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2023-03-31-accounts

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Charity registration number 1046947

Company registration number 03057840 (England and Wales)

CHANCE (UK) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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CHANCE (UK) LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Hugh Thornbery, CBE - Chair (stepped down September 2022)
Richard Gordon – Hon. Treasurer (stepped down September 2022)
Sarah Parker – Chair (from September 2022)
Paul Sutcliffe – Hon. Treasurer (from September 2022)
Jennifer Kelly (from September 2022)
Marvin Joseph Campbell
Helen Louise Fletcher
Cristina Otelea
Debashish Dey (stepped down March 2023)
Mary Mulvey-Oates
Elizabeth Phillips
Keisha Forteau
Secretary Geethika Jayatilaka (Upto 31 May 2023)
Charity number 1046947
Chief Executive Officer Geethika Jayatilaka (Upto 31 May 2023)
Matt Plen - Interim CEO (From May 2023)
Senior Management Team Samantha Darrell – Director of Services
Sophie Schmal Nee Bainton - Director of Fundraising and External Affairs
Marc Fletcher - Head of Resources (From April 2022 – December 2022)
Tayo Salami – Director of Finance and Resources (from February 2023)
Registered office Units F11 and F12
89-93 Fonthill Road
London
N4 3JH
Senior Statutory Auditor James Foskett
Auditor SKS Audit LLP
3 Sheen Road
Richmond Upon Thames
TW9 1AD
Bankers The Co-operative Bank
1 Islington High Street
London
N1 9TR

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CHANCE (UK) LIMITED

CONTENTS

Page
Trustees' report 1 - 8
Independent auditor's report 9 - 11
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 - 29

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CHANCE (UK) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

The trustees present their annual report and financial statements for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note to the financial statements and comply with the charitable company's Memorandum and Articles of Association, the Charities Act 2011, the Companies Act 2006 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).

Objectives and activities

Chance UK is an early intervention organisation which supports children aged 5-14 and their families. Our work helps children to develop their social and emotional skills, including self-esteem, resilience and self-regulation.

Many of the children we work with experience emotional and behavioural difficulties. We support them to develop their skills, confidence and aspirations through a series of structured, solutions-focused programmes that support children and families to work towards goals that improve their behaviour, experiential learning and raise their selfesteem and aspirations for their future. We believe that all children and families have strengths that we need to recognise and build on.

Our services are carried out by carefully selected, trained and managed youth worker mentors. They help the children to reduce their emotional and behavioural difficulties and to increase their pro-social behaviours. These changes are measured using well established metrics and assessment procedures at the beginning and end of every programme. Alongside this work, Chance UK’s parent support team offer parents and carers practical, emotional and signposting support. This reduces the level of stress in families and helps maintain improvements for children after our work has finished.

Public benefit statement

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PD2)’. The achievements and activities above demonstrate the public benefit arising through the Charity’s activities.

Our volunteers

Chance UK is grateful to all our volunteers over the years who have provided their support and care for the children they mentored. As we move ahead with our new organisational strategy we are looking forward to offering new ways to harness the positive influence, incredible energy and experience volunteers bring and to share this with more children.

Achievements and performance

In 2022/23 Chance UK have continued to support children and families through our, youth worker-led delivery model and extended our service offer of one-to-ones, group mentoring and school-based workshops which enables us to provide the right support at the right time. We support children to develop the skills they need to build a brighter future. We offer the child’s family specialist support to build their knowledge, skills and personal resilience.

This year we have been working with children and families in the London boroughs of Camden, Hackney, Islington, Lambeth, Newham, Southwark, Tower Hamlets and Westminster.

This year Chance UK has:

The 199 children who we supported through our one-to-one mentoring programmes include 111 children who started their support journey with us, and 134 children who graduated from our support this year. There are 46 children who began and graduated within this period.

These 199 children were supported to develop emotional and social skills via our different programmes:

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CHANCE (UK) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

My Future

LIFT

Programmes delivered in Westminster supported

STEP

Safer Space

RISE

Explore and Empower (no longer accepting referrals)

We have also supported the families and parents of the children in our programmes. Throughout the 2022/23 financial year, 98 parents were supported via our parent programme. We supported them via 209 support sessions, of which 141 were one-to-one tailored support sessions.

This year, we have continued to embed our new, youth worker-led delivery model and extended service offer of oneto-one, group mentoring and school-based workshops which enables us to provide the right support at the right time. We have also adapted and responded to the changing needs of children and families in light of the cost of living crisis and other socioeconomic changes.

Our practice sees youth workers and parent support workers come together to form a team around the family to adopt a unified way of communicating, listening and supporting children at home and at school. Outcomes for children are strengthened by this holistic approach which enables parents to build skills and confidence and find new opportunities.

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CHANCE (UK) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

This year

Many of these children experienced difficulties across multiple areas of their lives.

We remain committed to elevating the voices and experiences of children and families by facilitating workshops and consultations to bring these to the fore and making the case for early intervention in key areas. This includes combatting behaviour and attendance policies within primary schools that can prevent children from building brighter futures.

2022/23 has seen us scale up our targeted support for young women and girls. In the UK today, girls are more than twice as likely as boys to experience mental health problems by the time they are 18 years old. One in four women are victims of domestic abuse, and over 800,000 children are affected by domestic abuse.

Our six-to-nine-month programmes provide girls with female mentors who support them to build their selfconfidence and emotional resilience in one-to-one sessions. These sessions are supplemented by group workshops which create a space to explore themes such as healthy relationships, online safety, and how to identify signs of negative behaviour.

Fundraising, Data Protection and GDPR

The charity’s main fundraising activity involves communications with statutory bodies, corporates, trusts and foundations and major donors via written communication, telephone, email, fundraising and sponsored events in line with the Fundraising Code of Practice set by the Fundraising Regulator.

When we work with partner organisations who carry out fundraising activities on our behalf, we set their work through formal agreements, and monitor their activity through meetings and ongoing communications.

We have been working with fundraising consultants for strategic support. They work exclusively under the jurisdiction of the Director of Fundraising and External Affairs and do not have direct contact with donors or prospective donors on behalf of Chance UK.

We have plans to expand the Fundraising and External Affairs team this year to support the growth of voluntary income and diversify our funding, minimising risk and becoming more versatile and sustainable.

Where members of the public have donated, we have adhered to tight guidelines informed by the DPA and GDPR legislation. Our privacy policy is available upon request.

Chance UK's approach is available on our website. Key principles for fundraising activities with the public include the following:

The charity is in the process of registering with the Fundraising Regulator and adheres to the standards of the Fundraising Code of Practice. No complaints about fundraising activity were received in the year.

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CHANCE (UK) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Financial review

The Statement of Financial Activities shows a net surplus of £102,428 (2022 – net deficit of £179,767) for the year and reserves stand at £888,022 (2022 - £785,594). The net unrestricted fund deficit for the year is £22,588 (2022 – net surplus £111,982), and the restricted funds surplus is £125,016 (2022 – deficit of £68,748). The financial position at year end as per the Balance Sheet shows net current assets or working capital of £880,555 (2022 – £781,901). The net book value of fixed assets held, all of which are used directly for charitable purposes, amounts to £7,467 (2022 – £3,693 ).

The senior leadership team and trustees maintained strong controls over the finances of the charity during the year to ensure that a balanced result was achieved.

Reserves policy

The trustees consider it prudent to maintain an adequate balance of unrestricted funds to cover the Charity’s contractual commitments and ideally aim to have three months’ running costs, excluding donated services, in reserve. Currently the Charity has free reserves of approximately four months’ running costs. Trustees consider the additional month of reserves to be prudent in light of the uncertainty of the current climate. The trustees consider that the Charity’s reserves will enhance the services provided and provide financial security for the future.

At year end, the financial statements show reserves of £888,022 (2022 - £785,594), of which £201,349 (2022 - £76,333) was restricted. In addition, the trustees have set aside a designated fund totalling £200,000 (2022 - £200,000) for the specific purpose of organisational development over the next 12 -18 months. The reserves held in unrestricted funds, which have not been designated or invested in fixed assets, are £479,206 (2022 – £505,568).

Principal Funding Sources

Principal funding sources are currently donations and grants received from corporate partners, private donors, trusts and foundations and statutory bodies.

Investment powers and policy

Under the Memorandum and Articles of Association, the charity has the power to make any investment which the trustees see fit. The trustees have considered the most appropriate policy for investing funds and have found that cash deposits meet their requirements to generate income.

Plans for future periods

In the year ahead - we look forward to embedding the new ways of working for the organisation; developing and delivering new services using our extended service offer and supporting more children and families using these innovative services as well as expanding into new areas. Alongside this we will continue to focus on impact - and ensure that our work makes the difference to children and families we support.

While these are still uncertain times for many reasons - we are optimistic that our reputation for high quality, impactful and evidence-based services, focussed on the needs of children and families, will help us to continue to help children to realise their potential and build a better future.

2023/24 will be an exciting year for the organisation. We will continue to reach more children and families as we extend our presence into new areas of London – Barnet, Camden, Croydon, Enfield, Lewisham and maintain our presence in Haringey, Islington, Lambeth, Newham, Southwark, Tower Hamlets and Westminster. This expansion will see us refresh our referral processes to make accessing our services easier and more efficient for referrers and families.

The next year will see us invest in our External Affairs, Policy, Impact and Communications function as we look to further fulfil our strategic commitments to elevate the experience and voices of children and families and challenge the wider system to enable families to receive the help they need.

We will continue to develop the organisation’s infrastructure, people, processes and systems which will underpin the continued success of our services as we grow and expand.

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CHANCE (UK) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Structure, governance and management

Governing Document

Chance (UK) Limited is registered under the Companies Act 1985 as a company limited by guarantee and not having a capital divided by shares.

The company was incorporated on 17 May 1995 and is a registered charity constituted as a limited company under the Memorandum and Articles of Association. The charity registration number is 1046947 and the company registration number is 03057840.

Recruitment and appointment of Trustees

As set out in the Articles of Association the chair of the Trustees is nominated by Chance (UK) Limited. The Directors of the organisation are also the charity Trustees for the purposes of charity law. The Board of Trustees has power to appoint additional Trustees as it considers fit to do so.

The Trustees in office in the year are set out on legal and administration page. The Trustees have no beneficial interest in the company other than as members. All of the Trustees are members of the company and guarantee to contribute £1 in the event of winding up.

Organisation

The Charity is governed by the Board of Trustees, which sets the overall framework. The chief executive and senior leadership team are then delegated full responsibility for implementation within this framework.

Trustee induction and training

The Trustees maintain a good working knowledge of charity and company law and best practice through regular reading of charity press articles and scrutiny of Companies House, Charity Commission, other government and voluntary organisation advisory websites. New trustees are given copies of the Memorandum and Articles of Association, copies of statutory and charity commission guidance on the role of Trustees, and the previous years’ Board minutes. They receive detailed briefings from senior staff and training in safeguarding, copies of statutory and charity commission guidance on the role of Trustees.

Related parties

The charity works closely with other similar organisations. None of the charity’s trustees are directors or trustees of these other organisations.

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CHANCE (UK) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Pay policy for senior staff

The remuneration of the charity’s key management personnel is reviewed annually by the Trustees, taking into account cost of living, individual performance and the charity’s financial position.

Risk Management

The Trustees have overall responsibility for ensuring that the organisation operates an appropriate system of controls, financial and otherwise, to provide reasonable assurance that:

The Finance Committee is responsible for ensuring the maintenance and integrity of Chance UK’s financial systems, processes, information and reporting. This includes:

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CHANCE (UK) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

The control systems operated by the charity are designed to provide reasonable assurance against material misstatement or loss. They include:

The Board have identified a number of key risks as part of the risk management process which may threaten our ability to deliver the organisation’s 5-year strategy. The risks are regularly reviewed by the Board and include:

All risks have controls and mitigation plans in place, and where appropriate, contingency plans. These include:

Safeguarding Risks

Chance UK worked with over 900 children this year, including 199 who benefit from one-to-one mentoring. Safeguarding therefore remains a key element of our day to day work as well as fundamental to the delivery of our mission.

The Charity’s safeguarding policy is regularly reviewed in line with statutory and good practice guidance.

The Director of Services acts as the Safeguarding Lead for the organisation, supported by two Deputy Safeguarding Leads (the Service Managers). This safeguarding team meets monthly to discuss specific cases, review process, and plan updates and focus areas.

The Safeguarding Lead sits on the Islington Safeguarding Board.

The Safeguarding Lead reports regularly to the Chief Executive and quarterly to the Board on performance in this area. In the coming year we will be reconstituting a dedicated Board Safeguarding subcommittee.

Staff all have up to date DBS checks and two professional references and are required to attend safeguarding training as part of their induction. This is refreshed every two years and records of this are maintained.

We have continued to run our out of hours safeguarding line which is managed by the Director of Services and the Service Managers.

Safeguarding concerns are raised, logged, advised and followed through as part of the day-to-day role of case management. The organisation seeks advice from, and makes referrals to, social care in line with our policies and procedures.

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CHANCE (UK) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Statement of trustees' responsibilities

The trustees, who are also the directors of Chance (UK) Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" .

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website.

Auditor

In accordance with the company's articles, a resolution proposing that SKS Audit LLP be reappointed as auditor of the company will be put at a General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The trustees' report was approved by the Board of Trustees and signed on its behalf by:

Sarah Parker (Chair)

26 September 2023

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CHANCE (UK) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHANCE (UK) LIMITED

Opinion

We have audited the financial statements of Chance (UK) Limited (the ‘charitable company’) for the year ended 31 March 2023, which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. 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 Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for 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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the 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 and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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CHANCE (UK) LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CHANCE (UK) LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charitable company for the purpose of company law, 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 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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CHANCE (UK) LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CHANCE (UK) LIMITED

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// 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 charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

James Foskett (Senior Statutory Auditor) for and on behalf of SKS Audit LLP

26 September 2023

Chartered Accountants Statutory Auditor

3 Sheen Road Richmond Upon Thames TW9 1AD

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CHANCE (UK) LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
Designated
Restricted
funds
funds
funds
2023
2023
2023
Notes
£
£
£
Income from:
Donations and legacies
3
663,703
-
-
Charitable activities
4
10,500
-
694,188
Investments
5
1,648
-
-
Total income
675,851
-
694,188
Expenditure on:
Raising funds
6
142,443
-
-
Charitable activities
7
555,996
-
569,172
Total expenditure
698,439
-
569,172
Net (expenditure)/income for the year/
Net movement in funds
(22,588)
-
125,016
Fund balances at 1 April 2022
509,261
200,000
76,333
Fund balances at 31 March 2023
486,673
200,000
201,349		 Total
2023
£
663,703
704,688
1,648
1,370,039
142,443
1,125,168
1,267,611
102,428
785,594
888,022		 Total
2022
£
382,833
571,718
38
954,589
73,337
1,061,019
1,134,356
(179,767)
965,361
785,594

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

Continuing Operations

None of the charitable company’s activities were acquired or discontinued during the two financial years.

Total recognized gains and losses

The charitable company has no recognised gains or losses other than the above movements in funds during the two financial years.

The notes on pages 15 to 29 form part of these financial statements.

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CHANCE (UK) LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023

Notes
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
15
Unrestricted funds
Designated funds
16
General unrestricted funds		 2023
£
£
7,467
177,707
879,346
1,057,053
(176,498)
880,555
888,022
201,349
200,000
486,673
686,673
888,022		 2022
£
£
3,693
123,604
831,117
954,721
(172,820)
781,901
785,594
76,333
200,000
509,261
709,261
785,594		 2022
£
£
3,693
123,604
831,117
954,721
(172,820)
781,901
785,594
76,333
200,000
509,261
709,261
785,594
785,594
76,333
709,261
785,594

The notes on pages 15 to 29 form part of these financial statements.

The Trustees have prepared financial statements in accordance with Section 398 of the Companies Act 2006 and Section 138 of the Charities Act 2011. These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual financial statements required by the Companies Act 2006 and are for circulation to members of the company.

The financial statements were approved by the Trustees on 26 September 2023 and were signed on its behalf by:

.............................. ..............................
Sarah Parker Paul Sutcliffe
(Chair) (Hon. Treasurer)

Company registration number 03057840

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CHANCE (UK) LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
21
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Investment income received
Net cash (used in)/generated from
investing activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
(7,999)
-
1,648		 £
54,580
(6,351)
-
48,229
831,117
879,346		 2022
£
£
(146,524)
(2,868)
3,726
38
896
-
(145,628)
976,745
831,117

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CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

Charity information

Chance (UK) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Units F11 and F12, 89-93 Fonthill Road, London, N4 3JH.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charitable company's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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)" (effective 1 January 2019). The charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policy note(s). ..

1.2 Going concern

The Charity’s Financial Statements shows a net surplus of £102,428 for the year (2022 – net deficit £179,767) and free reserves of £479,206 (2022 - £505,568). The trustees are of the view that these results have secured the immediate future of the Charity for the next 12 to 18 months and on this basis the Charity is a going concern.

1.3 Charitable funds

The general fund comprises those monies, which may be used toward meeting the charitable objectives of the company at the discretion of the Management Board.

The designated funds are monies set aside out of general funds and designated for specific purposes by the Management Board.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charitable company 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.

Grant income

Grants are credited to the Statement of Financial Activities when the charity is entitled to the funds. Income is only deferred where there are time constraints imposed by the donor or if the funding is performance related.

Where entitlement to grants receivable is dependent upon fulfilment of conditions within the charity’s control, the income is recognised when there is sufficient evidence that conditions will be met.

Grants supporting the core activities of the charity and with no specific restrictions placed upon their use are included within donations and legacies. Grants that have specific restrictions placed upon their use are included within income from charitable activities.

Capital grants for the purchase of fixed assets are credited to restricted incoming resources on the earlier date of when they are received or receivable. Deprecation on the related fixed assets are charged against the restricted fund.

DocuSign Envelope ID: A5A6739C-BDFA-4335-A91B-87F457F0E028DocuSign Envelope ID: D4967B06-C39A-4500-9C9C-AA98748EA415

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

Donations and legacies

Donations are recognised in the period in which they are received. Legacy income is recognised when the charity’s entitlement is judged to be probable and where the amount can be reliably measured.

Contract income

Income from charitable activities include income recognised as earned (as the related goods and services are provided) under contract.

Investment income

Investment income is included when 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.

Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Charity’s programmes and activities. These costs have been allocated to expenditure on charitable activities. The basis on which support costs have been allocated are set out in note 8.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The cost of minor additions or those costing less than £500 are not capitalised.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment 33.33 % on cost Fixtures and fittings 15% on reducing balance Database 25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount repaid net of any trade discounts due.

1.8 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.

DocuSign Envelope ID: A5A6739C-BDFA-4335-A91B-87F457F0E028DocuSign Envelope ID: D4967B06-C39A-4500-9C9C-AA98748EA415

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.9 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.10 Taxation

The Charity is a registered charity and, therefore, is not liable for Income Tax or Corporation Tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

1.11 Creditors and Provisions

Creditors and provisions are recognised where the charitable company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.12 Pension

The Charity operates a defined contribution pension scheme on behalf of its employees. Contributions are charged to the Statement of Financial Activities in the period in which they are payable. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

1.13 Volunteers and donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised and refers to the trustees’ annual report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

1.14 Operating leases

All leases are operating leases, and rentals are charged to the Statement of Financial Activities on a straightline basis over the lease duration. No assets are held under hire purchase agreements.

DocuSign Envelope ID: A5A6739C-BDFA-4335-A91B-87F457F0E028DocuSign Envelope ID: D4967B06-C39A-4500-9C9C-AA98748EA415

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

2 Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

DocuSign Envelope ID: A5A6739C-BDFA-4335-A91B-87F457F0E028DocuSign Envelope ID: D4967B06-C39A-4500-9C9C-AA98748EA415

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

3 Donations and legacies

Unrestricted
funds
2023
£
AKO Foundation
-
Anonymous donations
263,000
Donated services
3,200
Drapers Foundation
25,000
Esmee Fairbairn Foundation
77,000
Gift Aid
750
Kirkland & Ellis International LLP
-
Liberium
-
Other donations < £5,000
29,753
Q Charitable Trust
5,000
Teachappy Ltd
-
The Mohan Westlake Foundation
220,000
Tuixen Foundation
40,000
663,703
For the year ended 31 March 2022
382,833		 Total
2023
£
-
263,000
3,200
25,000
77,000
750
-
-
29,753
5,000
-
220,000
40,000
663,703		 Total
2022
£
25,000
5,000
8,450
-
70,000
-
10,000
5,000
24,383
-
5,000
200,000
30,000
382,833
382,833

The charity is indebted to several organisations for providing the following pro bono professional services and free accommodation. The income equivalents are recognised within income as donations, and corresponding charges included within expenditure under support costs as follows:

• Legal costs relating to lease agreement - £Nil (2022 - £8,000) included in other direct costs

• Furniture donated - £Nil (2022 - £450) included in other direct costs.

• Professional fees £3,200 (2022 - £Nil) included in legal and professional costs.

• Anonymous donations include a donation of £250,000 from a philanthropic donor well known to the organisation. Due diligence was carried out by both parties and Trustees were involved in the process before the donation was accepted.

DocuSign Envelope ID: A5A6739C-BDFA-4335-A91B-87F457F0E028DocuSign Envelope ID: D4967B06-C39A-4500-9C9C-AA98748EA415

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

4 Charitable activities

Unrestricted
funds
Restricted
funds
2023
2023
£
£
Early Intervention service
Anonymous organisations
-
106,050
Ant Foundation
-
27,785
Barnardos / Islington CCG
10,000
-
Berkeley Foundation
-
25,000
Camden Giving
-
24,117
Charles Hayward Foundation
-
-
Cripplegate Foundation
-
-
Cripplegate Foundation - Islington Giving
-
-
David & Ruth Lewis
-
-
Department of Health & Social Care
-
-
Henry Smith Foundation
-
15,000
Islington CCG
-
-
Joy Worth Pledge
-
-
London Borough of Islington
500
178,000
Ragamuffins
-
342
Sir John Cass's Foundation
-
-
VRU Girls
201,644
Walcot Foundation
-
6,250
Westminster Alms
-
10,000
Westminster Foundation
-
100,000
10,500
694,188
For the year ended 31 March 2022
Unrestricted funds
181,000
-
Restricted funds
-
390,718
181,000
390,718		 Total
2023
£
106,050
27,785
10,000
25,000
24,117
-
-
-
-
-
15,000
-
-
178,500
342
-
201,644
6,250
10,000
100,000
704,688		 Total
2022
£
-
48,628
3,000
29,756
26,116
25,000
10,625
24,000
20,000
19,170
-
76,682
10,000
178,000
-
17,408
-
-
-
83,333
571,718
181,000
390,718
571,718

5 Investments

Unrestricted
funds
2023
£
Interest on cash deposits
1,648
1,648
For the year ended 31 March 2022
38		 Total
2023
£
1,648
1,648		 Total
2022
£
38
38
38

DocuSign Envelope ID: A5A6739C-BDFA-4335-A91B-87F457F0E028DocuSign Envelope ID: D4967B06-C39A-4500-9C9C-AA98748EA415

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

6 Raising funds

Unrestricted
funds
2023
£
Staff costs
67,376
Other Direct Cost
-
Other fundraising costs
48,381
Share of Support costs
20,519
Share of Governance costs
6,167
142,443
For the year ended 31 March 2022
73,337		 Total
2023
£
67,376
-
48,381
20,519
6,167
142,443		 Total
2022
£
34,730
1,980
30,508
4,452
1,667
73,337
73,337

7 Charitable activities

Early
Intervention
Services
2023
£
Staff costs
644,926
Volunteers' expenses
-
Other direct costs
147,805
792,731
Share of support costs (see note 8)
255,615
Share of governance costs (see note 8)
76,822
1,125,168
Analysis by fund
Unrestricted funds
555,996
Endowment funds - Designated
-
Restricted funds
569,172
1,125,168		 Total
2023
£
644,926
-
147,805
792,731
255,615
76,822
1,125,168
555,996
-
569,172
1,125,168		 Total
2022
£
731,486
14,015
126,367
871,868
137,614
51,537
1,061,019
378,553
223,000
459,466
1,061,019

DocuSign Envelope ID: A5A6739C-BDFA-4335-A91B-87F457F0E028DocuSign Envelope ID: D4967B06-C39A-4500-9C9C-AA98748EA415

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

8 Support costs

The Charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Governance costs and other support costs are apportioned separately between charity’s key activities undertaken in the year All the general support and governance costs are allocated to activities at different percentages, based on the basis of staff time relating to each activity.

Support
costs
Governance
costs
Total
2023
£
£
£
Staff costs
116,002
33,664
149,666
Travel, training & recruitment
42,498
33,495
75,993
Depreciation
4,225
-
4,225
Premises and equipment costs
58,515
-
58,515
Communication costs
-
-
-
Information technology costs
486
-
486
Bookkeeping fees
12,538
-
12,538
Legal and professional costs
27,937
6,795
34,732
Other office costs
13,933
35
13,968
Auditor's remuneration
-
9,000
9,000
276,134
82,989
359,123
Analysed between
Fundraising
20,519
6,167
26,686
Charitable activities
255,615
76,822
332,437
276,134
82,989
359,123
9
Net movement in funds
2023
£
Net movement in funds is stated after charging/(crediting)
Fees payable to the company's auditor for the audit of the company's financial
statements
6,000
Auditor's remuneration - Non Audit Fees
3,000
Depreciation of owned tangible fixed assets
4,225
Operating lease charges
35,197		 Total
2022
£
147,123
-
4,064
26,952
253
3,312
-
3,941
1,765
7,860
195,270
6,119
189,151
195,270
2022
£
4,800
3,060
4,064
44,799

DocuSign Envelope ID: A5A6739C-BDFA-4335-A91B-87F457F0E028DocuSign Envelope ID: D4967B06-C39A-4500-9C9C-AA98748EA415

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

10 Employees

The average monthly number of employees during the year was:

Early Intervention Services
Support and governance
Fundraising
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration was more than £60,000
is as follows:
£70,001 - £80,000
£80,001 to £90,000		 2023
Number
17
3
1
21
2023
£
755,507
78,962
27,499
861,968
2023
Number
-
1		 2022
Number
21
3
1
24
2022
£
726,451
66,086
25,523
818,059
2022
Number
1
-

No trustee received any remuneration during the year (2022 - £Nil). No trustees received reimbursement of expenses during the year (2022- £Nil).

The key management personnel of the charity are shown on Legal page and include the Executive Director. The total employee benefits of the key management personnel of the charity were £272,900 (2022 - £233,401).

DocuSign Envelope ID: A5A6739C-BDFA-4335-A91B-87F457F0E028DocuSign Envelope ID: D4967B06-C39A-4500-9C9C-AA98748EA415

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

11
Tangible fixed assets
Computer
equipment
Fixtures and
fittings
£
£
Cost
At 1 April 2022
9,344
1,920
Additions
7,999
-
At 31 March 2023
17,343
1,920
Depreciation and impairment
At 1 April 2022
7,038
533
Depreciation charged in the year
4,017
208
At 31 March 2023
11,055
741
Carrying amount
At 31 March 2023
6,288
1,179
At 31 March 2022
2,306
1,387
12
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
13
Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
14
Trade creditors
Other creditors
Accruals and deferred income		 Database
£
23,646
-
23,646
23,646
-
23,646
-
-
2023
£
144,152
17,101
16,454
177,707
2023
£
20,190
90,476
30,858
4,643
30,331
176,498		 Total
£
34,910
7,999
42,909
31,217
4,225
35,442
7,467
3,693
2022
£
100,682
16,435
6,487
123,604
2022
£
17,056
124,953
12,059
4,412
14,340
172,820

14 Deferred income

Deferred income is included in the financial statements as follows:

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CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

14 Deferred income

Deferred income (Continued)
2023 2022
£ £
Deferred income is included within:
Current liabilities 90,476 124,953
Movements in the year:
Deferred income at 1 April 2022 124,953 133,417
Released from previous periods (124,953) (133,417)
Resources deferred in the year 90,476 124,953
Deferred income at 31 March 2023 90,476 124,953

Deferred income represents the following grant income:

DocuSign Envelope ID: A5A6739C-BDFA-4335-A91B-87F457F0E028DocuSign Envelope ID: D4967B06-C39A-4500-9C9C-AA98748EA415

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

15 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 April 2021 resources expended
1 April 2022		 resources expended
31 March 2023
£ £ £ £ £ £ £
Anonymous organisation - - - - 106,050 (17,814) 88,236
Ant Foundation 12,723 48,628 (61,351) - 27,785 (27,785) -
BBC Children in Need 39,054 - (39,054) - - - -
Berkeley Foundation - 29,756 (28,235) 1,521 25,000 (26,521) -
Camden Giving - 26,116 (26,116) - 24,117 (24,117) -
Charles Hayward
Foundation - 25,000 (25,000) - - - -
City of London
Corporation 7,500 - (7,500) - - - -
Constable Education Trust 9,925 (8,668) 1,257 - (1,257) -
Cripplegate Foundation 9,748 10,625 (20,373) - - - -
Cripplegate Foundation -
Islington Giving 3,202 24,000 (27,202) - - - -
David & Ruth Lewis - 20,000 (6,183) 13,817 - (13,817) -
Department of Health &
Social Care - 19,170 (19,170) - - - -
Enthuse.com (Big Give) 6,346 - (6,346) - - - -
Future 10,000 - - 10,000 - - 10,000
Henry Smith Foundation - - - - 15,000 (11,657) 3,343
Home Office 14,173 - - 14,173 - - 14,173
Islington CCG - 76,682 (76,682) - - - -
Joy (Big Give) 3,125 - (3,125) - - - -
Joy Worth Pledge 2,719 10,000 (2,479) 10,240 - (2,237) 8,003
London Borough of
Islington - - - - 178,000 (178,000) -
Ragamuffins 250 - (250) - 342 (342) -
Sir John Cass's
Foundation 15,333 17,408 (32,741) - - - -
The Childhood Trust (Big
Give) 3,125 - (3,125) - - - -
Theirworld 7,858 - (7,858) - - - -
VRU Girls - - - - 201,644 (175,857) 25,787
Walcot Foundation - - - - 6,250 (5,073) 1,177
Westminster Alms - - - - 10,000 (10,000) -
Westminster Foundation - 83,333 (58,008) 25,325 100,000 (74,695) 50,630
145,081 390,718 (459,465) 76,333 694,188 (569,172) 201,349

Early Intervention Services

These services are the core of our work supporting children and their families and include universal services - which cover a range of school workshops useful for all children, targeted groups aimed at building social and emotional skills through a range of fun activities which run over a number of weeks and tackle specific needs and our intensive mentoring offer for those who benefit from longer term, more intensive and focused 121 support. Alongside this runs our parenting support for parents and carers. Delivery of these services are undertaken by a team of Youth Workers, managed by Youth Worker Managers and Parent Programme Managers who are supported by Director of Services and Services Lead roles. The work is also overseen by the CEO.

DocuSign Envelope ID: A5A6739C-BDFA-4335-A91B-87F457F0E028DocuSign Envelope ID: D4967B06-C39A-4500-9C9C-AA98748EA415

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

16 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 April 2021
Resources
expended
£
£
Designated Development
Fund
223,000
(223,000)
223,000
(223,000)		 Movement
in funds
Transfers
Balance at
1 April 2022
Incoming
resources
Balance at
31 March 2023
£
£
£
£
200,000
200,000
-
200,000
200,000
200,000
-
200,000		 Movement
in funds
Transfers
Balance at
1 April 2022
Incoming
resources
Balance at
31 March 2023
£
£
£
£
200,000
200,000
-
200,000
200,000
200,000
-
200,000
200,000

Funds have been designated by the Trustees to continue the delivery of our strategy to support children and families with our early intervention services, adapt to serve the growing need for our services in our communities and to enhance our infrastructure and systems to react and deliver accordingly. This will ensure that the organisation can cope with volatility in income and expenditure in the current economic climate . Our reserves policy will be reviewed in FY 2023/24.

DocuSign Envelope ID: A5A6739C-BDFA-4335-A91B-87F457F0E028DocuSign Envelope ID: D4967B06-C39A-4500-9C9C-AA98748EA415

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

17
Analysis of net assets between funds
Unrestricted
funds
Designated
funds
Restricted
funds
2023
2023
2023
£
£
£
Fund balances at 31 March 2023 are represented
by:
Tangible assets
7,467
-
-
Current assets/(liabilities)
479,206
200,000
201,349
486,673
200,000
201,349		 Total Unrestricted
funds
Designated
funds
Restricted
funds
2023
2022
2022
2022
£
£
£
£
7,467
3,693
-
-
880,555
505,568
200,000
76,333
888,022
509,261
200,000
76,333		 Total
2022
£
3,693
781,901
785,594

DocuSign Envelope ID: A5A6739C-BDFA-4335-A91B-87F457F0E028DocuSign Envelope ID: D4967B06-C39A-4500-9C9C-AA98748EA415

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

18 Operating lease commitments

Operating lease commitments
Within one year
Between two to five years		 2023
£
35,196
96,789
131,985		 2022
£
35,196
131,985
167,181

19 Pension Commitments

During the year the company had paid contributions to the pension fund of £27,499 (2022 – £25.523). The charity had accrued pension contributions of £4,643 (2022 - £4,412).

20 Related party transactions

Details of transactions with trustees and senior management are in note 10. There were no disclosable related party transactions during the year (2022 - none).

21
Cash generated from operations
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in debtors
Increase in creditors
(Decrease) in deferred income
Cash generated from/(absorbed by) operations		 2023
2022
£
£
102,428
(179,767)
(1,648)
(38)
4,225
4,064
(54,103)
32,970
38,155
4,711
(34,477)
(8,464)
54,580
(146,524)

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Office : F11/F12 89-93 Fonthill Road London N4 3JH

Tel . 020 7281 5858 Email:

Chance (UK) Limited Units F11 and F12, 89-93 Fonthill Road, London N4 3JH

SKS Audit LLP 3 Sheen Road Richmond Upon Thames London TW9 1AD

26 September 2023

Dear Sirs

This representation letter is provided in connection with your audit of the financial statements of the charity for the year ended 31 March 2023 for the purpose of expressing an opinion as to whether the financial statements give a true and fair view in accordance with the Charity’s governing document, Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: 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) (effective 1 January 2019).

We confirm that the following representations are made on the basis of enquiries of the trustees, management and staff with relevant knowledge and experience (and, where appropriate, of inspection of supporting documentation) sufficient to satisfy ourselves that we can properly make each of the following representations to you:

  1. We have fulfilled our responsibilities as trustees under the Charities Act 2011 and the Companies Act 2006 for preparing financial statements, in accordance with the applicable financial reporting framework.

We confirm that in our opinion the financial statements give a true and fair view and in particular that where any additional information must be disclosed in order to give a true and fair view that information has in fact been disclosed. We confirm that the selection and application of the accounting policies used in the preparation of the financial statements are appropriate, and we approve these accounts for the year ended 31 March 2023.

CHANCE UK is a registered charity (Charity Registration No. 1046947)

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  1. We confirm that all accounting records have been made available to you for the purpose of your audit, in accordance with your terms of engagement, and that all the transactions undertaken by the charity have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of all management, trustees’ and members’ meetings, have been made available to you. We have given you unrestricted access to persons within the charity in order to obtain audit evidence and have provided any additional information that you have requested for the purposes of your audit.

  2. We acknowledge that it is a criminal offence to make a false statement in this regard, and where any trustee either makes a false statement; is aware that the statement is false; is reckless in preventing this statement; or fails to take reasonable steps to prevent the trustees’ report from being approved, we acknowledge that each director will be guilty of a criminal offence.

  3. We confirm the charity has satisfactory title to all assets and there are no liens or encumbrances on the assets, except for those disclosed in the financial statements.

  4. We confirm that the methods, significant assumptions and data used by us in making accounting estimates, and the related disclosures, are appropriate to achieve recognition, measurement or disclosure that is in accordance with the applicable financial reporting framework.

  5. We confirm that we have no plans or intentions that may materially alter the carrying value and, where relevant, the fair value measurements or classification of assets and liabilities reflected in the financial statements.

  6. We confirm that the charity has no liabilities or contingent liabilities other than those disclosed in the financial statements.

  7. We confirm that all known actual or possible litigation and claims whose effects should be considered when preparing the financial statements have been disclosed to you and accounted for and disclosed in accordance with the applicable financial reporting framework.

  8. We confirm that there have been no events since the balance sheet date which require disclosing or which would materially affect the amounts in the financial statements, other than those already disclosed or included in the financial statements.

  9. We confirm that we are aware of the definition of a related party for the purpose of the accounting framework being applied in the preparation of the accounts. We confirm that there are no disclosable related party transactions and that we are not aware of any further related parties or transactions.

  10. We confirm that the charity neither had, at any time during the year, any arrangement, transaction or agreement to provide credit facilities (including advances and credits granted by the charity) for trustees, nor provided guarantees of any kind on behalf of the trustees.

  11. We confirm that the charity has not contracted for any capital expenditure other than as disclosed in the financial statements.

  12. We confirm that the charity has complied with all aspects of contractual agreements that could have a material effect on the financial statements in the event of non-compliance.

  13. We confirm that we are not aware of any possible or actual instance of non-compliance with those laws and regulations which provide a legal framework within which the charity conducts its

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activities and which are central to the charity’s ability to conduct its activities, except as explained to you and as disclosed in the financial statements.

  1. We acknowledge our responsibility for the design, implementation and maintenance of internal controls to prevent and detect fraud. We confirm that we have disclosed to you the results of our risk assessment of the risk of fraud in the organisation. There have been no deficiencies in internal control of which we are aware.

  2. We confirm that there have been no actual or suspected instances of fraud involving trustees, management or employees who have a significant role in internal control or that could have a material effect on the financial statements. We also confirm that we are not aware of any allegations of fraud by trustees, former trustees, analysts, employees, former employees, regulators or others.

  3. We confirm that, in our opinion, the charity’s financial statements should be prepared on the going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charity’s needs. In reaching this conclusion, we have taken into account all relevant matters of which we are aware, and have considered a period of at least one year from the date on which the financial statements are approved. In particular we have considered that at present we have no red flags that would suggest we are liable to any form of failure.

  4. We confirm that in our opinion the effects of uncorrected misstatements are immaterial, both individually and in aggregate, to the financial statements as a whole.

  5. We confirm that we are not aware of any matters of material significance that should be reported to regulators. We confirm that all correspondence with Charity Commission and Companies House have been made available to you.

  6. We confirm that all grants, donations and other income, including those subject to special terms or conditions or received for restricted purposes, have been notified to you. There have been no breaches of terms or conditions during the period regarding the application of such income.

  7. We confirm that the restricted funds to be carried forward as on 31 March 2023 are as listed below:

elow:
Restricted Fund Amount(£)
Future 10,000
Home Office 14,173
JoyWorth Pledge 8,003
Westminster Foundation 50,630
VRU Girls 25,787
HenrySmith Foundation 3,343
Walcot Foundation 1,177
Anonymous organisations 88,236
Total 201,349
  1. We confirm that the designated funds to be carried forward as on 31 March 2023 are as listed below:
elow:
Designated funds Amount (£)
Designated Development Fund 200,000
Total 200,000

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  1. We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that:

  2. so far as each trustee is aware, there is no relevant audit information of which you as auditor are unaware; and

  3. each trustee has taken all the steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that you are aware of that information.

  4. We acknowledge that it is a criminal offence to knowingly or recklessly make you as an auditor, a statement (oral or written) that conveys, or purports to convey, information or explanations that you require in your capacity as auditor, or are entitled to require, that is misleading, false or deceptive in a material particular.

Yours faithfully,

...............................................................

Signed on behalf of the Board of Trustees

Trustee...............................................................

Date..................................................................