## **THE ALCHEMY FOUNDATION**
**TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
**CHARITY NUMBER: 292500**
**The Alchemy Foundation Annual report and financial statements for the year ended 5 April 2025**
## **Contents**
## **Page** :
- 1 Introduction 2-3 Trustees’ report 4 Statement of trustees’ responsibilities 5-6 Auditor’s report 7 Statement of Comprehensive Income 8 Statement of Financial Position 9 Statement of Cash Flow 10-13 Notes to the accounts
**The Alchemy Foundation Introduction**
|**Trustees**|Alex Armitage|
|---|---|
||Tony Elias|
||Andrew Murison|
||Caroline Pedley|
||Lady Annabel M Stilgoe OBE (until 2 November 2024)|
||Holly J M Stilgoe|
||Dr Jack E Z Stilgoe|
||Dr Jemima R Stilgoe|
||Joseph R I Stilgoe|
||Sir Richard H Z S Stilgoe OBE|
||Rufus N A Stilgoe|
||Nicolas M Turner (appointed 20 September 2025)|
|**Charity number**|292500|
|**Principal address**|Trevereux Manor|
||Limpsfield Chart|
||Oxted|
||Surrey|
||RH8 0TL|
|**Auditors**|McKenzies|
||Chartered Accountants|
||2 Station Road West|
||Oxted|
||Surrey|
||RH8 9EP|
|**Bankers**|Coutts & Co|
||440 Strand|
||London|
||WC2R 0QS|
|**Solicitors**|TWM Solicitors LLP|
||40 West Street|
||Reigate|
||Surrey|
||RH2 9BT|
|**Investment Managers**|Cazenove Capital Management Ltd|
||12 Moorgate|
||London EC2R 6DA|
1
**The Alchemy Foundation Report of the trustees for the year ended 5 April 2025**
The trustees present their report and accounts for the year ended 5 April 2025.
## **Structure, Governance and Management**
The charity was established, as The Starlight Foundation, by a charitable trust deed on 14 August 1985 under charity number 292500. The name was changed to The Alchemy Foundation on 2 June 1987. Lady Annabel M Stilgoe OBE who stood down as a trustee on 2 November 2024 sadly died on 15 January 2025.
The trustees who have served during the year and since the year end are set out below. Trustees meet as required to discuss the charity. Richard, Rufus and Holly Stilgoe, Caroline Pedley and Tony Elias, who are trustees, run the day-to-day activities of the charity.
The trustees who served during the year were:
Alex Armitage Tony Elias Andrew Murison Caroline Pedley Lady Annabel M Stilgoe OBE (until 2 November 2024) Holly J M Stilgoe Dr Jack E Z Stilgoe Dr Jemima R Stilgoe Joseph R I Stilgoe Sir Richard H Z S Stilgoe OBE Rufus N A Stilgoe
Trustees may serve indefinitely, and new trustees may be co-opted by existing trustees. All trustees are advised of their responsibilities under charity law.
## **Related parties**
The Alchemy Foundation is connected to another charity, The Orpheus Centre Trust, with which it co-operates in the pursuit of its charitable objectives.
## **Risk factors**
The trustees make regular reviews of the risks which the charity faces.
The most significant risks facing the charity are fluctuations in the value of investments. In early 2025 the Foundation received a capital input upon the sale of future royalties. To minimise the risk of a reduction in their value and following a rigorous process to select suitable investment managers, two were appointed.
## **Objectives and Public Benefits of the charity**
The charity’s objects are particularly focused on The Alchemist Scheme (funding the costs of fundraisers assigned to charities handpicked by the trustees), and charitable causes including those in the fields of disability, social welfare, prisons and young carers, with a particular focus on making a lasting difference to young people.
Under the terms of the trust deed, the trustees have power to invest monies of the Foundation in any investments they deem fit, to accumulate income and to convert income into capital.
2
**The Alchemy Foundation Report of the trustees for the year ended 5 April 2025**
## **Review of activities**
In December 2024, the rights to the royalties were sold and proceeds invested in cash at the best prevailing rates of interest.
In furtherance of the charity’s objectives, the Foundation made 229 donations during the year.
In line with the objects above, the grant-making policy of the Foundation is to support a variety of causes, with special emphasis on The Alchemist Scheme whereby the Foundation supports the costs of fundraisers at invited charities including Child Rescue Nepal, Youth Music, The Orpheus Centre and WaterAid. In deciding to which charities grants should be made, the guideline “making a lasting difference to young people” is generally followed.
Until this year, the Foundation’s income came from royalties from musicals running outside the United Kingdom. Since early 2025 the Foundation’s income comes from the capital gifted because of the sale of those royalties. Total income has increased by £12,046,005 during the year, and this is principally because of the one-off capital gift. Income of the Foundation is now generated by this capital sum which is managed by Barclays Private Bank and Rathbones Investment Management.
The investment policy of the Foundation has been to take moderate risk.
The Foundation has no employees and therefore no employee costs were incurred during the year.
None of the trustees (or any persons connected with them) received any remuneration or benefits during the year.
## **Financial review**
During the year, incoming resources of £12,346,510 were received and £505,662 was expended. The net current assets at the end of year amounted to £13,825,949.
## **Reserves**
The reserves amounted to £13,825,949 at 5 April 2025.
Sir Richard H Z S Stilgoe OBE Trustee 28 November 2025
3
**The Alchemy Foundation Trustees’ responsibilities**
Law applicable to charities in England and Wales require the trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year (unless the charity is entitled to prepare accounts on the alternative receipts and payment basis).
In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state where applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
4
**Independent Auditor’s Report to the Trustees of The Alchemy Foundation**
## **Opinion**
We have audited the financial statements of the Alchemy Foundation for the year ended 5 April 2025, which comprise the Statement of Comprehensive Income, Statement of Financial Position, the Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standards applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the affairs as at 5 April 2025 of the charity’s incoming resources and application of resources for the year;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis of opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council (FRC)’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or
- the charity has not kept sufficient accounting records; or
- the charity’s financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
5
**Independent Auditor’s Report to the Trustees of The Alchemy Foundation**
## **Responsibilities of trustees**
As explained more fully in the statement of trustees’ responsibilities set out on page 4, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.
Our objectives are to obtain reasonable assurance about whether the charity financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We also design specific procedures for this engagement and the extent to which these are capable of detecting irregularities.
A further description of our responsibilities is available on the FRC’s website
at:www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
C E McCoy (Senior Statutory Auditor) McKenzies Chartered Accountants Statutory Auditors 2 Station Road West Oxted Surrey RH8 9EP
28 November 2025
6
**The Alchemy Foundation Statement of Comprehensive Income for the year ended 5 April 2025**
|**Notes**
**2025**
**£**
Incoming resources
Incoming resources from generated funds:
Voluntary income
2
12,213,424
Investment income
3
133,086
_______
Total incoming resources
12,346,510
_______
Resources expended
Charitable activities:
Grants payable
4
504,044
Management and administration
568
Governance costs
1,050
_______
Total resources expended
5
505,662
______
Net outgoing resources before other recognised gains
and losses
11,840,848
Movement on investment assets
9
(44,845)
______
Net movement in funds
11,796,003
Reconciliation of funds:
Total funds brought forward at 6 April 2025
2,029,946
________
**Total funds carried forward at 5 April 2025**
**13,825,949**
_______|**2024**
**£**
279,117
21,388
_______
300,505
_______
340,021
575
1,050
_______
341,646
______
(41,141)
74,029
______
32,888
1,997,058
________
**2,029,946**
_______|
|---|---|
7
**The Alchemy Foundation Statement of Financial Position at 5 April 2025**
|**Notes**
**2025**
**£**
**Assets**
Debtors: amounts falling due with one year
8
275,454
Investments
9
1,150,170
Cash at bank
12,401,375
________
13,826,999
**Creditors: amounts falling due within one year**
10
(1,050)
________
**Total assets less current liabilities**
13,825,949
_______
**Income funds**
Unrestricted funds
13,825,949
_______|**2024**
**£**
4,634
1,217,902
808,460
________
2,030,996
(1,050)
________
2,029,946
|
|---|---|
||_______
2,029,946
_______|
The accounts were approved by the Trustees on 28 November 2025.
Sir Richard H Z S Stilgoe OBE Tony Elias Trustee Trustee
8
## **THE ALCHEMY FOUNDATION STATEMENT OF CASH FLOW FOR THE YEAR ENDED 5 APRIL 2025**
## **__________________________________________________________________________________**
|
|**Cash Flows from Operational activities**
Net (Deficit)/Income for the financial year
Adjustments for:
Investment activities
Decrease / (increase) in debtors
Increase / (decrease) in creditors
**Cash from operations**
Interest paid
Income taxes paid
**Net cash generated from operational activities**
**Cash Flows from Investing activities**
Purchase of investments
Proceeds from sale of investments
Income from investment
Investment management fees
Interest received
**Net cash from investing activities**
**Cash flows from financing activities**
**Net cash used in financing activities**
**Net increase / (decrease) in cash and cash equivalents**
**Cash and cash equivalents at beginning of the year**
**Cash and cash equivalents at the end of the year**|**2025**
11,840,848
(133,086)
(270,820)
-
11,436,942
-
-
11,436,942
(942,842)
965,729
141,301
(8,215)
-
155,973
-
11,592,915
808,460
12,401,375|**2025**
11,840,848
(133,086)
(270,820)
-
11,436,942
-
-
11,436,942
(942,842)
965,729
141,301
(8,215)
-
155,973
-
11,592,915
808,460
12,401,375|
|---|---|---|---|
|||||
9
**The Alchemy Foundation Notes forming part of the financial statements for the year ended 5 April 2025**
## **1 Accounting policies**
## **Basis of accounting**
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments, and are in accordance with applicable standards, and the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102).
## **Incoming resources**
Income is accounted for in the period in which the charity is entitled to receipt.
## **Resources expended**
Expenditure is included on an accruals basis.
## **Investments**
All investments are stated at market value at the year-end. Income arising from investments is accounted for in the period when it is receivable.
## **Governance costs**
Governance costs are associated with the governance arrangements of the charity and include the cost of external accountancy fees and legal fees.
## **2**
|**Donations and gifts**
Donations and gifts|**2025**
**£**
**2024**
**£**
12,213,424
279,117
_________
______|
|---|---|
Donations and gifts consist of royalties historically assigned by Sir Richard Stilgoe and donations from Alchemy Limited which derives its income from royalties historically assigned by Sir Richard Stilgoe.
## **3 Investment income**
|**2025**
**£**
Income from listed investments (gross)
116,980
Less: investment management fees
(8,215)
Interest receivable
24,321
______
133,086
______|**2024**
**£**
14,978
(5,153)
11,563
______
21,388
______|
|---|---|
10
**The Alchemy Foundation Notes forming part of the financial statements for the year ended 5 April 2025**
|**4**|**Grants payable (229 grants)**|||
|---|---|---|---|
|||**2025**|**2024**|
|||**£**|**£**|
||Grants payable can be divided into the following categories:|||
||The Alchemist Scheme|156,531|158,929|
||Disability- mobility, helplines, access|46,024
|51,526|
||Social welfare – inner city community projects|122,789|92,341|
||Individuals on behalf of registered charities|11,200|7,700|
||Respite for carers|13,500|10,500|
||Penal reform and work with prisoners and their families|11,500|6,000|
||Other|142,500|13,025|
|||______|______|
|||504,044|340,021|
|||______|______|
|**5**|**Total resources expended**|||
|||**2025**|**2024**|
|||**£**|**£**|
||**Charitable activities:**|||
||Grants payable|504,044|340,021|
||Management and administration|568|575|
|||______|______|
|||504,612|340,596|
||**Governance costs:**|||
||Accountancy fees|1,050|1,050|
|||______|______|
|||505,662|341,646|
|||______|**______**|
## **6 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. The charity has not met any individual expenses incurred by trustees for services provided to the charity during the year.
## **7 Employees**
There were no employees during the year.
11
**The Alchemy Foundation Notes forming part of the financial statements for the year ended 5 April 2025**
|**8**
**Debtors**
Investment income receivable
Interest accrued on Deposit Bank Account
Vat receivable - one-off due to capitalisation of royalties
**9**
**Current Asset Investments:**
Managed Portfolio:
Fixed interest
securities
Equities and
Alternatives
Market value at 6 April 2024
193,530
1,024,372
Purchases
65,677
877,165
Sales
(116,733)
(848,996)
Accrued interest at 6 April 2024
-
-
Accrued interest at 5 April 2025
-
-
Net gains / (losses)
24,781
(69,626)
_______
_______
Market value at 5 April 2025
167,255
982,915
_____
_____
Historical cost at 5 April 2025
168,415
1,073,985
_____
_____
**10**
**Creditors: amounts falling due within one year**
Other creditors
|**2025**
**£**
8,712
1,135
265,607
______
275,454
______
**2025**
**£**
1,217,902
942,842
(965,729)
-
-
(44,845)
________
1,150,170
______
1,242,400
_____
**2025**
**£**
1,050
________
1,050
______|**2024**
**£**
1,219
3,415
-
______
4,634
______
**2024**
**£**
882,911
411,259
(150,297)
-
-
74,029
________
1,217,902
______
1,153,235
_____
**2024**
**£**
1,050
________
1,050
______|
|---|---|---|
12
**The Alchemy Foundation Notes forming part of the financial statements for the year ended 5 April 2025**
|**11**
**Movement of funds**
**2025**
**£**
**Unrestricted funds:**
At 6 April 2024
2,029,946
Net movement in funds
11,796,003
________
At 5 April 2025
13,825,949
______|**2024**
**£**
1,997,058
32,888
________
2,029,946
______|
|---|---|
Of the above funds £44,845 represents unrealised loss on investments (2024 – unrealised gain of £74,029).
## **12 Related parties**
During the year grants of £44,281 (2024 - £59,846) were made to The Orpheus Centre Trust and a donation of £150,000 was received from Alchemy Limited (2024 - £200,000).
13