2021-03-31-accounts - The Kensington And Chelsea Foundation

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The Kensington + Chelsea Foundation

TRUSTEES’ REPORT and FINANCIAL STATEMENTS

for the year ended 31 March 2021

CONTENTS	Page
Legal and administrative information	3
Report of the Trustees	4-16
Auditor’s report	17-19
Statement of financial activities	20
Balance sheet	21
Statement of cash flows	22
Notes of the financial statements	23-34

The Kensington + Chelsea Foundation

240 Project	£23,548	Midaye Somali Development Network	£22,167
Action Disability K+C (ADKC)	£5,610	Minds United FC	£7,460
Age UK K+C	£120,000	North Kensington Hearts + Minds	£40,130
Al-Hasaniya Moroccan Women's Project	£17,500	North Kensington Law Centre	£40,601
Al-Manaar MCHC	£22,350	Notting Hill Methodist Church	£1,000
Baraka Community Association	£25,760	Nova New Opportunities	£16,047
Chelsea Theatre	£30,000	Nucleo Project	£4,552
Childhood Trust (West London Action for Children)	£10,000	Nucleus Community Action (Nucleus Legal Advice)	£28,045
CW+ (Chelsea + Westminster Hospital Charity)	£50,000	Open Age	£21,759
Dad's House	£4,800	Pepperpot Centre	£4,992
Dalgarno Trust	£9,989	Real Action	£30,000
Ethiopian Women's Empowerment Group	£13,331	Response Community Projects	£4,830
Fit For Life Youth CIC	£2,500	Rugby Portobello Trust	£5,918
For Women	£2,928	SMART	£25,208
Grenfell Foundation	£2,650	Solidarity Sports	£35,000
Harrow Club	£6,300	Sport4Health CIC	£1,300

The Kensington + Chelsea Foundation

Hear Women	£9,993	St Cuthbert's Centre	£1,090
Hodan Somali Community	£14,360	Venture Community Association	£64,280
Holy Trinity Brompton	£8,000	Volunteer Centre K+C	£5,482
Kensington + Chelsea Social Council	£25,000	West London Zone	£5,000
Kids On The Green	£5,040	Westway Trust	£7,968
		World's End Neighbourhood Advice Centre	£13,725

The Kensington + Chelsea Foundation


24 Hearts CIC	£2,500.00	Meanwhile Gardens Community Association	£2,500.00
ACAVA	£10,000.00	Metronomes Steel Band	£2,500.00
ADKC	£2,500.00	Minds United F.C.	£11,036.00
African Womens Care	£2,500.00	Morley College	£500.00
Age UK K+C	£2,560.00	North Kensington Hearts + Minds	£2,500.00
Al-Hasaniya Moroccan Women's Centre	£1,000.00	North Kensington Law Centre	£36,817.00
Al-Manaar Muslim Cultural Heritage Trust	£52,000.00	North Kensington Youth Peoples Music Academy	£2,500.00
ART iLLERY c/o Maestro 7 CIC	£2,496.00	Nova New Opportunities	£2,500.00

The Kensington + Chelsea Foundation

Association of Moroccan Residents UK (AMRUK)	£1,000.00	One Community c/o North Kensington Hearts + Minds	£2,500.00
Baraka Community Association	£44,740.00	Persian Care Centre	£2,500.00
Children's Book Project	£1,695.00	Playground Theatre	£2,500.00
Citizens Advice K+C	£51,931.00	Portobello Dance	£24,391.00
Clement James Centre	£57,500.00	Renegade Theatre	£15,000.00
Dale Youth Boxing Club	£2,500.00	RISE Kids CIC	£15,000.00
Dictating to the Estates	£1,500.00	Rugby Portobello Trust	£30,000.00
Fit For Life Youth CIC	£2,500.00	Shaktipad Yoga (Dalgarno Trust)	£1,000.00
Future Men	£10,000.00	Strengthening Kensington Youth + Families	£2,500.00
Grow2Know CIC	£27,500.00	SPID Theatre	£20,000.00
Henry Dickens Garden Club	£2,140.00	Sport4Health CIC	£2,500.00
Lancaster West Children's CommunityNetwork	£20,000.00	The Harrow Club	£33,500.00
Latimer Community Art Therapy	£30,000.00	The Nucleo Project	£2,500.00
Latymer Community Church	£30,000.00	The Space	£2,500.00
Maxilla City	£2,500.00	UCAN	£2,500.00

The Kensington + Chelsea Foundation

ʼ

The Kensington + Chelsea Foundation

Date: 11/11/2021

The Kensington & Chelsea Foundation Statement of financial activities

(incorporating an income and expenditure account)

For the year ended 31 March 2021

Unrestricted Funds Note £ Income from: Donations & grants 2 288,500 Charitable activities: Grenfell Tower Fund 3 - Events and Campaigns 4 - Support, Education & Networking 4 - Fundraising activities 5 - Investments 6 836 Total income 289,336 Expenditure on: 7 Fundraising activities 12,476 Charitable activities: Grenfell Tower Fund - Events and Campaigns - Other expenditure 255,707 Total expenditure 268,183 Net income/ (expenditure) for the year 8 21,153 Transfers between funds 1,553 22,706 Reconciliation of funds: Total funds brought forward 153,951 Total funds carried forward 176,657 Net movement in funds	Restricted Funds £ 39,144 46,089 1,407,021 98,386 - - 1,590,640 - 612,640 1,655,513 - 2,268,153 (677,513) - (677,513) 1,489,003 811,490	Endowment Funds - - - - - - - - - - - - - (1,553) (1,553) 1,553 -	2021 Total Funds £ 327,644 46,089 1,407,021 98,386 - 836 1,879,976 12,476 612,640 1,655,513 255,707 2,536,336 (656,360) - (656,360) 1,644,507 988,147	2020 Total Funds £ 351,383 14,510 648,623 98,056 5,000 11,831
				1,129,403
				19,881 515,565 604,731 261,900
				1,402,077
				(272,674) -
				(272,674) 1,917,181
				1,644,507

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.

The Kensington & Chelsea Foundation Balance sheet As at 31 March 2021

Note Current assets: 10 Liabilities: 11 13 General Charitable Funds Grenfell Tower Fund Total restricted funds Total unrestricted funds Debtors Cash at bank and in hand Restricted funds Endowment Funds Creditors: amounts falling due within one year Net current assets / (liabilities) Total net assets / (liabilities) Funds General funds Total funds Unrestricted funds:	2021 £ 1,226 1,048,291	2021 2020 £ £ 1,352 1,662,961 1,664,313 (19,806) 988,147 988,147 - 451,520 1,037,483 811,490 153,951 176,657 988,147	2020 £ 1,644,507
	1,049,517 (61,370)
	340,558 470,932
			1,644,507
			1,553 1,489,003 153,951
	176,657

			1,644,507

9th September 2021

and signed on their behalf by:

Richard Briance Chairman

The attached notes form part of the financial statements.

The Kensington & Chelsea Foundation Statement of cash flows

For the year ended 31 March 2021

The Kensington & Chelsea Foundation For theyear ended 31 March 2021 Statement of cash flows
Note Cash flows from operating activities: a Cash flows from investing activities: Interest income 836 Cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year b a) Net income / (expenditure) for the reporting period(as per the statement of financial activities) Interest income (Increase)/ decrease in debtors Increase/ (decrease) in creditors Net cash provided by / (used in) operating activities b) Analysis of cash and cash equivalents £ Cash at bank and in hand 1,662,961 Total cash and cash equivalents 1,662,961 Net cash provided by / (used in) operating activities At 1 April 2020 Reconciliation of net income / (expenditure) to net cash flow from operating activities	2021 £ (615,506) 836 (614,670) 1,662,961 1,048,291 2021 £ (656,360) (836) 126 41,564 (615,506) Cash flows £ (614,670) (614,670)	11,831 £ - - Other changes	2020 £ (288,352) 11,831
			(276,521) 1,939,482
			1,662,961
			2020 £ (272,674) (11,831) 7,775 (11,622)
			(288,352)
			£ 1,048,291 At 31 March 2021
			1,048,291

The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2021

1 Accounting policies Basis of preparation

The financial statements have been prepared in accordance with 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 - (Charities SORP FRS 102).

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether grants or grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.

Interest 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.

Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of generating funds relate to the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose. Expenditure on charitable activities includes the costs of delivering services and other activities undertaken to further the purposes of the charity and their associated support costs. Other expenditure represents those items not falling into any other heading.

Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charitable activities. These costs have been allocated to expenditure on charitable activities.

The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2021

1 Accounting policies (continued)

Operating leases

Rental payables under operating leases, where substantially all the risks and rewards of ownership remain with the lessor, are charged to the Statement of Financial Activities on a straight line basis over the lease

Debtors

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

Cash at bank and in hand

Cash at bank and cash in hand includes 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.

Creditors and provisions

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

Pensions

The charity contributes into the pension of its employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension costs charge represents contributions payable under the scheme by the charity to the fund. The charity has no liability under the scheme other than for the payment of those contributions.

The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2021

2 Income from donations & grants (Core Income)

Cadogan Estates Julia and Hans Rausing Tudor Trust City Bridge Trust RBKC Council The Martin Family Charitable Trust Martin and Elizabeth Morgan Richard and Lucille Briance Kilfinan Trust DMGT Other Donations Membership Gift Aid 3 Charitable income-Grenfell Tower Donations Total Totals 2020 Totals 2020 Donations made directly to The Kensington & Chelsea Foundation	£ 150,000 50,000 - 47,500 20,000 15,000 - - 1,000 - 5,000 - - 288,500 326,383 £ - - - Unrestricted Funds Unrestricted Funds	£ - - - - - - - - - - 10,045 29,099 39,144 25,205 £ 46,089 46,089 14,305 Restricted Funds Restricted Funds	£ - - - - - - - - - - - - - - - £ - - - Endowment Funds Endowment Funds	2021 Total Funds £ 150,000 50,000 - 47,500 20,000 15,000 - - 1,000 - 5,000 10,045 29,099 327,644 351,588 2021 Total Funds £ 46,089 46,089 14,305	2020 Total Funds £ 150,000 50,000 30,000 25,000 20,000 15,000 10,000 5,000 1,000 1,000 7,103 20,255 17,230
					351,588
					2020 Total Funds £ 14,305
					14,305

The Kensington & Chelsea Foundation Notes to the financial statements

For the year ended 31 March 2021

4 Charitable Income (excluding Grenfell Tower Fund) Campaigns: £ Winter Warmth Calleva Foundation - Other donations - Sub Total - Children & Young People Rockspring Charitable Trust - South Kensington Estates - DMGT - B & J Lloyd Family Charitable Trust - Enstar Capital - London Community Foundation (Endowment Funds - CMF Charitable Trust - Calleva Foundation - St Nicholas Preparatory school - Cadogan Estates - John Armitage Charitable Trust LMAX Group - Other donations - Sub Total - Isolation & Loneliness John Armitage Charitable Trust - LHA London - DMGT - Isabel and Jack Boyer - CMF Charitable Trust - London Community Foundation (Endowment Funds - Royal Garden Hotel - Lockwood Charitable Foundation - Stanley Foundation - The Band Trust - Other donations - Sub Total - Unrestricted Funds	£ 2,500 4,946 7,446 23,000 - 20,000 10,000 - 2,294 2,500 15,000 - 50,000 50,000 5,000 41,632 219,426 - 20,000 - - - - - 100,000 5,000 40,000 18,980 183,980 Restricted Funds	£ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Endowment Funds	2021 Total Funds £ 2,500 4,946 7,446 23,000 - 20,000 10,000 - 2,294 2,500 15,000 - 50,000 50,000 5,000 41,632 219,426 - 20,000 - - - - - 100,000 5,000 40,000 18,980 183,980	2020 Total Funds £ 2,500 11,211
				13,711 23,000 20,000 20,000 10,000 5,000 40,800 7,500 2,000 415 - - - 49,263
				177,978 50,000 40,000 10,000 4,500 2,000 2,810 5,000 - - - 57,564
				171,874

The Kensington & Chelsea Foundation Notes to the financial statements

For the year ended 31 March 2021

Skills & Employment Campaign (including Get into Tech North Kensington) Hollick Family Charitable Trust The Grove Trust The Lightbulb Trust Rockspring Charitable Trust CMF Charitable Trust LMAX Group Julia and Hans Rausing Cadogan Estates Other donations Sub Total Christmas Appeal Individuals Organisations Corporates Schools Sub Total Covid-19 Appeal Julia and Hans Rausing William and Gigi Salomon B & J Lloyd Family Charitable Trust LMAX Group Ineos Oil and Gas Rockspring Charitable Trust The Lightbulb Trust Hollick Family Charitable Trust Gift Aid Other donations Sub Total Recover + Reconnect Tinsley Charitable Foundation Individuals Sub Total Total - Campaigns	- - - - - - - - - - - - - - - - - - - - - - - - - -	- 25,000 - - - 50,000 20,000 21,816 37,335 154,151 100,290 62,500 20,230 7,233 190,253 - - 10,000 250,000 10,500 50,000 30,000 15,000 20,800 237,822 624,122 10,000 17,643 27,643 1,407,021	- - - - - - - - - - - - - - - - - - - - - - - - - -	- 25,000 - - - 50,000 20,000 21,816 37,335 154,151 100,290 62,500 20,230 7,233 190,253 - - 10,000 250,000 10,500 50,000 30,000 15,000 20,800 237,822 624,122 10,000 17,643 27,643 1,407,020	22,000 25,000 25,000 12,500 2,500 - - - 19,250
					106,250 - - - -
					- 50,000 40,000 20,000 - - - - - - 68,810
					178,810 - -
					-
					648,623

The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2021

4 Charitable Income (excluding Grenfell Tower Fund) (continued) £ Other incomes: The National Lottery Community Fund - Alan Hutchison-Sarah Hawkins Young Carers Fund - B&J Lloyd Family Charitable Trust - Other contributions from: Individuals - Organisations - Corporates - Schools - Trusts and Foundations - - - Grand Total - 20,869 5 Income from Fundraising activities £ Enstar Capital - Total - - 6 Income from investments £ Bank interest (Grenfell Tower Fund) 836 Total 836 - Sub Total Unrestricted Funds Unrestricted Funds Unrestricted Funds Totals 2020 Totals 2020 Totals 2020 Contributions to Cadogan Kensington & Chelsea Foundation Endowment Fund	£ - 9,250 10,000 67,760 - 3,322 - 8,054 - 98,386 1,505,407 673,813 £ - 5,000 £ - - 11,831 Restricted Funds Restricted Funds Restricted Funds	£ - - - - - - - - - - - 51,997 £ - - - £ - - - Endowment Funds Endowment Funds Endowment Funds	2021 Total Funds £ - 9,250 10,000 67,760 - 3,322 - 8,054 - 98,386 1,505,406 746,679 2021 Total Funds £ - - 5,000 2021 Total Funds £ 836 836 11,831	2020 Total Funds £ 50,000 18,800 - 4,470 - 220 679 15,500 8,387
				98,056
				746,679
				2020 Total Funds £ 5,000
				5,000
				2020 Total Funds £ 11,831
				11,831

The Kensington & Chelsea Foundation

Notes to the financial statements

For the year ended 31 March 2021

£ - - - - - - - - - - Cost of raising funds	Charitable activities	Charitable activities	Charitable activities	£ - - - - - - - - - Endowment	2021 £ - - 27,644 248,586 249,844 125,050 796,213 158,176 50,000 612,640	2020 £ 8,387 17,622 248,944 240,011 98,000 - - 15,000 515,317
	£ - - - - - - - - 612,640 Grenfell Tower	£ - 27,644 248,586 249,844 125,050 796,213 158,176 50,000 - Events & Campaigns	£ - - - - - - - - - Other Expenses
- - - - - 444 12,032 - - - - - - - - -	612,640 - - - - - - - - - - - - - - -	1,655,513 - - - - - - - - - - - - - -	- 223,275 - - - - - 4,464 12,720 29 292 8,925 3,600 1,082 1,280 40	- - - - - - - - - - - - - - - -	2,268,153 223,275 - - - 444 12,032 4,464 12,720 29 292 8,925 3,600 1,082 1,280 40	1,143,281 191,521 154 7,717 248 1,049 18,832 5,914 16,049 1,251 2,989 9,283 2,800 787 150 52
12,476	612,640	1,655,513	255,707	-	2,536,336	1,402,077
19,881	515,565	604,731	253,513	8,387	1,402,077

Details of the grants awarded can be found in the Trustees' report.

Of the total expenditure £268,183 was unrestricted (2020: £250,677), £2,268,153 was restricted (2020: £1,143,013) and £0 (2020: £8,387) endowment.

The Kensington & Chelsea Foundation Notes to the financial statements

For the year ended 31 March 2021

£ - - - - Cost of raising	Charitable activities	Charitable activities	Charitable activities	£ 8,387 - - - - - Endowment	2020 £ 8,387 17,622 248,944 240,011 98,000 15,000 515,317
	£ - - - - - 515,317 Grenfell Tower	£ - 17,622 248,944 240,011 98,000 - Events & Campaigns	£ - - - - - 15,000 - Other Expenses
- - - - - 1,049 18,832 - - - - - - - - - -	515,317 - - - 248 - - - - - - - - - - - -	604,577 - 154 - - - - - - - - - - - - - -	15,000 191,521 - 7,717 - - - 5,914 16,049 1,251 - 2,989 9,283 2,800 787 150 52	8,387 - - - - - - - - - - - - - - - -	1,143,281 191,521 154 7,717 248 - 1,049 18,832 - 5,914 16,049 1,251 - 2,989 9,283 2,800 787 150 52
19,881	515,565	604,731	253,513	8,387	1,402,077

The Kensington & Chelsea Foundation Notes to the financial statements

For the year ended 31 March 2021

8 Net income / (expenditure) for the year

8 Net income / (expenditure) for the year
This is stated after charging: Auditor's remuneration (excluding VAT) Audit work 9 Staff costs were as follows: Salaries and wages Social security costs One employee earned over £60,000 during the year (2020: £nil) Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel	2021 £ 3,000	2020 £ 2,800
	2021 £ 197,987 20,857 4,431	2020 £ 167,127 17,511 6,883
	223,275	191,521

The total employee benefits including pension contributions of the key management personnel were £74,708 (2020: £71,156).

The charity trustees did not receive payment or any other benefits from their position with the charity in the year (2020: £nil). No trustees were reimbursed for expenses. No charity trustee received payment for professional or other services supplied to the charity (2020: £nil).

Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 4.5 (2020: 4.5)

Pension scheme

The charity operates defined contribution pension schemes.

10 Debtors

Debtors
Gift Aid Other debtors Prepayments and accrued income	2021 £ - 1,226 -	2020 £ - 1,352 -
	1,226	1,352

The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2021

11 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Taxation and social security Accruals Deferred income Deferred income Deferred income comprises of grants received in advance. Balance at the beginning of the year Amount released to income in the year Amount deferred in the year Balance at the end of the year	2021 £ 5,720 5,650 50,000	2020 £ 4,156 5,650 10,000
	61,370	19,806
	2021 £ 10,000 (10,000) 50,000	2020 £ 20,000 (10,000) -
	50,000	10,000

12 Analysis of net assets between funds - current year

Unrestricted Funds £ 176,657	Restricted Funds Endowment Funds £ £ 811,490 -	Total Funds £ 988,147
176,657	811,490 -	988,147
Unrestricted Funds £ 153,951	Restricted Funds Endowment Funds £ £ 1,489,003 1,553	Total Funds £ 1,644,507
153,951	1,489,003 1,553	1,644,507

The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2021

13 Movements in funds

£ 1,553 At the start of the year	£ - Income	£ - Expenditure	Transfers £ (1,553)	£ - At the end of the year
79,997 43,095 27,437 99,800 22,381 178,810 - - -	137,530 7,446 219,426 183,980 154,151 624,122 190,253 27,643 -	(50,000) (27,644) (248,586) (249,844) (125,050) (796,213) (158,176) - -	(88,000) - 5,000 - 8,899 - - 14,101 60,000	79,527 22,897 3,277 33,936 60,381 6,719 32,077 41,744 60,000
451,520 1,037,483	1,544,551 46,089	(1,655,513) (612,640)	- -	340,558 470,932
1,489,003	1,590,640	(2,268,153)	-	811,490
153,951	289,336	(268,183)	1,553	176,657
153,951	289,336	(268,183)	1,553	176,657

1,644,507	1,879,976	(2,536,336)	-	988,147

The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2021

13 Movements in funds (prior period)

Movements in funds (prior period)
Endowment Funds Restricted funds: General Charitable Funds Winter Warmth Campaign Covid-19 Appeal Events Sub Total Grenfell Tower funds Total restricted funds (Incl. Grenfell Tower) Unrestricted funds: General Funds Total unrestricted funds Total funds Isolation and Loneliness Skills & Employment Campaign (including Get into Tech North Kensington) Children & Young People	£ 1,553 At the start of the year	£ 51,997 Income	£ (8,387) Expenditure	Transfers £ (43,610)	£ 1,553 At the end of the year
	27,697 47,006 88,403 167,937 14,285 - -	93,800 13,711 137,178 169,064 106,250 178,810 5,000	(15,000) (17,622) (248,944) (240,011) (98,154) (7,717)	(26,500) - 50,800 2,810 - 2,717	79,997 43,095 27,437 99,800 22,381 178,810 -
	345,328 1,476,911	703,813 26,137	(627,448) (515,565)	29,827 50,000	451,520 1,037,483
	1,822,239	729,950	(1,143,013)	79,827	1,489,003
	93,389	347,456	(250,677)	(36,217)	153,951
	93,389	347,456	(250,677)	(36,217)	153,951

	1,917,181	1,129,403	(1,402,077)	-	1,644,507

14 Related party transactions

An employee is a trustee of The Harrow Club and is excluded from decisions on grants to that organisation. One KCF trustee is employed by Earls Court Youth Club and another trustee is CEO of the Muslim Cultural Heritage Centre (MCHC) Trust. Both are excluded from decisions on those organisations. (2020: none).

15 Endowment Fund Note

The following endowment funds are held by London Community Foundation (LCF) on behalf of the Kensington & Chelsea Foundation.

Chelsea Foundation.
Net assets at the end of the year Investment gains/(losses) Investment manager rebate (fee) Donation income Fund balance b/f Investment income Transfers in/(out) LCF management charges Grants awarded	Catalyst Housing Endowment Fund 56,541 2,030 - 97 11,898 (1,015) (2,294) -	The Emily Hughes- Hallett Endowment Fund £ 81,031 2,803 - 134 16,424 (1,400) - -	Cadogan Kensington & Chelsea Foundation Fund £ 214,845 7,343 - 350 42,959 (1,961) - -	Total Funds 2021 £ 352,417 12,176 - 581 71,281 (4,376) (2,294) -	Total Funds 2020 £ 396,157 11,458 8,387 539 (16,123) (4,391) (43,610) -
	67,257	98,991	263,536	429,784	352,417