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2025-08-31-accounts

Trustees’ Annual Report and

Financial Statements for the Year Ended 31 August 2025

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 2025

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 16

1

The Chess Trust

Charity Information for the year ended 31 August 2025

Reference & Administrative Details

TRUSTEES: D. Eustace
S. Greep
A. Ashton
S. Longson
M. Pein
S. Brown
R. Walsh
E. Kornilovich
M. Truran
A. Longson
ADDRESS: c/o English Chess Federation
3 Bear Hill
Alvechurch
Birmingham
Worcestershire
B48 7JX
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 2025

The Trustees present their annual report together with the unaudited financial statements of the charity for the year ended 31 August 2025 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 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:

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 are administered by the following, who form the Board of Trustees:

A. Ashton, S. Brown, D. Eustace, S. Greep, A. Longson, S. Longson, M, Pein, M. Truran.

The Trustees shown above have held office during the whole of the period from 1 September 2024 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 2025

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 2022/23 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 in 2018 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.

Glorney Bloodworth and British Chess Education Trusts (BCET)

During the year, the Trust made annual awards to schools (previously the BCET awards) which had been selected by independent assessors.

British Chess Championships

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

Support for Ukrainian Refugee junior Players

The Trust established a fund to support refugee junior Ukrainian players who had come to the UK. Grants were made to provide the costs of entry, travel and accommodation for chess tournaments. 25 grants were made.

Other Grants

The Trust made grants to the following activities, amongst other minor grants during the year:

ECF Awards WSTCC 2025 and ESTCC 2025 Wood Green Invitational Euro Club Cup Team She Plays to Win Euro Club Cup Team Isle of Wight International Tournament 4NCL Rapid March 2025 Wood Green Invitational GM and IM norm event March 2025 Cambridge International Open March 2025 Southend masters April 2025 Vera Menchik Memorial March 2025 V Mindsport GM and IM Norm events Northumbrian Masters August 2025 Combined Services Chess Association for NATO Chess Championships Hull & District Chess Association for Event for Ukrainian players at the BCC 2025

3

The Chess Trust

Report of the Trustees for the year ended 31 August 2025

Financial Review

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

The funds of the Trust are invested with Evelyn Partners and their market value has increased by £ £9,630 in the financial year.

At the balance sheet date, the Trust had restricted reserves of £639,880 (2024 £496,917) and unrestricted reserves of £156,666 (2024 £323,815)

Total funds held by the charity at the end of the end year were £790,017 (2024 £820,732)

Income and Reserves Policy

Income is derived from investment income, donations and legacies that the charity holds with its investment advisers, Evelyn Partners. At the time of the report, it also held cash at bank of £2,463 representing restricted and unrestricted funds unspent which are to be applied over future years to deliver the charity’s objectives.

Restricted funds totalling £639,880 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.

These funds will be used to promote the development and furtherance of chess England among 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 General Fund totalling £150,137 comprises assets donated from the British Chess Federation, Chess Centre Ltd and others. This fund is primarily used to support chess activities for events where Norms can be achieved and activities not covered by the restricted funds.

Investment Policy

The Trustees have instructed their Investment Managers, Evelyn Partners, to allocate its 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 its planned expenditure over the forthcoming years.

The Trust’s Accelerator Programme will require the use of some of the Trust’s capital funds in addition to anticipated income. The Trustees intend to diligently monitor the utilisation of capital reserves to ensure that adequate funds are available to support the Trust’s objectives for future years.

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

4

The Chess Trust

Report of the Trustees for the year ended 31 August 2025

Plans for Future Developments

The Trustees plan to continue:

The Trustees have developed a new website and to focus on establishing a wider presence amongst chess communities to develop awareness of its activities and pursue income-raising opportunities. The website will be further enhanced in coming years.

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:

5

The Chess Trust

Report of the Trustees for the year ended 31 August 2025

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:

Approval

01 Jun 2026

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

SDBrown. .................................................. .................................................. 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 2025

Notes Unrestricted
Funds
Restricted
Funds
2025 Total 2024 Total
£ £ £ £
Income and endowments from:
Donations and legacies 2 25 13,107 13,132 178
Investments 3 14,255 - 14,255 16,662
Total Income 14,280 13,107 27,387 16,840
Expenditure on:
Raising funds 4 6,850 - 6,850 7,004
Charitable activities 4 - 98,531 98,531 92,196
Total expenditure 6,850 98,531 105,381 99,200
Net gains/(losses) on investments 47,279 - 47,279 78,820
Net income/(expenditure) 54,709 (85,424) (30,715) (3,540)
Transfers between funds - - - -
Net movement in funds 54,709 (85,424) (30,715) (3,540)
Reconciliation of funds:
Total funds brought forward
01-Sep-24 323,815 496,917 820,732 824,272
Transfer/reclassification - - - -
Total funds carried forward
31-Aug-25 12 378,524 411,493 790,017 820,732

7

The Chess Trust (Registered number: 1160881)

Balance Sheet 31 August 2025

Notes 2025 2024
£ £ £ £
Fixed Assets
Investments - Junior 9 464,328 467,892
Investments - Championship 9 175,552 167,522
Investments - General 9 156,666 151,502
796,546 786,916
Current Assets
Debtors 10 - -
Cash at bank and in hand 2,463 39,290
2,463 39,290
Current Liabilities
Creditors : amounts falling due 11
within one year (8,992) (5,474)
Net current assets (6,529) 33,816
Total assets less current liabilities 790,017 820,732
The funds of the charity:
Restricted funds 12 639,880 496,917
Unrestricted funds 12 150,137 323,815
Total charity funds 13 790,017 820,732

01 Jun 2026

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

.................................................. ……………………………………. SDBrown. D. Eustace S. Brown Trustee Trustee

8

The Chess Trust

Notes to the Financial Statements for the year ended 31 August 2025

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:

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 2024

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 Smith & Williamson 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 2025

2. INCOME FROM DONATIONS AND LEGACIES

Unrestricted
Funds
Restricted
Funds
2025 Total 2024 Total
£ £ £ £
Donations 13,132 - 13,132 178
Legacies - - - -
13,132 - 13,132 178

3. INVESTMENT INCOME

Unrestricted
Funds
Restricted
Funds
2025 Total 2024 Total
£ £ £ £
Junior Fund - Interest - 1,628 1,628 1,876
Junior Fund - Dividends - 6,745 6,745 8,049
Championship Fund - Interest - 630 630 759
Championship Fund - Dividends - 2,430 2,430 2,638
General Fund - Interest 600 - 600 829
General Fund - Dividends 2,222 - 2,222 2,510
2,822 11,433 14,255 16,661

4. EXPENDITURE ANALYSIS

Charitable Direct Costs
Unrestricted
Funds
Restricted
Funds
2025 Total 2024 Total
£ £ £ £
Investment management fees 1,303 5,547 6,850 7,004
Sponsorship and grants 49,272 - 49,272 45,894
Accelerator programme fees 39,700 - 39,700 33,500
Coaching fees 3,599 - 3,599 8,050
Independent examiners fees - - - -
Accountancy fees 5,897 - 5,897 3,438
Trustee meetings and expenses - - - -
Administration costs 63 - 63 1,314
99,834 5,547 105,381 99,200

11

Chess Trust

Notes to the Financial Statements for the year ended 31 August 2025

5.

TRUSTEE REMUNERATION

No Trustee received any remuneration for services provided to the charity in the year (2025: Nil)

No Trustee received payment for professional or other services supplied to the charity during the year (2025: Nil)

6. CAPITAL COMMITMENTS

There were no capital commitments not provided for in the financial statements for the year ended 31 August 2025.

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 charity is controlled by the Board of Trustees.

9. FIXED ASSET INVESTMENTS

Total Total
2025 2024
£ £
At 1 September 2024 786,914 788,452
Additions to investments at cost 121,379 130,091
Disposals from investments at value (178,619) (205,446)
Cash account movement 21,285 (6,078)
Increase/(decrease) in value of investments 45,587 79,897
At 31 August 2025 796,546 786,916
Cash or cash equivalents 29,905 8,619
Listed investments 766,641 778,297
796,546 786,916

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 2025

10. DEBTORS

Total Total
2025 2024
£ £
Accrued income - -
- -

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Total Total
2025 2024
£ £
Accruals and deferred income 8,992 5,474
8,992 5,474

12. ANALYSIS OF CHARITABLE FUNDS

Balance Balance
01-Sep-24 Income Expenditure Transfers Gains/Losses 31-Aug-25
Restricted Funds :
Neil Carr Donation 3,800 - - - - 3,800
Legacies 493,117 11,433 (5,547) 137,077 - 636,080
Total Restricted Funds 496,917 11,433 (5,547) 137,077 - 639,880
Unrestricted Funds :
General Funds 323,815 15,954 (99,834) (137,077) 47,279 150,137
Total Unrestricted Funds 323,815 15,954 (99,834) (137,077) 47,279 150,137
Total Funds 820,732 27,387 (105,381) - 47,279 790,017

13

The Chess Trust

Notes to the Financial Statements for the year ended 31 August 2025

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 prime 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 2025, which are set out on pages 7 to 15.

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:

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:

15

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.

j c males

John C. Males BA (Hons) FCA

Watson Associates (Professional Services) Ltd Chartered Accountants 30 – 34 North Street Hailsham East Sussex BN27 1DW 29 May 2026 Date………………………….

16

Issuer

Watson Associates

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Audit history log

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