COMPANY REGISTRATION NUMBER." 07017640 CHARITY REGISTRATION NUMBER: 1133120 Chess in Schools and Communities Company Limited by Guarantee Trustees, Report and Financial Statements 31 August 2024 CAS HOUSE LIMITED Chartered accountants & statutory auditor 151 Askew Road London W129AU Chess in Schools and Communities Company Limitsd by Guarantee Financial Statements Year ended 31 August 2024 Page Trustees, annual report (incorporating the directorfs report) Independent auditorfs report to the members Consolidated statement of financial activities (including income and expenditure account) Consolidated statement of financial position Charity statement of financial position Statement of cash flows 12 17 18 19 20 Notes to the financial statements 21 Chess in Schools and Communities Company Limited by Guarantse Trustses. Annual Report (Incorpofatlng the Directorfs Report) Year ended 31 August 2024 The trustees. who are also the directots for the purposes of company law, wesent their report and Ihe financial ststements of the ch*ity for the year erKlad 31 August 2024. Chairfs report R•forfjnco and admlnlstAilv• d•tsl Registered charfty name Che&8 in Schools and Communities Charlty r9918tratlon numb•r 1133120 Company registrallon number 07017640 Prfnclpal office and regl8tor•d 44 Baker Street office London W1U 7RT The truste•8 Stephen M8yler Alison Sl)arp Iliam Watson Isabel Keen Stephen O'connell CBE Audltor CAS House Limited Chartwed accountants & statutory auditor 151 Askew Road London W129AU Chess In Schools and Communitles Company Limited by Guarantee Trustoe3' Annual Report (Incorporatlng the Dlrector's Report) (conllnuod) Year ended 31 August 2024 Struclmrn, gov•mance and managem•nt The Trustees present their annual report together with the audited fina￿la1 sLqtements of eharlty for the year ended 31 August 2023. The annual report seNes the purposes of bolh a Trustees, report and a dlrectors. report under company law. The Trustees confirm thal the annual report and financial statements of the charitable company comply with the current statutory requirements, tha requirements of the charitable company's goveming document and the provisions of the Slatement of Recommended Practlce (SORP) applicable to charitles preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the group and the charity qualrfy as small under section 383 of the Companies Act 2006, the group strategic report required of medium and large ￿)mpanieS under the Cornpanies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. a. Con$lltuilon Chess in Schools and Cornmunities is regislered as a charilable company limited by guarantee and was set up by a Memorandurn of Assoc4alion dated 14 September 2009. b. Methods of appolntm•nt or eleellon of Trnsto The management of the Group and the charity Is the responsibilty of the Trustees who are elected and ￿￿opled under the terms of the Memorandum of Association. c. Oryanlutlonal structurn and de¢l$lonwmaklng pollGle• The daY-l￿daY running of the organisalion is delegated lo senior staff comprising: the Chief Executlve, the Chief Operating Offi￿r and the Evenls and Cllent Relationshlp Manager. In 2016 the charity appoinled a Head of Safeguarding. In 2018 the chafty appointed a Deputy Head of Safeguarding and split the responsibilty for delNery In London between a team of fve staff. Th6 Tnjstees rneel regularfy to discuss issues of strategic direction conceming the model for chess teaching In schools. fund raising strategies and public affairs. The Tnjstee meelings determine the slrategic plan, consider perfO￿anCe agalnst the plan, mainlain the rlsk regisler and approve the budget prepared by the Chief Executlve. d. Poll¢le$ adopted for the Inductlon and tralnlng of Tru•tM8 Twstees are given an introdu¢tlon to the organisation and the role ol a Trustee by the Chief Exe￿tive and Chief Operating Off￿er through attendance at wular Trustee meetings, charity fundraising aclivitles and events associated with the dellvery of the core programme. All new Trustees are given a copy of the Charity Commission's publication CC3 which de5rJibes their legal duties and resF￿nS1bIll1ies. Trustees receive a comprehensive update from the Chief ExecutNe three limes a year and relevant documentation induding end of term reports, fvnd raising. school contributions. p8rformancA against strategic plan, reports from individual boroughs. press ￿jtt1ngs and updates on the ¢hanty's wblic affairs Ggmpaign. Trustee5 also attend Ihe charity's Ilagship event the London Chess Classic. details of which are al www.londonchessclassic.c(Im. The Chair of Trustees Is also invited to the annual Senior Staff meeting. e. Remunerdllon pollcy The Chief Executive and Chief Operating Officer complete a review of all staffs ￿mun￿ration, including Senior Managemen( tskwig into account the economic indicators and Ihe charity salary Chess in Schools and Communities Company Limited by Guarants Trustses. Annual Report (Incorporating the Dlrector's Report) (¢onth Year ended 31 August 2024 markeL Fees for lutoring were increased in 22r23. The Board of Twslees will independently review the CEO and COO'S remuneration. using comparable organisations as a benchmark. f. Flnanclal rfsk management The Trustee$ have assessed the major risks to which Ihe Group and the charity are èxposed. In parlI￿lar those relaled to the operations and finances of the Group and the charity. and are satisfied that systems and procedures are in place to rniiigate exKMure lo the rnalor rhsks Chess in Schools and Communities Company Limlted by Guarantee Trustees. Annual Report (Incorporating the Directorfs Reportl (¢•nllnugd) Yoar ended 31 August 2024 Objectlves and actlvlties a.Objectives The charity's objects per the Memorandum of Assoriation are: The advancement of education for tho public benefft by promoting the mental and moral development and improvernent of young people, in particular those who are socially and economically disadvantaged. Ihrough the promotton. teaching. ￿achIng. playing and competition of chess. The advancement of amateur sport, induding the encouragement of qx>mmunty participation, for Ihe public benefft. through the pn>motion, teaching. coaching. playing ar￿ (x)rnpetition of chess. The promotion of social inclusron for the public benefft through the promotion. teaching. coaching. playing and competilion of chess among those who are $￿iallY excluded as a result of unemployment. financial hardship, old age. ill health or disabilty. These objectives are pursued by the delivery of weekly chess lessons and after school clubs by CSC tulors and volunteers, the provTrsion of chess sets. equipment and our curriculurn to all schools, libraries and youth dubs whrch join our scheme. The organisation of loumaments in local borough5 and the London Chess Classi The charity works principalty in borou9hs with a high proportion of chlldren elrgible for Pupil Premium and boroughs wrth high level of deprivation as measured by the Index of Multiple Deprivation. b. ActlvKles undertsken to achieve obiectivos The principal objectives for the 2023r2024 academic year were to reach the charitys pr￿CoV1d activity levels in schools and complete the recovery of the prison programme. There was a dear need to increase the rale of tutor recmitment and to build 12paiity outside of London with recfuilment of more Regional Organisers to enable further 9rtr￿1. This was a(*ieved wilh new ROS appointed in Newcastle. West Midlands, North Wales. Lancashire. Shropshire and East Anglia. The schools. target was achieved. the prisons, target was initially achieved, but towards the end of tho financial year. budgetary pressures in the prison estste post the election led to a number of prisons not renewing. The iniyease in the number cf numb8r of schools with weekly chess activty from 250 to 311. with more schools set to start, was an exixllent resull. Numbers were boosted by over 40 schools choosing to use the charity to deliver chess with funds provided by the Oepartment for Education. There was also an enomious 50% inugh the charty's training programme and are wothing as ¢he$3 tulors. Funds were deployed to run chess lessons for refuge• children and several Ukrainian junlors were provided with c08ching and loumament expenses, including fonner European Under 14 ¢hampion Sviatoslav Bazakutza. Ukrainian children also dld well at the CSC Grand Prix. The Chief Executive travelled to Prague to deliver ffinancial support to the Uktainlan delegakn'on of players competing at the European Junior Rapid and Bllts Charnpionships. work wli l conlinue for as long as necessary. Chess in Schools and Communities Company Limited by Guarantso Trustees. Annual Report (Incorporating the Dlroctorfs Report) I¢*￿￿¥•d) Year ended 31 August 2024 Onllne Chess Clu The Chesslfjd project CO￿lnUed to grow. with 44.OtKJ Chesslfjds who had 1￿Mpleted 610.340 puzzles and played 485,696 games. 577 of our pupils had reached the 'KING' level. the highesL The dub for secondary schools on Lichess conlinued to expand and some tournaments We￿ held for the first time. Some CSC schools parlicipated kn the National Schools Championship online run by the ECF. Prisons Activity steadily increased. unlil near the end of the fina￿la1 year when several prisons ¢￿Id nol find the budget for chess. Thanks to the support of vcAunteer tutOfS and the work of our voljnteer Prisons Coordinator Peter Sullivan, regular weekly dubs continued in nine prisons and several extra visits from leading players and Chess dubs were arra￿ed at HMP Wandsworlh. There was a breakthrough wrth Young Offender Instituti'ons wrth negotiations at an advanced stage with the to begin Chess at 4 Yols. Peterfs efforts also enabled us to enter teams in the offKial FIDE Vlorld Prisons Charnpionship held online. Teams rewesenting England competed in the Open, Women's and Under 21 categories. The relationship wrth Ihe Ministy of Justice remains strong and was strengthened by a visit from Woody Haffelson to Wom7wood Scrubs arranged by Chief Exe¢ulive who accompanied Woody to the prison in January 2024. Woody played against prisoners for over 2 hours and the Visit received extensive publicty in the press. tt is anthipated that the progtamme will be able to expand in the r*xl financAal year, feedbath from officials and prison staff remains unrformty posits've. c. Publlc benefft In setting objectives and planning for aCtivi￿s. the Triistees have given due CUbslderatlon to general guidance published by the Charty Commi58ion relating to pthlic benefft. inthding the guidance 'Public benefft: runnvig a charity (P82)' Chess in Schools and Communities Company Limitsd by Guaranteo Trustses. Annual Report (Incorporating the Dlrectorfs Report) (contrnu•dJ Year ended 31 August 2024 Achlovem•nts and perfornunce a. Main achlevements of the charlty 4th Ches$Fest The fourth ChessFest was staged at Trafalgar Square on Juty 7th. 2024 again supported by XTX Markets. The attendance again broke the previous record of 15,000 with over 23,000 coming to Trafalgar Square. The family-friendly, free chess festival included lessons, giant Chess matches. sirnultaneous displays, intemet Chess challenges and a Imng chess display. Vloody Harrelson sent a video message lo open the event The actrvilies were conducted by charity tulors, volunteers. members of the Enaland chess team and the Provibers perfomance company. Satellite events were held at the Liverpool One shopping eentre In Chavasse Park and in Hull. Over 300 children from CSC schools were invited to 2 days of activities outdoors in Manchester Square Gardens W1. Schools from outside London beneffted from travel grants. The charity is grateful to XTX Markets for supporting ChessFesL P￿paratIOn for 8 5th ChessFest is well advanced and it has become an annual event. A video and photographs from the day can be found at Ches>FesLcom. 13th London Ches6 Cla$•lc The Scheinberg Foundation supported a relatively krw-key London Chess Classic at a central LorKlon hotel. The former UK no 1 GM Mich l Adam rolled back the years and won the event outright. The closing dinner was again a successful fund raiser for the charity. as was the ProBiz Cup. A day of school events was stsged at a nearby hotel for schools frwi London. Publlc Affalrg The charrty was Invofved in the rollout of UKGOV support for chess via Ihe DCMS, DfE and DHLUC of £5￿,000 for elrte chess, £200,(￿ to develop chess in 100 schools having a percentage of ¢hikJren receiving school meals of over 57.5'A see s'.Ilwww 'dancelslf ss-in- rim choo and £250,000 for the installation of chess lables around England. Efforts to engage the new govemrnent are ongoing with the reviving of the APPG on chess. Chess in Schools and Communities Company Limitsd by Guaranto8 Trustees. Annual Report (Incorporating the Dirnctorf8 R•port) (eonth Year ended 31 Augu8t 2024 b. Fundrdlslng John Lyon8 The charlty was awarded a grdnt from the John Lyon$ Chaty lo expand opgratlons In schools, Ilbrarie$, and communty centres in north and wesl L￿￿on. XTX Mark•ts l MESME Foundlllon XTX Markets employ8es and prin** (￿1￿U0d to 8UPWt I￿ and our Ihanks to them and to XTX Markets for matching dona ORP Foundatlon charlty recet¥ed a grant frNn tho ORP Foimd8tion lo expand tt8 acllvthes tn Somersol, Hull, gnd London, and to support its th wtth r8lug8e8 nationw Support¢r9 xrx Mathels and employ6•s John Lyon's Charity MESME ORP Foundalion Angus Lawson Memorlal Trust Ku8uma Trust Google Deepmlnd Schelnberg FoundaUon Orbls Investrnenls Newham Borough CO￿¢1 The Vineit Foundation The Cooke Famlly Good Thlnking Society Dr Edw8rd8 and 818hop Ktng'6 Fulham Charmy The H6mby Trust Welllngion Collo98 Chess in Schools and Communities Company Limited by Guarantso Trustees. Annual Report (Inco￿oralIng tho DirectoVJ Reportl (conilnu Year •nd•d 31 August 2024 Flnanci•l r•vlew a. Golng concern After maklng approwiale enquirEs. lh• Tiu8tee8 have a reasonabb expectalion Ihal Ihe charity ha$ adequal8 res¢)urcu h &￿inUe in owalional exislen(x lor Ihe loreseeable lulur•. For thi8 reason, Ihey conllnue to adopt the going concem ba$1$ in wepafvig the fi￿n￿•1 stslemenls. Further details regarding the adoptton ofthe Wng (WC￿• basis can be found wi the accounllng poli¢t66. b. ReJ•ry•8 policy Of the lolal reser¥o8 of £1,331.066. £273,549 (2023." £364,149) lo restrKaed wolecls as preS￿bed by the domrn. Aclual free reser¥*s at 31 August 2024 were £1,057.517 12023.. £1.115,281). Th1$ am(MJnt Is h*)hef than Ihe Tnmtees, polky, lyjt the excess has bèèn sol astde for the fulure expansron of the chanty and supwt ol the chariy8 Ikgship events for which extèmal support tannol a￿ayS be guaranteed. poky * uthr regular revi￿ by the Tn￿1088 and is part of the revtsed Strategic Pkn whith was approved by the Twstee Bowd in Mar¢h 2023. Since thera is a continuing exp&taLk)n for sdwl Tr￿Ipts to refflain strong and to tr)¥er lulor leès, the Trustees have decrded that reserves can be fuither reduced Io supM increased ewdtlura on new Regional Orgarus8rs and on arty suilable prqeos tr• expaThJ shouhj they arise. c. R•mun•Rtlon pollcy The Chief Executrie and Chief Opordling ClThF4eté a rernw of all stsffs remuneration, in¢luding Senior Management. taking knto a¢z￿￿￿ the t￿l￿)MI¢ in(fKaiots and the ¢haiity salary market. Fees lor lulorin9 ￿mained the same In 22Q3 bul are arfiGipaled lo rise Ki 24r25. The Board of Tnjslees wlll re¥w Ihe CEO ￿ COO'S remunerabon. USIFV f4)mparabkn a$ benchmath. . G•nernl rnvlew In Ilne wilh TnJ8lees plan. the emthed resew to fvnd D)re adivity as rt recorded a 6ubslanlk41 deficit for the year to 311812ff24. Allhough donalions and recelpts remained robusl and investments gair￿, a big inue4se in acb¥ity a¢>os8 the range of ehanty projects greauy increased expendllure. Prkes to schods wefe left l¥gely unthanged tsr a thkd ye¥ and anlr¢lpatsd that they wll w In 24125 dw to ￿lOnary aThJ b•tsry wossures. The m dekn to Id￿0￿ ar#J the of C1￿$FO￿t remalned the focus of charilable expenditufe. Tolal expendIt￿e for Ihe year ended 31 Augug12024 8mounled lo £1,474,651 (2023.. £1,141.832). Tolal incxjme Ind￿lIr￿a probrysron for Gift Ald r8r*fved al end w85 £1.241,748 (2023.. 1.210,106). The ¢harity achieved a defKJ'I, after net gamis on Inveslfflents amounting t148,￿ (2023.. E4.040). Pthx to the 9akn on IrN8stsT*Ms tho ¢harity athi•¥&J a deficit 01 £232,903 (2023'.1£68.274). At 31 August 2024 the Gr￿p had nel ¥ss•ts d£1,331.¢A8 (2023: É1.479,431). d. In¥e¥kn•nts pollty The main obleaNe5 lor the C￿lit*S Invostswnt wfolo •r• lo ye8ef¥o the ehanlls reserve5 In real lems, delh*r a r94s0nable overal lot81 Telum and for the pNffdlo lo bo 5ullloently frquld lo fund cash shothlls and any unfimded ¢ommrtm8nts may atse. Th• retum larget lor Ihe invo8tm8nt portfolio ha¥ been set 81 infiall(￿ 3.5% p.a. nel ollees. Chess in Schools and Communities Company Limited by Guarantse Tfustses. Annual Report (Incorporating the Dirnctorfs Report) (conilnu•¢ Year ended 31 August 2024 A reasonable level of opiial vOlat￿ty wilhii the inves1rn￿ pthlio is CA)nsi￿ by the Trustees lo be acceptable gNen the charitys risk and return Objed1￿ but Ihe wtfolio should be well diversified across asset dasses and in(ts¥Klual inves1m￿ts should be in hne with a standard mediurn risk profile. The charity predudes any direci investment in tobacco c(Knpanies. The Trustees awepl that some collective investment schemes may have exposure to tobacco stocks. However, the investrnent manager will monitor the positi'on of these colle(aive imiestsnent schemes to ensure this is kept to a minimum. In principle the Trustees wish to be reswmsible investors. Thereth. the inveslmwrt manager is expected to take acciKmt of wwyonmenlal. s￿￿al and (ESG) issues in their invesknent anatysis and decisioTrmakiNJ process and eThJage wlh ojmpaw mwwg8Thnt where appropriate. e. Prfnclpal rfsks and uncertalntl•s The Trustees frewenlty assess risks presented to it durng Ix>ard meetiN> and update a Dsk register accordingty. Plans for fu￿1• p•rfodg The main plans arKI objectives for 24r25: Continued managed gttr*th up to 20% Renv*ed eff(rts to expand prwn xlmty wilh an ambitious twget lo double the size of the programme arnl begin specific fund raising for prtsons. Further expand the tulor base and enhan¢e (yliMs for fvional develownenL Increase the number of regional organisers and expand into ne4¥ areas Organisation of m(Ke thess t8athuy cijuwses for ontrn and ￿￿$ delivery OrganisatM?n of a 21r24 London Chess Classic. subj'ect to funding. Organisatmin of a 2025 ChessFest aThJ to swead ChessFest lo other venues around the UK The c4Nrtinuats'on of a wblic affairs CaMpa￿n To develop the ChessKid dub Ihe online Offeri￿ secuthy sthool th￿Iren on Uthess. Our impa¢t sur¥ey Is avalable al: -re TNst•as' r•sponslbililies slat•m•rt The trustees Iwho are also directors of the charity for the purposes of oxnpany law) are responslble for preparing the TNstees' Rewt ￿ Ihe ffinarKial statements in aC(a)rdan￿ wilh applicable law and Unrted lfjngdorn AC0￿n11n9 S￿dards (Lthiled lfjrNdom Gener• Acceoed Accwnting Pra￿1￿). C(xnpany law requTrs the tNstees to prepwe slatefflents fw eath ffinarKxal whlch give a true and fair view of the state of affairs of Ihe charitable uThpany and the group and of the in￿ming re￿urCeS and application of resources. Niduding the income and expenditu￿. of the charitable group for that period. In wepariNJ these fina￿￿al statements, Ihe ITUStees are required to: saknt sui14)le acoJuntiTrJ ￿￿1@S arnl appty (x)nsistenty; Chess In Schools and Communities Company Llmited by Guarantse Trustees, Annual Report (Incorporating the Dlrector's Report) (conUnu•d) Year onded 31 August 2024 observe the Methods and principles in the Charities SORP (FRS 102); make judgements and estirnates that are reasonable and pwdent- state whether applicabl8 a￿Unting standards have been followed. subjed to any material departures disdosed and explained in the financial statements: prepare the financial slalements on the going concern basis unless It is inappropriate to Presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Group and the charitys transactions and disclose with reasonable accuracy at any lime the financial posrtion of the Group and th8 charity and enable them to ensure that the financial slalements comply with the Companies Act 2006. They are also responsibl8 for safeguarding the assets of the Group and the charity and hence for taking reasonable steps for the pievention and detectlon of fraud and other irregularities. Dl8¢losure of Infombatlon to audltoro Each of the persons who are Trustees at the time when this Trustees, report is approved has confimied that: so far as that Trustee is aware, there is no relevant audil information of which the charitable group's auditors are unaware. and O that Trustee has taken all the steps thal ought to have been laken as a Trustee in order to be aware of any relevant audit infoTrnation and to establish that the charitable group's auditors are aware of that infomiation. Audltor The audilors, CAS, have indicated their willingness to continue in office. The designaled Trustees will propos8 a motion reappointiNJ the auditors at a meetlng of the Trustees. Small company provl•lon* This report has been prepared in awdance wtth the provlylons appllcable to companies entitled to the small companies exernption. The trustees, annual report was approved on trustees by.. . and signed on behalf of the board of Alison Sharp Trustee 11 Chess in Schools and Communities Company Limited by Guarantse Independent Auditorfs Report to the Members of Chess in Schools and Communities Year ended 31 August 2024 Oplnion We have audrted the financial sL*ements of Chess in SdKols and Cornmunities (the 'parent charitsble company) for the year ended 31 August 2024 whith comwise the statement of financial activities (including incorne and expenditure a¢￿)Unt). stalement of financial posilion. statement of cash flows and the ￿lated notes, induding a summary of significant a(￿Unting policies. The financial reporbng framework that has been applied in their preparat￿n is applicable and Unrted Kingdom Accounting Standards, indudiThJ FRS 102 The Finanoal Reporting Standard appkable in Ihe UK and Republic of Ireland (United Kingdom Generally Ac(tpted Acuunting Prathe). In our oplnlon the financlal slatements: give a In￿ and fair view of the stste of the dwivs alPdXS as at 31 August 2024 and of its incomtng resources WKI appllcalion of res(uces. w)cknYirvJ its wKome and expenditure. for the year then ended., have been properfy prepared in accordm with United lfjngthm Generak¥ Accepted A¢￿untIng Practice", have been prepared wi acc4)rdanc* wdh the wements ofthe Com￿leS Act 2006. 8asl8 for oplnlon We conduthd our audii in accordance with Intemational Standanls on Audttlng (UK) (Iskn {UlQ) arxl applicable law. Our responsibililies under those standards are further d&suibed in the audrtorfs responsibilities for the audit of the financial stalements seclion of our report. We are independent of the charity in accordance with the ethical requi￿rnents that are Televant to our audit of Ihe financial statements in the UK. indudily Ihe FRC'S Ethtsl Standard, and we have fulfilled our other ethical responsibilities in accordan￿ with these requirements. W6 believe that the audit evidence we have obtained is sufficient and apwopiiate to wo¥ide a baw fow our ¢)pinion. Conclu81on* relallng to golng cort•rn In auditing the financial statements. we have (xjnthded that the trustees. use of the going corK*m basis of accounting in the preparakn of ts financial stateffi￿ is appropriale. Based on the wwk we have Ferfonned. have not identffied any material uncertainlies relating to events or condrtw)ns tha( individualty or ￿lleCtsVety. may cast $wnificant doubl on the cha17Vs abllity to continue as a goirvj ¢on(xm for a perK*J of at leasl trwe1￿ months from when the financial stslements are auttKJrised for i8sue. Our responsikn'lities and the responsb*bes of the trustees wlth respect to gowKJ concem are de5rJibed In the relevant sections of this ￿pOrt. Other Infonnauon The other info￿allOn comprises the information induded in the anrwal report, other than the financial statements and our audilorfs report Ihereon. The trustees are reSp￿sIb[e for the other infomalion. Our opinion on Ihe finani?al ststements does nol cover the other infomialion and, except to the extent e￿ise expliuty stated in our reptyt. we do not express any fom ol assurance conclusion Ihereon. 12- Chess in Schools and Communities Company Limited by Guarantoe Independont Auditor's Roport to the Members of Chess In Schools and Communities I￿011nued) Year ended 31 August 2024 In connection with our audlt of the financial statements. our responsibilty is to read the other information and, in doing so, CA)nsider whether the other infornation 18 materially inconsistent with the nancial ststements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identfy such material in￿￿5151encieS or apparent material misstatements, we are required to delermine whether there is a material misstslement in the ffinanual stalements or a material misstalernent of the other infomation. If. based on the worf( we have perfomied. we conclude that there is a material misstatement of this other infomation, we are required to rewrt that fact. We have nothing to report in thbs regard. Opinlons on other matt¢rs prescribed by the Companles Act 2006 In our opinlon, based on the work undertaken in the course of the audiL' the infomiation given in the trustees, report for the financial year for whl¢h the financlal statements are prepared is consistent wth the fjnancial statements: and the trustees. report has been prepared in accordance with applicable18gal requirements. Motters on whlch we are rnquirnd to report by exc¢ption In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not Identified material misslalements in the trustees, report. We have nothing to report in respect of the followlng matters in relation to which the Companies A 2006 requires us to report to you rf, in our opinion: adequate accountln9 records have not been kept. or retums adequale for our audit have not been received from branches not visited by us., or the financial statements are not in agreement wilh the acmunllng records and retums; or certaln disdosures oftrustees, remunerakn'on specified by law are not made., or we have not received all the infomalion arKI explanations we require for our audit: or th8 trustees were not entitled lo prepare the financial statements in accordance with the small rnpanies regime and take advantage of the sfflall companies, exemptions in preparing the diredors, report and from the requlrement to prepare a strateglc report. R•sponslbllltles of Inistees As explained more fully in the trustees, responsibilities slaternent, the trustees {who are also the directors for the purposes of cornpany law) are responsible for the preparation of the financial statements and for being sakn'sfied that they gpie a true and fair view, and for such internal control as the tnjstees detemiine is necessary to enable the preparation of finaneial slatements that are free from rnaterial misststement, whether due to fraud or error. In preparing Ihe financial statements, the trustees are responsible for assessing the charitys abilty lo Continue as a going conGem, disdosing, as applicable. matters related to going Concern and using the going concem basis of accounting unless the trustees either intend lo liquidate the charity or to cease operations, or have no realistic altemative bul to do so. 13- Chess in Schools and Communities Company Umited by Guaranteo Independent Auditor's Report to tho Members of Chess in Schools and Communities {condTnu Yoar ended 31 August 2024 Audltorfs rèsponslbilities lorlhe audit of the ffinancial *tatomenl• Our objectives are to obtain reasonable assurance abotst whether the financial statements as a whole are free frorn material misstatement. whether due to frdud or eThor, and to issue an auditorfs report that includes our opiniM. ReascY4bJe assurance is a high level of assurance, btrt is not a guarantee Ihal an audit conducted in accordance with ISAS {uK) will apways detect a Material misststement when it exists. Misstatements can arise from fraud or error and are consklered material rf. individually OT in the aggregate. they could reasonably be expected to infiuence Ihe economic decisions of users taken on the basis of these financial sLgtements. Irregularities, induding fraud, are instan¢es of noTrCOm￿1ance with laws and regulations. We design procedures in line with our responsibilities. OLrtJined al)ove. to deted material misstatements in respect of irregularities. includlng tra￿1. The exient to which our procedures a￿ capable of detecting Irregularities. induding fraud is dela1￿ bel(M7.' Capablllty of th• audlt In det•¢llng Irregularfth•. Includlng fraud Based on our understanding of the charty and Ihe sed¢x as a vhKl&, and through discussion with the Trustees and other management (as required by auditing standards), we idenlffied that the principal risks of non cornplian￿ with laws and regulations ￿lated to safeguarding. health and safety, ggneral data protection regulations and employment I￿. We (y)nsidefed the extent lo which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a (Jrect impad on the prepar*￿n ol ihe financial statements su¢h as the Charities SORP (FRS 102) Second Edition (released o￿ober 2019). the Companies Act 2006, tsxation and pension legislation. We We communicated idenffied laws and regulations throughout our team and remained alert to any indicalions of nonnal On￿51￿. misrwesentat￿n$, or the override of internal control. Obtain an underslanding of inlemal cthtrol relewdnt to the audit in order to design audit procedures Ihat are appropnate in the ¢XoJmst￿. Ixrt not for the wryjose of expressing an opinion oft the effecti¥￿8$5 ol the inlernal ¢￿trOl. Eydluate Ihe approyi*enoss of pc4ici# wed and Ihe rnasonatl8ness of accounling estimates and related disi*swes made by the trustees. Condude on Ihe apprqxiateness of thè Irustees, w of the going c4)rKwn basis of accounting and, based on the audit evidence ottsind. t*hethw a mateiial unc*rtainty exists related to events or condth'ons that may cast ggnificart doubt on the chavivs ab￿ty to continue as a going concem.11 w8 ￿ndUde that a material uncert• exisls. we are tequwed to dr￿ attention in our audrto¢s rep(Ml lo the related disc&)sures ID ttle fift￿81 slalements or, rf such dtsdosures a￿ inadequate, to modrfy our tyinK)n. Our are based ￿ the audrt eviden￿ obtalned up to the date of r)ur aurfrtofs rewt Htr*e¥er. fulure events or condrtl￿S may eause the charity lo cease to continue as a gtyng cryKem. Evaluate the ovwall presenIati￿. struthire c4Yltent of the financial slatements. wK1udw￿ the disclosures. and whether Ihe financial slatements rwewt the undetyffw transactions arKI We communi(aie with those dwd with reyding, among other matters. the planned scfjpe and timing of the audit and S1gnffi￿nl autht ikndiffjs, wx*Jth'ng any sKJnil¢anl d8fici8ncie5 bn intpJnal control that we idenbfy duriThJ (Mll audit. -15- Chess in Schools and Communities Company Limited by Guarante• Independent Audltorfs Report to the Members of Chess In Schools and Comrnunitlos l¢onllnu•d) Year ènded 31 August 2024 Use of our rnport This report is made solely lo the charitls members, as a body, in ac￿rdanCe with Chapter 3 of Part 16 of Ihe Companies Act 2006. Our audil work has been undertaken so that we might stale lo the chanty's members Ihose matters we are required to state lo them in an audilovs report and for no olher purpose. To the fvlle6t extent permitted by law, we do not alxepl or assumo responsibility lo anyonè other than Ihe charity and the members as a boty, for (xw audrt Work, lor this report, or for the opinions we have fonned. Ibrahim Ibrahim (Senior Statutory Auditor) For and on behalf of CAS House Limited Chart8red ac￿UnIaTrts & statut¢)ry auditor 151 Askew Road London W129AU 16- Chess in Schools and Communities Company Limited by Guarantee Consolldated Statement of Flnanclal Activities (including income and expenditure account) Year ended 31 August 2024 2024 Unrestithd Restrtcted funds Tolal funds Total fund5 2023 Income and endo￿nents Donations and legacies Charitable activrties Other tradin9 admtses Other 1Th￿rne Tolal Incom• 307.639 a86.8 623211 594,439 623.211 1.800 22,298 287.107 1,241.748 690,488 457,549 49,993 12.076 21. 307 1,210.108 Expenditure Expenditure on raising fvnds.. Costs of taising donations and lega?es Investrnent management cosis Expenditure on chantable a(Aivibes Tolal eX￿ndituTe 4.863 6.570 8,9 1,0￿.(￿5 1,096.943 6.570 1867,713 3TT.707 1.137,169 3TI.707 1874,651 1.141.832 Net gainsl{losses) on investrnents 11 84.540 84 (84,234) Net lexpenditureVlncom• and n•t movement In funds (57.763) (90,6￿) 1148.363> 4.040 Reconcllthllon of fund• Total fvnds brought foThiard Total funds ¢arrled forward 1.115.280 364.149 1879.429 273.549 1.331,066 1.475,391 1.479,431 1,057,517 The slalernent of financial aclivities indudes am galns arKI losses recog1¥5ed In the year. All income and expendibjre derive from (*ntinuiTrJ ath¥th￿. Th• notss on pa9•s 21 to 32 lom) of th•s• financlal ststrment& 17- Chess in Schools and Communities Company Limited by Guarantee Statsment of Flnancial Posltlon Year ended 31 August 2024 Consolldated Balance Sheot 2024 2023 Flxed assets Inveslments 15 922,098 822,670 Current assets Debtors Cash at bank and in hand 16 64,570 469,459 634.029 177,720 560,091 737.811 Crndltorn: amounts falling due withln one year Net currtnt assets 18 87.561 43,550 446,468 1,368,666 694,261 Total assets le￿ currnnt Ilabllit193 1.516,931 CreditOTS: amounts falllng due after more than one year Net amets 19 37,SOO 37,51JJ 1,331,066 1,479,431 Funds of the charlty Reslrlcted funds Unrestricted fvnds 273,S49 1,067,517 21 1,331.066 1,479,431 364,150 1,115,281 Total Charlty funds These financAal statements have been prepared in ac￿rdanCe with the provisions applicable lo mpanies sublect to the small companies, regime. nancial ststements were approved by the board of trustees and authorised fof issue on , and are signed on behaff ofthe board by.. .a¥s Alison Sharp Trustee Th• not•• on paw 21 kn 32 form of thK• finan¢ial 51atements. Chess in Schools and Communities Company Limited by Guarantee Statement of Financial Position 31 August 2024 Charfty Balance Sheet 2024 2023 Flxed assets Investrnents 15 922,099 822,671 Current assets Debtors Cash at bank and In hand 16 142,S10 387.$44 530,054 255,661 484,608 740,289 Cr¢dltor4: amounts falllng du• withln on• yo•r Nat Current a•8¢ts 18 82,661 447,493 1,369,S92 43,550 896,719 Total assets1088 currnnt liabilitles 1,519,390 Credltorn: amounts falllng du• after morn than on• y•ar N•t 1$8•t• 19 37,500 1.332,092 37,5 1.481.890 Funds of tho ¢h•rlty Restricted funds Unrestiicted funds 273,S49 1.058,543 21 1,332.092 364,150 1,117,740 1,481,890 Tolal charlty funds These financial statements have been prepared In accordance wilh the provis￿n$ applicable ta o)mpanies subjed to the small companies, regime. ancial statements were approved by the board of trustees and authorised for issue on Alison Sharp Trustee Th• noles on page• 21 to 3Z fomi part of thtse Ilnancial statsment& 19- Chess in Schools and Communities Company Limited by Guarantee Ststement of Cash Flows Year ended 31 August 2024 Cash flowj from operallng acUvlOe* Net {o¥penditure)fNKome Adjuslments for Nel gainsl(lo$ses) on iwtrnenis Interest payable and similar charges Ac¢rued expensesl(IrKX)rne) Ch8nw in.. Trade and other debto Trade and other (xeditors Cash genemed from operations Interest paid Net cash (used in)fftom operating aaivithes 2024 2023 1148.3631 4.040 184.6401 2.451 7.604 50,420 1.343 120.153) 113,1fAI 45,140 (64,5581 (12.675) (21,23n 1,738 (1461) 167.009) (1,3431 395 Ca•h fiows from Inv•stlng acfjvluos Purdlases of other investments Prowds from s48 olother inveslments Net cash {used tn)ffrorn invesling actsvitss 1192,8231 {389.365) 169,200 403.179 123.623) 13,814 Net (decTra80)nncrease In cash and cash •qulvalents Cash and rAsh equlv•lents at bèginnlng of y¢ar Ca*h and cash oqulvalents at •nd of y•ar 190.6321 660,091 469.459 14.209 545,882 560.091 17 Th• notss on pag•• 21 to 32 forni prt of th•8• fin•ncial statsm•nts. Chess in Schools and Communities Company Limited by Guarantso Notes to the Financial Statements Year ended 31 August 2024 Genernl Inforniatlon The charity is a public benefft entty and a wr¥ate company Iwnrted by guarantee. registe￿d in England and Wales and a registered charity in England and Wales. The address of Ihe registered office is 44 Baker Street. London, W1U 7RT. Statement of compllanco These financial statemems have been prepared in compllance with FRS 102, The Flnanclal Reporting Standard app￿Cable in the UK and Ihe Republic of Ireland,. the Statement of Recommended Practice applicable to tharities prepariNJ their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 1021) and Ihe Companies Act 2(X)6. Ac¢ounllng pollclqs Bas18 of preparatlon The ffinancial statemenls have been prepared on the historical cost basis, as modffied by the revaluation of certain financial assets and liabilities and Nivestment propeilies measured at falr value through Income or expendtlure. The financial statemants aré prepared In sterllng, whlch Is the functional currency of the enlity. Going concern The Trustees assess whether the use of gotng ¢oncem Is apprq)riate l.e. whether there are any material uncertainties related to events or (x)nditions that may cast signrficant doubt on the abilty of the Charity to c￿ntInUe as a going concem. The Trustees make Ihis assessment in ￿Spect of 8 period of at least one year from the date of authori88tion for issue of the financial slalemenls and have concluded that Ihe Charity has adequate resourc*s to continue In operational existence for the foreseeable futu￿ and there are no material uncertainties about the Charity's ability to continue as a going concem. thus they conts'nue to adopt th8 golng concem basis of accounting In prepartng the financlal statements. Taxatlon The charity is considered to pass the tests set out In Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a ch8rit8ble company for UK corporation lax purposes. Accordingty, the tharity is potentialty exempl frorn taxation in respect of income or capilal gains received within calegorles ¢J)veied by Chapler 3 Part 11 of the Corporation Tax Act 2010 or Seth'on 256 of Ihe Taxation of Chargeable Gains Ad 1992. to the extent thal suth income or gains are applied exdusivety to charilable purFK)ses. -21- Chess in Schools and Communities Company Limitod by Guarantse Notss to the Financial Statsments (cffithu•dJ Year ended 31 August 2024 Accounting pollcles le￿￿￿￿•0 Fund accounllng un￿strICted funds which are available for use at the dis¢￿tion of the Trustees in furtherance of the general objectives of the Group and which have not been deswjnated for other pu￿1$eS. Designated fvnds cornprise unrestrithl fimds that have t￿n set aside by the Twstees for parbcular purposes. The aim and use ol exh deswjnated fvnd is set out in the notes to the financial statements. ReStr￿ted funds are furrfls which a￿ to be wd li acc(Ydance with spethc restriclk)ns imposed by donors or whlch have been raised by the Group for particular purposes. The costs of ralsing and adrnuiistering such funds are charged against the speufic fund. The aim and use of each restricted f￿d is set out in the notes to the 81atements. Investrnent income, gains and Ioss8s ¥e alkKated lo the apwow4te In¢omlng rg$Ou￿ All in(￿me is recognised once the chaiity has entit￿ to th8 irKome. it is probable that the income will be received arKI the amount of inct)rne receiwdbl8 can be measured reliably. Donations are received ty way of grarrts, donatths. legajes and gffts and 15 induded in full in the consolidated statement of finaKial acti¥itses vthen we￿1¥able. Income from charilable aclivibes includes incAxne le(￿d by way of ia)nlrfbulions made by Schools. prisons and other eslablishments. from c4)urse fees and tournament ttckets and is recognised as the events tske plxe. R•sources •xp•nd•d Expenditure is fecognlsed once there is a legal or consffith obfryalion to transfer economic benefrt lo a third party, 1¢ is probabl& that a transfer of eo)n(yniG benefts will be required in settlement and Ihe a￿K)Unt of the Obligal￿Tr can be rnthqsured reliabty. EXpendrtU￿ h dassified by activity. The costs ol eath a¢ti¥lty are made up of the total of direct cx)sts and shared costs. duding support costs involved in undertaking eath activity. Ditect costs attributable lo a single actsvity are allocated dite¢ty to that ac*vity. Support costs which ate not attributable to a swigle acbvity are apporti(med belween those acti¥it*s on a basis consistent with the use of re￿)urces. Central staff costs are allocated on the basis of time spenL Charitable expendituwe those costs by the ¢harSty in the defNery ol its Govemance costs indude those C¥)sts associated wlth meetiNJ Ihe (a)nstitutional and slalutory requirements of the charity and include the audit fee and costs linked to Ihe strategic management of dtarity. Expendtlwe on raising knn¢ts trKSudes all expen(liture incjjrred by the Group to raise funds for its charitable and intthxles costs of all fundraising a(li¥ibes events and noTrcharitable trading. Expenditure on charitable athl1￿ is iNxttred on drecty undertaking the acbvitses which ftlrther the Group's obieclNes. as ￿£11 as any associated support costs. Chess in Schools and Communities Company Umlted by Guarantso Notes to the Financial Statements Icrtiu•¢ Year onded 31 August 2024 Accounllng policle* {conUnu Investrnents Fixed asset investrnents are a fomi of financial instrument and are initially recognised at thelr transaciion cosi arKI subsequenlty measured al lair value at the balance sheel dale, unless the dlue cannot be measured feliably in ¥thich case il is measured at cost less impainnent. Investment gails and losses, whether realised or unrealised. are c4)rnbined and presented as 'Gainsl(Losses) on investrnents. in the a)n%Atdated statement of financial a(*ll￿￿e$. Investments in Subsidiar￿ are vabjed at (*st kn wovtsw)n for inpainnenL Inv•stments In a$8oclate• Investments in asso(aates a¢￿Unted for in aCC￿￿arKe with tr* cost model are recorded at cost less any ac￿MUlated impairmenl k>sse& Investmenls in assoaates accounted for in ￿￿nce wilh the fair Va￿ model are initlally recorded at the transaclion price. At each reporting Ilale. the In￿ are measured al fair value. with changes in frdir value tsken through income or expeThJitiJre. ￿ere it is impracticable to Measu￿ fair value reliably the cost rnodel WIN be adopted. Dbvidends and ¢)ther disth.￿b￿S reCa￿d trorn the inVeSth￿nI are recogni5ed as income without regard to whether the distri￿￿'￿S are from accum￿ed Pfofits ol the assoc4ate arising before or after the date of acquisilKIn. Financial InslruThnts The Group only has finanoal assds and fmartwl liabiwies of a kwKI Ihal qualfy a5 basic financial instruments. Basic financial insliuments are wnised at transaclion ¥a￿e and subsequently measured at their settlement value wilh the exception of bank loans which are subsequenty measured at amortIs￿ I￿1 uwr¥J the effective interesl method D•fin•d Contrlbutlon pknn• Contributions to defined c￿tilbU11On pkns are relwnised as an expense in the pe￿d in Ythith the related ser%ryce is provided. Prepaid contsibulions are Tecognised as an asset to the extent that the prepaymenl will lead to a reducth)n in future payments ￿ a cash refvnd. Vthen c￿tributiOnS are not expecled lo be settled wholly wtthin 12 months of the end of the reporting date in whith the employees render the related serrfir*. the I'abilty is measured on a discounted present value basis. The unwindn9 of the discount is recognised as an expense in the period in T￿Ich it arises. Chess in Schools and Communities Company Umlted by Guarantee Nots5 to the Flnanclal Statements (conllnu•dJ Year ended 31 August 2024 Llmlt•d by guarants• The company has no authorised or issued share capllal and Is limited by guaTanlee ol (he trustees. Donatlons and legacle• Unrestrfcted Restricted Totsl Fund• Funds Funds 2024 Donatlon8 Indivlduals and co￿orate donalions Gift Aid Trusts Gr8nts for s¢hoo18 150,626 19,851 110,500 28.662 283,800 434,426 19,8S1 113,500 26,662 594h39 3,000 307.639 286,800 Unrestrided Restricted Total Funds Funds Funds 2023 Donation• Indlviduals and corporate donatlons Gifl Ald Trusts Grants for s¢hools 326,872 22.228 91,575 4,758 242.055 568.927 22,228 94,575 4,758 3.000 445,433 245,055 690,488 Charftablo athltles Unrestrtcled Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Sehool contributions Prison conlributions Tournament incorne Older people ￿ntributIonS 546.828 71,4 4,947 546.828 71A36 4.947 439,530 16.067 1.050 902 439.530 16,087 1,050 902 623,211 623,211 457,549 457.549 Investment m•nag•ment costs Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Portlolio management 6.570 6,570 Chess in Schools and Communities Company Limited by Guarantse Notss to tho Financlal Ststsmonts I￿￿¥•d) Year ended 31 August 2024 8. Exp•ndlture on charhable actlvlues by fund type Unrestricted Restricted Tolal Fund• Funds Funds 2024 Fund raising Toumament costs Chess tutoring Training Support eosts 1.754 129.419 656.457 20.060 282,315 1.0￿.005 1,754 296,629 866,923 20.060 282,347 1A67,713 167.210 210.466 31 377,707 Unrestricled Restricted Total Funds Funds Funds 2023 Fund rdising Tournament costs Che88 tutorir¥J Training Support 3263 120.939 522.503 6.180 242.679 3.263 121.503 763.544 6,180 242,679 1.137.169 241.041 895.564 241,605 Expond￿rn on chartlable •ctlviUH by athlty type Totsl fund• Total fvnd 2023 Fund raising Toumament costs Chess tutoriTrJ Training 1.754 2￿,629 866,923 20.(￿0 31.905 58.507 143.572 31,905 18.458 33.659 365,136 1.010,495 51.965 16N58 282.347 1M7.713 28,383 173.841 895,431 6,180 33,334 1,137,169 1.185,366 Chess in Schools and Communities Company Llmited by Guarantee Notss to the Financial Ststements (eonthiu•dl Yoar ended 31 August 2024 10. Anaty81s of Support costs Tournament sts Chess lutoring Fundraising Training Totsl 2024 Total 2023 Slaff costs Premises Communications and IT General office Travel and entertaining Bank charges Govemance costs 24.751 3,051 45,3TI 5.592 111,379 13,727 24.751 3.050 206,258 25A20 154.621 24,800 1,188 5,410 2.915 13.278 5,399 24689 9,627 10.906 2.951 210 296 1,974 33,880 211 297 1.975 1,755 2,468 16,458 282,347 8,048 1,343 33,334 543 3,621 62,117 1,332 8,888 152,467 33,883 242,679 Governanco costs 2024 2023 A￿AUntanry fees Auditors. fees Consultan¢y fees Professional fees Employer contributions to pension plans 5.800 9SOO 2,980 10,000 18,050 1.103 991 2,144 16h58 33,334 11. Not gaIn￿lI0￿9) on Inv•$lmont• Unrestrthd Total Fund8 Unrestricted Total Funds Funds 2024 Funds 2023 Gainsl(losses) on lisled invesknents 84,540 84A40 (64,234) (64,2341 12. Audltor• romuneratlon 2024 2023 Fees payable for the audil of the financial statement5 9.600 10,000 13. Staff costs The total staff costs and employee benefits for the reporling period a￿ anatysed as foll(pws: 2024 2023 Wages and salaries Social security cosls Employer contributions to pension plans 184,159 19.956 2.144 138,486 15.144 991 206,259 154,621 -26- Chess in Schools and Communitles Company Umited by Guarantso Notes to the Financlal Statsmonts Iwithu•dJ Year •nded 31 August 2024 The average head count of employees during the year was Nil {2023: NID. The average number of full-time equivalent employees during the year is anatysed as foll￿￿. 2024 2023 Number of staff 13. Staff costs l¢onthu•d) The number of employees ￿OSe remuneration for the year feu whhin the following bands. were.. 2024 2023 £60,000 to £69,999 14. TNsts• rnmunernllon and expon¥•• During the year no tmstees received any Trmuneration or other beneffts (2023 - £nil). During the year ended 31st August 2024 No expenses were reimbursed or paid to any Irustee (2023 - £120 to 1 Trustee, relating to travel expenses.) 16. Investments Group Llstèd Investmgnt• Cost or valuatlon Al 1 September 2023 Additions Disposals Fair value movements 822,670 192,823 {169.2001 75,805 At 31 August 2024 Net book value At 1 September 2023 and 31 August 2024 Carrylng amount At 31 August 2024 At 31 August 2023 922.098 922.098 822,670 Charfty Inv•stments subsldlary Listed companlos Inveslments T¢)tsl Cost or valuatlon At 1 Septernber 2023 Additions Disposals Fair value movemenls 822,670 192,822 (169,2CKJ) 75,805 822,671 192,822 (169.200) 75,805 At 31 August 2024 922.098 922,099 Chess in Schools and Communities Company Limited by Guarantso Notes to the Financlal Statsments {cl￿￿v•￿) Year ended 31 August 2024 Net book valu• At 1 September 2023 and 31 August 2024 Carying amount At 31 August 2024 At 31 August 2023 922.098 922,099 822,670 822,671 16. Debto Group 20 Gro 2023 Charlty 2024 Charrty 2023 Trade deblors Amounts owed by group undertakings Other debtors 25 5.321 Zl.82S 77960 36,725 142.510 5,321 77,960 172.399 36.745 64.S70 172.399 1TI.720 255.661 17. Cash and ca*h equlvalonts Cash and cash equiwdlents ccfftprne Ihe fcAb)www: Group 2024 Charity 2024 Charty 2023 2023 Cash at bank and in hand Bank overdrafts 469N59 560.091 (544) 559.547 387.S44 484.608 (544) 484,064 469869 387.644 18. Credttor*: amounts falllng due wlthln on• year Group 2024 Group 2023 Charlty 2024 Charity 2023 Bank loans and over(trafts Trade credit¢xs Accruab and deferred income Social security and olher laxes Other creditors- desc in alc8 OtheT creditors 24.021 42.711 &188 5.000 10,641 87,561 2.711 35.107 5,188 24.021 42.711 5,188 2.711 35.107 5.188 10.641 82.561 43,550 43,550 19. Credltor4: amounts falling due after more than one year Group 2024 Grow 2023 Charlty 2024 Charity 2023 Accruals and defefred income 37.500 37,500 37,500 37.500 20. Penslons and other post reliremont beneffts Defined contrlbution plans The amount recogni5ed in income or expendthre as an expense in relation lo defined contribution plans was £2.144 (2W23: £991). Chess in Schools and Communities Company Limited by Guaranteo Notss to the Flnancial Statsments (conlthu•dl Year endod 31 August 2024 21. Analy819 ol ¢harflable funds Unrestricted funds Al 1 September 2023 Al Gains and 31 August 20 losses 24 Incijffle Exp8nditure General funds 1,115,280 954,640 (1,096,943) 84.540 1,057,517 Al Gains and 31 August 20 losse$ 23 1 September 2022 Income Expendlture General funds 1.114.691 965,051 (900,2271 (64,234) 1.115,281 Re8trlct•d fund8 At I September 2023 At Gains and 31 August 20 losses Income Expenditure London Chess Classic Africa Fund Erfesloke Prison ChessFest Wandsworth BerkshiTe Junior Funding 1 Sebastian Bainbridge Memorial Ukraine Junior Funding 2 313,212 30,251 2,118 30.000 {153,056) 190,166 30,251 2,116 28,239 1,108 10,214 200 225.307 3.800 (197,088) (3.800) (3,625) 1.108 10,839 2￿ 8.058 365 (6.0581 (9,4891 (4,6111 (3TI.70T) 10,000 15.000 287,107 876 10,389 273.$49 364,149 At 1 Septèmber 2022 Gains and 31 August 20 losse5 23 Income Expenditure London Chess Classl¢ Africa Fund Erlestoke Prison ChessFest Vlandsworth Berkshire Junior Funding 1 Sebastian Bainbridge Memorial Ukraine Junior Funding 2 313.212 30,251 2.116 313,212 30.251 2.116 7,214 1,108 3,625 200 241,955 (234,741) (3.8￿) (2,500) 3.125 200 3,000 6,058 830 6,058 366 100 ($64) 360,700 245,055 {241,605} 364,150 -29- Chess in Schools and Communities Company Limited by Guarantee Nots3 to the Financlal Ststsments (c¢nUnu•d) Year endod 31 August 2024 21. Analy818 of charflable fund$ (conllnirtffj London Chess Classic is exclusivety for running the educational elements of the London Chess Classic toumamenL The Africa fvnd is to b0 used exclusivety on our activity in Africa. ETlestoke Prison funds are for the provision of a chess dub at HMP Ertestoke. ChessFest donations are used exclusivety I￿ardS the runnirKJ of Ihis yearfs annual chess lest tournament. Wandsworth fund relates to a donalion received to improve the chess trainlng offering In the area. Berkshire fund relates to a donation received to lrnprove the chess tralnlng offering In the area. Junior Fundlng 1 related to a donation received to SUPPDrt the development of a strong junior che3s playar. Sebasts'an Bainbridge Memorial Fund relates to a donation feceived to create a rnemorial for Sebasllan Bainbridge. The Ukraine fvnd relates to funds received to be donated to Ukrainian appeal of the Charity's cholc8. Junlor Funding 2 related to a donation recelved to support the development of a strong lunlor chess player. 22. Anaty¥is of net as801s between funds Unrestrfcted Restricted Total Funds Funds Funds 2024 Investments Current assets Creditors less than 1 yèar Creditors greater than 1 year Net assets 922,098 260.480 (87.561) (37.500) 1.057.517 922,098 634.029 187.561) 137.500) 1,331,066 273,549 273,549 Unrestricted Funds Restricted Total Funds Funds 2023 Investments Current assets Creditors less than 1 year Credrtors greater than 1 year Net a880ts 822.670 373,661 (43.550) (37,500) 1,115,281 822.670 737.811 (43.5501 (37,5001 1,479,431 364,150 364.150 -30- Chess in Schools and Communities Company Llmlted by Guaranto9 Notes to the Flnancial Statements (conlknu•O Year ended 31 August 2024 23. An4ly•ls of changes In net debt At At 1 Sep 2023 Cash Ilth¥s 31 Aug 2024 Cash at bank and In hand Bank ovefdrafts 580,091 ($441 559,547 (90,632) 469,4S9 (90.088) 469.459 24. Related partle• Malcolm Pain, the Chief Executive of Chess in Schools and Communrties (the "Charity,) and Secretary of ils subsidiary Chess Promolions Limited fcpLJ, is a Director of Chess & Bridge Llrnited fc&BI. During 2010, C&B signed a Supply Agreement with the Charity and CPL (Iogether refeThed to as the'customen, to provlde the Customer with certain goods and services on standard trade tetrns. This indudes chess books. chess sets and boards, thess computer 80th¥are, other chess related p￿ducts and general administration support ser¥i(*s. The lolal paid to C&B by the Charity during the year was £78.634 (21Y23: £73,4(M)). At year end £Nil remalned payable (2023.. £NiD. Malcolm Peln is also a Direclof of Classical Games fcGI a comp8ny incoTPOrnted in the United States of America. The total paid to CG by the Charity during the year was £Nil (2023: £Nil). At the year end £Nil remained payable by the Charity (2023: £Nil). Malcolm Pein is a Director of English Chess Federation and they reimbursed the Charlty £Nil (2023: £140) in relation to expenses Inc￿ffed on behalf of Ihe Federalion. At year end there was no outstanding balance (2023: £Nil). The son of Malcolm Pein received £3,836 during the year12023: £1.658) for his work as a Chess tutor al the Charity. The rate used was in acix)rdanr* wilh rales used for all people Ihat work lor Ihe Charity. At the year end £Nil was outstanding (203: £Nil). There were transactlons belween Chess In Schools 8nd Communiti88 and Chess Promotions Limited within the ordinary ￿UrSe of business during the year. As at 31 Augusl 2023 CPL owed the Charity £77,960 (2023: £TI,960). 26. Controlllng party There is no ullimate controlling paty. 26. Prfnclpal gubsldlarfe• Principal subsidiaiie$ The following was a subsidiary undertaking of the charity.. Narne Company number Registered Offi￿ or prin￿PaI place of business Principal activtty: Class of shares HoldlrvJ Chess Pfomotions Ltd 07152226 44 Baker Street, London, W1 U 7RT To exploit the commercial value of various chess events. Ordinary 101YA (included in consolidatlonl The financial resutts of the subsldlary for the year were: Income Expendrture Profil{Deficil) for Ihe year Net (liabilities) £1.801 £1368) £1,433 q1.025) -31