SEfcHIM CHARITABLE FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FROM 17 JANUARY 2024 TO 31 DECEMBER 2024 Charlty Reglstration No. 1206580 KNOX CROPPER
SEfcHIM CHARITABLE FUND CONTENTS Page REFERENCE AND ADMINisfRATIVE DAlLs TRUSTEES, REPORT INDEPENDENT EXAMINER'S REPORT STATEME OF FINANCIAL ACttvrriES BALANCE SHE NOTES TO THE FINANCIAL STATEMEwfs 9-14
SETCHIM CHARITABLE FUND REFERENCE AND ADMINISTRATIVE DEfAILS Charity Number 1206580 Trustees Richard Setchlm Elizabeth Setthlm Principal Address Hat 123 Shakespeare Tower Barbican EC2Y 8DR Independent Examiner Greg Steven50n Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Bankers National Westminster Bank PIC 216 Blshopsgate London EC2M 4QB Sollcltors Rathbones Legal Servlces Llmited 30 Gresham Street London EC2V 7QN Investment Managers Rathbones Investment Management Umlted 30 Gresham Street London EC2V 7QN
SETCHIM CHARITABLE FUND TRUSTEES, REPORT FROM 17 JANUARY 2024 TO 31 DECEMBER 2024 The Trustees of the charity present their statutory report together with the accounts of Setchim Charltable Fund the Furbdl for the period from Its registration on 17 January 2024 to 31 December 2024. The accounts have been prepared in accordance with the accounting policies set OLJt on pages 9 to 11 of the attached accounts and comply w1th the Fund's Trust Deed, applicable laws, acCounng standards (United Kingdom Generally Apted Accounting Prattl) and Accounting and Reportlng by Charities.. Ststement of Recommended Practice appllcable to charities prepartng their accounts in accordan with the Financlal Reporting Standard applicable in the United Klngdom and Republic of Ireland (FRS 102). Introduction The Fund was established by a Trust Deed dated 21 July 2023 and conflrmation of registration wlth the Charity Commission was recelved on 17 January 2024 - Charlty Registration Number 1206580. HM Revenue & Customs conflmied on 16 May 2024 that the Fund Is a charity for tax purposes. The Fund was established by Richard and Ellzabeth Setthim as a vehlde for their philanthropy. They have seNed a5 trustees thmughout the period. Objectlves and activities for the publlc benefit The objects of the Fund are.. To advan such tharftable purposes (according to the law of England and Wales) as the trustees see fit from me to time, in parbcular but not exclusively by rnaknng grants to other charities which focus on the advancement of education, the advanment of environmental protethon or improvement, the advanrnent of animal welfare and the advanrnent of ClzenShIp or community development. The trustees have complied with 5ertion 17 of the Charitie5 Act 2011 to have due regard to the guldance published by the Charlty Commission when reviewir)g the Fund's alms and objectives and In planning futu activities and setting the grant maknng policy. The peri1 ended 31 December 2024 has been devoted to establishing the charlty, obtaining funding and identifying candidates for grants. Grant making policy The grant rnang policy approved by the trustee5 lays out the charity's aims and principles in awardlng grants, and the checks made when conslderlng the organisation5 which will beneflt in these tems.. "We can only fund projects and artlvltles that are exclusively charitable and fall wlthin the objetts of the Chaty. Applications are accepted from both unsoliated sources {provided we are satisfied they are wholly charitsble in nature), and trustee researched charitable ouses. Our prlmary Interest Is In providing grants to exlsting (hartes for the publlc benefit. Oryanisations must have a written constltutlon, wlth exclusively charitable aims, and be run by a mlnlmum of two trustees. Grants wlll be made based on the fundlng avallable and $01ely on merit. The number of good applications may exceed the funding available, so the trustees will pr10rise maklng grants to charities in the City of London and in SuffolK to suppx)rt thelr local communities.
SETCHIM CHARThABLE FUND TRUSTEES. REPORT (CONTINUED) FROM 17 JANUARY 2024 TO 31 DECEMBER 2024 Financial Review Total Income amounted to £H7,046 of which £444,394 was recorded as donations and glft ald. Operating expenses amoLJnted to £6,864 including £3,503 legal fees re.. reglstration with the Charfty Commlssion and with HMRC. The investment manager's fees were £1,261. After meeting all operating expenses, the acbmties of the perfod resulted in an operating surplus of £440, 182. After accounting for realised losses of £1,646 and unrealised gains of £10,034 on the Investment portfolio, the net assets shown In the balan sheet as at 31 December 2024 amounted to £448,570. Net assets comprise the investment portfolio (at the period-end market value) of £441,844 and net current a55ets, mosdy cash, of £6,726. Contingent liabilities At 31 December 2024 discussions had reached an advanced stsge with two potential grantees. Formal trustee approval followed in January 2025 and grants were paid in that rllonth to.. The Landmark Trust (re= Landmark Craft Skn"Ils Fund) .' £25,000 The London Library Ire: City of London Schoo15 Membershlp) .' £25,040 As no binding obligatlon exlsted at 31 December 2024, the amounts are not recognlsed as a liability in these financial statements. Related Party Transactlons During the period, the Fund received agggate dOnaonS from trustees of £442,212, including £3,503 pald on behalf of the Fund for legal fees relating to registration with the Charlty Commission and with HMRC. The trustees havè also donated servi5 to the Fund such as , photocopying and stationery for whlth no charge has been made and no value is ascribed. Investment policy The Charity s assets are held In a portfollo of UK Government securities on the advice of the independent investment managers, having regard to timeframe for Investment, ac55 to funds (liquidity) and the attitude of the tnjstees to risk. These securitie5 are held at Rathbone Nomlnees Llmlted in electronic fomi within a Euroclear UK & Ireland {CRESD account. ReseNes pollcy Tre funds proviéed by the donors are unrestricted funds from which grants can be awarded and donatlons made, for the public benefit as the trustees in thelr absolute dIScOn thlnk flt. The total fund5 of the charity a5 at 31 Dmber 2024 sto)d at £448,570. Having regard to the risks to which the Charity is exposed, the trustees have concluded that rrVeS of £50,000 should be held. It Is thelr Intention that the remalnder of the charity's funds will be applied in Mang grants as sultable candldates for support are ldernfied.
SETCHIM CHARITABLE FUND TRUSTEES, REPORT (CONTINUED) FROM 17 JANUARY 2024 TO 31 DECEMBER 2024 Structurei governance and management The Fund does not have employees and is managed by the founding origlnal Trustees who are listed on page I, with the foundlng members being responslble for the day-to-day running of the Fund and are considered to be key management personnel. All Trustees have given their time freely and no Trustee remuneration was paid in the period. Upon appointment, eath trustee reiVed a copy of the Charity Commlsslon for England and Wales publication "The essential tru5tee.' what you need to know, what you need to do" and other relevant Charlty Commission literature. The Fund Is a grant maklng tharity only and provldes no SeN15. The trustees undertake a balance of responsibilities divided between strateglc dirertion, governance and operats'ons with professional support as requlred. Rlsk management The trustees have a duty to identify and revlew the risk5 to which the charlty is exposed and to ensure appropriate controls are in place to provide reasonable assuran against fraud or error. The trustees have consldered the major risks to which the charlty is exposed and assessed thelr likelihood and Impact. The highest rated rlsks are considered to be dependen on key funders and105s of key Indlvlduals. The trustees have estsblished ProreS to manage those risks which wlll be Monitor periodicaI1y.
SETCHIM CHARITABLE FUND TRusfEES' REPORT (CONTINUED) FROM 17 JANUARY 2024 TO 31 DECEMBER 2024 statement of Trustees. responsibilitie5 The Trustees a responslble for preparing the Annual RetX)rt of the Trustees and the financial statements in accordance with applicable law and regulations and United Kingdom Accounting Stsndards (Unlted Kingdom Generally Accepted Accounting Pracbce). The law appllcable to thafitles in England and Wales requlres the Trustees to prepare finandal statements for •• each finanaal year which give a twe and fair vlew of the state of affairs of the Charlty and of the incoming resour5 and applicatlon of resour of the Charity for that year. In preparing these financial statements, the Trustees are required to.. selett suitsble accountlng policies and then apply them conslstently,. observe the methods and principle5 in the Charltles SORP,. make judgements and accounting estimates that are reasonable and prudent,, stste whether applicable United Kingdom accountlng standards have been followed, subject to any material departures discSosed and explained In the flnanaal statements,. and prepare the financial statements on the golng concern basis unless it is inapproprfate to presume that the Charity will contlnue In operation. The Trustees are responsible for keeping proper accounting records that dlsclose wlth reasonable accuracy at any time the financial position of the Fund and enable them to ensure that the finandal statements comply with the Charlties Act 2011, the Charity (Accounts and Reports) Regulatlons 2008 and the provlslons of the Trust Deed. They are also responsible for safeguarding the assets of the Fund and hence ft)r taklng reasonable steps for the pfftvention and detection of fraud and other irregularitles. Going Concern The trustees believe that the charlty has adequate reseNes to continue its activieS for the foreseeable future arKJ that there Is no material UnrtaInty in relation to its status as a going COnrn. Plans for the future Payment of grants wlll contlnue in 2025 and 2026 as 5Ultable candidates for support are identified. Signed on behalf of the Tru5tee5: Trustee Trustee Rlchard Setchim Ellzabeth Setchlm Approved by the Trustees on...... ......... .........................2025
SETCHIM CHARITABLE FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SETCHIM CHARITABLE FUND I rewrt to the trustee5 on my examlnatlon of the accounts of Setchlm Charitable Fund C'the Fund") from 17 January 2024 to 31 Dernber 2024, whlch comprise the Statement of Flnancial Attivities, the Balan Sheet and lated notes. This report is made to the Trustees, as a tKKly, in accordance wlth the terms of my engagement. My work has been undertaken so that I might carry out an Independent Examination of the flnancial statement5 in accordan wlth the General Direcbons given by the Charity Commissioners. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Fund and the Fund's Trustees as a body for my work or for this retK)rt. Responslblllties and basis of report As the charity trustees of the Fund you are SpOnSIble for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the ACV). I report in respect of my examination of the Fund s accounts carried out under sectlon 145 of the 2011 Art and in carrying out my exaMInaOn I have followed all applicable Direcbons given by the Charity Commlsslon under section 145(5)(b) of the Act. Independent examlner's statement I have completed my examlnatlon. I confi that no materfal matters have come to my attention in connection wlth the examinaOn gimng me cause to be11eve that in any material respert: accoUnng records were not kept In respect of the Fund as requIr by sectlon 130 of the Act,. or the accounts do not accord with those records,. or the accounts do not comply with the applicable requlrements Conrning the fom and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts glve a true and fair view which Is not a matter considefftd as part of an independent examination. I have no concerns and have come acr055 no other matters In connection with the exaMInaOn to which attention should be drawn in thi5 report In order to enable a proper understandlng of the accounts to be reached. Greg Stevenson FCA Knox Cmpper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD g°wfv 2025
SETCHIM CHARITABLE FUND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FROM 17 JANUARY 2024 TO 31 DECEMBER 2024 ricted Funds 2024 Income from Donations and grants Investments, income and Inte$t CeIvabLe 4H,394 2,652 Total Income 447,046 Expenditure on Raising funds Investment management fees Charitable activities 1,261 5,603 Total expenditure 6,864 Net income Galnsl(losses) on Investsnents U,182 8,388 Net movement in funds 448,570 Reconciliation of funds Fund balances brought forward Fund balance5 carried forward £448,570 The notes on pages 9 to 14 ft)rm part of these financlal statements. The ststement of financial artlvltles Includes all gains and losses recognised in the perlod.
SETCHIM CHARITABLE FUND BALANCE SHEEr AS AT 31 DECEMBER 2024 2024 Flxed assets Investsnents 8,644 Current assets Debtors Cash at bank and in hand 1,937 495 2,432 Credltors: amounts falling due within one year {2,5061 Net Current Assets (74) Total assets less current liabilities £H8,570 Funds Unrestrirted funds io 448,570 £448,570 The flnancial ststements were approved by the Trustees on ..................................2025 Trustee Trust Rlchard Setchim Elizabeth Setchlm The notes on pages 9 to 14 fomi part of these flnanaal statements.
SEfcHIM CHARThABLE FUND NOTES TO THE FINANCIAL sfATEMENTS FROM 17 JANUARY 2024 TO 31 DECEMBER 2024 ACCOUNTING POLICIES Charity Informatlon Setchim Charitable Fund Is an unlncorporated Trust. Its prlnclpal pla of business is Flat 123, Shakespeare Tower, Barbican, London, EC2Y 8DR. 1.1 Accountlng convention The financial statements have been prepared In accordance with Accounting and Reporting by Charitles: Statement of Recommended Practice applicable to Charities preparing their accounts In accordan with the Financlal Repong Standard applicable In the UK and Republic of Ireland {FRS 102) (effective I January 2019) and the Charities Act 2011. The Fund constitutes a public beneflt entity as defined by FRS 102. The ftnancial statements have been prepared to glve a 'true and frdirf view and have departed frorn the Charities (Accounts and Report5) Regulations 2008 only to the extent required to provlde a 'true and fair, view. This departure has Involved following Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to tharities preparing their accounts In accordance with the Flnanaal Reporting Standard appllcable in the UK and Republic of Iland (FKS 102) issued in October 2019 rather than the Accounting and Reporting by Charities.. Ststement of Recommended Practice effethve from I April 2005 whlch has SIn been wSthdrnwn. The finanaal statements are prepared In sterling, which is the funthonal currency of the Fund. The flnandal statements have been prepared under the historica5 cost convenfjon, wlth items recognised at cost or transaction value unle55 Otherwise stated In the relevant notes to these accounts. 1.2 Going concern At the time of approving the finandal statements, the Trustees have a fftasonable expertation that the Fund has adequate resources to continue in operational existence for the foreseeable future. The Fund is not an operational Charlty having stsff and overheads but makes grants and donations from donatlons r1Ved and investment income. The Trustees have assessed whether the use of the golng concern assumption is approprfate In preparlng these accounts. The Trustees have made this assessment in respect to a period of one year from the date of approval of these accounts. The Trustees of the Fund have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Fund to continue as a going COnr. The Trustees are of the oplnbon that the Fund will have sufficient resources to meet Its liabilikn'es as they fall 1.3 Charitable funds General funds are unrestricted funds which are available for use at the dlscretion of the Trustees In furtheran of the general objectives of the Fund and which have not been designated for other purposes. 1.4 Income Income is recogni5ed once the Fund has entltlement to the income, it is probable that the Income will be reived, and the amount of Income receivable can be measured reliably. All income Is ststed gr055 of any expenditure. Donatlons are recognised when the Fund has confirmation of both the amount and the settlement date. In the event of donations pledged but not received, the amount Is accrued for where the receipt is considered probable. In the event that the donatlon Is subjett to conditions that require a level of performance before the Fund is entitled to the funds, the income is deferred and not recognised until either the condltions are fully met, or the fulfilment of these conditions are wholly within the control of the Fund and It is probable that these conditions will be fulfilled in the reporting period.
SETCHIM CHARITABLE FUND NOTES TO THE FINANCIAL sfATEMENTS FROM 17 JANUARY 2024TO 31 DECEMBER 2024 ACCOUNTING POLICIES (CONTINUED) 1.4 Income (contlnued) Dlvldends and distrIbuonS from Investment funds are recognlsed On the dlvidendldistribution has been declared and nofjflcation has been r1ved of the amount due. The Fund's investment income and Investment galns are all credited to the same unrestrlcted reserve and therefore there Is no requirement to separate out the Income from the galns In respect of these ftjnds. Interest on funds held on deposit is included when ceIVable and the amount can be measured reliably by the Fund; thls Is nomally upon notlflcatlon of the Interest pald or payable by the bank. 1.5 Expenditu Expenditure is Wognid On there is a legal or consbuctive obligation to make payment to a thlrd party, it is probable that settlement will be required and the amount of the obligation can be measured rellably. Expenditu comprises the following., a) Expenditure on raising funds Indudes fees pald to Investment managers In connectlon with ad on and management of the Fund's listed Investments. b) Expenditure on charitable artiwties comprises grants payable. Grants payable are Included In the statement of financial attivities when approved and when the intended recipient has either received the funds or been informed of the decision to make the donation ènd has sausfled all related conditions. Grants approved and communicated but not paid at the end of the financial year are accrued for. Grants where the beneficiary has not been infomied or has to meet rtain conditions before the grant is released are not accrued for but are noted a5 financial commitments in the notes to the accounts. All expenditure is stated indusive of irrecoverable VAT. 1.6 Allocation of support and governance costs Support costs represent indirect charitable expenditure. In order to cany out the primary purposes of the Fund it is necessary to provide sUPPOrt in the form of administrative Sery15. Govemance costs comprlse the costs Involvlng the publlc accountsblllty of the Fund (Including legal and accoUnng costs) and costs In respert of its Compl[an wlth regulation and good pradce. Support costs and governor costs are appothoned direcdy to the one charitable activity. 1.7 Flxed asset Investments Investments are a form of baslc finandal Instrument and are Inltially recognlsed at thelr transartlon value and subsequendy measured at their fair value as at the balan sheet date using the closing quoted market pri. The Ststement of Financial Activities includes the net gains and losses arising on disposals during the year and fair value adjustrnents at the year end. 1.8 Taxatlon Setchim Charltable Fund Is a reglstered Charfty and is not liable to income or capitsl gains tsxes on its present activities. 1.9 Debtors Debtors are recognised at their Settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. 10
SETCHIM CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FROM 17 JANUARY 2024 TO 31 DECEMBER 2024 ACCOUNTING POUCIES (COPINUED) 1.10 Cash at bank and in hand and short term deposits Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits of more than three months but less than one year have been dlsclosed as short term dewsits. 1.11 Creditors Creditors are recogni5ed Whe the Fund has a present obligation resulting from a past event that will probably result In the transfer of funds to a third paity and the amount due to settle the obligation can be measured or estimated reliably. Creditors are usually recognised at their settlement amount. 1.12 Fund strurture The unrestricted income fund represents funds avallable for the general charftable purposes of the Fund at the discretion of the Trustees. 1.13 Critical accounting estimates and areas of judgement There are no areas in the accounts reqUIng the Trustees to make slgnificant judgements and estimate5. DONATIONS AND GRANTS 2024 Gifted Investsnents (see Note 5) Gift Donation5 Other DOnaonS Gift 430,959 7,750 3,748 £444,394 INVEsfMENTS 2024 Income from Investments Broker5 interest 2,540 112 £2,652 CHARThABLE ACTIVITIES 2024 Grants (4.1) Support Costs (4.2) £5,603
SETCHIM CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FROM 17 JANUARY 2024 TO 31 DECEMBER 2024 CHARThABLE ACTIVITIES (coiifINUED) 4.1 Grants payable Grants during the year comprise: At 31 December 2024 discussions had reached an advanced stage with 0 potential grantees. Fomal trustee approval followed in January 2025 and grants were paid in that month to.. The Landmark Trust {re'. Landmad( Craft Skills Fund) The London brary (re.. aty of London Schools MeMbeh[p) 25,000 25,040 As no binding obligation existed at 31 December 2024, the arllounts a not recognlsed as a liability in these financial Statements. 4.2 Support costs The breakdown of SUPEXIrt costs and how these are allated between Govemance and Charitsble Attivities is shown In the tsble below. Governance costs 2024 Charitable activities 2024 Total 2024 Cost type.. Legal Fees Independent Examlnation Fees 3,503 3,503 £5,603 £5,603 TRUSTEES AND RELATED PARTh TRANSACTIONS During the perlod to 31 December 2024, the Trustees, Richard and Ellzabeth Setchlm, donated £430,959 to the Charity in the form of shares to the Fund and there were no condltlons attached to this donation. In addlUon the Trustees made donations to the Fund amounting to £11,253. In accordan with the Charlty's policy, Trustees withdraw from decisions when a confllct of Interest arlses. No Trustees received any remuneration or reimbursement of expenses In thls perlod. EMPLOYEES There were no employees durfng the perfod. 12
SETCHIM CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS 17 JANUARY 2024 TO 31 DECEMBER 2024 FIXED ASSET INVESTMENTS 2024 (a) Quoted Invesknents at Market Value Cash with Investment Managers 441,844 6,800 Total Investments £448,644 (b) Movement in Investments Market value as at 17 January 2024 Gifted Investments Additions Disposals Realised galnsl{losses) Unreallsed galnsl(10sses) 430,959 431,810 (429,313) (1,646) 10,034 Market value at 31 December 2024 £441,844 Cost at 31 December 2024 £431,810 Quoted Investments with more than 5% of market value, whith are considered to be material. Treasury 114% Gllts 19.83 TaSUry 118% Senlor 19.86 Treasury 318% Bonds 19.75 Treasury 4 11886 Gilts 21.53 Treasury 50/0 Stock 19.03 The carrying amount of finanaal assets measured at fair value through income and expendlture wlthSn investments is £441,844. DEBTORS 2024 Gift Aid Recoverable 1,937 El,937 13
SETCHIM CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FROM 17 JANUARY 2024TO 31 DECEMBER 2024 CREDITORS: amountsfalllng due within one year 2024 Investment Managers fees Independent Examination fees 406 2,100 £2,506 10. NET ASSETS BEfwEEN FUNDS Unrestricted Total 2024 Fixed Assets Current Assets Current Liabilities 448,644 2,432 448,6H 2,432 £448,570 £448,570 11. TAXATION Setchlm Charitable Fund is a reglstered charity and is potentlally exempt from tsxation in respert of Income and capital galns recelved within the categorles covered by Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Art 1992 to the extent that such income or gains are applbed to charitable purposes. 14