 2025 The trustees present their annual report and financial statements of the Chelsea Academy Foundation Ilhe"Foundalion"I for the year ended 31 August 2025. GOVERNANCE. STRUCTURE AND MANAGEMENT The Chelsea Academy Foundation is governed by a Declarats"on of Trust dated 2 August 2007 and was registered as a charity wtth the Charty Commission on 6 September 2007 Trustees The names of the Iruslees who served during the period are set out as part of the reference and administration informalion on page 3 of this annual teFOrt and financial ststements. Recmitm&nt ènd appointment The appointment of the trustees is govemed by the Declaration of Trust dated 2 August 2007. AII trustees must be aged at least 18. and there must al all bmes be a minimum of 0. The Iru5tees may appoint additional Iruslees in consultats.on with the Govemin9 Body of Chelsea Academy Ithe 'Academy'l The lemi of offtce for tnjstees is three years. Trustee appointments can be renewed. Induction and frraining The Foundation recognises that new and current trustees should be aware of the Foundation's charitable purposes, mode of operation, plans, 1X)IleS and costs. As part of the infomial training provided to Iruslees, trustees are provided with a copy of the Declaration of Trust, a copy of the18lesl Iruslees. report and financial statements, a copy of other relevant policies as well as minutes of recent trustees, meetings. Further training Is provided lo trustees upon their request. Statement ot trustees. responsibilities The trustees are responsible for preparing the trustees, report and financial statements in accordance with applicable law and Unrted Kingdom Accounting Stsndards (United Kingdom Genetally Accepted Accounting Practi). The law applicable lo charities in England and Wales requires the trustees lo prepare financial ststements for each financial year which give a true and fair view of the stale of affaifs of the charity and of the incoming resources and application of resources of the charity for that peri(Ll. In pparing these financial statements. the trustees are required lo.. select suitable accounting policies and then apply them consislenlly,. observe the methods and pnnciples in the Statement of Recommended Practice (Accounting and Reporting by Charities) (the Charities, SORPI., make judgements and estimates that are reasonable and prudent., slate whether applicable United Kingdom Accounts"ng Standards have been followed, subject lo any material departures disclosed and explained in the financial slatemenls". and prepare the financial ststements on the goin9 concern basis unless il is inappropriate to presume that the charity will continue in operab"on. The Iruslees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them lo ensure that the financial stslements comply with the Charities Act 2011, the Charity IAccounls and Reports) Regulations 2008 and the provisions of the Declaration of Tnjst. They are also responsible for safeguarding the assets ot the charity and hen iof taking teasonable steps for the preVentn and detection of fraud and other irregularities.
CHELSEA ACADEMY FOUNOATION Trustees. report for the year ended 31 August 2025 Organisalion The Foundation is governed by a board of trustees, who hold these roles on a voluntary basis. The trustees are responsible for the policies, activities and assets of the Foundation. They meet formally at least three limes each year to re1ve and consider reports from the Aeademy and programme providers, review the Foundation's financial situation and monitor the objeclwes of the Foundation. They also VIeW the broad strategy of the Foundation, the granl-making and the operational policies. The Chair is in rular contact wth the Academy lo review progress and assess how best to deliver the objectives of the Foundats"on_ For the year ending 31 August 2025, the tnjstees formally mel six times. The secretary takes day to day responsibility for the adminislralion of the Foundation. induding the management of income and expenditure and the preparation of annual acunts. Risk management Regular board meetsngs and inleraclions betsveen the Chair, the secretary and the Academy are part of the risk management framework. During these meetTngs, risks faced by the Foundation are anatysed and action taken if required, and if applicable, preventative measures are implemented. The trustees have assessed the major risks lo which the Foundation is exFrf)sed and are satisfied that systems are in place lo mitigate its exposure lo those risks. Risks identified and for which mib"gation EasureS have been put in place include.. Insufficient reserves 2. Unexpected loss of significant income source The Foundation's governance ensures that all grant making is commensurate with the funds available. minimising the risks lo donors and benefiaaries. The Foundation's Reserve5 Policy Isee page 61 is lo help withstand the effects of an economic downtum or decrease in fvndraising income. ACTIVITIES. SPECIFIC OBJECTfvES AND RELEVANT POLICIES Charitable objectives and oclivities In setting the Foundation'5 objeth.ves and planning ils aclNilies. the trustees have given careful consideration to the Charity Commission's general guidan on public benefit The Foundation's charitable objectNes as expressed in its t)eclaralion of Trust are as follows." The support of such charitable purpose or purposes which promte 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. The Foundabon supports an array of programmes to ensure that students at the Academy have opportunities lo flourish by broadening their horizons, narrowing the attainnEnt and scoal mobility gap, and encouraging students to fulfil their overall potential. Many students are from local primary schcols in disadvantaged areas.. our largest is in an area among the 11°k most deprived in England, and several others are in the 2>330A most deprived nationally. In 2024-2025, 44.8Vv of the Academy's students were eligible for e Pupil Premium grant, as compared to the national average of 27.7'A and 46.70A eligible for free school meals, above the national average of 25.7Qh. To further the Foundation's charitable purposes. the Foundabon supports programmes, facilities. and services beyond those provided by the governnEnt.
CHELSEA ACADEMY FOUNDATION Trustoe5' report for the year ended 31 August 2025 The Foundation supports four broad types of prograinmes to further rts purposes.. Academic. Enrichment, Life Skills and Student Wellbeing. Grant making pollcy Chelsea Academy opened in September 2009. and grants have been made having considered the rreTils of each individual request. The trustees have agreed that the following categories of grant application will be given pnority.. Projects that support and enhan the Academy's delivery of its core academic curriculum., Projects that support and enhance the Academy's ability lo provide opportunities that develop students. skills in sporL music and the arts- Education81 travel opportunjties within and beyond the UK that would otherwise be difficult for students and their families lo access,. Activities that serve to develop the Academy's distinctively Chrislian ethos-, Projects that gNe students sustainable and strategic life skills, e.g. leadership., problem- solving., research.. networking.. leam-building., making presentstr"ons', public speaking,. and Projects that SUPF)Ort student wellbeing_ Reserves policy Reserves are maintained in line with policies. and grants are not disbursed pr*)r to reipt of funds. At the year end, the Foundation had funds of £293.96212024.' £392.8151. These comprise unrestricted funds of £242,60812024.' £260,851) and lestrted funds of £51.35412024.' £131.9641. Free reserves available al 31 August 2025 were £242,60812024". £260.851) lo supwrt the Academy and its students for the acadefflic year 2025-2026 in the following areas.. Academic Revision GCSE Guides, Digital Theatre. The Access Project, Sparx Platforms, academic tn'ps", Enrichment Life Skills Fulham Reach Rowing. Debate Mate., First Story Oppidan Menlorrng. Ofacy Programme. Duke of Edinburgh and Student Wellbeing Alchild, Chelsea Champions. Pla28e. Jamie's Fami, Breakfast Allowan, Hardship_ The trustees aim for the Foundats'on lo hold a reserve of unrestricted funds al the end of the year to enable the key Foundalion-funded programmes lo conty.nue without interruption until donab'ons are received., and the Iruslees aim to have sufficient funds available lo support new or expanded programmes and requests as and when the Academy applies for a grant that meets the Foundation's chantable putposes. Investment policy Monies raised lo date have been relained on deposil wilh the Foundation's bank. ACHIEVEMENTS AND PERFORMANCE During 2024-2025, the Foundation supported a wide range of programmes. trips and experiences for Chelsea Academy Students. Some key achievements were". DelNering over 2.700 student eXperIenS through Foundalion-funded programmes. Providing sludenl wellbeing support with 350 in-hoL¢se counselling sessions lo over 85 students. Enabling 99 students to participate in the Duke of Edinburgh Awards at the Bronze. Silver and Gold levels.
Supptying 180 Year 11 students GCSE rev¢sion tooks in all GCSE subjects. Supporting a Mock Interview Day for 180 Year 10 students at the Academy. Supporting a Sixth Form Mock Interview evening for Year 12 And Year 13 students. Piloting a whole-school Breakfast Programme, Whe the nurnber of students having breakfast al the Academy doubled to an average of over 100 students per day. Introdud over 50 volunteer5 to support Foundation programrne, particulady in the Life Skills area. Maintaining a hardship fund available lo students who may need financial assistance during the academic year. Revlew of the period and financial transactions The Foundation received voluntary income totalling £161.523 12024.. £147,368) which helped the Foundation to sustain its work with Chelsea Academy. The total spent from unrestricted funds on projects was £108,36512024'. £72.7581 and from restncled funds £157, 191 {2024. £86,167). In line with our plans. the higher level of grants awarded in 2024-25 was ftjnded by drawing on restricted funds brought forward and on designated reserves. resulting in a planned reduction in total funds at year end. FUNDRAISING The Foundation raises its fttrnds through grant applications from several grant giving bodies and private donations by individuals. It does not work wrth any commercial part1pants or professional fundraisers and abides by the Code of Fundraisirbg Practi prcxluced by the Fundraising Regulator. All fundraising is monitored by the Iruslees. FUTURE PLANS The trustees look towards the next few academic years aware of increasing economic hardship experienced by many of the Academy's students and families and the impact this could have on students, education. The trustees will continue to deliver support tr) the Academy through programmes that aim lo address the attainment and s(Kial mobility gap and to encourage students to flourish, not only during their lime at the AcadeTTry. b¥Jt throughout their lives. The ITUStees conb'nue 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 key sources.. (al gifts frorn donors, and any associated gift aKI-, (bl fundraising events", and {cl applications to grant making trusts. The Foundation will continue to support the development of the broadest leaming experience possible for the student5 of the Academy and, in particular. lo help ensure access for all regardless of the economic means of parents and carers of students. On behalf of the trustees MSM an uchtedoney (Chair) Approved by the trustees on." 17 June 2026.
CHELSEA ACADEMY FOUNDATION Independent examlner's report to the tfustees of the Chelsea Academy Foundation I report on the ac(x)unls of the Ch8nty for the year ended 31 August 2025. which are sel out on pages 81015. Responsibilities and basis of report As the charity's Iruslees you are responsible for the preparatron of the accounts in accordance with the requirements of the Charities Act 2011 {'the Acl'l. I report in respect of my examinab.on of the chanty's aOuntS caffled out under section 145 of the Act and in carying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5llbl of the Act. Independent Examiner's Statement I have completed my examinab"on_ I confim that no material matters have corne lo my attention in connection with the examination giving me caijse to believe that in any material respect.. 1. Accounting records were not kept in respect of the charty as required by section 130 01 the ACL or 2. The accounts do not accord with those records.. or 3. The accounts do not comply with the applicable requiiemenls conMIng 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 ordei to enable a proper understanding of the accounts lo be reached. Rachel Doyle ACA DChA MHA Chartered Accountants MHA House Charter Court Swansea Enterprise Park Swansea SA7 gFS Dale". 17 June 2026. MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales Iregislered number OC4555421
CHELSEA ACADEMY FOUNDATION Statement of financial activities for the year to 31 August 2025 2025 2024 Unrestricted Restricied Total Fur$ Funds Funds Total Funds Note Incoming Resources Voluntary in(x>me- Fundraisir4J 13,815 13,815 10,230 Donabons 51,5C 132.366 126,720 Gift Aid 11.343 15,342 10.418 Interest receN 13.013 13,013 12.953 Totsl incoming resour¢e$ 97,878 76,658 174.536 160,321 Resour Expend•d Cost of raising funds 4,7 4.833 4,281 Governance costs 3.0 2,11)0 Expenditure on Charitab Activities-Grants 108,365 157,191 265,556 158.925 Total reSoUrS expend&Y 116.121 157.268 273.389 165.30S Net loutgoiro) inccffling resources for the peri(xl 118.243) {80,610} 198,853} 14.9851 al 1 September 2024 260.851 131, 392.815 397,800 Funds balances carried foThvard at 31 August 2025 242,W8 51,354 293.962 392.815
CHELSEA ACADEMY FOUNDATION 2025 2024 Balance sh•8t at 31 August 2025 Note Cash at bank and on deposit 307,401 398,891 Debtors 5,171 Credttors.. amounts falling dua within one year 118.610) Net current assets 293.962 392,815 Creditoys: amounts falling due after ¢)ne year Totsl net assets 293.962 392,815 Represented by". Funds and ieserves - restricted funds 51,354 131, unrestricted funds 242,608 260.851 Total funds 293,962 392,815 The Notes on pages 11 - 15 form part of these financial Stateffnts. Approved by Ms Meg Ichair o chterloney lees) Date. 17 June 2026. 10
CHELSEA ACADEMY FOUNDATION Notes to the financial statements 1. Aceounling policies Basis of accounting The financial statements have been prepared in accordance with the Charits"es SORP IFRS 102)- Accounting and Reporting by Charities.. Ststemenl of Recommended Practi applicable lo charities preparing their accounts in accordance with the Financial Reporb"ng Standard applicable in the UK and Republic of Ireland {FRS 1021 leffecltve 1 January 20191, the Financial Reporting Standard applic8bSe in the UK and Republic of Ireland IFRS 1021. Chelsea Academy Foundation is an unincorporated charity and a public benefil entity. The presentation rrency is pounds sterling. rounded to the nearest £1. The financial statements have been prepared on 8 going conrn basis. The trustees have considered the reserves available to the Foundation. Grants are not distributed prior lo reIpt of funds. Incoming resources Incoming resources are recognised in Ihe perrod in which the FoLtndalion is entrlled lo receipt and the amount can be measured with reasonable certainty. Gift ARI receivable ¢s recognised in the same period as the related donation. Resources expended Expenditure is included in the slalemenl of financkal actNities 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 uncondib'onal. Grants offered subject to condrtions which have not been met al the year end are noted as a commitment but not accrued as expendrture. Fund accounting The unreslricled funds comprise those monies which are freely available for applicab.on towards achieving the charitsble objects of the Foundation. and which rnay be applied at the discretion of the trustees. The restricted funds are monies raised for. and their use re5tn.cted to. a specific purpose or donations subject lo donor-imF)osed conditions.
Notes to the financial statements (continued) 2025 2024 2. Cost of raising funds Professional fees 1,803 ICT 1,814 1,703 Other costs 2,153 775 Total cost of generab.ng funds 4.833 4,281 Professional fees are for professional indemnity Insuran (£4661 and advertising1£4001", ICT costs are in respect of Donorfy Iclienl relationship management system) and other costs are various transaction fees and markebng costs. 3. Employees There were no staff employed by the Foundats"on in either the current or previous year. No trustee received any remunerab'on from the Foundation in respect of their services durng the year12024". Nill. During the year, no trustee received any out of pocket travelling expenses (2024.. Nill. 2025 2024 4. Governance costs Independent examination 3,000 2,100 3.000 2,100 S. Expenditure on Charitable ActivItiesrants All the expendittjre on charitable activities made during the year have been made lo Chelsea Academy. in line with the charity's obieclives benefiting the students at Chelsea Academy. Grants made in the year tolalled £265,55612024." £158.925}. 6. Debtor5 The debtor amounts in both years12025'. £5.171", 2024.. £5,040) relate to gift aid. 12
Notes to the financial statements Icontinuedl 7. Creditors: amounts falling due within one year 2025 2024 Expense creditors and accruals 3,000 2,100 Grants and expenses owing to Chelsea Academy I below} 15,610 9.016 18,610 11.116 Grants and expenses owing to Chelsea Academy (included creditors) Grants and expenses payable brought forward 9,016 18,944 Grants awarded in the year 265,556 158,925 Expenses incurred by Chelsea Academy on the Foundation's behalf during the year 91 Grants and expenses paid during the year (259.016} 1168,9441 Grants and expenses payable carried forward 15,610 9,016 8. Restrlcted funds The income funds of the FoiJndab"on include restricted funds cornprising the following unexpended balances held ft)r restricted purFK)ses.' Donor (Restrictions) At1 September 2024 Incoming resources Resources At31 expended August 2025 Peter Stormonth Darting Charitable Trust IPlace2Be) 10,OCK) 10,000 110,000} 10.000 Sir Simon Robertson IPlace2Bel 5.000 {5.000} South Kensington Estates (Music. Arts) 12.456 {9.640) 2,816 Anonymous IPlace2Be} 5.000 15.000) The Oppidan Foundation (Mentoring) 2.000 12.000) John Armitage Charitsble Trust (Educalion-various) 72.319 (72.3191 Anonymous {Tech Workshops) 25.750 (25,7501 Giving Tuesday (Life Skills) 17,158 {6,9091 10.249 13
Anonymous IRevisK)n Tripl 1,039 1,039 AnonymLts (Alumni Developmenll 11.150 11.150 AnonyThK)us IFood Maslerclassl 1,500 11501 1,350 Anor¢ymous (Breakfast P¥ogrammel 20.000 14,250 (20,000} 14,250 The Wellington Square Foundab"on {Scien andlor Music Trips) 1.000 15001 500 131.964 76,658 1157,2681 51,354 Al of the restricted funds represent funds where the donor has staled the purpose of the funds Pfovided land sometrmes also the period over which the funds may be utilisedl. Comparative inforrnation in respect of the preceding year is as follows." Donor {Restrictionsl At1 Incoming ReSoUeS September resources expended 2023 At31 August 2024 John Armilage Charitable Trust (Educalion-variousl 41.189 65,000 133,8701 72,319 Kellogg's IBreakfasll 554 {5541 Peter Slormonlh Darling Charitable Trust IPlace2Be) 10.0(XI 10.000 110,0001 10,000 Sir Simon Robertson {Place2Be) 10,000 15,0001 5,000 South Kensington Estates {musi¢. Arts) 17.821 10.000 115,3651 12.456 Anonymous 120 {120} The Oppidan Foundation {Mentorin9} 2,000 {2,0001 Anonymous (Alumni Development} 12,500 11,3501 11,150 Hardship Fund 450 500 19501 Giving Tuesday 2023 Iwellbeingl 12,553 112.553) Anonymous IRevisi)n Tripl Nil 5.529 {4,490) 1,039 Anonymous IBreakfast Programme) 20.000 20,000 The Wellinglon Square FOundatn (Science andlor Music Trips) 1,500 (1,5001 Nil 92,634 127,082 (87,7521 131.964 14
- Unrestricted funds The Income funds of the Foundation include unrestricted funds cy)mprising the following unexpended balan5, which form part of our reserves policy.. At1 Incoming Resources September resources expended 2024 At31 August 2025 Unrestricted funds 260,851 97,878 1116.1211 242,608 260,851 97.878 (116,121} 242,608
- Connected charity and related party The students attending Chelsea Academy are the main beneficiaries of the Chelsea Academy Foundation. Grants made in the year to Chelsea Academy totalled £265,5 {2024'. £158,925) and expenses incurred by Chelsea Academy on the Foundation's behalf during the year totalled £5412024". £911. The balance due to Chelsea AdemY at the yeaT-end was £15.61012024. £9.0161. During the year, the FourFd8tion re[Ved total donations of £47,249 {2024'. £31.208} from the trustees and their immediate familie5. 15