## **Trustees’ Annual Report and** 

**Financial Statements for the Year Ended 31 August 2022** 

## **For** 

## **The Chess Trust** 

## **Charitable Incorporated Organisation** 

The Chess Trust A Charitable Incorporated Organisation The Chess Trust is a Registered Charity No. 1160881 



## **The Chess Trust** 

## **Contents of the Financial Statements for the year ended 31 August 2022** 

||**Page**|
|---|---|
|**Charity Information**|1|
|**Report of the Trustees**|2|
|**Statement of Financial Activities**|7|
|**Balance Sheet**|8|
|**Notes to the Financial Statements**|9|
|**Report of the Independent Examiner**|15|



1 



## **The Chess Trust** 

## **Charity Information for the year ended 31 August 2022** 

## **Reference & Administrative Details** 

**TRUSTEES:** A. Ashton S. Brown (appointed 24/01/22) D. Eustace S. Greep S. Longson M. Pein    (appointed 24/01/22) M. Truran **ADDRESS:** The Watch Oak Chain Lane Battle East Sussex TN33 0YD **CHARITY REGISTRATION NUMBER:** 1160881 **INDEPENDENT EXAMINERS:** Watson Associates (Professional Services) Ltd Chartered Accountants 30 – 34 North Street Hailsham East Sussex BN27 1DW **BANKERS:** NatWest Bank PLC Hastings Branch Havelock Road Hastings East Sussex TN34 1GW 

|**INVESTMENT MANAGERS:**|Evelyn Partners|
|---|---|
||45 Gresham Street|
||London|
||EC2V 7BG|



1 



## **The Chess Trust** 

## **Report of the Trustees for the year ended 31 August 2022** 

The Trustees present their annual report together with the unaudited financial statements of the charity for the year ended 31 August 2022 under the Charities Act 2011. 

Having considered the guidance of the Charity Commission and the Charities Act 2011, the Trustees have considered that an audit is not required and that an independent examination of the financial statements will provide assurance to trustees, funders, beneficiaries, stakeholders and the public that the accounts of the charity have been reviewed by an independent person. 

Legal and administrative information set out on page 1 forms part of this report. 

The financial statements comply with current statutory requirements, the memorandum and articles of association, and the Charities SORP (FRS 102). 

The charity is constituted as a Charitable Incorporated Organisation and was registered with the Charity Commission under charity number 1160881 on 13 March 2015. 

The charity is governed by its constitution, last amended on 13 March 2015. 

## **Charity’s Objectives and Activities** 

The charity was established to raise and apply funds to promote the development and furtherance of chess by: 

- The advancement of amateur sport by promoting the study and practice of chess in all its forms, principally, but not exclusively for the benefit of the residents of England; and 

- The advancement of education by promoting the development of young people through the teaching and practice of chess. 

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

## Trustees 

The charity’s operations were administered by the following, who formed the Board of Trustees: 

A. Ashton, S. Brown (appointed 24/01/2022) R. Edwards (resigned 26/07/2022), D. Eustace, S. Greep, S. Longson,  N. Regan (resigned 12/05/2022), S. Marsh (appointed 24/01/2022, resigned 23/08/2022),   M. Pein (appointed 24/01/2022) M. Truran. 

The Trustees shown above have held office during the whole of the period from 1 September 2021 to the date of this report, apart from where noted above. 

2 



## **The Chess Trust** 

## **Report of the Trustees for the year ended 31 August 2022** 

## **Achievements and Performance** 

The Trust is now well established.  It now has funds to support junior activities, the British Chess Championships, and other activities. 

## Accelerator Programme 

During 2021/22 the Trust continued to develop its Accelerator Programme which is designed to develop young players to become the titled and international players of the future.  The Trust appointed a Programme Director who provides the direction, management and mentoring skills required to make the Programme a success. In addition to the Programme Director the Trust has funded support for coaching by top international players and attendance at agreed events. Approximately ten candidates are invited to join the Programme by a Selection Committee, and progress is reviewed regularly. This has been the fourth year of the Programme, and the Trustees regard this as a long-term initiative over several years; performance has been and will be assessed in that light. 

The Covid 19 pandemic and the resulting lockdowns have restricted many of the Programme’s activities in supporting attendance at coaching and training events, but the Programme has continued with online tutoring and coaching as circumstances allowed.  The Trustees have also formalised the Selection Committee with a Trustee chairing the meeting. 

## Glorney Bloodworth and British Chess Education Trusts (BCET) 

During the year the Trust made annual awards to schools (previously BCET awards) which had been selected by independent assessors. The Trust also supports the Glorney Bloodworth event. 

## British Chess Championships 

The Trust along with the John Robinson Youth Chess Trust donated £10,000 to support the British Chess Championships in August 2022. 

## Other Grants 

The Trustees are also pleased to have provided support to the following events: 

- World Seniors Team Championship (Open and Women’s) 

- World Schools Championship 

- Vera Menchik Memorial Tournament 

- Hull 4NCL Tournament 

- Northumbrian Masters 

- Wood Green Invitational Players 

- Mindsports GM/IM Norm Tournament 

## Support for Ukrainian Players 

The Trustees agreed to provide support for Ukrainian players who had become refugees in England. This would be funded with £10,000 over two years, 2022 and 2023. 

## **Financial Review** 

The charity has continued to generate income from its investment assets which has been utilised to meet its obligations, additionally, some capital has been used to support the funding of its Accelerator Programme and other activities. 

3 



## **The Chess Trust** 

## **Report of the Trustees for the year ended 31 August 2022** 

The funds of the Trust are invested with Evelyn Partners (formerly Smith & Williamson) and their market value has increased by £51,786 in the financial year. 

At the balance sheet date, the charity had restricted reserves of £696,148 (2021 £827,444) and unrestricted reserves of £183,057 (2021 -£572). 

Total reserves held at the year-end were £879,205. 

## **Income and Reserves Policy** 

Income is derived from investment income, donations, and legacies that the charity holds with its investment advisers, Evelyn Partners.  The Trustees have agreed that all dividend and interest income will be credited to the Trust’s General Fund in order to further support a wide range of initiatives to enhance chess development and education.  At the time of the report, it also held cash at bank of £40,698 representing restricted and unrestricted funds unspent which are to be applied over future years to deliver the charity’s objectives. 

Restricted funds totalling £696,148 are held comprising the balance of the Richard Haddrell bequest, the Championship Fund which is part of the John Robinson bequest for the British Chess Championships, the Neil Carr bursary, and the funds from the Bloodworth/Glorney and British Chess Education Trusts. 

These funds will be used to promote the development and furtherance of chess in England for junior players under the age of 18, support the objectives of the former Glorney/Bloodworth and British Chess Education Trusts and to support the British Chess Championships. 

The Trust also received substantial donation from the British Chess Federation which is held in the unrestricted General Fund.  These funds will be utilised to enable further development of chess initiatives beyond that currently undertaken through use of the Junior and Championship Funds. This enables the Trust to provide its support to a wider range of developmental and educational activities. 

## **Investment Policy** 

The Trustees have instructed their investment managers, Evelyn Partners, to allocate the Trust’s funds on a balanced portfolio basis to provide income and growth over the long term. 

Adequate cash reserves are held in the charity’s NatWest account to meet the Trust’s commitments over future years for designated purposes (restricted) and for any unrestricted purposes. 

## **Risk Management and Going Concern** 

The Trustees have instructed to their investment managers, Evelyn Partners, to manage the Trust’s investment portfolio on a medium risk basis to deliver income and capital growth over the long term. 

The Trustees have agreed to retain adequate levels of liquid funds to meet their planned expenditure over the forthcoming years. 

The Trust’s Accelerator Programme and its other support activities will require the use of some of the Trust’s capital funds in addition to anticipated income. The Trustees intend to diligently monitor 

4 



## **The Chess Trust** 

## **Report of the Trustees for the year ended 31 August 2022** 

the utilisation of capital reserves to ensure that adequate funds are available to support the Trust’s objectives for future years and have agreed that capital funds will not fall below £600,000. 

The Trust’s commitment to support the British Chess Championships is covered by a separate, designated fund. 

## **Plans for Future Developments** 

The Trustees plan to continue: 

- To support the Trust’s Accelerator Programme for the medium term and to monitor its results 

- To support FIDE Norm tournaments 

- To support women’s only tournaments and enable more women to play chess 

- To consider allocating further funds for Junior development activities 

- To support the British Championships in accordance with the original donor’s (John Robinson’s) wishes 

- To present the Neil Carr Award annually 

- To meet the objectives of the former Bloodworth Glorney Trust 

- To meet the objectives of the former British Chess Education Trust 

The Trustees intend to develop the Trust’s website and to focus on establishing a wider presence amongst chess communities to develop awareness of its activities and pursue income-raising opportunities. 

## **Statement of Trustees’ Responsibilities** 

The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and the Charities SORP (FRS 102). 

Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Accounting Standards and applicable law. 

Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charity and of the incoming/outgoing resources for that period. 

In preparing the financial statements the Trustees are required to: 

- Select suitable accounting policies and then apply them consistently 

- Observe the methods and principles in the Charities SORP 

- Make judgements and accounting estimates which are reasonable and prudent 

- State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements 

5 



## **The Chess Trust** 

## **Report of the Trustees for the year ended 31 August 2022** 

- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and 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, the provisions of the charity’s constitution and the Charities SORP (FRS 102).  They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

As far as the Trustees are aware: 

- There is no relevant information of which the charity’s independent examiners are unaware 

- They have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the independent examiners are aware of that information 

- They have had due regard to guidance by the Charity Commission in respect of public benefit. 

## **Approval** 

29 Jun 2023 

This report was approved by the Trustees on ……………………… and signed on the charity’s behalf by: - 



**----- Start of picture text -----**<br>
..................................................<br>**----- End of picture text -----**<br>


.................................................. .................................................. D. Eustace S. Brown Trustee Trustee 

6 



## **The Chess Trust** 

## **Statement of Financial Activities (Incorporating the Income and Expenditure Account) for the year ended 31 August 2022** 

||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|||**Notes**|**Unrestricted**<br>**Funds**||**Restricted**<br>**Funds**||**2022 Total**||**2021 Total**||
||||**£**||**£**||**£**||**£**||
||||||||||||
||||||||||||
||**Income and endowments from:**||||||||||
||Donations and legacies|**2**|**175,995**||**-**||**175,995**||**335**||
||Investments|**3**|**14,094**||**-**||**14,094**||**11,337**||
||||||||||||
||**Total Income**||**190,089**||**-**||**190,089**||**11,672**||
||||||||||||
||**Expenditure on:**||||||||||
||Raisingfunds|**4**|**6,460**||**-**||**6,460**||**6,094**||
||Charitable activities|**4**|**-**||**85,214**||**85,214**||**57,114**||
||||||||||||
||**Total expenditure**||**6,460**||**85,214**||**91,674**||**63,208**||
||||||||||||
||Netgains/(losses)on investments||**-**||**(46,082)**||**(46,082)**||**116,463**||
||||||||||||
||**Net income/(expenditure)**||**183,629**||**(131,296)**||**52,333**||**64,927**||
||||||||||||
||Transfers between funds||**-**||**-**||**-**||**-**||
||||||||||||
||**Net movement in funds**||**183,629**||**(131,296)**||**52,333**||**64,927**||
||||||||||||
||||||||||||
||**Reconciliation of funds:**||||||||||
||||||||||||
||Total funds brought forward||||||||||
||1 September 2021||**(572)**||**827,444**||**826,872**||**761,945**||
||||||||||||
||Transfer/reclassification||**-**||**-**||**-**||**-**||
||||||||||||
||Total funds carried forward||||||||||
||31 August 2022|**12**|**183,057**||**696,148**||**879,205**||**826,872**||
||||||||||||



7 



## **The Chess Trust (Registered number: 1160881)** 

## **Balance Sheet 31 August 2022** 

|||**31**|**August 2022**||||||
|---|---|---|---|---|---|---|---|---|
||||||||||
|||**Notes**||**2022**|||**2021**||
||||**£**|**£**||**£**|**£**||
||||||||||
||||||||||
||**Fixed Assets**||||||||
||Investments - Junior|**9**||**506,784**|||**578,949**||
||Investments - Championship|**9**||**172,030**|||**193,888**||
||Investments - General|**9**||**145,809**|||**-**||
||General|||**-**|||**-**||
||||||||||
|||||**824,623**|||**772,837**||
||||||||||
||**Current Assets**||||||||
||Debtors|**10**|**30,711**|||**-**|||
||Cash at bank and in hand||**40,698**|||**55,625**|||
||||||||||
||||**71,409**|||**55,625**|||
||||||||||
||**Current Liabilities**||||||||
||Creditors : amounts fallingdue|**11**|||||||
||within oneyear||**(16,828)**|||**(1,590)**|||
||||||||||
||**Net current assets**|||**54,581**|||**54,035**||
||||||||||
||**Total assets less current liabilities**|||**879,205**|||**826,872**||
||||||||||
||||||||||
||**The funds of the charity:**||||||||
||Restricted funds|**12**||**696,148**|||**827,444**||
||Unrestricted funds|**12**||**183,057**|||**(572)**||
||||||||||
||**Total charity funds**|**13**||**879,205**|||**826,872**||
||||||||||
||||||||||



29 Jun 2023 

The financial statements were approved by the Trustees on ……………………………and were signed on the charity’s behalf by: 


.................................................. ……………………………………. 

D. Eustace Trustee 

S. Brown Trustee 

8 



## **The Chess Trust** 

## **Notes to the Financial Statements for the year ended 31 August 2022** 

## 1. **ACCOUNTING POLICIES** 

## **Accounting convention** 

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective January 2015 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

Assets and liabilities are recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note(s). 

The financial statements comply with the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act 2011. 

## **Public benefit entity** 

The charity meets the definition of a public benefit entity under the Charities SORP (FRS 102). 

## **Exemption from preparing a cash flow statement** 

Exemption has been taken from preparing a cash flow statement on the grounds that the charity is a small charity. 

## **Income** 

Income is included in the Statement of Financial Activities when: 

- The charity becomes entitled to the resources; 

- It is more likely than not that the Trustees will receive the resources; and 

- - The monetary value can be measured with sufficient reliability. 

## **Investment income** 

Income from interest, royalties and dividends is accounted for in the Statement of Financial Activities on an accruals basis. 

## **Grants and donations** 

Grants and donations are only included in the Statement of Financial Activities when the general income recognition criteria are met. 

## **Legacies** 

Legacies are included in the Statement of Financial Activities on receipt of funds or when receipt is probable. Entitlement is taken to be when there has been grant of probate, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met. 

9 



## **The Chess Trust** 

## **Notes to the Financial Statements for the year ended 31 August 2022** 

## 1. **ACCOUNTING POLICIES (Continued)** 

## **Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount can be measured reliably. 

Irrecoverable VAT is included within the item of expenditure to which it relates. 

Governance costs include other charitable costs incurred in complying with constitutional and statutory requirements of the charity. 

## **Staff costs** 

The charity has no staff costs. The Trustees provide their services on a voluntary basis and do not receive any payment or remuneration. 

## **Investment gains and losses** 

Unrealised gains or losses on the sale of investments and any gain or loss arising on the revaluation of investments to market value at the year end are credited or charged to the Statement of Financial Activities. 

## **Investments** 

Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment. 

Investments are held in a managed portfolio by Evelyn Partners and included in the financial statements at their market value at the balance sheet date. Any unrealised gain or loss is taken to the Statement of Financial Activities. 

## **Debtors** 

Trade and other debtors are recognised at the settlement amount due after any trade discount is offered. Prepayments are valued at the amount prepaid net of any trade discount. 

## **Creditors** 

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement date after allowing for any trade discounts due. 

## **Fund accounting** 

The funds of the charity are accounted for as unrestricted or restricted income or as endowment capital in accordance with the terms of trust imposed by the donors or the Charity Commission. 

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and to provide short term financial stability. 

Restricted funds comprise gifts, legacies and grants which are subject to trust law restrictions on their expenditure, or a specific purpose imposed by the donor or through the terms of the appeal. 

10 



## **The Chess Trust** 

## **Notes to the Financial Statements for the year ended 31 August 2022** 

## 2. **INCOME FROM DONATIONS AND LEGACIES** 

||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||**Unrestricted**<br>**Funds**||**Restricted**<br>**Funds**||**2022 Total**||**2021 Total**||
||||**£**||**£**||**£**||**£**||
||||||||||||
||Donations||**162,913**||**-**||**162,913**||**335**||
||Legacies||**13,082**||**-**||**-**||**-**||
||||||||||||
||||**175,995**||**-**||**162,913**||**335**||
||||||||||||



## 3. **INVESTMENT INCOME** 

||3.<br>**INVESTMENT INCOME**|||||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||||||
||||**Unrestricted**<br>**Funds**||**Restricted**<br>**Funds**||**2022 Total**||**2021 Total**|
||||**£**||**£**||**£**||**£**|
|||||||||||
||Junior Fund - Interest||**1,781**||**-**||**1,781**||**1,266**|
||Junior Fund - Dividends||**8,439**||**-**||**8,439**||**7,055**|
||ChampionshipFund - Interest||**660**||**-**||**660**||**402**|
||ChampionshipFund - Dividends||**2,860**||**-**||**2,860**||**2,614**|
||General Fund - Interest||**240**||**-**||**240**||**-**|
||General Fund - Dividends||**114**||**-**||**114**||**-**|
|||||||||||
||||**14,094**||**-**||**14,094**||**11,337**|
|||||||||||



## 4. **EXPENDITURE ANALYSIS** 

|||**Charitable Direct Costs**|**Charitable Direct Costs**|**Charitable Direct Costs**||||||
|---|---|---|---|---|---|---|---|---|---|
|||**Unrestricted**<br>**Funds**||**Restricted**<br>**Funds**||**2022 Total**||**2021 Total**||
|||**£**||**£**||**£**||**£**||
|||||||||||
|Investment management fees||**6,460**||**-**||**6,460**||**6,094**||
|Sponsorshipandgrants||**-**||**45,744**||**45,744**||**23,500**||
|Acceleratorprogramme fees||**-**||**30,167**||**30,167**||**27,720**||
|Coachingfees||**-**||**4,937**||**4,937**||**3,094**||
|Independent examiners fees||**-**||**-**||**-**||**-**||
|Accountancyfees||**-**||**3,666**||**3,666**||**2,650**||
|Trustee meetings and expenses||**-**||**-**||**-**||**150**||
|Administration costs||**-**||**700**||**700**||**-**||
|||||||||||
|||**6,460**||**85,214**||**91,674**||**63,208**||
|||||||||||



11 



## **The Chess Trust** 

## **Notes to the Financial Statements for the year ended 31 August 2022** 

## 5. 

## **TRUSTEE REMUNERATION** 

No Trustee received any remuneration for services provided to the charity in the year (2021: Nil) 

No Trustee received payment for professional or other services supplied to the charity during the year (2021: Nil) 

## 6. **CAPITAL COMMITMENTS** 

There were no capital commitments not provided for in the financial statements for the year ended 31 August 2022 (2021: Nil) 

## 7. **RELATED PARTIES** 

There were no related party transactions in the period under review that require disclosure in the financial statements. 

## 8. **ULTIMATE CONTROLLING PARTY** 

The Board of Trustees control the charity. 

## 9. **FIXED ASSET INVESTMENTS** 

|**D ASSET INVESTMENTS**|||||
|---|---|---|---|---|
|||**Total**||**Total**|
|||**2022**||**2021**|
|||**£**||**£**|
||||||
|At 1 September 2021||**772,837**||**651,131**|
|Additions to investments at cost||**345,173**||**69,962**|
|Disposals from investments at value||**(250,921)**||**(41,541)**|
|Realisedgains||**11,583**||**28,421**|
|Increase/(decrease)in value of investments||**(54,049)**||**64,864**|
||||||
|At 31 August 2022||**824,623**||**772,837**|
||||||
||||||
||||||
||||||
|Cash or cash equivalents||**23,672**||**31,638**|
|Listed investments||**800,951**||**741,199**|
||||||
|||**824,623**||**772,837**|



All investments are carried at their fair value. Investments in equities and fixed asset securities are all traded in quoted public markets and listed on the London Stock Exchange. Asset sales and purchases are recognised at the date of trade at cost (their transaction value). All investments are held for charitable use. 

12 



## **The Chess Trust** 

## **Notes to the Financial Statements for the year ended 31 August 2022** 

## 10. **DEBTORS** 

|**TORS**|||||
|---|---|---|---|---|
|||**Total**||**Total**|
|||**2022**||**2021**|
|||**£**||**£**|
||||||
|Accrued income||**30,711**||**-**|
||||||
|||**30,711**||**-**|



## 11. **CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|||**Total**||**Total**||
|---|---|---|---|---|---|
|||**2022**||**2021**||
|||**£**||**£**||
|||||||
|Accruals||**16,828**||**1,590**||
|||||||
|||**16,828**||**1,590**||
|||||||



## 12. **ANALYSIS OF CHARITABLE FUNDS** 

||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||**Balance**||||||||||**Balance**||
|||**1**|**September 2021**||**Income**||**Expenditure**||**Transfers**||**Gains/Losses**|**31 August 2022**|||
||||||||||||||||
||**Restricted Funds :**||||||||||||||
||Neil Carr Donation||**3,800**||**-**||**-**||**-**||**-**||**3,800**||
||Legacies||**800,144**||**-**||**(61,714)**||**-**||**(46,082)**||**692,348**||
||BCF||**23,500**||**-**||**(23,500)**||**-**||**-**||**-**||
||||||||||||||||
||**Total Restricted Funds**||**827,444**||**-**||**(85,214)**||||**(46,082)**||**696,148**||
||||||||||||||||
||||||||||||||||
||**Unrestricted Funds :**||||||||||||||
||General Funds||**(572)**||**190,089**||**(6,460)**||**-**||**-**||**183,057**||
||||||||||||||||
||**Total Unrestricted Funds**||**(572)**||**190,089**||**(6,460)**||**-**||**-**||**183,057**||
||||||||||||||||
||**Total Funds**||**826,872**||**190,089**||**(91,674)**||**-**||**(46,082)**||**879,205**||
||||||||||||||||



13 



## **The Chess Trust** 

## **Notes to the Financial Statements for the year ended 31 August 2022** 

## Purposes of restricted funds 

Restricted funds are used as follows: - 

To promote and support chess playing in England among junior players under the age of 18, and for the advancement and encouragement of English junior chess players.  The Accelerator Programme is currently the primary vehicle to achieve this goal. 

To provide annual funding to the British Chess Championships in accordance with the original donor’s (John Robinson’s) wishes. 

To provide an annual sum for the award of the Neil Carr bursary to a selected junior player to attend the ECF Chess Academy. 

To provide funds to meet the objectives of the Bloodworth Glorney Trust. 

To provide funds to meet the objectives of the former British Chess Education Trust. 

## Purpose of unrestricted funds 

Unrestricted funds are used for the general purposes of the charity and represent accumulated income and donations from the charity’s activities. 

14 



## **The Chess Trust** 

## **Independent Examiner’s Report to the Trustees of The Chess Trust** 

I report to the charity’s Trustees on my examination of the accounts of the charity for the year ended 31 August 2022, which are set out on pages 7 to 16. 

## **Respective Responsibilities of Trustees and Examiner** 

The charity's Trustees are responsible for the preparation of the accounts. The charity’s Trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is sufficient. 

Having been satisfied that the charity is not subject to audit under charity law and is eligible for independent examination, it is my responsibility to: 

- examine the accounts under section 145 of the Charities Act; 

- follow the procedures laid down in the general directions given by the Charity Commission (under section 145(5)(b) of the Charities Act; and 

- state whether particular matters have come to my attention. 

## **Basis of Independent Examiner's Report** 

My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. 

The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view, and the report is limited to those matters set out in the statement below. 

## **Independent Examiner's Statement** 

In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect: 

- the accounting records were not kept in accordance with section 130 of the Charities Act; or 

- the accounts did not accord with the accounting records; or 

- the accounts did 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. 

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## **The Chess Trust** 

## **Independent Examiners Report to the Trustees of The Chess Trust** 

## (…Continued) 

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 to enable a proper understanding of the accounts to be reached. 


## **John C. Males BA (Hons) FCA** 

## **Watson Associates (Professional Services) Ltd** 

Chartered Accountants 30 – 34 North Street Hailsham East Sussex BN27 1DW 

29 Jun 2023 Date…………………………. 

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