**Charity registration number 265950 (England and Wales)** ## **THE CHETWODE FOUNDATION** # **Annual Report And Unaudited Financial Statements** **For The Year Ended 5 April 2025** ## **The Chetwode Foundation** ## **Legal And Administrative Information** |**Trustees**|Mr RN J S Price| |---|---| ||Mrs L Samworth| ||Mrs FM Johnson| |**Charity number (England and Wales)**|265950| |**Principal address**|Farm Office| ||Stragglethorpe Grain Store| ||Nottingham Road| ||Cropwell Bishop| ||Nottinghamshire| ||England| ||NG12 2JU| |**Independent examiner**|Chavereys Limited| ||The Goods Shed| ||Jubilee Way| ||Faversham| ||Kent| ||England| ||ME13 8GD| |**Bankers**|Barclays| ||4th Floor| ||2 Humber Quays| ||Wellingston Street West| ||Hull| ||HU1 2BN| |**Solicitors**|Forsters LLP| ||22 Baker Street| ||London| ||W1U 3BW| |**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 2025** The Trustees present their annual report and financial statements for the year ended 5 April 2025. 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, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)". ## **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** ## _Significant activities and achievements against objectives_ The attached financial statements give details of the financial transactions during the year and the financial position of the Foundation as at 5 April 2025. - 1 - ## **The Chetwode Foundation** ## **Trustees' Report (Continued)** ## **For The Year Ended 5 April 2025** ## **Financial review** During the year the Foundation made grants totalling £90,274 (2024: £73,481) split between three areas as follows: Core - 13 grants totalling £75,550 Locality Fund - 2 grants totalling £7,224 Trustees' Fund - 1 grant totalling £7,500 Within the ‘Core’ category the largest grants were £10,000 to each of The Access Project, Framework Housing, and Speech & Language UK. Within the 'Locality Fund' category, grants totalling £7,224 were made to Holy Trinity Church in Tithby and St Giles Church in Cropwell Bishop. Within the 'Trustees' Fund' category, a grant of £7,500 was made to The Peter Le Marchant Trust. The grants made during the year have continued to fulfil the Foundation's objectives. Net losses on investments amounted to £34,841 (2024: a gain of £213,951) contributing to a net decrease in funds for the year of £69,555 (2024: an increase of £190,532). 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 incomegenerating investments. At 5 April 2025, total unrestricted funds amounted to £2,957,900 (2024: £3,027,455). 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: Mr RN J S Price Mrs L Samworth Mrs FM Johnson ## _Other matters_ 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** 22 August 2025 - 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 2025. ## **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. I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011. ## **Independent examiner's statement** Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice. 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 Charities Act 2011. - 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 financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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. ## **Chavereys Limited** The Goods Shed Jubilee Way Faversham Kent ME13 8GD England 4 September 2025 - 3 - ## **The Chetwode Foundation** ## **Statement Of Financial Activities Including Income And Expenditure Account** ## **For The Year Ended 5 April 2025** |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2025**|**2024**| ||**Notes**|**£**|**£**| |**Income from:**|||| |Investments|**2**|**85,921**|_92,997_| |**Total income**||**85,921**|_92,997_| |**Expenditure on:**|||| |Raising funds|**3**|**23,539**|_32,588_| |Charitable activities|**4**|**97,096**|_83,828_| |**Total expenditure**||**120,635**|_116,416_| |Net gains/(losses) on investments|**9**|**(34,841)**|_213,951_| |**Net income/(expenditure) and movement in funds**||**(69,555)**|_190,532_| |**Reconciliation of funds:**|||| |Fund balances at 6 April 2024||**3,027,455**|_2,836,923_| |**Fund balances at 5 April 2025**||**2,957,900**|_3,027,455_| 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 2025** |**Notes**
**£**
**Fixed assets**
Investments
**10**
**Current assets**
Cash at bank and in hand
**104,291**
**Creditors: amounts falling due within one**
**year**
**11**
**(2,700)**
**Net current assets**
**Total assets less current liabilities**
**The funds of the Charity**
Unrestricted funds
**12**
The financial statements were approved by the Trustees on 22 August 2025
Mr RN J S Price
Mrs L Samworth
**Trustee**
**Trustee**|**2025**
**£**
**2,856,309**
**101,591**
**2,957,900**
**2,957,900**
**2,957,900**|**£**
_120,502_
_(7,108)_|**2024**
**£**
_2,914,061_
_113,394_| |---|---|---|---| ||||_3,027,455_| ||||_3,027,455_| ||||_3,027,455_| ||||| - 5 - ## **The Chetwode Foundation** ## **Notes To The Financial Statements** ## **For The Year Ended 5 April 2025** ## **1 Accounting policies** ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the Charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)". 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 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 £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **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 available for use at the discretion of the Trustees in furtherance of their charitable objectives. ## **1.4 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. 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 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 2025** ## **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 attached are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a 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 constitution 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, 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. ## **2 Income from investments** |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2025**|**2024**| |||**£**|**£**| ||Income from listed investments|**85,921**|_92,997_| |**3**|**Expenditure on raising funds**||| |||**Unrestricted**|**Unrestricted**| |||**funds**|**funds**| |||**2025**|**2024**| |||**£**|**£**| ||Investment management|**23,539**|_32,588_| - 7 - ## **The Chetwode Foundation** ## **Notes To The Financial Statements (Continued)** ## **For The Year Ended 5 April 2025** ## **4 Expenditure on charitable activities** |||**Charitable**|**Charitable**| |---|---|---|---| |||**activities**|**activities**| |||**2025**|**2024**| |||**£**|**£**| ||**Direct costs**||| ||Grant funding of activities (see note 5)|**90,274**|_73,481_| ||**Share of support and governance costs (see note 6)**||| ||Support|**4,620**|_7,773_| ||Governance|**2,202**|_2,574_| |||**97,096**|_83,828_| ||**Analysis by fund**||| ||Unrestricted funds|**97,096**|_83,828_| |**5**|**Grants payable**||| ||||**Charitable**| ||||**activities**| ||||**2025**| ||||**£**| ||Grants to institutions:||| ||The Access Project||**10,000**| ||Create (Arts) Ltd||**5,000**| ||Engineering Development Trust||**5,950**| ||Framework Housing||**10,000**| ||Guide Dogs||**1,020**| ||Holy Trinity Church||**3,612**| ||Inspire & Achieve Foundation||**8,000**| ||The Peter Le Marchant Trust||**7,500**| ||Lord's Taverners||**5,000**| ||The Outward Bound Trust||**2,580**| ||Prison Advice & Care Trust||**5,000**| ||The Renewal Trust||**5,000**| ||Speech & Language UK||**10,000**| ||St Giles Church||**3,612**| ||Tall Ships Youth Trust||**3,000**| ||STAA||**5,000**| ||||**90,274**| There were no grants made to individuals during the year (2024 - none). - 8 - ## **The Chetwode Foundation** ## **Notes To The Financial Statements (Continued) For The Year Ended 5 April 2025** ## **6 Support costs allocated to activities** |Admin costs
Bank charges
Governance costs
Sponsorship costs|**Total**
**2025**
**£**
**3,290**
**10**
**2,202**
**1,320**
**6,822**|**Total**
**2024**
**£**
_7,761_
_12_
_2,574_
_-_| |---|---|---| |||_10,347_| ## **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** The average monthly number of employees during the year was: ||**2025**|**2024**| |---|---|---| ||**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**| ||**2025**|**2024**| |Gains/(losses) arising on:|**£**|**£**| |Revaluation of investments|**(34,841)**|_213,951_| - 9 - ## **The Chetwode Foundation** ## **Notes To The Financial Statements (Continued)** ## **For The Year Ended 5 April 2025** ## **10 Fixed asset investments** ||**Unlisted**| |---|---| ||**investments**| ||**£**| |**Cost or valuation**|| |At 6 April 2024|**2,914,061**| |Valuation changes|**(34,841)**| |Movement in cash|**(22,911)**| |At 5 April 2025|**2,856,309**| |**Carrying amount**|| |At 05 April 2025|**2,856,309**| |At 05 April 2024|_2,914,061_| ## **11 Creditors: amounts falling due within one year** |Other creditors
Accruals and deferred income|**2025**
**£**
**-**
**2,700**
**2,700**|**2024**
**£**
_3,965_
_3,143_| |---|---|---| |||**7,108**| ## **12 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**
**2024**
**£**
**3,027,455**
**At 6 April**
**2023**
**£**
_2,836,923_|**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**85,921**
**(120,635)**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
_92,997_
_(116,416)_|**Gains and**
**losses**
**£**
**(34,841)**
**Gains and**
**losses**
**£**
_213,951_|**At 5 April**
**2025**
**£**
**2,957,900**| |---|---|---|---|---| |||||**At 5 April**
**2024**
**£**
_3,027,455_| ## **13 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 -