## CHK FOUNDATION TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024 Company Number: 03130170 (England and Wales) Charity Number: 1050900 Page 1 ���������������������������������������������������������� CHK FOUNDATION CONTENTS Page Company Information 2 Report of the Trustees 2-7 Independent Auditors’ Report 8-10 Statement of Financial Activities (SOFA) 11 Balance Sheet 12 Statement of Cashflows 13 Notes forming part of the Financial Statements 14-31 Constitution CHK FOUNDATION is a company limited by guarantee and a registered charity Charity number 1050900 Company number 03130170 Registered office c/o Price Bailey LLP, 24 Old Bond Street, London, United Kingdom, W1S 4AP Correspondence Address PO Box 277, Royston, SG8 1EX Investment managers Sarasin & Partners LLP, Juxon House, 100 St Paul's Churchyard, London, EC4M 8BU Schroder & Co. Limited, 1 London Wall Place, London EC2Y 5AU Bankers Lloyds Bank plc, PO Box 1000, BX1 1LT Independent auditors Price Bailey LLP, Tennyson House, Cambridge Business Park, Cowley Road, Cambridge CB4 0WZ Website www.chkfoundation.org.uk ## **Directors and trustees** The directors of the charitable company ("the Charity") are its trustees for the purpose of charity law and throughout this report are referred to interchangeably as directors or trustees. As set out in the Articles of Association, the chairman of the trustees is elected by the trustees by majority vote. The trustees of the Charity may by ordinary resolution appoint a person who is willing to act, to be a trustee, either to fill a vacancy or as an additional trustee. The trustees serving during the year 1 January 2024 to 31 December 2024 and since 31 December 2024: - Dr E Peake (Chair of the Board of Trustees) Mrs E Jewell Mr C Kirwan-Taylor Mrs K S Loyd Mrs L H Morris Miss P S Morris Mrs C Peake Mr R Prest Page 2 ���������������������������������������������������������� ## **CHK FOUNDATION** ## **(A Company Limited by Guarantee)** ## **Report of the Trustees** The trustees (who are also directors of the Charity for the purposes of the Companies Act 2006) present their report together with the financial statements of the Charity for the year 1 January 2024 to 31 December 2024. Company information set out on Page 2 forms part of this report. The Financial Statements comply with the 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). ## **Structure, governance and management** CHK Foundation (previously CHK Charities Limited) was incorporated on 20 November 1995 as a private company limited by guarantee under a Memorandum of Association dated 17 November 1995. CHK Foundation was registered as a charity on 22 November 1995. The Charity's objectives are to promote and support, as the trustees shall in their discretion decide, such charitable purposes and such charitable organisations as are exclusively charitable according to the law of England. CHK Foundation delivers its objectives by grant-making. The majority of the trustees are related to the founder of the Charity by birth or marriage. Non family trustees may be appointed to fill a recognised gap in skills or experience considered to be critical to the effective running of the Charity. When there is vacancy, potential candidates are provided with information about the role, responsibility, operations and aims of the Charity. Potential trustees are invited to meet with existing trustees to discuss and understand the required commitment, and to review the recent history and future plans. Trustees that are appointed to the role are provided with induction support, training as appropriate and supported to visit some of the funded projects. All trustees are required to sit on one or more of the trustee subcommittees (the Governance Committee, the Finance and Investment Committee, and the Grant Making Committee) and the regular committee meetings provide context, information for decision making and the opportunity for trustee to develop an understanding of the strategy. In addition, a trustee training budget encourages external training to be accessed to build or develop any knowledge or skills that are considered helpful for the performance of the trustee role. The Board met formally on two occasions in the year to conduct the business of the Board and to receive and review reports of the three subcommittees of the Board. When physical meetings were not possible, the Board and subcommittee meetings were online. Day to day management and administration of the Charity is delegated to the experienced Executive Director. She is responsible for all operational matters and for helping in the delivery of the overall strategy set by the trustees. The Executive Director reports directly to the Chair of the Board, has regular update discussions with Chair and attends all subcommittee and Board meetings. The performance and salary of the Executive Director is reviewed annually by the Governance Committee. Any recommendation for a pay increase is presented to the full Board for approval when the Board considers the annual budget. In making any recommendation, the Governance Committee takes account of cost-of-living increases and inflation, external benchmarking data, and the Executive Director’s performance and contributions to the Charity’s work. ## **Risk management** The trustees review and consider risks on a regular basis. At subcommittee and Board meetings the trustees discuss and monitor risk using a risk register. As part of the review, the trustees seek assurance that steps are in place to mitigate the identified risks as far as it is possible to do so. Page 3 ���������������������������������������������������������� ## **CHK FOUNDATION** ## **(A Company Limited by Guarantee)** The key risks discussed and considered during the year focused on - System breach or failure - Loss of asset value, or loss of key resources Along with the general risk of breach or failure of systems , through fraud or natural disasters, the overall increased risks faced by all organisations of cybercrime, both in the number and sophistication of attacks, is recognised and regularly considered. The Charity has recovery plans and rapid response protocols in place, regularly reviews its protection systems, ensures systems are backed up, seeks to follow best practice, and undertakes training to keep up to date with evolving threats. Poor investment performance leading to a loss in the value of the invested endowed funds is mitigated by retaining two separate, expert investment managers both operating a diversified portfolio. The performance of the investment managers is monitored on a regular basis. The loss of key resources, including staff and data, is minimised by the use of online services (which are updated and backed up on an ongoing basis), and ensuring the trustees have a working knowledge of, and access to, the key systems, and to documentation detailing policies and operational procedures. ## **Reserves** Total reserves of the Charity at the 31 December 2024 were £168,083,483 (at 31 December 2023; £155,098,192), with an expendable endowment fund of £167,085,330 (at 31 December 2023; £151,977,194) and unrestricted funds of £998,153 (at 31 December 2023; £1,141,575) The Charity Reserves Policy defines the following unrestricted funds; ## Unrestricted General Fund Cash returned by the investment managers on a monthly basis, in accordance with the agreed drawdown set out in the Charity’s Investment Policy, is held in the Unrestricted General Fund. The Unrestricted General Fund is used to fund the Designated Funds as set out below, for grant making purposes and to meet operational costs. ## Designated Funds - CHK Emergency/Disaster Fund. This fund supports selected national and international disaster/emergency appeals. The trustees agree an annual target (currently £300,000pa) spend for the Emergency/Disaster Fund. - CHK Social Impact Fund (previously referred to as a Social Investment Fund). This fund was set up in 2020 to invest in charities, social purpose organisations and funds tackling social issues of interest to the trustees. Investments considered by the trustees for the Fund need to be offering both social return and financial returns. In the year, cash from this fund was used for a second call of an overall $650,000 commitment as outlined in Account Note 7.1 To allow multi-year grants, gross commitments are monitored over a 3 or 5 year time span, meaning there is no attempt to limit the level of grants awarded in a year to the annual cash drawdown. In the year, a significant number of multi-year grants were awarded, and the full value of these commitments has been recognised on the current year SOFA. The future commitments have given rise to deficit year-end balance for the Unrestricted General Fund. Future cash drawdowns from the expendable endowed fund will cover the commitments when they fall due. ## **Objective, activities, achievements and public benefit** The Charity's objective is to offer support to charitable organisations considered by the trustees to be undertaking valuable, effective work. The Charity delivers its objective by providing financial support, primarily through grant making but also through small levels of social investment. The social investment is via the Social Impact Fund referred to above. Page 4 ���������������������������������������������������������� ## **CHK FOUNDATION** ## **(A Company Limited by Guarantee)** ## Grant Making A new 5-year Main Grant Programme commenced on 1 January 2024. Charities funded under this programme are working to protect the environment or enabling the successful transition from secondary education to employment. In the year, under the Main Grant Programme 54 grants totalling £4,634,000 were offered to charitable projects. 37 of these grants were multi-year awards. In addition to the Main Grant programme, grants of £1,359,500 (31 December 2023[Note 1] ; £1,745,196) were offered to other charities undertaking work in line with the charitable interests of the trustees. These grants include 14 (31 December 2023[ Note 1] ; 18) grants totalling £300,000 (31 December 2023[ Note 1] ; £300,000) to respond to national and international disasters/emergencies. Overall, the total awards for the year were £5,993,500 (31 December 2023[ Note 1] ; £3,105,817), supporting 120 (31 December 2023[ Note 1] ;134) different charitable organisations. A full list of the awards is given in Account Note 16. The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Charity's aims and objectives, and in planning future activities. ## **Financial review** The Charity’s income, derived entirely from investment income and interest on cash deposits, totalled £3,439,606 (31 December 2023[ Note 1] ; £3,287,402). £5,993,500 (31 December 2023[ Note 1] ; £3,015,817) was committed to charitable grants and donations. Governance and support expenses totalled £125,902 (31 December 2023[ Note 1] ; £105,727). Total investment management fees, including VAT, amounted to £484,068 (31 December 2023[ Note 1] ; £496,561). ## **Investment powers, policy and performance** Under the Memorandum and Articles of Association, there are no restrictions on the Charity's power to invest. The trustees have the power to delegate the management of their investments to investment specialists. For financial investments (as opposed to dual motive social and financial investments) the objective is to achieve long term capital growth in real terms and to release cash on an annual basis to fund grant making. The investment objective is achieved by investment in a diverse range of assets which are screened as responsible investments, demonstrating good environmental, social and governance credentials The CHK Investment Policy, which is reviewed annually and updated as appropriate, in place at the year end set out the following; - A growth target for the investment of an average of CPI+4.5% over a three-year rolling period, after the fees of the investment managers - The return, over 12 months, of £4.5m (increased from £3.48m pa in July 2024) of cash to the Charity by the investment managers from the invested portfolio - The intention to invest responsibly and sustainably, following “best practice” in environmental, social, and governance, and related risk management - The cash return and fees of the investment managers can be taken from capital - An understanding that the asset allocation of the portfolio will, given the growth target, require 65-75% in listed equities. These equities can be listed on the London Stock Exchange or other international exchanges. Diversification to reduce volatility, and to offer liquidity, and access to some income streams, will be sought by other international asset classes, such as fixed income, property, alternatives, and private assets. Page 5 ���������������������������������������������������������� ## **CHK FOUNDATION** ## **(A Company Limited by Guarantee)** The asset allocation at the year end is set out in table below |Equities
Fixed Income
Property
Multi-Asset Funds
Alternative Investments
Liquid Assets|At 31 December 2024
At 31 December 2023
76%
70%
9%
12%
0%
1%
2%
0%
12%
13%
1%
4%| |---|---| ||100%
100%| ## Investment performance The market value of the financial investments held at the year end was £168,350,902, an increase of 10.7% from the 31 December 2023 value of £152,051,925 (31 December 2023[ Note 1] ; plus 3.49%). The cash returned to the Charity from the investment portfolios was the targeted sum for the period. During the period, the Charity’s Finance and Investment Committee had regular discussions with the two investment managers to review the portfolio’s investment performance. Separate to the financial investment portfolio, the CHK Social Impact Fund (referred to above) invests in impactled social investments, that is, those which are mission-aligned with a higher degree of social impact but come with a higher degree of financial risk or lower returns. Investments considered by the Trustees for the Social Impact Fund need to be offering both social return and financial returns. During the period the trustees continued to receive and review reports from existing investments and are happy with the social outcomes reported to date. ## **Fundraising** The Charity's income is derived from the investments held and cash deposits. No activities are undertaken by the Charity or by any person on behalf of the Charity for the purpose of fundraising, and in particular no professional fundraiser or commercial participator have carried on any such activities. Neither the Charity nor any person acting on behalf of the Charity was subject to an undertaking to be bound by any voluntary scheme for regulating fundraising, or any voluntary standard of fundraising, in respect of activities on behalf of the Charity. In light of this, there was no failure to comply with a scheme or fundraising standard, and there was no requirement for any monitoring of activities carried on by any person on behalf of the Charity for the purpose of fundraising. No complaints have been received by the Charity or a person acting on its behalf about activities by the Charity or by a person on behalf of the Charity in connection with fundraising. Whilst the trustees are aware and supportive of the need to protect vulnerable people and other members of the public from any fundraising activities that potentially puts people at risk, as the Charity does not undertake any fundraising, the trustees are confident that no one was put at risk from inappropriate fundraising activities of the Charity. ## **Plans for the Future** A new 5-year Main Grant programme commenced on 1 January 2024. The majority of awards made in year were multi year awards so the opportunity for new awards will be limited in the short term. Multi-year grant awards made under this programme will be reviewed on an ongoing basis. Page 6 ## **CHK FOUNDATION** ## **(A Company Limited by Guarantee)** ## **Statement of trustees' responsibilities** The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they 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 period. In preparing these financial statements, the directors are required to: 1. select suitable accounting policies and then apply them consistently; 2. observe the methods and principles in the Charities SORP 2019 FRS102; 3. make judgments and accounting estimates that are reasonable and prudent; 4. state whether applicable UK Accounting Standards have been followed, subject to any material departure disclosed and explained in the financial statements; 5. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and 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: - there is no relevant audit information of which the charitable company’s auditor is unaware; and - the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. This report, which has been prepared in accordance with the special provisions relating to companies subject to the small companies’ regime within Part 15 of the Companies Act 2006. > Note 1 _Due to the recent change in the accounting year end to 31 December, the comparative prior figures referred to in this report and in the Account Notes are from the 11-month accounting period 1 February 2023 to 31 December 2023_ By order of the trustees: ¢ DocuSignedB22124181F444F8... by: **Dr E Peake Chair of the Board of Trustees** Page 7 **2 April 2025** ���������������������������������������������������������� ## **CHK FOUNDATION** ## **(A Company Limited by Guarantee)** ## **Independent Auditor’s Report to the Members of CHK Foundation** ## Opinion We have audited the financial statements of CHK Foundation (the ‘charity’) for the year ended 31 December 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: - give a true and fair view of the state of the charity’s affairs as at 31 December 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## 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 charity 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 In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## Other information The other information comprises the information included in the trustees’ 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. Page 8 ���������������������������������������������������������� ## **CHK FOUNDATION** ## **(A Company Limited by Guarantee)** ## **Independent Auditor’s Report to the Members of CHK Foundation (continued)** Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: - the information given in the trustees’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the trustees’ report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in trustees’ report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate and proper accounting records have not been kept for the charitable company, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the trustees’ were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report. ## Responsibilities of trustees As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: Page 9 ## **CHK FOUNDATION** ## **(A Company Limited by Guarantee)** ## **Independent Auditor’s Report to the Members of CHK Foundation (continued)** We gained an understanding of the legal and regulatory framework applicable to the charity and how it operates and considered the risk of the charity not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements. In relation to the charity this included employment law, financial reporting and health & safety. The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following: - We reviewed systems and procedures to identify potential areas of management override risk. In particular, we agreed the financial statements to underlying records, we carried out testing of journal entries and other adjustments for appropriateness. - We reviewed minutes of Trustee Board meetings and agreed the financial statement disclosures to underlying supporting documentation. - We have made enquiries of the Executive Director of the charitable company regarding laws and regulations applicable to the organisation. - We reviewed the risk management processes and procedures in place. - We have reviewed any correspondence with the Charity Commision and reviewed the procedures in place for the reporting of incidents to the Trustee Board including serious incident reporting of any such matters if necessary. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidancefor-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. 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. Suzanne Goldsmith FCA (Senior Statutory Auditor) for and on behalf of **PRICE BAILEY LLP** Chartered Accountants Statutory Auditors Tennyson House Cambridge Business Park Cambridge CB4 0WZ Date: 15 April 2025 Page 10 ���������������������������������������������������������� ## **CHK FOUNDATION** ## **(A Company Limited by Guarantee)** STATEMENT OF FINANCIAL ACTIVITIES (Incorporating income and expenditure account) FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024 |Account
Note
**Income**
Investment Income
2
Interest
2
Total income
**Expenditure**
**Cost of raising funds:**
Investment management fee
**Expenditure on charitable**
**activities**:
Grants
3
Other charitable activities
4
Total expenditure
Net expenditure before gains and
losses on investments
Net (loss)/gain on investments
7.1/7
Net gain/(loss) on currency
Net income/(expenditure)
Transfer between Funds
10
Net movement in funds
Funds at start of year
Net movement in funds
Funds at end of year|Total
Total
Unrestricted
Funds
Expendable
Endowment Fund
Year to 31
December 2024
11 Months to 31
December 2023
£
£
£
£
3,409,720
-
3,409,720
3,260,366
29,886
-
29,886
27,036| |---|---| ||3,439,606
-
3,439,606
3,287,402
-
(484,068)
(484,068)
(496,561)
(5,993,500)
-
(5,993,500)
(3,015,817)
(125,902)
-
(125,902)
(105,727)| ||(6,119,402)
(484,068)
(6,603,470)
(3,618,105)| ||(2,679,796)
(484,068)
(3,163,864)
(330,703)
(23,329)
16,323,869
16,300,540
7,139,095
-
(151,385)
(151,385)
365,384| ||(2,703,125)
15,688,416
12,985,291
7,173,776
580,280
(580,280)
-
-| ||(2,122,845)
15,108,136
12,985,291
7,173,776| ||£
£
£
£
3,120,998
151,977,194
155,098,192
147,924,416
(2,122,845)
15,108,136
12,985,291
7,173,776| ||998,153
167,085,330
168,083,483
155,098,192| The statement of financial activities includes all gains and losses recognised in the year. All transactions are derived from continuing activities. Page 11 ## **CHK FOUNDATION** ## **(A Company Limited by Guarantee)** ## **BALANCE SHEET** FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024 |**BALANCE SHEET**
FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024|||| |---|---|---|---| ||Account|At 31 December 2024|At31 December 2023| ||Note|£|£| |Fixed Assets|||| |Tangible assets|6|-|-| |Financial Investments|7|168,350,902|152,051,925| |Impact-led Social Investments|7.1|877,930|796,572| |Current Assets|||| |Cash|13|1,822,229|3,330,145| |Debtors|8|186,648|119,662| |Total Current Assets||2,008,877|3,449,807| |Creditors: amounts falling due within one year|9|(1,906,226)|(1,128,112)| |Net Current Assets less Current Liabilities||102,651|2,321,695| |Total Assets less Current Liabilities||169,331,483|155,170,192| |Creditors: amounts falling due after
more than one year|9|(1,248,000)|(72,000)| |**Total Assets**||**168,083,483**|**155,098,192**| |**Capital Fund**|||| |Expendable Endowment|10|167,085,330|151,977,194| |**Income Funds**|||| |Unrestricted General|10|(189,072)|1,910,444| |Unrestricted Designated|10|1,187,225|1,210,554| |||**168,083,483**|**155,098,192**| The notes which are set out on following pages form part of these accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. The financial statements were approved by the Board of Trustees on 2 April 2025 and signed on their behalf by: ¢ DocuSignedB22124181F444F8... by: Dr E Peake 2 April 2025 Chairman of the Board of Trustees Company registration number: 03130170 Page 12 ���������������������������������������������������������� ## **CHK FOUNDATION** ## **(A Company Limited by Guarantee)** ## **STATEMENT OF CASHFLOWS** FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024 |Account
Note
Year to
31 December 2024
11 Months to
31 December
**Cash flows from operating activities:**
£
£
Net cash used in operating activities
14
(5,067,727)
(3,881,432)
**Cash flows from investing activities:**
Investment Income
2
3,639,606
3,287,402
Proceeds from sale of investments
7
42,881,146
38,593,915
Purchase of financial investments
7
(47,555,244)
(38,510,600)
Purchase of impact led social investments
7.1
(104,687)
(266,018)
Net cash provided by investing activities
(1,139,179)
3,104,699
Change in cash and cash equivalents during the
period
(6,206,906)
(776,733)
Cash and cash equivalents brought forward
9,733,593
10,510,326
Change in cash and cash equivalents
(6,206,906)
(776,733)
Cash and cash equivalents carried forward
13
3,526,687
9,733,593
**Analysis of changes in net debt**
At start of the year
£
Cashflows
£
Other non-cash changes
£
At end of the year
£
Cash
3,330,145
(1,507,916)
-
1,822,229
Cash equivalents
6,403,448
(4,698,990)
-
1,704,458
9,733,593
(6,206,906)
3,526,687|Account
Note
Year to
31 December 2024
11 Months to
31 December
**Cash flows from operating activities:**
£
£
Net cash used in operating activities
14
(5,067,727)
(3,881,432)
**Cash flows from investing activities:**
Investment Income
2
3,639,606
3,287,402
Proceeds from sale of investments
7
42,881,146
38,593,915
Purchase of financial investments
7
(47,555,244)
(38,510,600)
Purchase of impact led social investments
7.1
(104,687)
(266,018)
Net cash provided by investing activities
(1,139,179)
3,104,699
Change in cash and cash equivalents during the
period
(6,206,906)
(776,733)
Cash and cash equivalents brought forward
9,733,593
10,510,326
Change in cash and cash equivalents
(6,206,906)
(776,733)
Cash and cash equivalents carried forward
13
3,526,687
9,733,593
**Analysis of changes in net debt**
At start of the year
£
Cashflows
£
Other non-cash changes
£
At end of the year
£
Cash
3,330,145
(1,507,916)
-
1,822,229
Cash equivalents
6,403,448
(4,698,990)
-
1,704,458
9,733,593
(6,206,906)
3,526,687|Account
Note
Year to
31 December 2024
11 Months to
31 December
**Cash flows from operating activities:**
£
£
Net cash used in operating activities
14
(5,067,727)
(3,881,432)
**Cash flows from investing activities:**
Investment Income
2
3,639,606
3,287,402
Proceeds from sale of investments
7
42,881,146
38,593,915
Purchase of financial investments
7
(47,555,244)
(38,510,600)
Purchase of impact led social investments
7.1
(104,687)
(266,018)
Net cash provided by investing activities
(1,139,179)
3,104,699
Change in cash and cash equivalents during the
period
(6,206,906)
(776,733)
Cash and cash equivalents brought forward
9,733,593
10,510,326
Change in cash and cash equivalents
(6,206,906)
(776,733)
Cash and cash equivalents carried forward
13
3,526,687
9,733,593
**Analysis of changes in net debt**
At start of the year
£
Cashflows
£
Other non-cash changes
£
At end of the year
£
Cash
3,330,145
(1,507,916)
-
1,822,229
Cash equivalents
6,403,448
(4,698,990)
-
1,704,458
9,733,593
(6,206,906)
3,526,687| |---|---|---| |||(1,139,179)
3,104,699| |||(6,206,906)
(776,733)| |||9,733,593
10,510,326
(6,206,906)
(776,733)| |||3,526,687
9,733,593| |||non-cash changes
£
At end of the year
£
-
1,822,229
-
1,704,458
3,526,687| ||9,733,593
(6,206,906)|| Page 13 ���������������������������������������������������������� ## **CHK FOUNDATION** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024** ## **1. Accounting policies** These financial statements have been prepared in accordance with the accounting policies described below. The Charity is registered in England and Wales. The address of the Charity’s registered office is shown on page 2. ## **Basis of preparation and assessment of going concern** The financial statements have been prepared under the historical cost convention except for investments, which have been included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their Financial Statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP 2019 (FRS 102)), version 2, the Companies Act 2006 and the Charities Act 2011. The financial statements are presented in sterling, which is the functional currency of the Charity. ## **Legal status of the Charity** There is no share capital as the company is limited by guarantee. The Trustees are the Members, and each Member has guaranteed an amount, not exceeding £10 (ten pounds), towards the company’s liabilities in the event of a winding up, provided that a Member has not ceased to be a member one year prior to any winding up order. ## **Basis of accounting** ## - Income recognition All income is included in the Statement of Financial Activities when the Charity is legally entitled to the income, receipt is probable, and the amount can be quantified with reasonable accuracy. Income tax recoverable in relation to investment income is recognised at the time investment income is receivable. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. ## - Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to activities, they have been allocated on a basis consistent with the use of the resources. Grants payable are charged in the period when the offer is made and communicated to a third party to create a constructive obligation except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure. Expenditure on charitable activities comprises the cost of grants awarded, support and governance costs of the running of the Charity. Governance costs compromise the cost of complying with constitutional and statutory requirements. ## **Fund accounting** Income funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity. Designated funds are established from unrestricted funds and maintained at the discretion of the trustees and used as set out in Account Note 10. Page 14 ���������������������������������������������������������� ## **CHK FOUNDATION** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024** Capital funds comprise expendable endowments, whereby there is no requirement to spend the capital unless, or until, the Charity trustees decide to do so. These funds are invested to produce unrestricted income which can be spent in accordance with the charitable objectives. ## **Tangible fixed assets** Depreciation is calculated to write-off the cost of tangible assets on a straight-line basis over their estimated useful economic lives as follows: IT and Computer equipment: 3 years ## **Investments** Financial investments held will be included in the Financial Statements at Fair value which is the bid price at the balance sheet date. Impact-led social investments are held at cost, less any diminution in value, unless it is possible, on a timely basis, to obtain a reliable estimate of fair value. Investments include cash held for investment purposes. Income shall be applied solely towards the promotion of the Charity's objects. ## **Realised and unrealised gains and losses** All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired after the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the period end and their carrying value. ## **Debtors** Other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid. **Cash** Cash includes cash at bank and short term highly liquid investments with a maturity date of less than three months from the date of acquisition or opening of the deposit or similar accounts. ## **Cash equivalents** Cash held from time to time as part of the fixed asset investment portfolios and presented as part of fixed asset investments ## **Creditors** Creditors are recognised where the Charity has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. ## **Significant Estimates and Judgements** Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The trustees make estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The accounting estimates include depreciation and investment valuations. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. **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 fair value. Fixed assets are recorded at depreciated historical cost and listed investments are recorded at the bid value at the year-end date. Unlisted investments are recorded at cost, less any diminution in value, unless it is possible to obtain a reliable estimate of fair value. All other assets and liabilities are recorded at cost which is their fair value. For details of the asset classes held and of the historical cost of investments, see Account Note 7. ## **Foreign currencies** Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activities. Page 15 ���������������������������������������������������������� ## **CHK FOUNDATION** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024** ## **2. Income** |**. Income**|| |---|---| |Investment Income
Bank interest|Year to
31 December 2024
11 Months 31
December 2023
£
£
3,409,720
3,260,366
29,886
27,036| ||3,439,606
3,287,402| In the year, a £200,000 sum was received from another grant making charitable trust, the Susanna Peake Charitable Trust. As set out in Account Note 12, CHK Foundation agreed to act as agent for the receipt and transfer of the £200,000 sum to Charities Aid Foundation. The £200,000 sum has therefore not been recognised as income or expenditure of CHK Foundation. ## **3. Expenditure on Grants** |Grants payable at start of period
Grants offered in the period (SOFA and Account Note 16)
Grants paid in the period
Grants payable at end of period (Account Note 9)|Year to 31
December 2024
11 Months to 31
December 2023
£
£
1,044,611
1,602,059
5,993,500
3,015,817
(3,898,543)
(3,573,265)| |---|---| ||3,139,568
1,044,611| Page 16 ���������������������������������������������������������� ## **CHK FOUNDATION** ## **NOTES TO THE ACCOUNTS FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024** ## **4. Expenditure on Other charitable activities** |Independent Auditors’ Fee
Legal Fees
Consultant fees and other third-
party costs for grant programmes
Subscriptions
Depreciation (Account Note 6)
Travel, Training & Meeting costs
Bank charges
Staff Costs (Account Note 5)
Insurance
Website and IT Costs
Other Office Costs
**Total**|Year to 31 December 2024
11 Months to 31 December 2023
Direct Grant
Making
Support
/Governance
Total
Direct Grant
Making
Support
/Governance
Total
£
£
£
£
£
£
-
11,286
11,286
-
12,040
12,040
-
1,763
1,763
-
-
-
-
-
-
1,242
-
1,242
-
7,095
7,095
-
488
488
-
-
-
303
370
673
501
613
1,114
*
1,484
1,814
3,298
475
44 89
580
1,055
*
396
483
879
44,892
54,867
99,759
*
37,674
46,046
83,720
1,032
1,261
2,293
*
982
1,201
2,183
473
579
1,052
*
447
546
993
218
267
485
*
95
116
211| |---|---| ||**47,591**
**78,311**
**125,902**
**42,623**
**63,104**
**105,727**| For all costs highlighted with an asterisk, the split of 45/55 is based on the allocation of staff time to Grant Making and Support/Governance respectively. Included in the Support/Governance costs are auditor costs of £11,286 (11 Months to 31 December 2023; £12,040). Page 17 ���������������������������������������������������������� ## **CHK FOUNDATION** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024** ## **5. Staff Costs and Numbers** |**5. Staff Costs and Numbers**|| |---|---| |Staff costs were as follows:
Salaries and wages
Social security costs
Pension
Key management.
The Executive Director is the only employee.
The number of staff earning in the following ranges
£70,000-£80,000
£80,000-£90,000|Year to 31
December 2024
11 Months to 31
December 2023
£
£
86,508
74,814
5,683
4,170
7,568
4,736| ||99,759
83,720| ||Year to 31
December 2024
11 Months to 31
December 2023
1
1| ## **6. Tangible Fixed Assets** |Cost
At start of year
Additions in the year
At end of year
Depreciation
At start of year
Charge for the year
At end of year
Net book value at end of year|Year to 31 December 2024
11 Months to 31 December 2023
IT and Computer
Equipment
Total
IT and Computer
Equipment
Total
£
£
£
£
2,396
2,396
2,396
2,396
-
-
-
-| |---|---| ||2,396
2,396
2,396
2,396| ||2,396
2,396
1,723
1,723
-
-
673
673| ||2,396
2,396
2,396
2,396| ||| ||Nil
Nil
Nil
Nil| Page 18 ���������������������������������������������������������� ## **CHK FOUNDATION** ## **NOTES TO THE ACCOUNTS FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024** ## **7. Investments** To reflect the Charity Commission Investing Charity Money: Guidance For Trustees (CC14) guidance, the investments held by CHK Foundation are categorised in two separate streams; Financial Investments and Impactled Social investments Financial investments are made with the ultimate objective of generating income from the investment and/or increasing the capital value of an investment |**Financial Investments**
Market value brought forward
Purchases
Disposal Proceeds
Net gain on investments (SOFA)
Market value at end of year
Cash equivalents (Account Note 13)
Total financial investments
Historical cost of investments:|Year to 31 December 2024
11 Months to 31 December 2023
£
£
145,648,477
138,588,181
47,555,244
38,510,600
(42,881,146)
(38,593,915)| |---|---| ||150,322,575
138,504,866
16,323,869
7,143,611| ||166,646,444
145,648,477| ||1,704,458
6,403,448| ||168,350,902
152,051,925| ||133,849,540
128,123,110| Page 19 ���������������������������������������������������������� ## **CHK FOUNDATION** ## **NOTES TO THE ACCOUNTS FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024** ## **7.1 Impact-led Social Investments** Impact-led Social Investments offering both social return and financial returns, are made in charities, social purpose organisations and funds tackling social issues of interest to the trustees. The Impact-led Social Investments may have a higher degree of financial risk or lower return. Overall, when making the investment the trustees are happy that should there be a lower than anticipated financial return, the social return of the investments will recompense any loss in financial value. |Value brought forward
Purchases
Disposal Proceeds
Net (loss) on investments (SOFA)
Value carried forward
Historical cost of investments:|Year to 31 December 2024 11 Months to 31 December 2023
£
£
796,572
535,070
104,687
266,018
-
-
(23,329)
(4,516)| |---|---| ||877,930
796,572| ||£895,705
£791,018| The impact-led social investments are unlisted and are held at cost, less any diminution in value, unless CHK Foundation is able to obtain a reliable estimate of fair value. In the year, units costing $130,000/£104,687 (11 months to 31 December 2023, $130,000/£116,018) were purchased in a fund-of-funds. The fund-of-funds invests across a wide range of fund types, sectors and geographies with the aim to generate long-term, sustained funding for selected high impact NGOs. The units purchased in the year were the second call of an overall $650,000 commitment made in the prior period. The remaining commitment is therefore to buy units costing $382,000 when called to do so by the managers of the fund-of-funds. In the prior year, an unsecured loan facility of £150,000 was made available to an incorporated Limited Liability Partnership. The £150,000 was the balance of finance required for acquisition of premises offering a collaborative space for Social Enterprise. The loan facility has a 6.0% per annum Interest rate and a maximum term of 10 years. In 2022, a £500,000 investment was made to buy units in a fund-of-funds, itself investing in funds which contribute towards social equity and environmental solutions. At 31 December 2024, the CHK Foundation share of the audited net asset value of the Fund was reported as £482,225 (31 December 2023; £505,586). An interest free £25,000 loan was made in 2021 to a UK registered charity repayable to CHK Foundation in 2027. The £25,000 loan is to a programme helping those, who have claimed asylum in the UK, to have the opportunity to return to their previous career by covering the cost of requalification. The £25,000 loan was made with a view to furthering CHK Foundation’s charitable aims, and with the expectation of repayment. CHK Foundation has had regular updates on the programme’s progress. Page 20 ## **CHK FOUNDATION** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024** |**8. Debtors**||| |---|---|---| ||Year to 31|11 Months to 31| ||December 2024|December 2023| ||£|£| |Accrued interest|186,648|119,662| |**9. Creditors**||| ||Year to 31|11 Months to 31| ||December 2024|December 2023| |Amounts falling due within one year|£|£| |Accruals|11,286|152,260| |Grants payable_(1)_|1,891,568|972,611| |Other creditors|3,372|3,241| ||1,906,226|1,128,112| |Amounts falling due after more than one year|£|£| |Grants payable_(2)_|1,248,000|72,000| |_Account Note 3_|_(1) + (2) = £3,139,568_|_£1,044,611_| Page 21 ���������������������������������������������������������� ## **CHK FOUNDATION** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024** ## **10. Movement in funds** |Funds
|Balance
01 Jan 24
Income, interest and
donations
Investment and
currency
Gains/(Losses)
Expenditure
/Commitments
Transfers
£
£
£
£
£
151,977,194
-
16,172,484
(484,068)
(580,280)
**Note a**
1,910,444
3,439,606
-
(5,819,402)
280,280
-
-
-
(300,000)
300,000
1,210,554
-
(23,329)
-
-|_Subtotal of_
_unrestricted funds_
_-_
_(189,072)_
**Note b**
_-_
_1,187,225_|Balance
31 Dec 24| |---|---|---|---| |Expendable
Endowment
**Unrestricted**
General Fund
Designated Funds
_Emergency/Disaster_
_Social Impact_
Total|||£
167,085,330
998,153| |||_998,153_|| ||155,098,192
3,439,606
16,149,155
(6,603,470)
-||168,083,483| **Note a.** The income generated from the endowment is recognised as an addition to unrestricted funds. In the year, the Investment Income £3,409,720 (Account Note 2) addition to the Unrestricted General Fund was increased by a further £580,280 to reach an overall target of £3.99m. £3.99m is the sum set by the trustees as the cash to be returned over the 12 months of 2024 from the expendable endowment for grant making and to run operations. **Note b.** In the year, a significant number of multi-year grants were awarded, and the full value of these commitments has been recognised on the current year SOFA. These future commitments have given rise to deficit year-end balance for the Unrestricted General Fund. Future cash drawdowns from the expendable endowed fund will cover the commitments when they fall due. |**Funds**|Balance
1 Feb 2023
Income
and Gains
Investment
Losses
Expenditure
Transfers
Balance
31 Dec 2023| |---|---| |Expendable
Endowment
General Fund
Designated Funds
_Emergency/Disaster_
_Social Impact Fund_
_CHK Mission Fund_
Total|£
£
£
£
£
£
146,782,841
-
7,508,995
(496,561)
(1,818,081)
**Note c**
151,977,194
451,505
3,287,402
-
(2,721,544)
893,081
1,910,444
-
-
-
(300,000)
300,000
-
690,070
-
(4,516)
-
525,000
**Note d**
1,210,554
-
-
-
(100,000)
100,000
-| ||147,924,416
3,287,402
7,504,479
(3,618,105)
-
155,098,192| **Note c.** The sum of £1,818,081 is the net difference between i) funds from the liquidation of an investment fund moving from the Expendable Endowment Fund to the Unrestricted General Fund, and ii) funds of £150,366 moving from the Unrestricted General Fund to the Expendable Endowment Fund, representing the difference in Dividend and other interest income of £3,260,366 (Account Note 2) and the actual cash returned of £3,110,000 by the investment managers in line with the Charity Investment Policy. **Note d.** £525,000 of the sum received into the Unrestricted General Fund was reallocated to the Social Impact Fund to support the planned new commitment of $650,000 to an investment offering a dual financial and social return, as referred to in Account Note 7.1. Page 22 ���������������������������������������������������������� ## **CHK FOUNDATION** ## **NOTES TO THE ACCOUNTS FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024** ## **11. Analysis of net assets between funds** |Investments
Current assets
Liabilities
Investments
Current assets
Liabilities|Unrestricted
Expendable
Endowment
Total 31
December 2024
General £
Designated £
£
£
-
2,143,643
167,085,330
169,228,973
2,008,877
-
-
2,008,877
(2,197,949)
(956,418)
-
(3,154,367)| |---|---| ||(189,072)
1,187,225
167,085,330
168,083,483| ||Unrestricted
Expendable
Endowment
Total 31
December 2023
General £
Designated £
£
£
-
871,324
151,977,194
152,848,518
3,110,556
339,230
-
3,449,786
(1,200,112)
-
-
(1,200,112)| ||1,910,444
1,210,554
151,977,194
155,098,192| Page 23 ���������������������������������������������������������� ## **CHK FOUNDATION** ## **NOTES TO THE ACCOUNTS FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024** ## **12. Related party transactions and trustees' expenses and remuneration** No remuneration was paid to the trustees during the period (11 Months to 31 December 2023; NIL). No travel expenses were reimbursed to trustees during the period (11 Months to 31 December 2023; NIL) A donation of £180,000 was made to the Charities Aid Foundation (Account Note 16) for allocation by the Charities Aid Foundation to the personal CAF accounts of the trustees listed below, and a small number of other descendants of the founder of CHK Foundation. These personal CAF accounts can only be used by the account holder to make charitable donations. The annual transfer to the personal CAF accounts therefore allows a small proportion of the grant making of CHK Foundation to efficiently reach typically smaller, local charitable projects, that are of interest to the trustees/descendants of the founder. |||Year to 31|11 months to 31| |---|---|---|---| |||December 2024|December 2023| |Mrs E Jewell|Trustee|£20,000|£20,000| |Mrs K S Loyd|Trustee|£20,000|£20,000| |Mrs L H Morris|Trustee|£30,000|£30,000| |Miss P S Morris|Trustee|£20,000|£20,000| |Mrs C Peake|Trustee|£20,000|£20,000| |Dr E Peake|Trustee|£30,000|£30,000| |Mr R Prest|Trustee|£20,000|£20,000| |Mrs S E Acland|Daughter of the founder|£5,000|£5,000| |Mr H Acland|Grandson of the founder|£5,000|£5,000| |Miss C Gwynne|Granddaughter of the founder|£5,000|£5,000| |Mrs L Hardy|Granddaughter of the founder|£5,000|£5,000| In the year, a £200,000 sum was received from another grant making charitable trust, the Susanna Peake Charitable Trust. Mrs K S Loyd is a trustee of both CHK Foundation and the Susanna Peake Charitable Trust. CHK Foundation agreed to act as agent for the receipt and transfer of the £200,000 sum to Charities Aid Foundation. CHK Foundation sought no fee for the role as agent. The £200,000 sum to Charities Aid Foundation carried the instruction for Charities Aid Foundation to allocate the sum equally between the personal CAF accounts of a named great granddaughter and a named great grandson of the founder of CHK Foundation. A £5,000 sum (11 months to 31 December 2023; £5,000) was also paid to the Good2Give Community Fund Charity Account of Mr R Baillieu (grandson of the founder of CHK Foundation). Mr Baillieu resides overseas. The Good2Give Community Fund Charity Account fulfils the same purpose in Australia as described above for CAF accounts in the UK. Page 24 ���������������������������������������������������������� ## **CHK FOUNDATION** ## **NOTES TO THE ACCOUNTS FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024** ## **Account Note 12 continued** Mrs L Morris, trustee of CHK Foundation, has roles as trustee, fundraising committee member, or financial advisory board member with the grant recipients detailed below. The roles were declared at CHK Foundation grant meetings before the decision to offer the grants. Mrs Morris took part in the CHK Foundation trustees’ discussion and decision making about the grants. ||Grants Made|| |---|---|---| ||Year to 31|11 Months to 31| ||December 2024|December 2023| |The Amber Foundation|£10,000|£50,000| |Nordoff and Robbins|-|£5,000| |IntoUniversity|£150,000|£25,000| Mr C Kirwan-Taylor, trustee of CHK Foundation, is the Chairman of Cure3, an art event which raises funds for the Cure Parkinson’s Trust. In the year, CHK Foundation donated to Cure Parkinson’s Trust £10,000 (11 Months to 31 December 2023; £5,000). There are no other related party transactions (11 Months to 31 December 2023; no other related party transactions). ## **13. Cash and cash equivalents** |Cash
Cash equivalents (Account Note 7)|Year to 31
December 2024
11 Months to 31
December 2023
£
£
1,822,229
3,330,145
1,704,458
6,403,448| |---|---| ||3,526,687
9,733,593| ## **14. Reconciliation of net movement in funds to net cash flow used in operating activities** |Net movement in funds (SOFA)
Deduct income (SOFA)
Deduct net gain on investments (SOFA)
Add Depreciation charge (Account Note 6)
Deduct increase in debtors
Add increase in creditors
Net cash used in operating activities|Year to 31
December 2024
11 Months to 31
December 2023
£
£
12,985,291
7,173,776*
(3,639,606)
(3,287,402)
(16,300,540) (7,139,095)*
-
673
(66,986)
(83,161)
1,954,114
(546,223)| |---|---| ||(5,067,727)
(3,881,432)*| *Previous period figures corrected to match details on the previous period SOFA/ Statement of Cashflows Page 25 ���������������������������������������������������������� ## **CHK FOUNDATION** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024** ## **15. Comparative Statement of Financial Activities for the 11 month period ended 31 December 2023** |Income and endowments
Investment Income
Other Income
Total income and endowments
Expenditure
Cost of raising funds:
Investment management fee
Expenditure on charitable activities:
Grants
Other charitable activities
Total expenditure
Net expenditure before gains and losses
on investments
Net gain/(loss) on investments
Net (loss)/gain on currency
Net income/(expenditure)
Transfer between Funds
Net movement in funds in the period
Funds at start of period
Net movement in funds in the period
Funds at end of period|Unrestricted
Funds
Expendable
Endowment Fund
Total 31
December 2023
£
£
£
3,260,366
-
3,260,366
27,036
-
27,036| |---|---| ||3,287,402
-
3,287,402| ||-
(496,561)
(496,561)
(3,015,817)
-
(3,015,817)
(105,727)
-
(105,727)| ||(3,121,544)
(496,561)
(3,618,105)| ||165,858
(496,561)
(330,703)
(4,516)
7,143,611
7,139,095
-
365,384
365,384| ||161,342
7,012,434
7,173,776
1,818,081
(1,818,081)
-| ||1,979,423
5,194,353
7,173,776| ||1,141,575
146,782,841
147,924,416
1,979,423
5,194,353
7,173,776| ||3,120,998
151,977,194
155,098,192| Page 26 ���������������������������������������������������������� ## **CHK FOUNDATION** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024** ## **16. Grants offered** Grants to charitable institutions ||Year to 31|11 Months to 31| |---|---|---| ||December 2024|December 2023| ||£|£| |@ THE ROCK|5,000|-| |1625 Independent People|150,000|153,620| |Action Against Hunger|20,000|10,000| |Action Syria (previously Hands Up Foundation)|30,000|20,000| |ActionAid UK|10,000|-| |AfghanAid|5,000|60,000| |Aldridge Foundation CIO|150,000|-| |Alina Cojocaru Foundation|-|50,000| |AllChild (previously West London Zone)|150,000|25,000| |Alport UK|60,000|-| |Amber Foundation, The|10,000|50,000| |Anna Freud Centre, The|-|25,000| |Apricot Centre|50,000|-| |Ark Resettlement Services|10,000|-| |Axiom Maths|20,000|-| |Baca Charity, The|20,000|58,250| |Barbican Centre Trust Limited, The|20,000|-| |Barn Theatre Project|-|10,000| |Beat|-|30,000| |Beating Time|-|20,000| |Bees for Development|-|10,000| |Best Beginnings|30,000|-| |Big Change Charitable Trust|50,000|50,000| |Big Give Trust, The|30,000|25,000| |Bike Project, The|-|5,000| |Bloomsbury Football Foundation|15,000|-| |Blue Dragon Children's Foundation UK|10,000|-| |Branch Trust, The|5,000|-| |Break|-|1,550| |Brigantia Learning Trust|10,000|-| |British Exploring Society|-|10,000| |British Museum, The|10,000|-| |British Pilgrimage Trust, The|10,000|10,000| |British Red Cross|-|80,000| |Britten Pears Arts|30,000|-| Page 27 ���������������������������������������������������������� ## **CHK FOUNDATION** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024** |Buglife, The Invertebrate Conservation Trust|20,000|-| |---|---|---| |Bumblebee Conservation Trust|20,000|-| |Camara Education UK|-
|5,000| |Career Ready (The UK Career Academy Foundation)|150,000|-| |Carefree - Fostering Independence Cornwall|-
|4,250| |Charities Aid Foundation|180,000
|180,000| |Charlie Waller Trust|-
|25,000| |CHASE Africa|120,000
|20,000| |Childhood Trust, The|-
|25,000| |Chipping Norton Theatre Limited, The|30,000
|11,000| |City Harvest|10,000
|10,000| |Civic Future|10,000|-| |Clean Rivers Trust|15,000|-| |Cleanup|-
|12,000| |ClientEarth|35,000|-| |Clonter Farm Music Trust|30,000
|20,000| |Construction Youth Trust|240,000|-| |Cool Earth Action|90,000|-| |Cotswolds Rivers Trust|30,000|-| |Countryside Learning|-
|10,000| |County of Gloucestershire Community Foundation|-
|10,000| |Cowrie Scholarship Foundation|-
|10,000| |Crisis UK|-
|10,000| |Cure Parkinson's Trust, The|10,000
|5,000| |CWPLUS|30,000|-| |David Nott Foundation|-
|20,000| |Developing Health & Independence|-
|18,000| |Disabled Sailors Association|10,000|-| |Disasters Emergency Committee|100,000|-| |Door, The|-
|268,278| |Drive Forward Foundation|-
|42,300| |English National Opera|60,000|-| |ESTEEM|-
|20,000| |Fantasia Orchestra|10,000
|10,000| |FarmED CIC|80,000|-| |Fine Cell Work|-
|45,000| |Flowers Band|4,000|-| |Football beyond Borders|150,000|-| |Forest Peoples Programme|180,000|-| |Forward Arts Foundation|20,000|-| |Foyer Federation|-
|3,000| |Friendship Cafe|-
|24,000| |Future Hope (UK)|10,000|-| |Garsington Opera Limited|-
|7,500| |Page 28||| ���������������������������������������������������������� ## **CHK FOUNDATION** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024** |Give a Child a Brighter Future|15,000|-| |---|---|---| |Global Canopy|150,000
|50,000| |Gloucester Cathedral|25,000|-| |Gloucestershire Hospitals NHS Foundation Trust|30,000|-| |Gloucestershire Society, The|-
|5,000| |Gloucestershire VCS Alliance|-
|75,000| |Goed Life, The|-
|15,000| |Good2Give ATF|5,000
|5,000| |Greenhouse Sports Limited|150,000|-| |Guiting Music Festival, The|5,000|-| |Handicap International (operating as Humanity & Inclusion)|-
|10,000| |Harrow Club|5,000|-| |Hazara Charitable Trust|-
|10,000| |Home-Start (Cotswolds) Ltd|-
|5,000| |Home-Start North and West Gloucestershire|-
|5,000| |Home-Start Stroud and Gloucester|-
|5,000| |Hounslow Education Business Charity (trading as Spark!)|150,000|-| |Ideas Matter|25,000|-| |Imperial College London|-
|10,000| |In Kind Direct|20,000|-| |Institute For Philanthropy, The|5,000|5,000| |Intouniversity|150,000
|25,000| |Irene Taylor Trust, The|-
|15,000| |Island Careers Partnership|5,000|-| |James' Place Charity|-
|50,000| |Jobs Foundation, The|10,000|-| |Kensington And Chelsea Foundation, The|-
|10,000| |Key4Life|10,000|50,000| |LIFEbeat|10,000|20,000| |Longborough Festival Opera|30,000|-| |Margaret Pyke Trust|320,000
|90,000| |Medecins Sans Frontiere (UK)|40,000
|25,000| |Mental Health Innovations|-
|50,000| |Museum Of Modern Art Limited|20,000|-| |MYTIME|-
|10,000| |National Gallery Trust, The|75,000|-| |National Opera Studio|-
|48,000| |National Youth Choirs of Great Britain|10,000
|10,000| |Nelson Trust|-
|87,403| |Neuroscience for Education|10,000|-| |Nordoff-Robbins Music Therapy|-
|5,000| |North Cotswold Community Awareness|-
|10,000| |Now Teach|75,000|-| |Nuffield Farming Scholarships Trust|54,000|-| Page 29 ���������������������������������������������������������� ## **CHK FOUNDATION** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024** |OCD Action|-
|25,000| |---|---|---| |Old Vic Theatre Trust 2000, The|30,000
|20,000| |Opera Holland Park|20,000
|20,000| |Operation Reach|7,500
|11,000| |Plan International UK|55,000
|50,000| |Pregnancy Sickness Support|5,000|-| |Providence Row|5,000
|10,000| |Purposeful Ventures|50,000|-| |Quentin Blake Centre For Illustration|35,000|-| |React|5,000|-| |Rekindle School|-
|15,000| |Right to Play|-
|15,000| |Rivers Trust, The|425,000|-| |Roundhouse Trust|150,000|-| |Royal Academy of Arts|10,000|-| |Royal Academy of Music|-
|20,000| |Royal Ballet School, The|25,000
|25,000| |Royal Botanic Gardens, Kew, The|20,000|-| |Royal National Theatre, The|80,000
|7,500| |Royal Opera House Covent Garden Foundation|80,000|-| |Royal Shakespeare Company, Stratford-upon-Avon, The|25,000|-| |Save The Rhino International|5,000
|15,000| |Seaview Sailing Trust|16,000
|30,000| |SEED Eating Disorders Support Services|3,000|-| |Shakespeare Globe Trust, The|10,000|-| |Shaw Trust|-
|31,500| |Sister Circle|10,000|-| |Southmead Development Trust|-
|10,000| |Spark Inside|-
|10,000| |Springboard Charity, The|150,000|-| |St John's College Oxford|-
|5,000| |St Mungo Community Housing Ass|-
|5,000| |St Richards Hospice|-
|5,000| |St. John Of Jerusalem Eye Hospital Group|20,000
|25,000| |Stockwell Charitable Trust, The|-
|10,000| |Story Museum, The|20,000|-| |Suicide and Co|8,000|-| |Supporting Wounded Veterans|5,000
|10,000| |Sustainable Food Trust|80,000|-| |TERN (The Entrepreneurial Refugee Network CIC)|5,000
|5,000| |Tetbury Music Festival|5,000|-| |Thrive-Northox|-
|10,000| |TimeGivers|20,000
|5,000| |Tourette Syndrome (UK) Association|5,000|-| |Page 30||| ���������������������������������������������������������� ## **CHK FOUNDATION** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR 1 JANUARY 2024 to 31 DECEMBER 2024** |Trussell Trust, The
Tusk Trust
Tutor The Nation
United in Design Charitable Trust
University of Oxford Development Trust Fund
University of the West of England
Victoria & Albert Museum
Villiers Park Educational Trust
Volunteering Matters
Wallace Collection, The
War Child
West London Welcome
Wheels Project
Whitchurch-on-Thames Pre-School
Wild Survivors
Willow Trust, The
Winchester College
Windrush Against Sewage Pollution
World Land Trust
Yorkshire Ballet Seminars
Young Gloucestershire|-
10,000
120,000
65,000
5,000
-
-
10,000
-
75,000
-
15,250
30,000
-
150,000
-
-
3,000
26,000
-
10,000
10,000
-
10,000
-
20,000
10,000
-
-
20,000
10,000
10,000
-
5,000
15,000
-
180,000
10,000
90,000
15,000
-
118,470| |---|---| ||5,993,500
3,015,871| No grants were made to individuals Page 31