**REGISTERED CHARITY NUMBER: 1180300** **THE CHACEGROVE FAMILY FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2022** **THE CHACEGROVE FAMILY FOUNDATION** ## **Contents of the Financial Statements for the Year Ended 31 March 2022** ||**Page**| |---|---| |**Report of the Trustees**|1 to 2| |**Statement of Trustees’ Responsibilities**|3| |**Independent Examiner's Report**|4| |**Statement of Financial Activities**|5| |**Balance Sheet**|6| |**Notes to the Financial Statements**|7 to 10| **THE CHACEGROVE FAMILY FOUNDATION** ## **Report of the Trustees for the Year Ended 31 March 2022** The trustees present their annual report and financial statements for the year ended 31 March 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** The charity’s objects are for the public benefit to advance such exclusively charitable purposes as the Trustees shall from time to time think fit. The policies adopted in furtherance of these objects are determined by the Trustees and reviewed annually. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. ## **ACHIEVEMENT AND PERFORMANCE** The vision of the Trustees remains principally to support individuals and nascent organisations. We look to support those who undertake work at a human level that will change attitudes and practices to mitigate climate change and to encourage sustainable use of land. We look for opportunities for our limited resources to make the biggest impact on the lives of individuals and what they can achieve for society. ## **FINANCIAL REVIEW** The results for the year are set out on page 5. It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** The charity is a charitable incorporated organisation. The trustees who served during the year and up to the date of signature of the financial statements were: Professor J Price Miss E Cox Ms E Beaudry J Cox The Trustees are nominated by other Trustees and must be approved at a Trustees’ meeting. When looking for new Trustees to nominate, the Trustees consider the skills and knowledge of new Trustees. New Trustees receive training from existing Trustees regarding the objectives and operation of the charity. They also gain an understanding of their legal obligations with regard to charity law and the structure of the charity. They are advised of appropriate training courses and are encouraged to attend. The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up. Page 1 **THE CHACEGROVE FAMILY FOUNDATION** **Report of the Trustees for the Year Ended 31 March 2022** The Trustees’ report was approved by the Board of Trustees J Cox Trustee 13 December 2022 Page 2 **THE CHACEGROVE FAMILY FOUNDATION** ## **Statement of the Trustees’ Responsibilities for the Year Ended 31 March 2022** The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to Charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and - explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reporting) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3 **Independent Examiner's Report to the Trustees of The Chacegrove Family Foundation** ## **Independent examiner's report to the trustees of The Chacegrove Family Foundation ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022. ## **Responsibilities and basis of report** As the charity's trustees of the Company you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for 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)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Stephen Wilson FCCA Upton Wilson Ltd Chartered Certified Accountants 3 West Street Leighton Buzzard Bedfordshire LU7 1DA Date: 13 December 2022 Page 4 **THE CHACEGROVE FAMILY FOUNDATION** ## **Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2022** |Notes
**INCOME FROM**
Investment income
3
**Total**
**EXPENDITURE ON:**
Raising funds
4
Charitable activities
5
**Total resources expended**
Net (losses)/gains on investments
9
**NET MOVEMENT IN FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|31.03.22
Unrestricted
funds
£
41,429
41,429
8,913
3,276
12,189
(67,077)
(37,837)
1,884,296
1,846,459|31.03.21
Unrestricted
funds
£
34,927| |---|---|---| |||34,927| |||7,717
11,311| |||19,028| |||356,196| |||372,095
1,512,201| |||1,884,296| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes form part of these financial statements Page 5 **THE CHACEGROVE FAMILY FOUNDATION** ## **Balance Sheet** ## **31 March 2022** |Notes
**FIXED ASSETS**
Investments
10
**CURRENT ASSETS**
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
12
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**FUNDS**
Unrestricted funds
**TOTAL FUNDS**|2022
£
£
1,742,077
106,873
(2,491)
104,382
1,846,459
1,846,459
1,846,459|2021
£
£
1,760,213
126,278
(2,195)
124,083
1,884,296
1,884,296
1,884,296|2021
£
£
1,760,213
126,278
(2,195)
124,083
1,884,296
1,884,296
1,884,296| |---|---|---|---| ||||| ||||1,884,296| ||||1,884,296| ||||1,884,296| The financial statements were approved by the Trustees and authorised for issue on 13th December 2022 and were signed on its behalf by: ............................................. J Cox Trustee The notes form part of these financial statements Page 6 **THE CHACEGROVE FAMILY FOUNDATION** **Notes to the Financial Statements for the Year Ended 31 March 2022** ## **1. ACCOUNTING POLICIES** ## **Charity information** The Chacegrove Family Foundation is a charitable incorporated organisation registered on 12 October 2018. ## **Accounting convention** The financial statements have been prepared in accordance with the charity’s governing document, the Charities Act 2011, FRS102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS102”) and the Charities SORP “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Account and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## **Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. ## **Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. ## **Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs Page 7 **THE CHACEGROVE FAMILY FOUNDATION** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2022** which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. All resources expended are recognised on an accruals basis. 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 of the obligation can be measured reliably. ## **Fixed asset investments** Fixed asset investments are initially valued measured at transaction price excluding transaction costs and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income /(expenditure) for the year. Transaction costs are expensed as incurred. ## **Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. **2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS** In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Page 8 **THE CHACEGROVE FAMILY FOUNDATION** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2022** ## **3. INVESTMENTS** |Income from listed investments
Interest receivable
**AISING FUNDS**
Investment management|2022
£
15,675
25,754
41,429
2022
£
8,913|2021
£
14,590
20,337
34,927
2021
£
7,717| |---|---|---| ## **4. RAISING FUNDS** Investment management ## **5. CHARITABLE ACTIVITIES** |Charitable expenditure
Share of governance costs (see note 6)|2022
£
1,960
1,316
3,276|2021
£
10,000
1,311
11,311| |---|---|---| ## **6. SUPPORT COSTS** |Support costs
Analysed between
Charitable activities|Support
costs
Governance
costs
£
£
-
1,316
-
1,316
-
1,316|**2022**
£
1,316
1,316
1,316|Support
costs
Governance
costs
£
£
-
1,311
-
1,311
-
1,311|2021
£
1,311| |---|---|---|---|---| |||||1,311| |||||1,311| ## **7. TRUSTEES** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. ## **8. STAFF COSTS** The average monthly number of employees during the year was as follows: |Total
o employees received emoluments in excess of £60,000.
**ET GAINS/LOSSES ON INVESTMENTS**
Revaluation of investments
Gain on sale of investments|2022
-
Unrestricted
funds
2022
£
(85,764)
18,687
(67,077)|2021
-| |---|---|---| |||Unrestricted
funds
2021
£
319,838
36,358
356,196| No employees received emoluments in excess of £60,000. ## **9. NET GAINS/LOSSES ON INVESTMENTS** Page 9 **THE CHACEGROVE FAMILY FOUNDATION** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2022** ## **10. FIXED ASSET INVESTMENTS** |**10. FIXED ASSET INVESTMENTS**||| |---|---|---| |**Cost or valuation**
At 1 April 2021
Additions
Valuation changes
Disposals
At 31 March 2022
**Carrying amount**
At 31 March 2022
At 31 March 2021
**11. FINANCIAL INSTRUMENTS**
**Carrying amount of financial assets**
Instruments measured at fair value through profit or loss
**12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Accruals and deferred income|2022
£
1,742,077
2022
£
2,491|Listed
investments
£
1,760,213
579,927
(85,764)
(512,299)| |||1,742,077| |||1,742,077
1,760,213
2021
£
1,760,213| |||2021
£
2,195| ## **13. RELATED PARTY TRANSACTIONS** There were no related party transactions for the year ended 31 March 2022. Page 10