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 D￿AlLs
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, acCoun￿ng standards (United
Kingdom Generally A￿pted 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 advan￿ment of environmental protethon or improvement,
the advan￿rnent of animal welfare and the advan￿rnent of Cl￿zenShIp 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 rna￿ng 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 Cha￿ty.
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 (hart￿es 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 pr10ri￿se 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 agg￿gate dOna￿onS 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 servi￿5 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, ac￿55 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 dISc￿￿On thlnk flt.
The total fund5 of the charity a5 at 31 D￿mber 2024 sto)d at £448,570.
Having regard to the risks to which the Charity is exposed, the trustees have concluded that r￿rVeS of £50,000
should be held. It Is thelr Intention that the remalnder of the charity's funds will be applied in Ma￿ng grants as
sultable candldates for support are ldern￿fied.

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 re￿iVed 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 SeN1￿5. 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 Pro￿￿reS 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
resour￿5 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 activi￿eS for the foreseeable future
arKJ that there Is no material Un￿rtaInty in relation to its status as a going COn￿rn.
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 De￿rnber 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 exaMIna￿On 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 examina￿On gimng me cause to be11eve that in any material respert:
accoUn￿ng 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 Con￿rning 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 exaMIna￿On 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 Repo￿ng 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 I￿land (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
r￿1Ved 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 COn￿r￿. 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
re￿ived, 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 distrIbu￿onS from Investment funds are recognlsed On￿ the dlvidendldistribution has been
declared and nofjflcation has been r￿1ved 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 Wogni￿d 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 Sery1￿5.
Govemance costs comprlse the costs Involvlng the publlc accountsblllty of the Fund (Including legal and
accoUn￿ng 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 (COP￿INUED)
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 reqUI￿ng the Trustees to make slgnificant judgements and estimate5.
DONATIONS AND GRANTS
2024
Gifted Investsnents (see Note 5)
Gift Donation5
Other DOna￿onS
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 MeMbe￿h[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 all￿ated 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
T￿aSUry 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