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2024-03-31-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 2024

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CHANCE (UK) LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Sarah Parker (Resigned on 15 May 2024)
Paul Sutcliffe - Hon. Treasurer
Jennifer Kelly
Marvin Joseph Campbell (Resigned on 27 March 2024)
Cristina Otelea
Elisabeth Little (Resigned on 10 June 2024)
Helen Louise Fletcher d'Arjuzon
Keisha Jade Forteau
Mary Amanda Mulvey-Oates - Interim Chair (From December 2023 to October 2024)
Ashley Wheaton – Chair (Appointed 7 October 2024)
Deanna Neilson (Appointed 7 October 2024)
Jess Talbot (Appointed 7 October 2024)
Nicci Marzec (Appointed 7 October 2024)
Bridget Banton (Appointed 7 October 2024)
Secretary Geethika Jayatilaka (Resigned on 31 May 2023)
Vanessa Marie Longley (Appointed on 16 October 2023)
Chief Executive OfficerGeethika Jayatilaka (Up to May 2023)
Matt Plen - Interim CEO (From May 2023 to October 2023)
Vanessa Marie Longley (From October 2023)
Charity number 1046947
Company number 03057840
Senior Management Samantha Darrell - Director of Services
Team Sophie Schmal - Director of Fundraising and External Affairs
Naomi Shirman -Interim Director of Fundraising and External Affairs (Up to July 2024)
Tayo Salami - Director of Finance and Resources (Up to January 2024)
Farhaanah Patel - Director of Finance and Resources (From January 2024)
Registered office 69 Old Street
London
EC1V 9HX
Senior Statutory Jeffery Bor FCA
Auditor
Auditor SCB (Accountants) Ltd
31 Sackville Street
Manchester
M1 3LZ
Bankers The Co-operative Bank
1 Islington High Street
London
N1 9TR
Website www.chanceuk.com

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CHANCE (UK) LIMITED

CONTENTS

Page
Trustees' report 1 - 7
Independent auditor's report 8 - 10
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14 - 27

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CHANCE (UK) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

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

Growing up has always been hard, but today’s children are being asked to deal with so much more. Chance UK works to support children at the earliest stage of need, to provide 1:1 mentoring and support before a difficulty becomes a crisis. We help children aged 5-14, and their families, to develop skills to help them thrive in the changing and complex world we have.

We believe that all children and families have strengths that we need to recognise and build on. 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, programmes that support children and families to work towards goals that improve their behaviour, experiential learning and raise their self esteem and aspirations for their future.

Our specialist Youth Workers are trained to deliver proven approaches that teach skills to children, and support families to continue this long after the programme.

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 (PB2)’. The achievements and activities above demonstrate the public benefit arising through the Charity’s activities.

Our volunteers

Chance UK now uses professional Youth Workers to mentor children, but volunteers continue to provide energy and experience to enhance different aspects of our work. This includes our volunteer Trustee Board – and we are very grateful for every hour given to support Chance UK.

Achievements and performance

This year Chance UK has:

We have extended our service delivery into new boroughs and adapted our work in response to the challenges children and families face. Many of these children face multiple risk factors, or challenges in their daily lives. We receive funding from several contracts which are aimed at specific boroughs and age ranges.

Of the children we have supported in the year:

41% of children we supported had social care involvement

49% had a known and diagnosed Special Educational Need or Disability

57% were accessing or were identified as experiencing need for mental health and wellbeing support

14% were suspended or excluded

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CHANCE (UK) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

56% were eligible for free school meals

34% had experience of domestic violence

14% substance misuse

10% criminal justice

This year we have been able to reach children and families in new areas of London, expanding where we are able to support children and families as well as the number of children and families we are able to help at any given time. Increased flexibility in funding has allowed us to respond to the presenting need of each child and family, allowing access to the most appropriate support at the earliest opportunity.

We remain committed to increasing understanding of the experiences that are impacting the children and families we serve, to provide them with a voice to inform, challenge and change thinking of: decision makers – those who create policy; those who support them; those who teach them. To date, this has focused on the impact of primary school suspensions and exclusions on the children and families we support, we have commissioned research to better understand the long-term impact these behaviour policies and school experiences have on children.

We have also heard from children and families that the way their journey is measured – by us and other organisations – statutory and non-statutory – impacts them. They find evaluation methods difficult to access and can feel retraumatised or judged. This year saw us start the process of reviewing how we do this – and how this can look and feel different in the future.

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.

Financial review

The Statement of Financial Activities shows a net surplus of £47,012 (2023 – £102,428) for the year and reserves stand at £935,034 (2023 - £888,022). The net unrestricted fund deficit for the year is £133,663 (2023 – £22,588), and the restricted funds surplus is £180,675 (2023 – £125,016). The financial position at year end as per the Balance Sheet shows net current assets or working capital of £917,825 (2023 – £880,555). The net book value of fixed assets held, all of which are used directly for charitable purposes, amounts to £17,209 (2023 – £7,467).

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.

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CHANCE (UK) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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 two months’ running costs. Although this is lower than the reserves policy, we entered the financial year 24/25 with 74% of our income forecast as contractual.

This reflects the specific investment agreed by the Trustees into employing fundraising and communications staff to build awareness of Chance UK, driving recruitment, referrals, and non-contract based income. In this financial year we have seen significant increase in referrals to Chance UK, and more than doubling of applications for advertised roles. The income pipeline takes longer to show return, but we are confident that this is in progress. Accordingly, the trustees will in the coming year review the Reserves Policy to reflect a risk managed approach to holding reserves, including looking at secured multi-year contracts and structured plans for aligning expenditure to income.

At year end, the financial statements show reserves of £935,034 (2023 - £888,022), of which £382,024 (2023 - £201,349) was restricted. In addition, the trustees have set aside a designated fund totaling £200,000 (2023 - £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 £335,801 (2023 – £479,206).

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

We will continue to shine a light on the experiences of the children and families we support. The long-term impact of behaviour policies including suspensions and exclusions in the short, mid-and long term. In 24/25 we remain committed to understanding and naming the problems and challenges faced and finding solutions – from small, actionable changes and adjustments to bigger more fundamental shifts for the wider team and systems around those who are being impacted.

2024/25 will be Chance UK’s year of transition, as it moves from the existing strategy into developing new plans for the next five years. This means working across the year with children, families and key stakeholders to understand their needs and ensure Chance UK has the programmes to meet these needs. 2025 will be Chance UK’s 30th year. We are proud of the charity’s achievements, and we know the value of what we do but we are also aware that more children and families need access to early intervention services, and we know we cannot work in isolation. We will continue to share our lessons and best practice with the sector. We will also look to identify ways we can continue to make accessing our services easier and to provide an appropriate pathway for children and families to access the most appropriate support at the earliest point in time. We know we need to be conscious of are our own sustainability both in our finances but also our ways of working and own infrastructure, to ensure we are there for children and families now and in the future.

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.

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CHANCE (UK) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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.

Memorandum and Articles of Association Update

In November 2024, the charity updated its Memorandum and Articles of Association to reflect current practices. Key changes included enabling online attendance at meetings, removing outdated membership clauses, and introducing provisions for trustees to take temporary step-backs (e.g., for maternity leave). These updates demonstrate the charity's commitment to proactive governance and adapting to modern needs.

Governance Review and Trustee Recruitment

Following a skills audit, the charity identified key areas for strengthening trustee expertise, particularly in financial management. As part of this review, five new trustees, including a new Chair, were appointed in October 2024, bringing a broader range of skills and experience to the Board. This proactive approach ensures the charity remains well-equipped to navigate its strategic priorities effectively.

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 2024

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:

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 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:

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CHANCE (UK) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Safeguarding Risks

Safeguarding 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 three Deputy Safeguarding Leads (the Service Managers). This safeguarding team meets monthly to discuss specific cases, review process, and plan updates and focus areas. Safeguarding is a standard agenda item within services team meetings and supervisions.

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, with regular oversight and scrutiny from Trustees. A People and Safeguarding committee is planned and the first formal committee took place following new Trustee appointments in October 2024.

Staff all have up to date DBS checks and two professional references and are required to attend safeguarding training as part of their induction.

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 2024

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.

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:

Ashley Wheaton (Chair)

17 December 2024

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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 2024, 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.

Jeffrey Bor FCA (Senior Statutory Auditor) For and on behalf of SCB (Accountants) Ltd

17 December 2024

Chartered Accountants Statutory Auditor

31 Sackville Street Manchester M1 3LZ

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CHANCE (UK) LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
funds
funds
Notes
£
£
Income from:
Donations and legacies
3
527,344
-
Income from Charitable activities
4
5,000
1,238,491
Income from Investments
5
12,227
-
Total income
544,571
1,238,491
Expenditure on:
Raising funds
6
433,236
-
Charitable activities
7
244,998
1,057,816
Total expenditure
678,234
1,057,816
Net (expenditure)/income for the year/
Net movement in funds
(133,663)
180,675
Fund balances at 1 April 2023
686,673
201,349
Fund balances at 31 March 2024
553,010
382,024		 Total
2024
£
527,344
1,243,491
12,227
1,783,062
433,236
1,302,814
1,736,050
47,012
888,022
935,034		 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

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 14 to 27 form part of these financial statements.

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CHANCE (UK) LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 11 17,209 7,467
Current assets
Debtors 12 153,406 177,707
Cash at bank and in hand 900,163 879,346
1,053,569 1,057,053
Creditors: amounts falling due within
one year 13 (135,744) (176,498)
Net current assets 917,825 880,555
Total assets less current liabilities 935,034 888,022
Income funds
Restricted funds 15 382,024 201,349
Unrestricted funds
Designated funds 16 200,000 200,000
General unrestricted funds 353,010 486,673
553,010 686,673
935,034 888,022

The notes on pages 14 to 27 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 17 December 2024 and were signed on its behalf by:

Ashley Wheaton
8D281C7AB5B3479...		 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 2024

Notes
Cash flows from operating activities
Cash generated from operations
21
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
(16,727)
12,227		 £
25,317
(4,500)
-
20,817
879,346
900,163		 2023
£
(7,999)
1,648		 £
54,580
(6,351)
-
48,229
831,117
879,346

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CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Chance (UK) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 69 Old Street, London, EC1V 9HX.

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 £47,012 for the year (2023 – £102,428) and free reserves of £335,801 (2023 - £479,206). 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: D4325863-E176-4FE2-BFD3-F6F31D9C3A91Docusign Envelope ID: 1C46F462-8767-47B3-BB4A-813BD00E35CE

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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: D4325863-E176-4FE2-BFD3-F6F31D9C3A91Docusign Envelope ID: 1C46F462-8767-47B3-BB4A-813BD00E35CE

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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.

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: D4325863-E176-4FE2-BFD3-F6F31D9C3A91Docusign Envelope ID: 1C46F462-8767-47B3-BB4A-813BD00E35CE

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

3 Donations and legacies

Unrestricted
funds
£
Philantrophic donor
250,000
The Mohan Westlake Foundation
200,000
Tuixen Foundation
50,000
Drapers Foundation
-
Other donations < £5,000
19,606
Donations in kind
4,250
Gift Aid
3,488
Esmee Fairbairn Foundation
-
Q Charitable Trust
-
527,344
For the year ended 31 March 2023
663,703		 Total
2024
£
250,000
200,000
50,000
-
19,606
4,250
3,488
-
-
527,344		 Total
2023
£
263,000
220,000
40,000
25,000
29,753
3,200
750
77,000
5,000
663,703
663,703

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

Upon interest in supporting Chance UK, and during a period of lengthy engagement and negotiation we completed screening and due diligence process for a new philanthropic donor. This was in line with the industry practice and regulation and including risk of accepting and rejecting the donation, screening and checks on companies and affiliations and wider charitable giving from the individual and the companies he is associated with. We also checked the governments sanctioning lists.

Docusign Envelope ID: D4325863-E176-4FE2-BFD3-F6F31D9C3A91Docusign Envelope ID: 1C46F462-8767-47B3-BB4A-813BD00E35CE

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

4 Income from Charitable activities

Unrestricted
funds
Restricted
funds
£
£
Early Intervention service
Greater London Authority
-
600,000
Advance Advocacy and Non-Violence Community
Education (VRU Girls)
-
234,394
London Borough of Islington
-
177,999
Westminster Foundation
-
100,000
Henry Smith Foundation
-
90,000
Walcot Foundation
-
25,000
Camden Giving
-
10,058
Berkeley Foundation
5,000
-
Ragamuffins
-
1,040
Anonymous organisations
-
-
Ant Foundation
-
-
Barnardos / Islington CCG
-
-
Westminster Alms
-
-
5,000
1,238,491
For the year ended 31 March 2023
Unrestricted funds
10,500
-
Restricted funds
-
694,188
10,500
694,188
5
Income from Investments
Unrestricted
funds
£
Interest on cash deposits
12,227
12,227
For the year ended 31 March 2023
1,648		 Total
2024
£
600,000
234,394
177,999
100,000
90,000
25,000
10,058
5,000
1,040
-
-
-
-
1,243,491
Total
2024
£
12,227
12,227		 Total
2023
£
-
201,644
178,500
100,000
15,000
6,250
24,117
25,000
342
106,050
27,785
10,000
10,000
704,688
10,500
694,188
704,688
Total
2023
£
1,648
1,648
1,648

Docusign Envelope ID: D4325863-E176-4FE2-BFD3-F6F31D9C3A91Docusign Envelope ID: 1C46F462-8767-47B3-BB4A-813BD00E35CE

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

6 Raising funds

Unrestricted
funds
£
Staff costs
195,587
Legal and professional costs
8,360
Other direct costs
21,548
Fundraising costs
128,323
Share of support costs (see note 8)
65,118
Share of governance costs (see note 8)
14,300
433,236
For the year ended 31 March 2023
142,443		 Total
2024
£
195,587
8,360
21,548
128,323
65,118
14,300
433,236		 Total
2023
£
67,376
-
-
48,381
20,519
6,167
142,443
142,443
Early
Intervention
Services
2024
£
Staff costs
801,018
Other direct costs
68,532
Legal and professional costs
16,720
886,270
Share of support costs (see note 8)
341,543
Share of governance costs (see note 8)
75,001
1,302,814
Analysis by fund
Unrestricted funds
244,998
Restricted funds
1,057,816
1,302,814		 Total
2024
£
801,018
68,532
16,720
886,270
341,543
75,001
1,302,814
244,998
1,057,816
1,302,814		 Total
2023
£
644,926
147,805
-
792,731
255,615
76,822
1,125,168
555,996
569,172
1,125,168

Docusign Envelope ID: D4325863-E176-4FE2-BFD3-F6F31D9C3A91Docusign Envelope ID: 1C46F462-8767-47B3-BB4A-813BD00E35CE

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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
2024
£
£
£
Staff costs
142,313
71,461
213,774
Travel, training & recruitment
68,741
-
68,741
Depreciation
6,985
-
6,985
Premises and equipment costs
65,535
-
65,535
Communication costs
8,240
-
8,240
Information technology costs
60,600
-
60,600
Accountancy fees
15,089
-
15,089
Legal and professional costs
20,116
8,360
28,476
Other office costs
19,042
-
19,042
Auditor's remuneration
-
9,480
9,480
406,661
89,301
495,962
Analysed between
Fundraising
65,118
14,300
79,418
Charitable activities
341,543
75,001
416,544
406,661
89,301
495,962
9
Net movement in funds
2024
£
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
6,240
Auditor's remuneration - Non Audit Fees
3,240
Depreciation of owned tangible fixed assets
6,985
Operating lease charges
35,196		 Total
2023
£
149,666
75,993
4,225
58,515
-
486
12,538
34,732
13,968
9,000
359,123
26,686
332,437
359,123
2023
£
6,000
3,000
4,225
35,197

Docusign Envelope ID: D4325863-E176-4FE2-BFD3-F6F31D9C3A91Docusign Envelope ID: 1C46F462-8767-47B3-BB4A-813BD00E35CE

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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		 2024
Number
21
5
4
30
2024
£
1,059,720
106,832
43,827
1,210,379		 2023
Number
17
3
1
21
2023
£
755,507
78,962
27,499
861,968
The number of employees whose annual remuneration was more than £60,000
is as follows:
2024 2023
Number Number
£60,001 to £70,000 1 -
£70,001 to £80,000 1 -
£80,001 to £90,000 1 1

No trustee received any remuneration during the year (2023 - £Nil). No trustees received reimbursement of expenses during the year (2023 - £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 £314,330 (2023 - £272,900).

Docusign Envelope ID: D4325863-E176-4FE2-BFD3-F6F31D9C3A91Docusign Envelope ID: 1C46F462-8767-47B3-BB4A-813BD00E35CE

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

11
Tangible fixed assets
Computer
equipment
Fixtures and
fittings
£
£
Cost
At 1 April 2023
17,343
1,920
Additions
12,114
4,613
At 31 March 2024
29,457
6,533
Depreciation and impairment
At 1 April 2023
11,055
741
Depreciation charged in the year
6,400
585
At 31 March 2024
17,455
1,326
Carrying amount
At 31 March 2024
12,002
5,207
At 31 March 2023
6,288
1,179
12
Debtors
Amounts falling due within one year:
Trade debtors
Accured Income
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
-
-
2024
£
-
134,376
10,225
8,805
153,406
2024
£
27,010
50,419
11,900
10,057
36,358
135,744		 Total
£
42,909
16,727
59,636
35,442
6,985
42,427
17,209
7,467
2023
£
144,152
-
17,101
16,454
177,707
2023
£
20,190
90,476
30,858
4,643
30,331
176,498

Docusign Envelope ID: D4325863-E176-4FE2-BFD3-F6F31D9C3A91Docusign Envelope ID: 1C46F462-8767-47B3-BB4A-813BD00E35CE

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

14 Deferred income

Deferred income is included in the financial statements as follows:

Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 April 2023
Released from previous periods
Resources deferred in the year
Deferred income at 31 March 2024		 2024
2023
£
£
50,419
90,476
90,476
124,953
(90,476)
(124,953)
50,419
90,476
50,419
90,476

Income is due to the contractual year being different to the financial year.

Deferred income represents the following grant income:

Docusign Envelope ID: D4325863-E176-4FE2-BFD3-F6F31D9C3A91Docusign Envelope ID: 1C46F462-8767-47B3-BB4A-813BD00E35CE

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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:

Balance at
1 April 2022
£
Anonymous organisation
-
Ant Foundation
-
Berkeley Foundation
1,521
Camden Giving
-
Constable Education
Trust
1,257
David & Ruth Lewis
13,817
Future Trust
10,000
Henry Smith Foundation
-
Home Office
14,173
Joy Worth Pledge
10,240
London Borough of
Islington
-
Ragamuffins
-
Advance Advocacy and
Non-Violence
Community Education
(VRU Girls)
-
Walcot Foundation
-
Westminster Alms
-
Westminster Foundation
25,325
Greater London
Authority
-
76,333		 Movement
Incoming
resources
£
106,050
27,785
25,000
24,117
-
-
15,000
-
-
178,000
342
201,644
6,250
10,000
100,000
-
694,188		 in funds
Resources
expended
Balance at
1 April 2023
£
£
(17,814)
88,236
(27,785)
-
(26,521)
-
(24,117)
-
(1,257)
-
(13,817)
-
-
10,000
(11,657)
3,343
-
14,173
(2,237)
8,003
(178,000)
-
(342)
-
(175,857)
25,787
(5,073)
1,177
(10,000)
-
(74,695)
50,630
-
-
(569,172)
201,349		 Movement in funds
Incoming
resources
Resources
expended
31
£
£
-
(56,939)
-
-
-
-
10,058
(10,058)
-
-
-
-
-
-
90,000
(28,446)
-
(14,173)
-
(726)
177,999
(177,999)
1,040
(1,040)
234,394
(246,131)
25,000
(21,576)
-
-
100,000
(92,763)
600,000
(407,965)
1,238,491
(1,057,816)		 Balance at
March 2024
£
31,297
-
-
-
-
-
10,000
64,897
-
7,277
-
-
14,050
4,601
-
57,867
192,035
382,024

Early Intervention Services

Our Early Intervention Services are central to our mission of supporting children and their families. These include universal services, such as a variety of school workshops designed to benefit all children, as well as targeted programmes that build social and emotional skills through engaging activities over several weeks. For those requiring additional help, we provide intensive mentoring for more sustained, one-to-one support. Additionally, we offer family support to parents and carers to ensure a holistic approach.

These services are delivered by a dedicated team of Youth Workers and Family Support Workers, managed by Service Managers and the Family Support Manager, with oversight and strategic guidance provided by the Director of Services. The overall delivery is overseen by the CEO to ensure alignment with our organisational goals.

Docusign Envelope ID: D4325863-E176-4FE2-BFD3-F6F31D9C3A91Docusign Envelope ID: 1C46F462-8767-47B3-BB4A-813BD00E35CE

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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:

Movement Movement
in funds in funds
Balance at Incoming Balance at Incoming Balance at
1 April 2022 resources
1 April 2023		 resources
31 March 2024
£ £ £ £ £
Designated Development Fund 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 2024/25.

Docusign Envelope ID: D4325863-E176-4FE2-BFD3-F6F31D9C3A91Docusign Envelope ID: 1C46F462-8767-47B3-BB4A-813BD00E35CE

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

17
Analysis of net assets between funds
Unrestricted
funds
Designated
funds
Restricted
funds
2024
2024
2024
£
£
£
Fund balances at 31 March 2024 are represented
by:
Tangible assets
17,209
-
-
Current assets/(liabilities)
335,801
200,000
382,024
353,010
200,000
382,024		 Total Unrestricted
funds
Designated
funds
Restricted
funds
2024
2023
2023
2023
£
£
£
£
17,209
7,467
-
-
917,825
479,206
200,000
201,349
935,034
486,673
200,000
201,349		 Total
2023
£
7,467
880,555
888,022

Docusign Envelope ID: D4325863-E176-4FE2-BFD3-F6F31D9C3A91Docusign Envelope ID: 1C46F462-8767-47B3-BB4A-813BD00E35CE

CHANCE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

18 Operating lease commitments

Operating lease commitments
Within one year
Between two to five years		 2024
£
35,196
61,593
96,789		 2023
£
35,196
96,789
131,985

19 Pension Commitments

During the year the company had paid contributions to the pension fund of £43,827 (2023 – £27,499). The charity had accrued pension contributions of £6,596 (2023 - £4,643).

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 (2023 - none).

21
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in debtors
(Decrease)/increase in creditors
(Decrease) in deferred income
Cash generated from operations		 2024
£
47,012
(12,227)
6,985
24,301
(697)
(40,057)
25,317		 2023
£
102,428
(1,648)
4,225
(54,103)
38,155
(34,477)
54,580