**Charity registration number 265950**
## **THE CHETWODE FOUNDATION**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **THE CHETWODE FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|R N J S Price|
|---|---|
||Mrs L Samworth|
||Mrs F M Johnson|
|**Charity number**|265950|
|**Principal address**|Farm Office, Stragglethorpe Grainstore|
||Nottingham Road|
||Cropwell Bishop|
||Nottingham|
||NG12 2JU|
|**Independent examiner**|Ellacotts LLP|
||Countrywide House|
||23 West Bar|
||Banbury|
||Oxfordshire|
||England|
||OX16 9SA|
|**Bankers**|Barclays|
||4th Floor|
||2 Humber Quays|
||Wellington Street West|
||Hull|
||HU1 2BN|
|**Solicitors**|Geldards LLP|
||Enterprise Way|
||Nottingham|
||NG2 1EN|
|**Investment advisors**|Sarasin & Partners|
||Juxon House|
||100, St. Paul's Churchyard|
||London|
||EC4M 8BU|
## **THE CHETWODE FOUNDATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 10|
## **THE CHETWODE FOUNDATION**
## **TRUSTEES' REPORT**
## **FOR THE YEAR ENDED 5 APRIL 2024**
The Trustees present their report and financial statements for the year ended 5 April 2024.
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 Trust Deed, 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 from 1 January 2019.
## **Objectives and activities**
The objectives of the Foundation are such exclusively charitable purposes as the Trustees may determine and in particular, but without prejudice, to that general statement:
To make contributions towards the expenses of any established charitable institution or body and the cost of any projects of study and research established by such institution or body including a contribution towards the cost of purchasing or erecting any building or land to be used in connection therewith.
To provide funds and make administrative provisions that the Trustees may deem necessary for the initiation, promotion and sponsoring of new charitable projects of education study and research and for the establishment and endowment of charitable scholarships, fellowships, professional chairs, lectureships, prize awards and institutions.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The core objective of The Chetwode Foundation is to support charities that provide help to the most disadvantaged young people in the city of Nottingham and county of Nottinghamshire, giving them opportunities to fulfil their potential, and benefit the wider community.
There are two smaller categories of giving: to local causes and to causes brought to the personal attention of the Trustees.
Grants are made based on a scoring system, which is used to assess projects. Monitoring visits are made to projects receiving funding of £5,000 or over, in accordance with the Foundation's Terms and Conditions.
## **Achievements and performance**
The attached financial statements give details of the financial transactions during the year and the financial position of the Foundation as at 5 April 2024.
## **Financial review**
During the year the Foundation made grants totalling £73,481 (2023: £81,946) split between three areas as follows:
Core - 12 grants totalling £46,621 Locality Fund - 2 grants totalling £13,500 Trustees' Fund - 4 grants totalling £13,360
Within the ‘Core’ category the largest grant was £9,144 to The Inspire & Achieve Foundation. Within the 'Locality Fund' category, two grants totalling £13,500 were made to Wiverton-in-the-Vale PCC.
The grants made during the year have continued to fulfil the Foundation's objectives.
Net gains on investments amounted to £213,951 (2023: a loss of £266,373) contributing to a net increase in funds for the year of £190,532 (2023: a decrease of £287,937).
- 1 -
## **THE CHETWODE FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 5 APRIL 2024**
The Trustees look to retain sufficient cash reserves as they consider necessary to respond to requests for grants. The Trustees are keen to support the level of grant aid being achieved by the charity and are looking to fund that principally from income-generating investments. At 5 April 2024, total unrestricted funds amounted to £3,027,455 (2023: £2,836,923). The Trustees are satisfied that the Foundation's assets are available and adequate to fulfil its obligations.
The Foundation's investment policy seeks to achieve a balanced return from income and capital appreciation and to maintain the value of the income stream in real terms whilst controlling the level of risk.
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operation and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
## **Structure, governance and management**
The Chetwode Foundation is an unincorporated charity established under a Deed of Settlement by the late John Chetwode Samworth dated 26 March 1973. John Chetwode Samworth died on 31 August 2014.
The Trustees who served during the year and up to the date of signature of the financial statements were: R N J S Price
Mrs L Samworth
Mrs F M Johnson
The Settlor had the power to appoint new or additional Trustees during his lifetime. Following his death, the existing Trustees have the power to appoint new or additional Trustees. Individual Trustees are able to resign at any time by giving notice in writing.
Trustees are selected either from the late Settlor's family group, or someone with a close relationship to the late Settlor's family. On appointment, Trustees will receive appropriate training and induction.
The Trustees have the same full and unrestricted powers of investing and transferring investments as if they were beneficially entitled to the Trust Fund.
The Trustees' report was approved by the Board of Trustees.
..............................
## **Mrs L Samworth**
Trustee Dated: .........................
- 2 -
## **THE CHETWODE FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF THE CHETWODE FOUNDATION**
I report to the Trustees on my examination of the financial statements of The Chetwode Foundation (the charity) for the year ended 5 April 2024 which are set out on pages 4 to 10.
## **Responsibilities and basis of report**
As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable 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 that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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 financial statements to be reached.
## **Charlotte Toemaes BSc FCA**
Ellacotts LLP Chartered Accountants and Registered Auditors Countrywide House 23 West Bar Banbury Oxfordshire OX16 9SA
Dated: .........................
- 3 -
## **THE CHETWODE FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 5 APRIL 2024**
|||**Unrestricted **|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2024**|**2023**|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Investments|**2**|92,997|90,701|
|**Expenditure on:**||||
|Raising funds|**3**|32,588|21,446|
|Charitable activities|**4**|83,828|90,819|
|**Total resources expended**||116,416|112,265|
|Net gains/(losses) on investments|**9**|213,951|(266,373)|
|**Net movement in funds**||190,532|(287,937)|
|Fund balances at 6 April 2023||2,836,923|3,124,860|
|**Fund balances at 5 April 2024**||3,027,455|2,836,923|
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 4 -
## **THE CHETWODE FOUNDATION**
## **BALANCE SHEET**
## **AS AT 5 APRIL 2024**
|**Notes**
**Fixed assets**
Investments
**11**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**12**
Net current assets
**Total assets less current liabilities**
**The funds of the charity**
Unrestricted funds|**2024**
**£**
**£**
2,914,061
120,502
7,108
113,394
3,027,455
3,027,455
3,027,455|**2023**
**£**
**£**
2,731,180
118,611
12,868
105,743
2,836,923
2,836,923
2,836,923|**2023**
**£**
**£**
2,731,180
118,611
12,868
105,743
2,836,923
2,836,923
2,836,923|
|---|---|---|---|
||||2,836,923|
||||2,836,923|
||||2,836,923|
The financial statements were approved by the Trustees on .........................
|..............................|..............................|
|---|---|
|R N J S Price|Mrs L Samworth|
|**Trustee**|**Trustee**|
- 5 -
## **THE CHETWODE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **1 Accounting policies**
## **Charity information**
The Chetwode Foundation is an unincorporated charity established under a Deed of Settlement by the late John Chetwode Samworth dated 26 March 1973. John Chetwode Samworth died on 31 August 2014.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's Trust Deed, 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. The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
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 £.
## **1.2 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.
## **1.3 Charitable funds**
Unrestricted funds are funds available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
## **1.4 Income**
All incoming resources are included in the Statement of Financial Activities when the charity has entitlement to the funds, certainty of receipt and the amount can be measured with sufficient reliability.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
## **1.5 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 of 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 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.
- 6 -
## **THE CHETWODE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024**
## **1 Accounting policies**
## **(Continued)**
Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such as grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as commitment, but not accrued as expenditure. Grants made that specify that they relate to a period after these financial statements are shown as payable in that future period.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with the administration of the charity and compliance with the constitutional and statutory requirements.
## **1.6 Fixed asset investments**
Fixed asset investments are initially 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.
## **1.7 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.
## **2 Income from investments**
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||Income from listed investments|92,997|90,701|
|**3**|**Raising funds**|||
|||**Unrestricted **|**Unrestricted**|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||Investment management|32,588|21,446|
|||32,588|21,446|
- 7 -
## **THE CHETWODE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024**
## **4 Expenditure on charitable activities**
|||**Charitable**|**Charitable**|
|---|---|---|---|
|||**activities**|**activities**|
|||**2024**|**2023**|
|||**£**|**£**|
||**Direct costs**|||
||Grant funding of activities (see note 5)|73,481|81,946|
||**Share of support and governance costs (see note 6)**|||
||Support|7,773|6,409|
||Governance|2,574|2,464|
|||83,828|90,819|
||**Analysis by fund**|||
||Unrestricted funds|83,828|90,819|
|**5**|**Grants payable**|||
||||**2024**|
||||**£**|
||Bulwell Forest Garden||3,000|
||Create||5,000|
||Lord Taverners Wicketz||5,000|
||Tomorrow's Company||4,000|
||Framework||5,000|
||The Inspire & Achive Foundation||9,144|
||Hear Together||2,410|
||Childrens Bereavement Centre||1,157|
||Community Safety Education||2,200|
||Wiverton-in-the-Vale||13,500|
||SFL - Jasper Weldon||5,000|
||Portland College||5,000|
||Total Insight Theatre||4,710|
||Peter Le Marchan Trust||2,160|
||Uppingham School||5,000|
||Newark & Nottinghamshire||1,200|
||||73,481|
Grants to institutions amounted to £73,481 (2023: £81,946).
There were no grants to individuals made during the year (2023: none).
- 8 -
## **THE CHETWODE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024**
## **6 Support costs allocated to activities**
|**Support costs allocated to activities**|||
|---|---|---|
|Admin costs
Bank charges
Sundry expenses
Governance costs
**Analysed between:**
Charitable activities|**2024**
**£**
7,761
12
-
2,574
10,347
10,347|**2023**
**£**
6,218
8
183
2,464|
|||8,873|
|||8,873|
## **7 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **8 Employees**
There were no employees during the year.
|There were no employees during the year.|||
|---|---|---|
||**2024**|**2023**|
||**Number**|**Number**|
|Total|-|-|
There were no employees whose annual remuneration was more than £60,000.
## **9 Gains and losses on investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
|Gains/(losses) arising on:|**£**|**£**|
|Revaluation of investments|213,951|(266,373)|
## **10 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
- 9 -
## **THE CHETWODE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024**
## **11 Fixed asset investments**
|**Cost or valuation**
At 6 April 2023
Valuation changes
Movement in cash
At 5 April 2024
**Carrying amount**
At 05 April 2024
At 05 April 2023
**Creditors: amounts falling due within one year**
Grants: deferred payment
Other creditors
Accruals and deferred income|**Listed**
**investments**
**£**
2,731,180
182,122
759
2,914,061
2,914,061
2,731,180
**2024**
**2023**
**£**
**£**
-
1,620
3,965
8,505
3,143
2,743
7,108
12,868|
|---|---|
## **12 Creditors: amounts falling due within one year**
## **13 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|General funds
**Previous year:**
General funds|**At 6 April**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**£**
**£**
**£**
**£**
2,836,923
92,997
(116,416)
213,951
**At 6 April**
**2022**
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**£**
**£**
**£**
**£**
3,124,860
90,701
(112,265)
(266,373)|**At 5 April**
**2024**
**£**
3,027,455
**At 5 April**
**2023**
**£**
2,836,923|
|---|---|---|
## **14 Related party transactions**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year or in the prior year.
- 10 -