A better life together Trustees. Report and Financial Statements for the Year ended 31 March 2023 The Kensington + Chelsea Foundation Charity No. 1125940 111-117 Lancaster Road. London Wll IQT 020 7229 5499 www.thekandcfoundation.com @Kandcfoundation The Kensington + Chelsea Foundation TRUSTEES, REPORT and FINANCIAL STATEMENTS for the year ended 31 March 2023 CONTENTS Page Legal and administrative information Report of the Trustees 4-13 Auditor's report Statement of financial activities 17 Balance sheet 18 Statement of cash flows 19 Notes of the financial statements 20-29 **The Kensington + Chelsea Foundation** 3 The Kensington + Chelsea Foundation REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 The trustees of the Kensington + Chelsea Foundation present this report and audited financial statements for the year ended 31 March 2023. INTRODUCTION FROM OUR CHAIRMAN l am delighted to report that we continue to make progress in our mission to improve the lives and life chances of the most vulnerable in our community. Over the past year, our relationships with residents, businesses and our charity partners have gone from strength to strength. We have raised £2,065,077 and supported over 21,000 residents in need. Our work this year has been shaped by the findings of our 2021 research report, 'Poverty and Prosperity in K+C'. We aimed to address the evident inequalities identified across education, health and employment in our community. l am pleased to say that we have selected 8 projects to add to our new Mental Health portfolio, 9 in our Education portfolio. and 9 in our Skills + Employment portfolio, which have already delivered tangible impact over their first year, with more to come in later years of our three year commitment. We were thrilled to have a panel of resident advisors with personal experience of unemployment or under-employment who helped design the Skills + Employment portfolio criteria and selected projects aiming to have lasting impact in the community. We value the expertise and time of the panel and remain committed to ensuring residents have a voice in our decision. We know from our research that many households in our community are struggling and, for those residents in particular, the pressures of the cost of living crisis have been sign if icant. Since April 2022, we have been working with local partners and generous donors to distribute over £454,967 to residents most in need. Through this initiative almost 3,000 people have received fuel payments, cash support for essential items and wrap around advice. The impact of this is quite startling, with 47°A of people who needed emergency cash telling us they used it to put food on the table. Their alternative was to simply go without or accrue debt. 2023 marks our 15th year anniversary- a time for celebration and also reflection on the key highlights of the Foundation's work across the borough and impact we have made on the community. STRUCTURE. GOVERNANCE AND MANAGEMENT The Kensington + Chelsea Foundation is governed by a Board of Trustees, chaired by Richard Briance. During the year, our Founder Jeremy Raphaely completed the maximum term of 9 years as a trustee and stepped down with the grateful thanks of the Board and staff team. He remains closely connected with the work of the K+C Foundation. Trustees are elected by the Board according to skills required to lead the charity effectively. We have carried out an audit to ensure a broad range of skills, and we are committed to diversity across our members. New trustees are elected for a period of three years, after which they may be re-elected, normally for a further period of three years. In exceptional circumstances a third term of three years can be agreed by the Board. The Kensington + Chelsea Foundation The trustees define the charity's strategic direction and policies and ensure that the activities of the charity are in accordance with its Trust Deed and objectives. An information pack is provided to new trustees and training is provided. New trustees meet existing trustees and the staff team and are given an introduction to our work and campaigns. Management The Kensington + Chelsea Foundation has a small staff team led by our Director, Victoria Steward Todd. Victoria is supported by five colleagues and occasional volunteers. We are grateful to all who have volunteered their time to support us in the past year. Our thanks go also to The Westway Trust, which continues to provide pro-bono payroll services. Working with others in the sector We are members of London Funders and the team takes part in their masterclasses and discussions to ensure that we are informed and contributing to best practice in the sector. We are reg istered with the Fundraising Regulator. About the Kensington + Chelsea Foundation We are an independent local charity set up in 2008 to tackle the key inequalities in the borough. Despite being a highly affluent borough, more than l in 5 (23%) Kensington and Chelsea neighbourhoods are among the poorest in England and Wales. Our vision is of a borough where everyone has the opportunity to live happy, healthy, f ulf illed lives. To achieve our vision we use our extensive local knowledge and networks to support our charity partners and connect donors to the most vital issues in the commun ity. In 2021 our research, Povert and Pros erit Kensin ton + Chelsea,, identified the key i nequal ities in the borough as being across education, health and employment. In response to this we have established three funds which support projects addressing these needs Improving Mental Health, Reducing Education Inequality and Improving Skills + Employment. These funds reflect our strategic focus for the next 3 to 5 years. 4th Last year 95p in every £1 was spent on our charitable activity and the projects we funded reached over 21,000 residents with support and services providing a lifeline to those in **The Kensington + Chelsea Foundation** ## **1. Ensuring children and young people in our community have the best chance to fulfil their potential** 6 **The Kensington + Chelsea Foundation** ## **2. Combatting isolation, loneliness and mental health challenges** 7 **The Kensington + Chelsea Foundation** ## **Supporting** 8 The Kensington + Chelsea Foundation Pursuing Independent Paths £35,219 4. Emergency Response Fund - Pulling together as a community In 2022, against the backdrop of an impending cost of living crisis which would inevitably widen and deepen existing inequalities, increasing both levels of poverty and anxiety, we launched our Winter Crisis Campaign. The campaign aimed to support low inccme households across the borough who were struggling to make ends meet and having to choose between heating and eating. It offered financial support with fuel bills, cash to help buy urgent essential items like food, and wrapround advice from professional agencies on issues such as debt management and income maximisation. This campaign was supported by RBKC, local businesses and residents and we were able to raise £499,257 during the year. We have been overwhelmed by the support from, and for, our community. The campaign has been delivered in partnership with key local advice agencies including Citizens Advice Bureau, Age UK K+C and Nucleus Legal Advice. During the year, thanks to these donations, more than 4,200 residents in the borough received financial support, advice, or access to a warm space. In addition, we were also able to support community organisations working directly with vulnerable residents to provide a warm, safe space to access services, with some also providing a nutritious hot meal and wider support. The funding of fuel bills and essential items is intended as a short term measure to prevent residents getting into unsustainable or unmanageable debt by. for example, taking out payday loans to pay for necessities. To make the project more sustainable, an essential component was the professional advice and support to help identify ways of improving residents, situations permanently, for example an assessment of whether they are claiming the right benefits, or support consolidating existing debts. We have received further funding which we anticipate will last until the end of the 23/24 financial year, and will continue to gather data to evidence the impact of this intervention and make the case for future funding. In addition to £419,500 paid to our advice agency partners for them to deliver the programme, £35,467 was awarded in grants to the following organisations who provided warm spaces and additional support.. ACAVA £1,500 Kids Or) The Green £1,500 Baraka Community Assoc Children's Book Project CNWL NHS Foundation Trust Dalgarno Trust £1,500 Latimer CAT £1,500 £1,500 Migrants Organise £1,500 £1,500 Outside Edge Theatre Co £1,500 £1,500 P3 RPT £ 1,500 Future Men £1,500 SMART £2,500 Hornimans Adventure Playground £1,500 St Clement & St James CDP £1,500 The Kensington + Chelsea Foundation St Cuthberts Centre £1,500 At Christmas we asked for donations of toys and books for families who might not otherwise be able to afford them. The response was fantastic and we received 516 wonderful toys and books. Thanks to our donors who included several schools: Glendower, Wetherby Kensington, Pembridge Hall and Knightsbridge,. Pegasi and residents at their properties and South Kensington Estates. 5. Community Spirit Fund - Bringing joy and healing to the community 2022/23 was the second year of our easily accessible small grants fund, designed to support events and activities that bring joy, hope and healing to the community after the challenges of the Covid-19 pandemic. The funding available is up to £IOOO and supports one-off events and short-term projects such as cultural and celebration events, school holiday activities, workshops, sports sessions and equipment for a project. £43,923 was paid in grants to the following organisations.. ACAVA £1,000 Maxilla City CIC Grant £1,000 Age UK K&C £1,000 Meanwhile Gardens £1,000 Care 4 Calais £1,000 Meanwhile Gardens £905 Chelsea Centre Ltd £1,000 Mol Youths £1,000 Chelsea Centre Ltd £1,000 Mol Youths £1,000 Community Cook Off £1,000 Opera Holland Park £1,000 Community Projects 4 All £1,000 Parkinsons UK Kensington £1,000 Eritrean Parents & Children £940 Persian Care Centre £1,000 Eritrean Parents & Children £920 Portobello Dance School £1,000 For Women CIC £1,000 Portobello Orchestra £1,000 Fox School Association £1,000 Progressay Impact cic £964 Hear Women/Gargar Foundation Hear Women/Gargar Foundation Heritage Charity London £1,000 Pursuing Independent Path £1,000 £1,000 Shamaali CIC £1,000 £1,000 St Antonio Eritrean £1,000 io The Kensington + Chelsea Foundation Kamitan Arts CIC £1,000 Stclement StJames school £1,000 Kamitan Arts CIC £1,000 Sudanese Association £1,000 Kids On The Green £1,000 The Learning Club CA £1,000 Kodjo Yenga ET £996 Ukraine Charity £1,000 Lancaster West RA £1,000 Urbanwise £998 Lancaster West RA £1,000 Venture Community Associa £1,000 Lancaster West RA £1,000 WAND UK £1,000 St Thomas School £1,000 Westway Trust £1,000 OUR GRENFELL TOWER FUND The Grenfell Tower Fund was set up on the morning of the fire, 14 June 2017, to provide help for those who lived in Grenfell Tower, others directly impacted and the local community, Six years later the donations received after the tragedy continue to support local people. In 2022/23, 834 people in North Kensington benefited from our investments in local organisations and projects. The following organisations received grants from the Grenfell Community Development Fund during 2022/23.. Organisation Total grants Organisation Total grants Minds United F.C. £10,587 Rise Kids CIC £10,000 North Kensington Youth Collective Portobello Dance School £50,000 St Clement James CDP £25,000 £8,652 West London Community Riding Centre £50,000 Renegade Theatre CIC £12,000 RAISING FUNDS, RESOURCES AND AWARENESS Local businesses, individuals and schools responded positively in 2022/23 to our work and this continuing commitment is of great importance to our long-term stability. We are extremely grateful to those who have continued to support us, including John Armitage Charitable Trust, Cadogan, The Calleva Foundation. CHK Foundation, DMGT. LMAX Group, The Lockwood Charitable Foundation. Elizabeth and Martin Morgan, Julia and Hans Rausing. RBKC Council, Rockspring Charitable Trust and South Kensington Estates. li The Kensington + Chelsea Foundation We are also grateful to our Friends, Patrons and Champions for their support and for acting as our ambassadors in telling others about what we do. ENDOWMENTS We currently have three endowment funds, managed by the London Community Foundation, which are Catalyst Housing, The Emily Hughes-Hallett Memorial Fund and Cadogan. The investment income and growth from these endowments is used to support local charities. OUR EXPANDING ROLE Our impact in Kensington + Chelsea cannot be measured through our fundraising activities alone. In addition to the key role we play in bringing in resources for charities so that they can tackle local issues, we also bring together organisations who are tackling common themes. Quarterly forums are held for holders of grants made through our priority programmes. These are well attended and valued by our partners. OUR OVERHEADS We strive to keep our administrative costs as low as we can, recognising that our role has grown and that we are not simply a conduit for giving money but we are a catalyst for improving the borough through identifying special projects and bringing together the resources to tackle key local issues. With th is in mind, we are particu larly grateful to those who recognise the vital role we play in the borough by supporting our core costs. We particularly thank Cadogan. The City Bridge Trust and Julia and Hans Rausing. EVENTS Our events programme is important in raising awareness of local needs and bringing together our partners and friends across the borough. Our main event during the year was Walk 17,000 a walk from North Kensington to Chelsea Theatre, sponsored by Savills. Fifty supporters enjoyed a planned route through the borough, taking in some lesser known features. We also ran a stall at a Christmas lights switch on in Chelsea, organised by Cadogan. OBJECTIVES ACHIEVED IN 2022/23 IN MEETING PUBLIC BENEFIT The Kensington + Chelsea Foundation meets its charitable objectives to provide public benefit by spotlighting local disadvantage and by raising funds and in-kind support from local ind ividuals, schools and businesses, trusts and foundations to invest in selected local voluntary sector organisations which ach ieve significant impact in addressing local needs. The trustees of the Kensington + Chelsea Foundation are aware of the Charity Commission's guidance on public benefit and take it into account when implementing the organisation's charitable objectives. RESERVES POLICY Recognising the strategic risk of not securing suff icient funding to cover our core costs, trustees regularly monitor the Kensington + Chelsea Foundation's f inancial position, seeking to ensure that sufficient reserves are on hand to cover our projected running costs for at least six 12 **The Kensington + Chelsea Foundation** - - - - - - - 13 The Kensington + Chelsea Foundation INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE KENSINGTON + CHELSEA FOUNDATION For the year ended 31st March 2023 Opinion We have audited the financial statements of The Kensington + Chelsea Foundation (the'charity,) for the year ended 31 March 2023 which comprise the Statement of Financial Activities. the Balance Sheet, statement of cash flows and notes to the financial statements, including a summary of 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 f inancial statements.. 'give a true and fair view of the state of the Charity's affairs as at 31 March 2023 and of its income and expenditure for the year then ended. .have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., .have been prepared in accordance with the requirements of the Charities Act 2011. 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 f inancial statements section of our report. We are i ndependent of the Charity in accordance with the eth ical requirements that are relevant to o(Jr audit of the financial statements in the UK, including the FRC'S Ethical Standard and we have fulf i Iled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAS (UK) req(Jire us to report to you where.. •the trustees, use of the going concern basis of accounting in the preparation of the financial statements is not appropriate., or •the trustees have not disclosed in the f inancial statements any identified material uncertainties that may cast significant doubt about the Charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. 14 The Kensington + Chelsea Foundation INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE K+C FOUNDATION For the year ended 31st March 2023 (continued) Other information The trustees are responsible for the other information. The other information comprises the i nformation included in the annual report other than the financial statements and our auditor'5 report thereon. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Charity and environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report. We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if. in our opinion.. •sufficient accounting records have not been kept., •the financial statements are not in agreement with the accounting records and returns,. or •we have not obtained all the information and explanations necessary for the purposes of our audit. Responsibilities of the trustees As explained more fully in the trustees. responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisf led that they give a true and fair view, and for such internal control as they 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. 15 **The Kensington + Chelsea Foundation** Date: 31 October 2023 16 ## **The Kensington & Chelsea Foundation Statement of financial activities** ## (incorporating an income and expenditure account) **For the year ended 31 March 2023** **----- Start of picture text -----**
2023 2022
Unrestricted Restricted Endowment Total
Funds Funds Funds Funds Total Funds
Note £ £ £ £
Income from:
Donations & grants 2 280,681 - - 280,681 212,728
Charitable activities:
Grenfell Tower Fund 3 - - - - 2,400
Events and Campaigns 4 - 1,569,816 - 1,569,816 1,479,312
Support, Education & Networking 4 56,217 132,692 22,865 211,774 276,560
Investments 5 2,806 - - 2,806 458
Total income 339,704 1,702,508 22,865 2,065,077 1,971,458
Expenditure on: 6
- -
Fundraising activities 12,031 12,031 47,953
Charitable activities:
Grenfell Tower Fund - 166,239 - 166,239 264,280
-
Events and Campaigns 7,906 1,665,607 1,673,513 1,481,512
-
Other expenditure 296,264 25,605 321,869 271,212
Total expenditure 316,201 1,831,846 25,605 2,173,652 2,064,957
Net income/ (expenditure) for
the year 7 23,503 (129,338) (2,740) (108,575) (93,499)
Transfers between funds (70,565) 70,565 - - -
Net movement in funds (47,062) (58,773) (2,740) (108,575) (93,499)
Reconciliation of funds:
Total funds brought forward 117,261 770,747 6,640 894,648 988,147
Total funds carried forward 70,199 711,974 3,900 786,073 894,648
**----- End of picture text -----**
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. 17 ## **The Kensington & Chelsea Foundation Balance sheet As at 31 March 2023** |**Note**
**Current assets:**
**9**
**Liabilities:**
**10**
**12**
General Charitable Funds
Grenfell Tower Fund
Total restricted funds
Total unrestricted funds
**Funds**
General funds
**Total funds**
Unrestricted funds:
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)**
Debtors|**2023**
**£**
**1,153**
**797,774**
**798,927**
**(12,854)**
**661,974**
**50,000**
**70,199**|**2023**
**£**
**786,073**
**786,073**
**3,900**
**711,974**
**70,199**
**786,073**|2022
£
1,234
955,484
956,718
(62,070)
561,695
209,052
117,261|2022
£
894,648
894,648
6,640
770,747
117,261
894,648| |---|---|---|---|---| The accounts were approved and signed on behalf of the trustees on **31/10/2023** and signed on their behalf by: ## **Richard Briance** ## **Chairman** 18 **The Kensington & Chelsea Foundation Statement of cash flows For the year ended 31 March 2023** **----- Start of picture text -----**
Note 2023 2022
Cash flows from operating activities: £ £
Net cash provided by / (used in)
operating activities a (160,515) (93,266)
Cash flows from investing activities:
Interest income 2,805 458
Cash provided by investing activities 2,805 458
Change in cash and cash equivalents in
(157,710) (92,807)
the year
Cash and cash equivalents at the
955,484 1,048,291
beginning of the year
Cash and cash equivalents at the end of b
797,774 955,484
the year
a) Reconciliation of net income / (expenditure) to net cash flow
from operating activities 2023 2022
£ £
Net income / (expenditure) for the
reporting period (as per the statement of (108,575) (93,499)
financial activities)
Interest income (2,805) (458)
(Increase)/ decrease in debtors 81 (8)
Increase/ (decrease) in creditors (49,216) 700
Net cash provided by / (used in)
(160,515) (93,266)
operating activities
b) Analysis of cash and cash equivalents At
At 1 April Other 31 March
2022 Cash flows changes 2023
£ £ £ £
Cash at bank and in hand 955,484 (157,710) - 797,774
-
Total cash and cash equivalents 955,484 (157,710) 797,774
**----- End of picture text -----**
19 **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2023** - **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. ## **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 for particular areas of the charity’s work or for specific projects being undertaken by the charity. ## **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. ## **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. 20 **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2023** - **2 Income from donations & grants (Core Income)** |Cadogan Estates
Julia and Hans Rausing
City Bridge Trust
B & J Lloyd Family Charitable Trust
LMAX Group
Martin and Elizabeth Morgan
Richard and Lucille Briance
Kilfinan Trust
DMGT
Sege Kremer
Savills
Other Donations
Gift Aid
**Total**
**3**
**Charitable income-Grenfell Tower**
**Donations**
**Total**
**4**
**Charitable Income (excluding Grenfell Tower**
**Campaigns:**
**Winter Warmth**
Calleva Foundation
Julia and Hans Rausing Trust
RBKC
Hollick Family Foundation
LMAX Group
The Grove Trust
Earls Court Development Company
Jackie Sellers
Christopher Jermyn
Katherine Soanes
David Walker
Julian Edwards
Fergus Chamberlain
Rupert Keeley
Rockspring Charitable Trust
Isabel Boyer
Graham Child
Anonymous
Gift Aid
Other donations
**Sub Total**
Totals 2022
Donations made directly to The Kensington &
Chelsea Foundation
Totals 2022|£
150,000
50,000
44,903
10,000
10,000
-
-
1,000
1,000
5,000
5,000
3,472
306
**280,681**
212,728
£
-
**-**
-
**Fund)**
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
**-**
Unrestricted
Funds
Unrestricted
Funds
Unrestricted
Funds|£
-
-
-
-
-
-
-
-
-
-
-
**-**
-
£
-
**-**
2,400
£
10,000
50,000
245,000
-
18,722
7,000
5,000
6,000
5,000
10,000
5,000
5,000
10,000
5,000
5,000
5,000
5,000
1,837
20,601
80,097
**499,257**
Restricted
Funds
Restricted
Funds
Restricted
Funds|£
-
-
-
-
-
-
-
-
-
-
-
-
**-**
-
£
-
**-**
-
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
**-**
Endowment
Funds
Endowment
Funds
Endowment
Funds|**2023**
**Total Funds**
**£**
**150,000**
**50,000**
**44,903**
**10,000**
**10,000**
**-**
**-**
**1,000**
**1,000**
**5,000**
**5,000**
**3,472**
**306**
**280,681**
212,728
**2023**
**Total Funds**
**£**
**-**
**-**
2,400
**2023**
**Total Funds**
**£**
**10,000**
**50,000**
**245,000**
**-**
**18,722**
**7,000**
**5,000**
**6,000**
**5,000**
**10,000**
**5,000**
**5,000**
**10,000**
**5,000**
**5,000**
**5,000**
**5,000**
**1,837**
**20,601**
**80,097**
**499,257**|2022
Total Funds
£
75,000
50,000
42,500
-
20,000
10,000
5,000
1,000
1,000
-
-
6,978
1,250
212,728
2022
Total Funds
£
2,400
2,400
2022
Total Funds
£
2,500
200,000
50,000
5,000
-
-
-
-
-
-
-
-
-
-
-
-
-
5,000
970
15,636
279,106| |---|---|---|---|---|---| 21 **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2023** - **4 Charitable Income (excluding Grenfell Tower Fund) (continued)** |**(continued)**
**Children & Young People( Improving Education Outcomes)**
Rockspring Charitable trust
-
DMGT
-
B & J Lloyd Family Charitable Trust
-
Anonymous
-
CMF Charitable Trust
-
The Martin Family Charitable Trust
-
Stephen and Jay Green
-
Glendower Preparatory School
-
Cadogan Estates
-
John Armitage Charitable Trust
-
Anonymous
-
Rockspring Charitable Trust
-
LMAX Group
-
Gift Aid
-
Other donations
-
**Sub Total**
**-**
**Isolation & Loneliness ( Improving Mental Health)**
Anonymous
-
LHA London
-
DMGT
-
Isabel and Jack Boyer
-
CMF Charitable Trust
-
London Community Foundation (Endowment Funds
-
Richard Lockwood
-
Rockspring Charitable trust
-
Lockwood Charitable Foundation
-
LMAX Group
-
The Band Trust
-
CHK Foundation
-
Gift Aid
-
Rockspring Charitable Trust
-
Martin Morgan
-
South Kensington Estates
-
Jeremy Sacher
-
Other donations
-
**Sub Total**
**-**
Unrestricted
Funds|-
20,000
10,000
-
-
-
12,000
-
50,000
-
50,000
77,500
262,000
42,812
13,876
**538,188**
-
-
10,000
-
-
-
75,000
-
-
110,000
-
25,000
12,087
36,360
26,000
30,000
10,000
9,038
**343,485**
Restricted
Funds|-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
**-**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
**-**
Endowment
Funds|**2023**
**Total Funds**
**-**
**20,000**
**10,000**
**-**
**-**
**-**
**12,000**
**-**
**50,000**
**-**
**50,000**
**77,500**
**262,000**
**42,812**
**13,876**
**538,188**
**-**
**-**
**10,000**
**-**
**-**
**-**
**75,000**
**-**
**-**
**110,000**
**-**
**25,000**
**12,087**
**36,360**
**26,000**
**30,000**
**10,000**
**9,038**
**343,485**|2022
Total Funds
39,000
20,000
-
82,000
2,500
10,000
-
6,101
50,000
68,000
-
-
50,000
7,513
8,140
343,254
50,000
3,333
10,000
10,000
4,500
1,113
-
18,500
75,000
-
40,000
25,000
2,500
-
-
-
-
270
240,216| |---|---|---|---|---| 22 **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2023** |**4**
**Charitable Income (excluding Grenfell Tower Fund)**
**(continued)**
**Skills & Employment Campaign**
Rockspring Charitable Trust
-
Calleva Foundation
-
The Grocers Charitable Trust
-
John Armitage Charitable Trust
-
CMF Charitable Trust
-
LMAX Group
-
Henry Tinsley
-
**Sub Total**
**-**
**Christmas Appeal**
Individuals
**-**
Organisations
**-**
Corporates
**-**
Schools
**-**
**Sub Total**
**-**
**Recover + Reconnect**
Chris Rokos
**-**
LMAX Group
**-**
Mitchell Charitable Trust
**-**
Kusuma Trust
**-**
Gift aid
**-**
Individuals
**-**
**Sub Total**
**-**
**Total - Campaigns**
**-**
Unrestricted
Funds|-
48,886
-
70,000
-
60,000
10,000
**188,886**
-
-
-
-
**-**
-
-
-
-
-
-
**-**
**1,569,816**
Restricted
Funds|-
-
-
-
-
-
-
**-**
**-**
**-**
**-**
**-**
**-**
-
-
-
-
-
-
**-**
**-**
Endowment
Funds|**2023**
**Total Funds**
**-**
**48,886**
**-**
**70,000**
**-**
**60,000**
**10,000**
**188,886**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**1,569,816**|2022
Total Funds
12,500
-
10,000
-
2,500
100,000
-
**125,000**
37,581
65,000
31,575
6,110
140,266
50,000
162,000
35,000
**`**
82,443
5,828
16,200
351,470
1,479,312| |---|---|---|---|---| 23 **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2023** |**4**
**Charitable Income (excluding Grenfell Tower Fund)**
**(continued)**
£
**Other incomes:**
London Community Foundation (Cadogan)
-
London Community Foundation (Hughes Hallett)
-
Alan Hutchison-Sarah Hawkins Young Carers Fund
-
Louisa Lane Fox-Sarah Hawkins
-
JFR Charitable Trust-Sarah Hawkins
-
Ashendene Trust-Sarah Hawkins
-
Rayne Foundation-Sarah Hawkins
-
Anonymous
-
Philip and Rebecca Muelder
-
The Gosling Foundation
-
John Armitage Charitable Trust
-
Paradise Family Disability Fund
-
Anonymous
-
Isabel Boyer
-
Atlantic Trading CT
-
Claire Bruce-Lamblin
-
Simon Campbell
-
Peter Covington
-
Il Portico Restaurant
-
The Band Trust
-
Chris Jermyn
-
Gosling Foundation
-
Other Donations
-
Gift Aid
-
**Other contributions from:**
Individuals (including membership)
31,574
Organisations
-
Corporates
18,139
Schools
-
Trusts and Foundations
13
Gift Aid
6,491
-
**56,217**
**Grand Total**
**56,217**
35,248
**5**
**Income from investments**
£
Bank interest (Grenfell Tower Fund)
2,806
Investment income
-
**Total**
2,806
-
Unrestricted
Funds
Totals 2022
Totals 2022
**Sub Total**
Unrestricted
Funds
Contributions to Cadogan Kensington &
Chelsea Foundation Endowment Fund|£
-
-
-
-
-
-
-
-
-
-
-
-
-
10,000
11,250
20,000
1,000
1,000
11,230
2,000
50,000
13,500
11,824
888
-
-
-
-
-
-
-
-
**132,692**
**1,702,508**
1,713,984
0
£
-
-
-
458
Restricted
Funds
Restricted
Funds|£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
22,865
**22,865**
**22,865**
6,640
£
-
-
-
-
Endowment
Funds
Endowment
Funds|**2023**
**Total Funds**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**10,000**
**11,250**
**20,000**
**1,000**
**1,000**
**11,230**
**2,000**
**50,000**
**13,500**
**11,824**
**888**
**-**
**31,574**
**-**
**18,139**
**-**
**13**
**6,491**
**22,865**
**211,774**
**1,781,590**
1,755,872
**2023**
**Total Funds**
**£**
**2,806**
**-**
**2,806**
458|2022
Total Funds
£
38,361
14,000
900
1,000
2,000
900
2,000
25,000
10,000
-
20,000
80,000
10,000
-
-
-
-
-
-
-
-
-
9,819
20,692
-
12,454
250
1,541
-
18,265
2,739
6,640
276,560
1,755,872
2022
Total Funds
£
458
-
458| |---|---|---|---|---| 24 ## **The Kensington & Chelsea Foundation Notes to the financial statements** ## **For the year ended 31 March 2023** **----- Start of picture text -----**
6a Analysis of expenditure
Current year Charitable activities
Cost of
raising Grenfell Events & Other
funds Tower Campaigns Expenses 2023 2022
£ £ £ £ £ £
Events & Campaigns
- - -
Winter Warmth Campaign 454,967 454,967 213,800
- - -
Children & Young People 462,176 462,176 231,859
Isolation & Loneliness - - 326,371 - 326,371 255,466
- - -
Skills & Employment 303,934 303,934 100,000
Covid-19 Appeal - - - - - 8,190
Recover + Reconnect - - - - - 394,366
Christmas Appeal - - - - - 164,399
Innovation + Collaboration - - 17,876 - 17,876 52,124
- - - -
Community Spirit Grants 28,039 28,039
Other Grants - - 80,150 25,605 105,755 61,308
Grenfell Tower Fund
Grants awarded - 166,239 - - 166,239 264,280
Total donation and grants
awarded - 166,239 1,673,513 25,605 1,865,357 1,745,792
- - -
Staff costs (see note 9) 260,716 260,716 220,960
Fundraising costs
- - -
Fundraising events 3,729 3,729 1,857
- - -
Marketing 8,302 8,302 46,096
Support costs
- - -
Accounting services 4,848 4,848 4,728
Premises costs - - - 13,898 13,898 14,889
Travel and Subsistence - - - 605 605 1,105
Recruitment - - - - - 2,776
Office costs - - - 10,605 10,605 19,247
Audit fees - - - 3,468 3,468 5,582
Bank charges - - - 967 967 1,000
Subscriptions - - - 630 630 600
Sundry expenses - - - 527 527 325
Total expenditure 12,031 166,239 1,673,513 321,869 2,173,652 2,064,957
Total expenditure 2022 47,953 264,280 1,481,512 271,212 2,064,957
**----- End of picture text -----**
Details of the grants awarded can be found in the Trustees' report. Of the total expenditure £316,201 was unrestricted (2022: £319,165), £1,831,846 was restricted (2022: £1,745,792) and £25,605 (2022: 0) endowment. 25 ## **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2023** **----- Start of picture text -----**
6b Analysis of expenditure
Prior year Charitable activities
Cost of Grenfell Events & Other
raising Tower Campaigns Expenses 2022
£ £ £ £ £
Events & Campaigns - -
- - -
Winter Warmth Campaign 213,800 213,800
- - -
Children & Young People 231,859 231,859
Isolation & Loneliness - - 255,466 - 255,466
- - -
Skills & Employment 100,000 100,000
- - -
Covid-19 Appeal 8,190 8,190
Recover + Reconnect - - 394,366 - 394,366
- - -
Christmas Appeal 164,399 164,399
Innovation + Collaboration - - 52,124 - 52,124
General grants awarded
Other Grants - - 61,308 61,308
Grenfell Tower Fund
Grants awarded - 264,280 - - 264,280
- -
Total donation and grants 264,280 1,481,512 1,745,792
Fundraising costs
- - -
Fundraising events 1,857 1,857
- - -
Marketing 46,096 46,096
- - -
Accounting services 4,728 4,728
Travel and Subsistence - - - 1,105 1,105
Recruitment - - - 2,776 2,776
Office costs - - - 19,247 19,247
Audit fees - - - 5,582 5,582
- - -
Bank charges 1,000 1,000
p
Total expenditure 47,953 264,280 1,481,512 271,212 2,064,957
**----- End of picture text -----**
26 **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2023** - **7 Net income / (expenditure) for the year** |This is stated after charging:
Auditor's remuneration (excluding VAT)
Audit work
**8**
Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
**Analysis of staff costs, trustee remuneration and expenses,**
**and the cost of key management personnel**|**2023**
**£**
**3,000**
**2023**
**£**
**230,200**
**25,476**
**5,040**
**260,716**|2022
£
3,000
2022
£
199,124
17,348
4,488
220,960| |---|---|---| One employee earned between £60,000 to £70,000 during the year (2022: 1). The total employee benefits including pension contributions of the key management personnel were £80,548 (2022: £75,914). The charity trustees did not receive payment or any other benefits from their position with the charity in the year (2022: £nil). No trustees were reimbursed for expenses. No charity trustee received payment for professional or other services supplied to the charity (2022: £nil). ## **Staff numbers** The average number of employees (head count based on number of staff employed) during the year was 5.0 (2022: 4.8) ## **Pension scheme** The charity operates defined contribution pension schemes. |**9**
**Debtors**
Other debtors
**10**
**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|**2023**
**£**
1,153
**1,153**
**2023**
**£**
**6,854**
**6,000**
**-**
**12,854**
**2023**
**£**
**50,000**
**(50,000)**
**-**
**-**|2022
£
1,234
1,234
2022
£
6,070
6,000
50,000
62,070
2022
£
50,000
(50,000)
50,000
50,000| |---|---|---| 27 ## **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2023** |**11**
**Analysis of net assets between funds - current year**
Net current assets
**Net assets at the end of the year**
**Analysis of net assets between funds - prior year**
Net current assets
Net assets at the end of the year
**12**
**Movements in funds**
£
**Endowment Funds**
6,640
**Restricted funds:**
General Charitable Funds
68,933
Winter Warmth Campaign
88,203
164,672
138,686
85,381
Covid-19 Appeal
-
Christmas Appeal
7,944
Recover + Reconnect
-
Innovation + Collaboration
7,876
Community Spirit Grants
-
**Sub Total**
**561,695**
**Grenfell Tower funds**
**209,052**
**Total restricted funds (Incl. Grenfell Towe**
**770,747**
**Unrestricted funds:**
Total designated funds
**-**
General Funds
117,261
**Total unrestricted funds**
**117,261**
**Pension fund**
**-**
**Total funds**
**894,648**
Skills & Employment Campaign (including
Get into Tech North Kensington)
Isolation and Loneliness
At the start
of the year
Children & Young People|Unrestricted
Funds
£
70,199
**70,199**
Unrestricted
Funds
£
117,261
117,261
£
22,865
132,692
499,257
538,188
343,485
188,886
-
-
-
-
**1,702,508**
**-**
**1,702,508**
-
339,704
**339,704**
-
**2,065,077**

Income|
Restricted
Funds
£
711,974
**711,974**

Restricted
Funds
£
770,747
770,747
£
**(25,605)**
(72,244)
(454,967)
(462,176)
(326,371)
(303,934)
-
-
-
(17,876)
(28,039)
**(1,665,607)**
**(166,239)**
**(1,831,846)**
**-**
(316,201)
**(316,201)**
**-**
**(2,173,652)**
Expenditure|
Endowment
Funds
£
3,900
**3,900**

Endowment
Funds
£
6,640
6,640
Transfers
£
(6,622)
7,944
(60,000)
(50,000)
120,000
-
(7,944)
-
10,000
50,000
**63,378**
**7,187**
**70,565**
**-**
(70,565)
**(70,565)**
**-**
**-**|**Total**
**Funds**
**£**
**786,073**
**786,073**
Total Funds
£
894,648
894,648
**£**
**3,900**
**122,759**
**140,437**
**180,684**
**105,800**
**90,333**
**-**
**-**
**-**
**-**
**21,961**
**661,974**
**50,000**
**711,974**
**-**
**70,199**
**70,199**
**-**
**786,073**
**At the end**
**of the year**| |---|---|---|---|---| 28 ## **The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2023** |**13**
Movements in funds (prior period)
£
£
£
Endowment Funds
-
6,640
-
Restricted funds:
General Charitable Funds
79,527
234,672
(61,308)
Winter Warmth Campaign
22,897
279,106
(213,800)
Children & Young People
3,277
343,254
(231,859)
Isolation and Loneliness
33,936
240,216
(255,466)
Skills & Employment Campaign (including G
60,381
125,000
(100,000)
Covid-19 Appeal
6,719
-
(8,190)
Christmas Appeal
32,077
140,266
(164,399)
Recover + Reconnect
41,744
351,470
(394,366)
Innovation + Collaboration
60000
0
(52,124)
Sub Total
340,558
1,713,984
(1,481,512)
Grenfell Tower funds
470,932
2,400
(264,280)
Total restricted funds (Incl. Grenfell Tower)
811,490
1,716,384
(1,745,792)
Unrestricted funds:
Total designated funds
-
-
-
General Funds
176,657
248,434
(319,165)
Annual Celebration
-
Total unrestricted funds
176,657
248,434
(319,165)
Pension fund
-
-
-
**Total funds**
988,147
1,971,458
(2,064,957)
At the start
of the year
Income Expenditure|Transfers
£
(183,958)
-
50,000
120,000
1,471
1,152
(11,335)
-
(11,335)
-
11,335
-
11,335
-
-|£
6,640
68,933
88,203
164,672
138,686
85,381
-
7,944
-
7,876
561,695
209,052
770,747
-
117,261
-
117,261
-
894,648
At the end
of the year| |---|---|---| ## **14 Endowment Fund Note** The following endowment funds are held by London Community Foundation (LCF) on behalf of the Kensington & Chelsea Foundation. |**Net assets at the end of the year**
Transfers in/(out)
LCF management charges
Grants awarded
Investment gains/(losses)
Investment manager rebate (fee)
Donation income
Fund balance b/f
Investment income|Catalyst
Housing
Endowment
Fund
73,196
2,112
-
111
(2,826)
(1,333)
(1,038)
-
**70,222**|


The Emily
Hughes-
Hallett
Endowment
Fund
£
94,191
2,600
-
137
(3,480)
(1,641)
-
-
**91,807**|


Cadogan
Kensington
& Chelsea
Foundation
Fund
£
279,562
7,800
-
399
(10,543)
(4,515)
25,605
-
**298,308**|



**Total**
**Funds**
**2023**
**£**
**446,949**
**12,512**
**-**
**647**
**(16,849)**
**(7,489)**
**24,567**
**-**
**460,337**|Total
Funds
2022
£
429,784
6,014
-
2,699
58,683
(4,595)
(53,474)
-
439,111| |---|---|---|---|---|---| ## **15 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, another trustee is CEO of the Muslim Cultural Heritage Centre (MCHC) Trust and a third trustee is chief Executive of The Dalgarno Trust. All are excluded from decisions on those organisations. 29