**REGISTERED COMPANY NUMBER: 12071118 (England and Wales) REGISTERED CHARITY NUMBER: 1186541**
## **CHESTERTONS INTERNATIONAL FOUNDATION**
**Unaudited Financial Statements for the Year Ended 30 June 2023**
Tudor John Limited Nightingale House 46-48 East Street Epsom Surrey KT17 1HQ
**CHESTERTONS INTERNATIONAL FOUNDATION**
**Contents of the Financial Statements for the year ended 30 June 2023**
|||**Page**||
|---|---|---|---|
|**Reference and Administrative Details**||1||
|**Report of the Trustees**|2|to|4|
|**Independent Examiner's Report**||5||
|**Statement of Financial Activities**||6||
|**Balance Sheet**||7||
|**Notes to the Financial Statements**|8|to|12|
|**Detailed Statement of Financial Activities**||13||
**CHESTERTONS INTERNATIONAL FOUNDATION**
**Reference and Administrative Details for the year ended 30 June 2023**
|**TRUSTEES**|A Collins (resigned 12.12.23)|
|---|---|
||D C Freeman (resigned 14.2.23)|
||R J B Hillier (resigned 28.7.23)|
||G Milner (resigned 6.11.23)|
||S M Mussa|
||J R Shaw (resigned 20.7.23)|
||Sir T V Fean|
||Mrs P S Topping (resigned 18.12.23)|
||R H Tempest|
||Mrs A J Cooper|
||Mr J Ennis (appointed 18.2.23) (resigned 30.1.24)|
||W G Baralt (appointed 17.5.23)|
||Ms R Mussa (appointed 31.5.23)|
|**REGISTERED OFFICE**|3 Hill Street|
||London|
||W1J 5LB|
|**REGISTERED COMPANY**|12071118 (England and Wales)|
|**NUMBER**||
|**REGISTERED CHARITY**|1186541|
|**NUMBER**||
|**INDEPENDENT**|Tudor John Limited|
|**EXAMINER**|Nightingale House|
||46-48 East Street|
||Epsom|
||Surrey|
||KT17 1HQ|
|**SOLICITORS**|Irwin Mitchell LLP|
||Belmont House|
||Station Way|
||Crawley|
||RH10 1JA|
Page 1
**CHESTERTONS INTERNATIONAL FOUNDATION (REGISTERED NUMBER: 12071118)**
## **Report of the Trustees for the year ended 30 June 2023**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2023. The trustees have adopted the provisions of 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 charitable company was incorporated on 26 June 2019 and registered as a charity on 22 November 2019.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The charity objects (Objects) are specifically restricted to such charitable purposes for the public benefit as are exclusively charitable according to the laws of England and Wales as the trustees may from time to time determine.
Chestertons Global Limited (Company) has incorporated Chestertons Foundation to take over its support of charities, community groups and institutions previously carried out by the Company. The aim is to continue to have as great an impact as possible by actively seeking ways of involving Chestertons' staff, clients and communities within the locations in which it operates.
Chestertons Global Limited has over 30 branches across London and works with schools, charities, community groups, institutions and clubs to support various good causes.
The purpose of Chestertons Foundation is to benefit charities, community groups and institutions by providing financial support.
Chestertons Foundation aims to benefit:
- Children and young people
- The elderly
- People with disabilities
- Other charities or voluntary bodies
- The general public and wider society
## **Public benefit**
The trustees confirm that they have complied with their duty to have due regard to the public benefit guidance issued by the Charity Commission when exercising any powers or duties to which the guidance is relevant.
Page 2
**CHESTERTONS INTERNATIONAL FOUNDATION (REGISTERED NUMBER: 12071118)**
## **Report of the Trustees for the year ended 30 June 2023**
## **ACHIEVEMENT AND PERFORMANCE Achievements and performance**
The Chestertons Foundation supported a number of charities throughout the year by making grants and donations. In the light of the ongoing Covid pandemic the trustees wished to focus primarily on social mobility and helping the homeless in London during the year.
## Charitable Giving
The Foundation's main donation was to Charitable Giving. Charitable Giving is a charity which processes staff payroll giving. In order to maintain the close link with the Chestertons estate agency, trustees were happy to continue to match staff payroll giving. Charitable Giving ensures at the end of the month that funds are distributed accurately and send the Foundation an invoice to match these donations. Charities included Cancer Research UK, Mind, NSPCC and Alzheimer's Society. In the period of July 2022 - June 2023 Chestertons Foundation matched and donated over £70,000.
## St Mungo's and The Passage
The Foundation continued supporting St Mungo's and The Passage. These two charities are one of London's biggest homelessness charities. St Mungo's and the Passage provide support for people recovering from experiences of homelessness. The donation given to St Mungo's was to support a St Mungo's Digital Recovery College. This enables St Mungo's to help more people recovering from homelessness through their inclusive online learning, training and employment service. The Foundation's donation given to The Passage was to support their Resettlement and temporary accommodation projects. They provide rapid response supporting people by trying to move them from the streets before they reach crisis point and providing temporary accommodation.
## **FINANCIAL REVIEW**
## **Financial review**
Chestertons staff fundraising by way of a raffle donated £3,090 March 2023. Chesterton Global Limited donated £35,000. After the donations mentioned in this report and expenses the closing reserves stood at £587,061.09.
## **Reserves policy**
During the year the Foundation received funds totalling just over £38,000. This came primarily from Chesterton Global Limited who made a substantial donation.
After the donations mentioned in this report and expenses the closing free reserves stood at £581,745.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document, The Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The liability of the members in the event of the company being liquidated is limited to one pound per member.
## **Recruitment and appointment of new trustees**
The board of trustees shall be not less than six and not more than twelve members of the Association elected at the Annual General Meeting. The trustees have the power to co-opt members to fill a casual vacancy or as an addition to the existing trustees.
The Trustees meet on average quarterly and are responsible for determining policies, the budget and overall management of the charity. The small staff team are responsible for undertaking the day-to-day running of the Association, budget and day to day administration as determined by the Board of Trustees. As well as representing the charity at events some Trustees continue to actively assist in the office and in the organisation of events.
The first trustees of the Chestertons Foundation were appointed during the process of its formation. Subsequent appointments were made in line with the provisions set out in the Foundation's governing document. One trustee was appointed in May 2023.
Appropriate checks were undertaken to establish that the trustees were not legally barred from trusteeship. Trustee eligibility declarations have been signed by each trustee.
Page 3
## **CHESTERTONS INTERNATIONAL FOUNDATION (REGISTERED NUMBER: 12071118)**
## **Report of the Trustees**
## **for the year ended 30 June 2023**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Induction and training of new trustees**
New Trustees co-opted during the year, or elected at the AGM, are given an induction course by the Chair outlining the objects as set out in the Constitution, the roles of the other Trustees, the present financial standing of the charity and its commitments. Trustees are asked to take on or share responsibility for overseeing a certain aspect of the charity i.e. research, finance, communication technologies, outreach and support, etc.
## **Related parties**
The related party is Chestertons Global Limited ( "Company") which has incorporated Chestertons Foundation to take over its support of charities, community groups and institutions hitherto carried out by the Company.
## **Risk management**
The trustees have acknowledged their responsibility to consider the major risks to which the charity is exposed and satisfied themselves that systems are established to manage those risks.
25 March 2024 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
......................................................................
Ms R Mussa - Trustee
Page 4
**Independent Examiner's Report to the Trustees of Chestertons International Foundation (Registered number: 12071118)**
## **Independent examiner's report to the trustees of Chestertons International Foundation ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2023.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
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.
Hazel Day BSc (Hons) FCA DChA
Tudor John Limited Nightingale House 46-48 East Street Epsom Surrey KT17 1HQ
Date: ...25 March 2024..........................................
Page 5
## **CHESTERTONS INTERNATIONAL FOUNDATION**
## **Statement of Financial Activities for the year ended 30 June 2023**
|Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
38,138
Other trading activities
3
(1,600)
**Total**
36,538
**EXPENDITURE ON**
**Charitable activities**
4
Grant making
129,352
**NET INCOME/(EXPENDITURE)**
(92,814)
**RECONCILIATION OF FUNDS**
Total funds brought forward
674,504
**TOTAL FUNDS CARRIED FORWARD**
581,690|Restricted
fund
£
-
-
-
-
-
55
55|2023
Total
funds
£
38,138
(1,600)
36,538
129,352
(92,814)
674,559
581,745|2022
Total
funds
£
200,005
103,652|
|---|---|---|---|
||||303,657|
||||241,642|
||||62,015
612,544|
||||674,559|
The notes form part of these financial statements
Page 6
## **CHESTERTONS INTERNATIONAL FOUNDATION (REGISTERED NUMBER: 12071118)**
## **Balance Sheet 30 June 2023**
|Unrestricted
fund
Notes
£
**CURRENT ASSETS**
Cash at bank
587,005
**CREDITORS**
Amounts falling due within one year
10
(5,315)
**NET CURRENT ASSETS**
581,690
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
581,690
**NET ASSETS**
581,690
**FUNDS**
11
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
fund
£
55
-
55
55
55|2023
Total
funds
£
587,060
(5,315)
581,745
581,745
581,745
581,690
55
581,745|2022
Total
funds
£
691,470
(16,911)
674,559
674,559
674,559
674,504
55
674,559|
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 25 March 2024
............................................. R Mussa - Trustee
The notes form part of these financial statements
Page 7
**CHESTERTONS INTERNATIONAL FOUNDATION**
## **Notes to the Financial Statements**
## **for the year ended 30 June 2023**
## **1. ACCOUNTING POLICIES**
## **BASIS OF PREPARING THE FINANCIAL STATEMENTS**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **INCOME**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **EXPENDITURE**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **TAXATION**
The charity is exempt from corporation tax on its charitable activities.
## **FUND ACCOUNTING**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **2. DONATIONS AND LEGACIES**
|Donations
**3.**
**OTHER TRADING ACTIVITIES**
Fundraising events|2023
£
38,138
2023
£
(1,600)|2022
£
200,005|
|---|---|---|
|||2022
£
103,652|
continued...
Page 8
## **CHESTERTONS INTERNATIONAL FOUNDATION**
## **Notes to the Financial Statements - continued for the year ended 30 June 2023**
## **4. CHARITABLE ACTIVITIES COSTS**
|Grant making
**GRANTS PAYABLE**
Grant making
The total grants paid to institutions during the year w
St Mungos
Oceans Generations
Passage 2000
Sand Ends
Balfour Project
Charitable giving|Direct
Costs
£
37,499
as as follows:|Grant
funding of
activities
(see note
5)
£
75,884|Support
costs
£
15,969
2023
£
75,884
2023
£
1,139
-
2,750
-
-
71,995
75,884|Totals
£
129,352|
|---|---|---|---|---|
|||||2022
£
170,000|
|||||2022
£
70,000
15,000
70,000
10,000
5,000
-|
|||||170,000|
## **5. GRANTS PAYABLE**
## **6. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
Accountancy Fees
|2023|2022|
|---|---|
|£|£|
|900|(530)|
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022.
During the year R Mussa was an employee of the Charity and was paid £3,167 in the period since becoming a trustee for work undertaken for the charity (2022 no trustees received any remuneration).
## **TRUSTEES' EXPENSES**
There were no trustees' expenses paid for the year ended 30 June 2023 nor for the year ended 30 June 2022.
continued...
Page 9
**CHESTERTONS INTERNATIONAL FOUNDATION**
## **Notes to the Financial Statements - continued for the year ended 30 June 2023**
## **8. STAFF COSTS**
|Wages and salaries
The average monthly number of employees during the year was as follows:
Co-ordinator
No employees received emoluments in excess of £60,000.
**9.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
200,005
Other trading activities
103,652
**Total**
303,657
**EXPENDITURE ON**
**Charitable activities**
Grant making
241,642
**NET INCOME**
62,015
**RECONCILIATION OF FUNDS**
Total funds brought forward
612,489
**TOTAL FUNDS CARRIED FORWARD**
674,504|2023
£
37,499
37,499
2023
1
Restricted
fund
£
-
-
-
-
-
55
55|2022
£
12,443
12,443
2022
1
Total
funds
£
200,005
103,652|
|---|---|---|
|||303,657|
|||241,642|
|||62,015
612,544|
|||674,559|
continued...
Page 10
## **CHESTERTONS INTERNATIONAL FOUNDATION**
## **Notes to the Financial Statements - continued for the year ended 30 June 2023**
## **10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income
**11.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**Restricted funds**
Matched donations fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**Restricted funds**
Matched donations fund
**TOTAL FUNDS**|At 1.7.22
£
674,504
55
674,559
Incoming
resources
£
36,538
36,538
At 1.7.21
£
612,489
55
612,544|2023
2022
£
£
1,900
1,900
1,382
-
713
528
1,320
14,483
5,315
16,911
Net
movement
At
in funds
30.6.23
£
£
(92,814)
581,690
-
55
(92,814)
581,745
Resources
Movement
expended
in funds
£
£
(129,352)
(92,814)
(129,352)
(92,814)
Net
movement
At
in funds
30.6.22
£
£
62,015
674,504
-
55
62,015
674,559|
|---|---|---|
continued...
Page 11
## **CHESTERTONS INTERNATIONAL FOUNDATION**
## **Notes to the Financial Statements - continued for the year ended 30 June 2023**
## **11. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
303,657
303,657|Resources
Movement
expended
in funds
£
£
(241,642)
62,015
(241,642)
62,015|
|---|---|---|
## **12. RELATED PARTY DISCLOSURES**
Throughout the period Chesterton Global Limited was controlled by SM Mussa, a trustee and member of the charity, by virtue of his shareholding in Chesterton Global Limited's ultimate parent.
During the period the charity received £38,090 (2022 - £150,000) from a client money suspense account controlled by Chesterton Global Limited.
During the period the charity paid nil (2022 - £4,622) to JK Project Finance Limited, which employs staff who are also employed by Chesterton Global Limited.
Page 12
## **CHESTERTONS INTERNATIONAL FOUNDATION**
|**Detailed Statement of Financial Activities**
**for the year ended 30 June 2023**
**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Other trading activities**
Fundraising events
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Wages
Grants to institutions
**Support costs**
**Governance costs**
Accountancy Fees
Independent examination fee
Administration fees
Bank charges
Marketing
Insurance
Fundraising Expenses
IT Software
Subscriptions
Legal Expenses
General expenses
Post and stationery
Total resources expended
**Net (expenditure)/income**|2023
£
38,138
(1,600)
36,538
37,499
75,884
113,383
900
1,440
-
5
12,371
254
288
379
35
-
150
147
15,969
129,352
(92,814)|2022
£
200,005
103,652
303,657
12,443
170,000
182,443
(530)
1,440
13,502
37
-
470
43,225
120
35
900
-
-
59,199
241,642
62,015|
|---|---|---|
This page does not form part of the statutory financial statements
Page 13