The CIBC World Markets Children's Foundation Annual Report and Unaudited Financial Statements for the year ended 31 March 2024 Registered Charity Number: 1105094
The CIBC World Markets Children's Foundation Annual Report for the year ended 31 March 2024 Contents Page Legal and Administrative Details Trustees. Report Principal Activities and Review Background Objectives of the Foundation Grant making poliaes Alm for the year Charitable donations Fundraising activities People and posts Future developments Financial review Reserves Restricted/designated funds Related party transattions Risk assessment Independent Examinerfs Report li statement of Financial Activities 12 Balance Sheet 13 Notes to the Financial Statements 14
The CIBC World Markets Children"s Foundation Annual Report for the year ended 31 March 2024 Legal and Administrative Details status Charitable Trust UK Charity Number: 1105094 Charity Objective: To promote any charitable purpose for the benefit of children or children's charities worldwide by the provision of financial and other assistance and by promoting volunteerism. Registered Office: 150 Cheapside London EC2V 6 Trustees: Thomas Broad Samantha Orozco David Fotheringham Natalie Harrison Francois Xavier-Desplanches Independent Examiner: Rachel Chim FCCA UHY Hacker Young Quadrant House 4 Thomas More Square London Elw IYW Bankers: National Westminster Bank PIC City of London Office PO Box 12258 I PrInS Street, London EC2R 9PA Governing document: Declaration of Trust (the-Trust Deed") dated 6 July 2004, amended 13 November 2006.
The CIBC World Markets Children's Foundation Annual Report for the year ended 31 March 2024 Trustees. Report The board of Trustees (the "Trustees? of the CIBC World Markets Children's Foundation (the"Foundation ) have pleasure in presenting 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 I to the financial statements and comply with the Foundation's Trust Deed, the Charities Act 2011 and the Charity SORP (FRS 102) "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)-. Trustees and Responsibilities Trustees serving in the year to 31 March 2024: Samantha Orozco - Chairperson Thomas Broad David Fotheringham Natalie Harrison Francois Xavier-Desplanches Trustees appointed or resigned after the balance sheet date: None All members of the board of Trustees (the"Trustees'? of the CIBC World Markets Chlldren's Foundation (the 'Foundation'? individually and collectively have a fundamental responsibility for control of the Foundation's activities and funds. Trustees are appointed based on the needs of the Foundation and their respective experience, and come from the staff of the Canadian Imperial Bank of Commerce, London ("CIBC"). Appropriate additional training Is provided as and when required. There are a minimum of three Trustees at any time. Apart from the first Trustees, each Trustee is appointed for a term of three years by a resolution of the Trustees passed at a special meeting called under and subject to clause 15 of the Trust Deed: "(ii) In selecting individuals for appointment as Trustees, the Trustees have regard to the skills, knowledge and experience needed for the effective administration of the charity,. and (iii) The Trustees keep a record of the name and address and the dates of appointment, re-appointment and retirement of each Trustee." In order to segregate the duties of the Foundation so that no one person is overburdened or given too much authority, overall responsibility for the various key attivities of the charity has been assigned as follows: Samantha Orozco Thomas Broad David Fotheringham Natalie Harrison Francols Xavier-Desplanches Chairperson, administration and fundraising Accounting, administration and fundraising Fundraising Fundralsing Fundraising The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi). The law applicable to charities in England & Wales 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 CIBC World Markets Children's Foundation Annual Report for the year ended 31 March 2024 the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to: selett suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financlal statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provislons of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Principal Activities and Review Background Each year, on the first Wednesday in DeMber, CIBC employees and clients participate in a major fundraising effort on behalf of children's charities throughout the world. The fundraising campaign is known as Mirade Day, with CIBC donating fees, commissions, and other monies raised on that day to support children in our communities. Children's Miracle Day was established in 1984 by CIBC Wood Gundy in Canada (now CIBC) and globally has donated in excess of £163 million (c$278m) to improve the quality of life for thousands of children and their families and is now one of the World's largest annual one-day corporate fundraising events. CIBC'S European operation has donated over £6.7 milllon to over 70 charities across the United Kingdom, Europe and Africa since it became involved in Children's Miracle Day in 1994, and, in July 2004, registered the Foundation as a charity in the UK. The Foundation is a single centrally administered organisation. In our region, the Foundation supports UK registered charities that are dedicated to the health, welfare and education of children. Examples include children's hospitals, hospices, counselling and special programmes for 'at-risk' children. A committee of CIBC London staff coordinates the day-to-day actlvities of the charity, working with the Trustees to fulfil the Foundation's objettives. All of the Trustees regularly sit on the committee and ensure that the decisions which are made fully comply with the overall aims and objectives set out in the Trust Deed. Objectives of the Foundation To promote any charitable purpose for the benefit of children or children's charities worldwide by the provision of financial and other assistance and by promoting volunteerism. Specifically: To raise the quality of life for children in the communities served by CIBC London. To demonstrate our dedication in helping to prepare children for future success; and To encourage volunteerism and foster community involvement on the part of CIBC London employees. These objertives are concurrent with the Trust Deed. In setting our aims and objectives and in planning our future activities we have referred to and taken into account the guidance contained In the Charity Commission's general guidance on publlc benefit.
The CIBC World Markets Children's Foundation Annual Report for the year ended 31 March 2024 Grant Making Policies Charities meeting the Foundation's objectives that are known to; or which contatt. or are recommended to the Foundation are placed on a database and are invited to submit a funding proposal to the Foundation's Selection Committee. All proposals received that are fully compliant with our donation (Titerla are circulated to the Selection Committee for review. Charities are then short-listed by the Selection Committee and short-listed candidates are invited to present. The Selertion Committee then makes a decision on the number of charities to be supported and those charities that receive the greatest number of votes from the various members are chosen for support. These choices are then ratified by the Trustees before the charities are informed of their success. Additional smaller one- off donations may be made directly or indirectly (either on a one-off donation basis or by matching sponsorship efforts of CIBC London employees) to charities meeting the criteria and objectives of the Foundation at the discretion of the Trustees and must be duly approved. The Foundation operates a two year cycle whereby they support their charity partners for two financial years. In order to stabilise the cashflows of our charity partners the decision was made to extend the current charity cycle to be a three year cycle ending March 2025. For the year ended 31 March 2022 the Foundation reiVed 83 applications to be one of our charities until 31 March 2025 (2019: 69). Aim for the Year The objectives and strategy of the Foundation for the year ended 31 March 2024 continued to be to ralse funds primarily through events held in conjunttion with CIBC and its staff to allow grants and other donations to be made to selected registered charities benefiting children. Charitable Donations In line with the objectives of the Foundation, and based on the expected Income levels of the preceding year, it was decided by the Trustees to support three "Charities of the Year" these were selected to be Lennox Children's Cancer Fund, Skyway and School Home Support. The following charitable institutions were selected to be supported for the year ended 31 March 2024: Lennox Children's Cancer Fund Donation given: £62,500 Previous Support: 2023 - £63,000 Charity Background: Lennox's vision is for every family that has a child diagnosed with childhood cancer to know they are not alone, and that Lennox Children's Cancer Fund are here to support them throughout the challenging and difficult road ahead. The charity's main objective is to support the entire family during their child's cancer journey, from diagnosis through treatment and beyond. The Lennox Children's Cancer Fund is dedicated to working directly with families, acknowledging that each family's cancer journey is different, and provldlng services tallored to suit those needs through emotional, financial, and practical support. They recognise that families may struggle to adjust to their 'new normal, after treatment, and the charity supports in bridging the gap that is left after the safety net of treatment is removed or following the bereavement of a child. More information about Go Beyond can be found at: https://www.lennoxcrf.org.uk
The CIBC World Markets Children"s Foundation Annual Report for the year ended 31 March 2024 Project(s) supported: An unrestricted donation was made towards the activities of Lennox Children's Cancer Fund. Skyway Donation given: £62,500 Previous Support: 2023 - £63,000 Charity Background: Skyway help people to COgnise their own potential and have the self-belief to make positive changes. In 2020, Skyway helped 286 young people to gain qualifications or get a job, but we've also seen countless young people over the last two decades reach personal goals, become mentors and understand what it takes to achieve their ambitions. Currently they support 1,500 people per year in some of London's most dlsadvantaged areas. They run projects such as: Skyway Futures which Is all about supporting young people as they move from childhood to young adulthood. It's a youth-led project that helps them to develop the skllls, confidence and resilience to tackle the challenges they face and form a positive sense of identity. Employment and Enterprise Projert which is designed for young people and community members who want to develop their skills and gain qualifications, experience and employment through job clubs and one-to-one support and advice. We also glve them the opportunity, advice and support to start their own business. Skyway Ambassadors which is a highly commended peer development programme. The Ambassadors are trained and gain qualifications to support the delivery of activities and workshops for younger children who see them as positive role models. Skyway Ambassadors volunteer and work in the local community, delivering activities in community settings and schools, and some continue training to become the next cohort of youth workers. More information about Skyway can be found at:https://www.skyway.london Project(s) supported.. An unrestricted donation was made towards the activities of Skyway. School Home Support Donation given: £62,500 Previous Support: 2023 - £63,000 CharSty Background: Working with schools, local authorities and other children's settings, they provide personalised support to children and families, tackling the underlying barriers to a successful education to improve the life chances of children. We are the only charity in England that works holistically with the entire family to improve a child's education and life chances. We understand that problems beyond the classroom affect a child's ability to be in school and ready to leam. Working with the family around a child is the most effective way to make tangible, sustainable, positive change. To ensure children can do their best in education, School-Home Support practitloners are there to support the whole family with any issues they are facing. This could include issues wlth housing, concems about money, or support with family relationships. School-Home Support practitioners listen so that they understand the full picture, and then work with families to get a personalised plan in place. More information about School https://www.schoolhomesupoort.org.uk/ Home Support can be found at:
The CIBC World Markets Children's Foundation Annual Report for the year ended 31 March 2024 Project(s) supported.. An unrestricted donation was made towards the activities of School Home Support. Prior year charitable donations In the prior year ended 31 March 2023 the Foundation supported the same charities as in the current financial year. All were UK registered charities with charitable aims benefiting children. The Foundation was able to provlde end of year unrestricted grants to each of the charities of £63,000. Additional Donations made by the Foundation Sundry unrestrlcted donations were made to the following charities for projects or actlvities which in the opinion of the Trustees matched the aims of the Foundation. Lennox Children's Cancer Fund - Star Appeal £1,000 Lennox Children's Cancer Fund - Xmas Appeal £750 CRIS Cancer Foundation - Matching Donation £500 Thumbs Up Club - One-off Donation £2,500 In the prior year ended 31 March 2023 the Foundation made additional donations of £500. Fundraising Activities During the year the following events achieved sufficient fundraising to allow us to achieve our charitable objectives, as well as encouraging the participation of CIBC'S staff, clients and suppliers with the Foundation: Miracle Day: Staff fundraising activities were also held on the day and before notably a team exercise challenge, sale of branded goods, coffee and cake morning, buy a bauble donation, a silent auttion, a giving auttion and a raffle which added £93,255, as well as a generous matching pledge by CIBC of £72,550. There were no business donations for the current year. Internal CIBC Events: Further funds are raised throughout the year via a programme of CIBC staff activities that are designed to raise the profile of the Foundation across CIBC London, encourage volunteerism, and involve individuals in the attivities of the charities. These included a quiz evening, Royal Parks Half Marathon and 5-a-side football, a summer treasure hunt and other ad hoc events which raised £23,653. Fundraising from these events, combined with the staff amounts included in Miracle Day above, totalled £116,907 (2023: £115,819), equating to a per-head of CIBC staff donation level of £405 (2023: £424). CIBC Donation towards costs CIBC provides a donation each year towards the administrative costs of the charity. For 2024 this amounted to £7,760 (2023: £10,200). People and Posts The Foundation relies on the efforts of volunteers to asslst wlth fundraising actlvitles. A committee of volunteers is responsible for day-to-day matters and reports to the Trustees. The Trustees again commend these participants on their efforts during the year and the success of the fundraising activities undertaken.
The CIBC World Markets Children's Foundation Annual Report for the year ended 31 March 2024 The Committee has a Chairperson who is responsible for reporting the activities to the Trustees. Four of the trustees also sat on the committee to provide guidance and to ensure no decisions were taken that fell outside of the Foundation's objects or its Statement of Recommended Practice. Future Developments The Trustees intend that the activities of the Foundation will continue and it will continue to meet its charitable objectives and support children's charities. In the short term, it is likely the core activities remain slmilar to the year ended 31 March 2024, wlth the intention to continue to support three supported charities of a similar size and nature. The Trustees will continue to monitor the success of fundraising events and will accordingly adjust the size of events held and donations made. Financial Review The financial results for the year are set out on page 12, with the accounting policies on pages 14 and 15. The Foundation was registered wlth the Charities Commission on 23 July 2004 and became a separate legal entity at that date. These financial statements cover its twentieth reporting period. The activities of Miracle Day in Dernber 2023 contributed £93,255 from the associated CIBC staff activities and £72,550 from a CIBC donation. In addition £23,653 income came from CIBC fundralsing events and other donations. A contribution towards the administrative costs incurred by the Foundation of £7.760 was also pledged by CIBC. As a result, the Foundation was able to make sizeable donations to our Charities of the Year, spread between an interim donation in December 2023 and a final donation at the year end March 2024. Grants of £187,500 (2023: £189,000) were made to institutions which were registered charities whose activities benefit children as detailed in the Trustees, report. The Foundation incurred expenditure as a result of its fundraising activities of £12,984 (2023: £14,713), primarily from Miracle Day, the quiz and the Royal Parks Half Marathon. As noted in the Trustees, report, these costs were primarily met from the reserves held from prior years. Governance costs of £2,040 for the year were met by CIBC. The Foundation recorded a deficit in its accounts for the year. The reported deficit was in line with the expectations of the Trustees to ensure that we supported our charities of the year and helped to stabilise their cashflows post covid. The Trustees consider the result for the year to be concurrent with the aims and policies of the Foundation and that its financial position for the coming year is appropriate. Reserves The aim of the Foundation is to make annual donations to selected charities. Due to the dependence of the Foundation's main source of income on financial market conditions on one particular day, the Trustees believe it prudent to retain a level of reserves which would enable donations to be made in any year where income from trading commission is limited. Where the Trustees determine any such reserves to have become excessive, additional grants will be sanctioned by the Trustees or the amount of the grants made will be varied.
The CIBC World Markets Children's Foundation Annual Report for the year ended 31 March 2024 The Foundation's reserves are analysed in the Statement of Financial Activity on page 12 and in note 7. Restricted/Designated Funds The Foundation does not have funds that. in the opinion of the Trustees, comply with the definition of restricted, and as such all funds in the Statement of Financial Activities are classified as unrestricted. Designated funds are held for a specific purpose as identified by the Trustees. Related party transactions CIBC World Markets PIC and CIBC London Branch (collettively "CIBC") have no direct ownership link to the Foundation. which is an unincorporated separate legal entity. However, the Trustees of the Foundation and the members of the Committee were all employees of CIBC during the year. CIBC made annual donations to the Foundation both to cover fundraising costs and as a result of fundraising initiatives organised on behalf of the Foundation. These are disdosed further in Note 9. Investment Policy The trustees maintain a policy in respect of investing surplus funds which is periodically reviewed. Reference is made to this policy by the Trustees in the event of investment decisions. Risk Assessment The Trustees have assessed and will continue to assess the major financial and non- financial risks to which the Foundation is exposed which include misappropriation of assets, reputational risk and financial misstatement. Systems and procedures are in place to mitigate our exposure to all identified risks. The key risk the Foundation is exposed to is a drop in fundraising, particulady from Miracle Day trading conditions at CIBC or major fundraising events from the current difficult economic conditions. This is mitigated by the flexibility of the Foundation's grant making process and careful financial planning, which allows the Trustees to vary the number of charities selected for support donations and subsequently the donations awarded. Key Management Personnel Remuneration All participation in the affairs of the Foundation, both by trustees and committee members, is on a voluntary basis with no remuneration costs incurred. Approval The annual report and financial statements were approved at a meeting of the Board of Trustees of the CIBC World Markets Children's Foundation held at the offices of CIBC on ao January 2025. Signed on their behalf b Samantha Orozco Trustee mas Broad Trustee
UHY UHY Hackoryouni LLP Oi,&c...Iii! Hoi.<e 4 Thon13i Klore Square London Elliv IYVI The CIBC World Markets Children's Foundation Annual Report for the year ended 31 March 2024 Independent Examiner's Report to the Trustees of The CIBC World Markets Children's Foundation I report to the trustees on my examination of the accounts of The CIBC World Markets Children's Foundation ('the Charity,) for the year ended 31 March 2024. Responsibilities and basis of report As the charity trustees, you are responsible for the preparation of the accounts In accordance with the requirements of the Charities Act 2011 {'the Act,). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: (l) accounting records were not kept in respect of the Charity as required by section 130 of the Act. or (2) the accounts do not accord with those records. or (3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Rachel Chim FCCA UHY Hacker Young Quadrant House 4 Thomas More Square London Elw IYW Date: ao January 2025
The CIBC World Markets Children's Foundation Annual Report for the year ended 31 March 2024 statement of Financial Activities For the year ended 31 March 2024 Unrestricted funds Year ended 2024 Unrestritted funds Year ended 2023 Notes Income and Endowments from: Charitable Activities CIBC donation on Miracle Day Income from fundraising activities Operating and event cost donation 2 72,550 116,907 7,760 71,800 115,819 10,200 TOTAL 197,217 197,819 Resources Expended Cost of raising funds Expenditure on charitable activities 12,984 195,379 14,713 192,475 TOTAL 208,363 207,188 NEf MOVEMENT IN FUNDS {11,146) (9,369) Reconciliation of funds Net funds brought forward at i Apri I 26,226 35,595 Net funds carried forward at 31 March 15,080 26,226 All surplus / (deficit) was derived from continuing activities. All recognised gains and losses for the year ended 31 March 2024 are included in the statement of Financial Activity. The above Statement of Finanaal Activities and the resulting surplus / (deficit) for the current and prior years relates to the unrestricted funds and is further analysed in note 7.
The CIBC World Markets Children's Foundation Annual Report for the year ended 31 March 2024 Balance sheet As at 31 March 2024 31 March 2024 31 March 2023 Note5 Current assets Current account Cash 20,615 21,582 Debtors 6,505 8,907 Total assets 27,120 30,489 Current liabilities Other creditors 12,040 4,263 Total liabilities 12,040 4,263 Net assets 15,080 26,226 Funds Unrestritted funds 15,080 26,226 The financial statements on pages 12 to 17 were approved by the Board of Trustees and authorised for issue on 20 January 2025 and are signed on its behalf by: Samantha Orozco Trustees omas Broad 12
The CIBC World Markets Children's Foundation Annual Report for the year ended 31 March 2024 Notes to the financial statements for the year ended 31 March 2024 Principal accounting policies The CIBC World Markets Children's Foundation is an unincorporated charity registered in England. The address of the registered office is given In the charity information on page 2 of these financial statements. The nature of the charity's operations and principal activities are described in the Trustees, report. The charity constitutes a public benefit entlty as defined by FRS 102. The flnancial statements have been prepared in accordance with the charity's Trust Deed, the Charites Act 2011 and the Charity SORP (FRS 102) "Accounting and Reporting by Charities". statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. (a) Basis of accounting The financial statements have been prepared in accordance with the historical cost convention in accordance with the FRS 102 Charities SORP. (b) Going concern The Trustees have considered the impact of global current affairs on the financial statements and believe that the Foundation has the ability to continue trading for at least 12 months from signing these financial statements. As such, the Trustees consider it appropriate to prepare the financial statements on the going concern basis. (c) Fund accounting The Foundation applies the following classifications to its funds: Restricted funds - income prescribed for a certain use by the donor. Designated funds- income designated by the Trustees for a certain purpose. Unrestrirted funds comprise the balance of the Foundation's accumulated surpluses and deficlts. They are available for use at the discretion of the Board of Trustees in furtherdnce of the general charitable objectives. At present and in prior years there were only unrestricted funds. (d) Incoming resources Incoming resources are recognised when the effect of a transaction or other event results in an increase in the Foundation's assets. Income represents donations, fundraising proceeds and investment income receivable by the Foundation. In the event that income is received for a designated purpose it would be segregated accordingly as restrlcted income. 13
The CIBC World Markets Children's Foundation Annual Report for the year ended 31 March 2024 (e) Resources expended All resources expended are accounted for on an accruals basis. Grants made comprise donations made by the Foundation. Govemance and operational costs comprise statutory, compliance and administrative costs. Costs incurred in events and fundraising attivities are categorised as such. All governan and support costs are incurred in connection with charitable activities and have been allocated accordingly. {f) Taxation The Foundation is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. It is not VAT registered. (g) Cash at bank and in hand Cash at bank and cash in hand indudes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. (h) Debtors Trade and other debtors are recognised at settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. (I) Creditors and provisions Creditors and provisions are recognised where the Foundation 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 provision are normally recognised at their settlement amount after allowing for any trade discounts due. (i) Financial instruments The Foundation has only basic financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value. (k) Judgements and key sources of estimation uncertainty Due to the simple operations of the entity, the trustees do not consider there to be any key accounting judgements or estimates that have a material impact on the financial statements. 14
The CIBC World Markets Children's Foundation Annual Report for the year ended 31 March 2024 Incoming resources The primary source of recurring voluntary income for the Foundation was from the CIBC matching donation on Miracle Day of £72,550 (2023: £71,800). Income from fundraising activlties of £116,907 (2023.. £115,819) includes income from CIBC staff events on Miracle Day, CIBC staff donations and other events organised in the year. Additionally, CIBC made a donation to the Foundation of £7,760 (2023: £10,200) towards the operating and event costs it incurs in the year. Resources expended Grants and other donations of £192,250 (2023: £189,500) were made to organisations which were registered charities whose activities benefit children as detailed in the Trustees, report. The Foundation incurred expenditure as a result of its fundraising artivities of £12,984 (2023: £14,713). Govemance and operational costs of £3,129 (2023.. £2,975) relate to governance, compliance and administration and are primarily met from the donation in this respect provided by CIBC. Surplus / (deficit) for the year This is arrived at after charging: 2024 2023 Independent examiner's fee 2,040 1,980 2,040 1,980 Debtors 2024 2023 Amounts receivable 5,454 7,878 Prepayments 1,051 1,029 6,505 8,907 other creditors 2024 2023 Accruals 2,040 1,980 Event Costs 2,283 Donations 10,000 12,040 4,263 15
The CIBC World Markets Children's Foundation Annual Report for the year ended 31 March 2024 Funds Unrestricted Designated Total At l April 2023 Net movement in funds in the year 26,226 (11,146) 26,226 (11,146) At 31 March 2024 At 31 March 2024 the Foundation's funds had no restrictlons or designations on usage and were all classified as one unrestricted fund. Trustees. emoluments and staff costs The Trustees received no remuneration for their services, nor were any personal expenses claimed by them from the Foundation in the year. The Foundatlon had no employees in the year and as such no staff costs were incurred. Related party transactions CIBC World Markets Plc, CIBC London Branch and CIBC Children's Foundation (Canada) have no direct ownership link to the Foundation, which is an unincorporated separate legal entity. However, the Trustees of the Foundation and the participants on the selection committees were all employees of CIBC during the year, and CIBC make annual donations to the Foundation both to cover fundraising costs and as a result of fundraising initiatives organised on behalf of the Foundation. In 2024 CIBC made a donation of £7,760 (2023: £10,200) to cover costs, and an additional £72,550 (2023: £71,800) as part of the various fundraising activities in the year. Of this £5,453 (2023: £5,180) was outstanding at the year end. io Post balance sheet events No significant events were identified. 16