2024-03-31-accounts - The Kensington And Chelsea Foundation

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Trustees’ Report and Financial Statements for the Year ended 31 March 2024

The Kensington + Chelsea Foundation

Charity No. 1125940

111-117 Lancaster Road, London W11 1QT 020 7229 5499 www.thekandcfoundation.com @KandCfoundation

The Kensington + Chelsea Foundation

TRUSTEES’ REPORT and FINANCIAL STATEMENTS

for the year ended 31 March 2024

CONTENTS	Page
Legal and administrative information	3
Report of the Trustees	4-13
Auditor’s report	14 - 16
Statement of financial activities	17
Balance sheet	18
Statement of cash flows	19
Notes of the financial statements	20-28

The Kensington + Chelsea Foundation

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

For the year ended 31 March 2024

Richard Briance, Chairman Abdi Aden William Crone Cynthia Dize - Stepped down in September 2023 Esma Dukali Clare Ferguson Martin Morgan James Paradise Abdurahman Sayed Lucinda Stafford-Deitsch - Stepped down in December 2023 Peter Winslow Gigi Yacoub – Appointed in September 2023

Staff at 31 March 2024

Victoria Steward Todd, Director Cathy Bickham, Operations Manager Brooke Dobbyn, Community Engagement + Grant Manager Jon Fryer, Community Engagement + Grant Manager Charlotte Rossan, Communications + Partnerships Manager Morag Smith, Major Gifts + Events Manager

Registered Office

111–117 Lancaster Road London W11 1QT

Registered Charity Number 1125940

Bankers

CAF Bank Ltd 25 Kings Hill Avenue West Malling Kent ME19 4JQ

Shawbrook Bank Ltd Lutea House Warley Hill Business Park Brentwood Essex CM13 3BE

C Hoare & Co 32 Lowndes Street London SW1X 9HZ

Accountants

Auditors

Accountability EU Omnibus Workspace 39-41 North Road London N7 9DP

Goldwins Limited 75 Maygrove Road West Hampstead London NW6 2EG

The Kensington + Chelsea Foundation

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

The trustees of the Kensington + Chelsea Foundation present this report and audited financial statements for the year ended 31 March 2024.

INTRODUCTION FROM OUR CHAIRMAN

I 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.

In 2023, we marked the 15th year anniversary of the K+C Foundation and I am thrilled to announce that we have, since our inception, raised an incredible £20 million. This funding has been invested in our work to reduce the significant inequalities that exist in the borough.

From April 2023 to March 2024, we have used our local knowledge and networks to support the most pressing needs in the community, funding 106 projects and supporting over 23,300 of our most disadvantaged residents. We have worked with our supporters – individuals, businesses, trusts and foundations – to connect them to the most vital issues in K+C and have raised an incredible £1.66 million. Much of this funding has been directed to support projects in our three core portfolios - Mental Health, Education and Skills and Employment.

One of the achievements we are most proud of this year, has been the growth of our work to give a voice to our community. Our track record in this area meant that we were trusted by RBKC to manage and distribute its Small Grants Fund. We recruited, trained and facilitated a panel of local residents tasked with selecting small grassroots partners to receive core cost funding over the next 3 years. These grants will deliver improved outcomes for the most vulnerable residents, whilst also helping Kensington + Chelsea to become a fairer borough.

Towards the end of last year, we commissioned an update to our 2021 research - ‘Poverty + Prosperity in K+C: A Deepening Divide’ and although we found evidence of improvements in some areas, there are also some very sobering statistics which continue to drive our work.

More recently, we were honoured and delighted to be chosen by the new RBKC Mayor Cllr Will Lane as his charity during his term of office starting in May 2024 and look forward to maximising this opportunity to spread the word about the Foundation’s work and impact.

I remain incredibly grateful to our loyal and committed supporters, for their engagement, encouragement and generosity. I would like also to commend the excellent work of our small team, who work tirelessly throughout the year.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Kensington + Chelsea Foundation is governed by a Board of Trustees, chaired by Richard Briance.

During the year, two valued trustees stepped down from the board after completing the maximum three 3- year terms.

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 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.

The Kensington + Chelsea Foundation

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 registered 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 1 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, fulfilled 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 community.

In 2021 our research, ‘Poverty and Prosperity in ~~a~~ Kensington + Chelsea’, identified the key inequalities in the borough as being across education, health and employment. In response to this, we established three funds which support projects addressing these needs – Improving Mental Health, Reducing Education Inequalities and Improving Skills + Employment. These funds reflect our strategic focus for the next 3 to 5 years.

This year, we published an update to the original report - Poverty and Prosperity in Kensington + Chelsea: A Deepening Divide, which highlighted evidence of growing inequalities in our community.

Poverty:

• 3 of the borough’s wards have a higher rate of child poverty than London or national averages and the difference in child poverty rates between the lowest and highest wards is a staggering 27.9%.

• The number of children eligible for free school meals is 33%. This is considerably higher than both the national and London averages and represents a sharp increase of 50% over the past 5 years.

The Kensington + Chelsea Foundation

Education:

Fixed term school exclusions (also known as suspensions) remain high, with K+C the 7th highest out
of 33 London boroughs.

• Children on Free School Meals, with Special Educational Needs and from Black African/Caribbean backgrounds were more likely to be excluded than their peers.

Life expectancy:

• Life expectancy differs significantly between residents living in different areas of the borough. For example, there is a 19 year life expectancy difference between women living in Notting Dale and Holland wards, which are just a third of a mile apart. This difference has increased by 5 years since 2021.

Rent Costs

• Our previous report found an astonishingly high proportion of residents’ income was spent on rent, at 69.5% for residents renting a one bedroom flat. Our new data shows that this has now increased even further by 6.5% to 76%.

Mental Health

1 in 4 residents report high levels of anxiety.
1 in 6 young people have a mental health issue but waiting times for mental health services are among the worst in London.
1 in 12 adults have a GP diagnosis of depression.
There has been a 28% increase in mental health referrals between 2022 and 2023.

Last year 93p in every £1 was spent on our charitable activity and the projects we funded reached over 23,300 residents with support and services providing a lifeline to those in crisis. Beyond funding, we research and improve awareness of key social issues affecting our community and bring charities together to network and connect.

OUR ACTIVITIES IN THE YEAR

Grant Making

In the financial year to 31 March 2024, through the generosity of our supporters and donors, we have made grants totalling £1,529,218 to 97 local charities and community groups, supporting 106 projects.

Our Priority Areas

1. Ensuring children and young people in our community have the best chance to fulfil their potential

There are significant inequalities in both opportunities and outcomes in education for children in our community. While 45% of children in the borough attend private schools, 1 in 4 children are living in poverty and their educational attainment is negatively impacted by a combinations of factors including overcrowding, temporary accommodation, lack of resources and mental health pressures.

‘A Deepening Divide’ – the 2024 update to our 2021 research report - demonstrated that while there are considerable challenges for some young people in our community, there has been significant improvement on the permanent exclusions rate, since our original report highlighted the issue.

The Kensington + Chelsea Foundation

K+C has dropped from having the highest rate in London, to 17th on the list of London boroughs, but fixed term exclusions remain relatively high - we are the 7th highest out of 33 London boroughs. There is clear evidence that fixed term exclusions are extremely damaging for young people who receive them and we remain committed to tackling the causes and impacts of exclusions.

Reducing Education Inequalities portfolio

The K+C Foundation’s Reducing Education Inequalities portfolio funds 9 impactful projects reaching 6,128 children and young people with tailored and targeted support. This has been the second year of our three year commitment to reduce education inequalities in our community. We have been monitoring the progress and impact of our projects across the first 24 months and are delighted to share this example of how they are making a real and tangible difference to young people in our community.

The Reducing Education Inequalities portfolio is part of a wider Children and Young People Programme which, during 2023/24, issued £381,746 in grants to the following organisations:

Baraka Community Association	£37,937	Young K+C	£20,000
Children's Book Project	£12,982	Kids On The Green	£20,000
ClementJames Centre	£20,000	Rugby Portobello Trust	£16,914
Full of Life	£16,013	St Clement & St James CDP	£20,000
Future Men	£27,000	St Giles’ Trust	£61,600
Hornimans Adventure Playground	£13,500	AllChild (formerly West London Zone)	£96,500
Nucleo Project	£15,300	West London Action for Children	£24,000

2. Combatting isolation, loneliness and mental health challenges

In Summer 2023, 1 in 4 residents reported feeling high levels of anxiety, with 1 in 12 having a GP diagnosis of depression. Residents suffering with depression are more likely to live in the most deprived wards of the borough. More than 1 in 6 young people in K+C have a mental health issue, with the most common reasons for GP visits being depression and developmental speech needs.

Improving Mental Health portfolio

The K+C Foundation’s Improving Mental Health portfolio funds 8 impactful projects reaching over 4,300 people. All of the projects provide individualised, tailored support to clients, building trust and a safe space in which they can make connections and access services.

This has been the second year of our commitment to support projects tackling a wide range of mental health needs. People we have helped through the projects include those suffering from addiction, isolation and anxiety. One partnership helps patients admitted to hospital with mental ill-health, and another reaches out to refugees and asylum seekers. K+C scores in the lowest 20% of local authorities for mental health and with a high number (47%) of one-person households, isolation and loneliness is a significant issue for many

The Kensington + Chelsea Foundation

residents. Levels of anxiety are well above national and London levels, peaking just after the Grenfell Tower fire and exacerbated further by the Covid-19 pandemic.

£239,333 was issued in grants from the isolation, loneliness and mental health programme to the following organisations:

organisations:
ACAVA	£30,000	One Community	£33,333
Dalgarno Trust	£20,000	Outside Edge Theatre Company	£20,000
Family Friends	£10,000	Playground Theatre	£18,000
Latimer Community Art Therapy (LCAT)	£32,000	SMART	£18,000
Migrants Organise	£18,000	St. Cuthbert's Centre	£30,000
Nova New Opportunities	£10,000	Woman’s Trust	£20,000

3. Supporting ambitions - Skills + Employment programme

Residents in K+C face a number of employment related challenges. Not only does the borough have a relatively high unemployment rate, but many residents find that work is not necessarily a guaranteed route out of poverty and need to claim Universal Credit.

The number of residents claiming in-work benefits has increased from 2,139 people in 2020, to 3,125 in 2023, a significant rise of 46%.

Skills + Employment portfolio

Our Skills + Employment portfolio aims to support residents into meaningful and sustainable employment, through impactful projects reaching over 300 people with tailored and targeted support. This was the second year of our commitment to providing opportunities for people to develop skills and find meaningful and rewarding employment.

The projects help a range of people, including young people at risk and with a history of offending; neurodiverse adults; women looking to return to employment and vulnerable or marginalised residents.

The organisations delivering projects in the Skills + Employment portfolio have built strong partnerships with employers and specialist agencies which are invaluable. We have also been able to involve our Corporate supporters in volunteering activities such as interview skills workshops.

£291,704 was issued in grants from the Skills + Employment programme to the following organisations:

ClementJames Centre	£25,000	Resurgo Trust	£90,000
Mo1 Youths	£29,607	Smart Works	£30,000
Nova New Opportunities	£21,914	St Giles Trust	£40,527
Pursuing Independent Paths	£36,626	Women into Construction	£18,030

The Kensington + Chelsea Foundation

4. VSSF – Small Grants Fund

During 2023, we worked in partnership with RBKC to manage the VSSF (Voluntary Sector Support Fund) Small Grants Fund. The Fund aims to help Kensington and Chelsea to become a fairer borough, to improve outcomes for the most vulnerable residents and to nurture the talents of our residents and help them to reach their full potential.

VSSF offers voluntary and community sector organisations essential core cost funding to support their continued service delivery. It was open to small charities with an annual income of less than £100,000, or CICs, for grants of up to £30,000 per year for a three year period.

We delivered an 11 week programme which involved recruiting a panel of 10 residents, training them in grantmaking, supporting them to design the criteria for the fund and make the final decisions on which applications should receive funding. . This project cemented our expertise as a local participatory grant-maker and helped shift the power of grant-making decisions to local residents.

After a thorough and transparent assessment process, the panel selected 9 local groups to receive funding and The K+C Foundation will monitor the progress and impact of these organisations over the next 3 years.

Community Development 4 All	£30,000	Neighbourhood Doulas	£30,000
Cuban Boxing Academy	£7,164	Our Power Hub	£30,000
Ethiopian Women's Empowerment Group	£9,944	Urban Eye	£7,485
Fit for Life Youth	£30,000	WAND UK	£30,000
Minds United FC	£25,408

5. Community Spirit Fund - Bringing joy and healing to the community

2023/24 was the third 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 £1,000 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.

£59,804 was paid in grants to the following organisations:

African Women Empowerment Centre	£1,000	Migrants Organise	£1,000

Age UK K&C	£1,000	Minaret Community Centre	£1,000

Art Theatre/Playground Theatre	£1,000	Minds Utd	£1,000

Association of Moroccan Residents UK(AMRUK) (2grants)	£2,000	Neeya CIC	£1,000

AT The Bus		Nkanu Development and Cultural Association (2 grants)	£2,000
	£1,000

The Kensington + Chelsea Foundation

Bloomsbury Football Foundation (2grants)	£2,000	North Kensington Community Energy	£828

Burnt Orange Theatre	£996	North Kensington Hearts + Minds	£1,000
Climate Ed	£500	Pepper Pot Centre (2 grants)	£2,000
Community Cook Off	£1,000	Persian Care Centre (2 grants)	£2,000
Community Integration Project	£1,000	Powis Square	£1,000

Congo Great Lakes Initiative (2 grants)	£1,970	Progressay Impact CIC	£1,000
Eri-stars Sport + Academic Excellence CIC	£1,000	Pursuing Independent Paths	£1,000
For Women CIC (2 grants)	£2,000	Rise Kids	£1,000

Hear Women/Gargar Foundation	£1,000	Rugby Portobello Trust	£1,000

Hope Support + Advice Centre	£1,000	Sarah Agnes Foundation	£1,000

Hurdles2Hoops	£1,000	Shamaali CIC	£1,000
JK Arts	£1,000	Southside Partnership	£990

KCS Carnival Mas Band	£1,000	StClement StJames school (2 grants)	£2,000
Kensington + Chelsea Over 50s Forum	£800	St Thomas School (2 grants)	£1,720

Kids On The Green	£1,000	Sudanese Association (2 grants)	£2,000
Latymer Community Church	£1,000	Volunteer Centre K+C	£1,000

London Youth Opera	£1,000	WAND UK	£1,000
Lucas Ark (2 grants)	£2,000	Westway Community Transport	£1,000
Making Communities Work + Grow (MCWG)	£1,000	Your Local Community Hub CIC (2 grants)	£2,000
Maxilla City CIC	£1,000

The Kensington + Chelsea Foundation

6. Supporting Our Community

Winter Warmth and Cash First

Originally started in 2022 as a Winter Crisis Campaign, we have continued to support low income households across the borough who are struggling to make ends meet and having to choose between heating and eating. Help includes financial support with fuel bills, cash to assist with buying urgent essential items like food, and wrapround advice from professional agencies on issues such as debt management and income maximisation.

This support has been delivered in partnership with key local advice agencies including Citizens Advice K+C, Age UK K+C, Nucleus and Nova New Opportunities and with generous funding from RBKC, local businesses, trusts and residents.

During the year, thanks to these donations, more than 4,200 residents in the borough received emergency financial support and invaluable advice.

RAISING FUNDS, RESOURCES AND AWARENESS

Local businesses, individuals and schools responded positively in 2023/24 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.

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 this in mind, we are particularly 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.

The Kensington + Chelsea Foundation

EVENTS

Our events programme is important in raising awareness of local needs and bringing together our partners and friends across the borough. In June, we were delighted to be chosen as beneficiaries of the Chelsea Art Society’s Summer Exhibition, raising over £18,000 for our work through an auction and art sales. In September we celebrated our 15[th] anniversary with an event to thank our supporters at Japan House in Kensington High Street. In October, 45 supporters joined us on Walk Kensington + Chelsea - a walk from North Kensington to Chelsea Theatre.

We also ran a face painting stall at a Christmas lights switch on in Kings Road Chelsea, organised by Cadogan.

OBJECTIVES ACHIEVED IN 2023/24 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 individuals, schools and businesses, trusts and foundations to invest in selected local voluntary sector organisations which achieve 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 sufficient funding to cover our core costs, trustees regularly monitor the Kensington + Chelsea Foundation’s financial position, seeking to ensure that sufficient reserves are on hand to cover our projected running costs for at least six months. We believe that this reserve is prudent and allows the charity to address its principal objectives of raising and distributing funds with confidence.

Beyond this contingency reserve, we favour the retention of additional uncommitted reserves where possible up to a maximum of three further months of running costs, both to provide security against fluctuations in income to cover core costs, and to offer the possibility of investment from time to time in the development of new projects. Trustees review this Reserves Policy once a year.

At 31 March 2024, of the £562,231 carried forward, £133,251 is unrestricted income held as a general reserve in terms of this policy, while £428,980 is restricted for charitable giving.

RISK MANAGEMENT

During the year, the trustees have reviewed the risks which the Kensington + Chelsea Foundation is exposed to and the Risk Register is reviewed annually. The trustees are satisfied that all major risks have been identified and that appropriate internal controls are in place to mitigate against them.

The Kensington + Chelsea Foundation

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

To ensure that its responsibilities are met, the Board of Trustees has:

Selected suitable accounting policies and applied them consistently.
Prepared the financial statements on a going concern basis.
Made judgements that are reasonable but also prudent.
Ensured proper accounting records are kept.
Regularly reviewed financial and operating performance.
Followed applicable accounting standards, subject to any material departures disclosed and explained in the financial statements.
Been responsible for safeguarding the assets of the Foundation, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

21/10/2024

This report was approved by the Trustees on _____ and signed on their behalf by:

Richard Briance

Chairman

The Kensington + Chelsea Foundation

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE K+C FOUNDATION For the year ended 31st March 2024

Opinion

We have audited the financial statements of The Kensington + Chelsea Foundation (the ‘Charity’) for the year ended 31 March 2024 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 financial statements:

•give a true and fair view of the state of the Charity’s affairs as at 31 March 2024 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 financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCʼs Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

•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 financial 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.

The Kensington + Chelsea Foundation

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE K+C FOUNDATION For the year ended 31st March 2024(continued)

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s 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 satisfied 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.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

The Kensington + Chelsea Foundation

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE K+C FOUNDATION

For the year ended 31st March 2024(continued)

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

This report is made solely to the Charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Anthony Epton (Senior Statutory Auditor) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG

21 October 2024

The Kensington & Chelsea Foundation Statement of financial activities

(incorporating an income and expenditure account)

For the year ended 31 March 2024

Unrestricted Funds Note £ Income from: Donations & grants 2 311,974 Charitable activities: Grenfell Tower Fund 3 - Events and Campaigns 4 - Support, Education & Networking 4 127,766 Investments 5 8,771 Total income 448,511 Expenditure on: 6 Fundraising activities 38,675 Charitable activities: Grenfell Tower Fund - Events and Campaigns - Other expenditure 321,784 Total expenditure 360,459 Net income/ (expenditure) for the year 7 88,052 Transfers between funds (25,000) 63,052 Reconciliation of funds: Total funds brought forward 70,199 Total funds carried forward 133,251 Net movement in funds	Restricted Funds £ - 33,075 1,147,260 18,586 -	Endowment Funds - - - 18,403 -	2024 Total Funds £ 311,974 33,075 1,147,260 164,755 8,771	2023 Total Funds £ 280,681 - 1,569,816 211,774 2,806
448,511	1,198,921	18,403	1,665,835	2,065,077
38,675 - - 321,784	- 50,000 1,456,915 -	- - - 22,303	38,675 50,000 1,456,915 344,087	12,031 166,239 1,673,513 321,869
360,459	1,506,915	22,303	1,889,677	2,173,652
88,052 (25,000)	(307,994) 25,000	(3,900) -	(223,842) -	(108,575) -
63,052 70,199	(282,994) 711,974	(3,900) 3,900	(223,842) 786,073	(108,575) 894,648
133,251	428,980	-	562,231	786,073

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 2024

Balance sheet Ass at 31 March 20241 March 2024arch 2024rch 2024ch 2024h 202402424
		2024	2024	2023	2023
	Note	£	£	£	£
Current assets:
Debtors	9	334		1,153
Cash at bank and in hand		574,257		797,774
		574,591		798,927
Liabilities:
Creditors: amounts falling due within one year	10	(12,360)		(12,854)
Net current assets / (liabilities)			562,231		786,073
Total net assets / (liabilities)			562,231		786,073
Funds	12
Endowment Funds			-		3,900
Restricted funds
General Charitable Funds		428,980		661,974
Grenfell Tower Fund		-		50,000
Total restricted funds			428,980		711,974
Unrestricted funds:
General funds		133,251		70,199
Total unrestricted funds			133,251		70,199
Total funds			562,231		786,073

21/10/2024 The accounts were approved and signed on behalf of the trustees On .............0...c cece and signed on their behalf by:

2024

Richard Briance Chairman

The Kensington & Chelsea Foundation Statement of cash flows For the year ended 31 March 2024

The Kensington & Chelsea Foundation For theyear ended 31 March 2024 Statement of cash flows
Note Cash flows from operating activities: a Cash flows from investing activities: Interest income 8,771 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 Decrease in debtors (Decrease) in creditors Net cash provided by / (used in) operating activities b) Analysis of cash and cash equivalents £ Cash at bank and in hand 797,774 Total cash and cash equivalents 797,774 Net cash provided by / (used in) operating activities At 1 April 2023 Reconciliation of net income / (expenditure) to net cash flow from operating activities	2024 £ (232,288) 8,771 (223,517) 797,774 574,257 2024 £ (223,842) (8,771) 819 (494) (232,288) Cash flows £ (223,517) (223,517)	2,805 £ - - Other changes	2023 £ (160,515) 2,805
			(157,710) 955,484
			797,774
			2023 £ (108,575) (2,805) 81 (49,216)
			(160,515)
			£ 574,257 At 31 March 2024
			574,257

The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2024

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

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 duration.

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 2024

2 Income from donations & grants (Core Income)

2 Income from donations & grants (Core Income)	e)	e)
£ Cadogan Estates 150,000 RBKC 60,000 Julia and Hans Rausing 50,000 City Bridge Trust 18,700 B & J Lloyd Family Charitable Trust 10,000 Martin Morgan 9,029 LMAX Group - Kilfinan Trust 1,000 DMGT 1,000 Sege Kremer - Savills 4,500 Other Donations 4,000 Gift Aid 3,745 Total 311,974 280,681 3 Charitable income-Grenfell Tower £ Donations - Total - - 4 Charitable Income (excluding Grenfell Tower Fund) Campaigns: £ Winter Warmth Calleva Foundation - Julia and Hans Rausing Trust - RBKC - Religious Order Of The Assumption - 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 - Unrestricted Funds Totals 2023 Unrestricted Funds Unrestricted Funds Donations made directly to The Kensington & Chelsea Foundation Totals 2023	£ 150,000 60,000 50,000 18,700 10,000 9,029 - 1,000 1,000 - 4,500 4,000 3,745 Unrestricted Funds		£ - - - - - - - - - Restricted Funds	£ - - - - - - - - - - - - £ - - - £ - - - - - - - - - - - - - - - - - - - - - Endowment Funds Endowment Funds Endowment Funds	2024 Total Funds £ 150,000 60,000 50,000 18,700 10,000 9,029 - 1,000 1,000 - 4,500 4,000 3,745	2023 Total Funds £ 150,000 - 50,000 44,903 10,000 - 10,000 1,000 1,000 5,000 5,000 3,472 306
		311,974	-		311,974	280,681
		280,681	-		280,681	2023 Total Funds £ -
			£ 33,075 Restricted Funds		2024 Total Funds £ 33,075
		-	33,075		33,075	-
		-	-		-	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
			£ 20,000 50,000 200,000 4,000 - - - - - - - - - - - - - - 5,634 4,450 Restricted Funds		2024 Total Funds £ 20,000 50,000 200,000 4,000 - - - - - - - - - - - - - - 5,634 4,450
		-	284,084		284,084	499,257

The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2024

The Kensington & Chelsea Foundation Notes to the financial statements For theyear ended 31 March 2024	The Kensington & Chelsea Foundation Notes to the financial statements For theyear ended 31 March 2024
4 Charitable Income (excluding Grenfell Tower Fund) (continued) Children & Young People( Improving Education Outcomes) DMGT - B & J Lloyd Family Charitable Trust - Chris Rokos - Lord + Lady Green - Stephen and Jay Green - Glendower Preparatory School - Cadogan Estates - Anonymous - Rockspring Charitable Trust - LMAX Group - Gift Aid - Other donations - Sub Total - Improving Mental Health DMGT - Lockwood Charitable Trust - LMAX Group - Wetherby School Kensington - CHK Foundation - Gift Aid - Rockspring Charitable Trust - Martin Morgan - South Kensington Estates - Jeremy Sacher - Other donations - Sub Total - Unrestricted Funds		20,000 10,000 50,000 12,000 - 14,160 51,600 - 59,000 - 3,513 19,598 Restricted Funds	- - - - - - - - - - - - - - - - - - - - - - - - - Endowment Funds	2024 Total Funds 20,000 10,000 50,000 12,000 - 14,160 51,600 - 59,000 - 3,513 19,598	2023 Total Funds 20,000 10,000 - - 12,000 - 50,000 50,000 77,500 262,000 42,812 13,876
	- - - - - - - - - - - -	239,871 10,000 75,000 - 9,997 10,000 6,250 18,000 25,000 22,500 - 5,000		239,871 10,000 75,000 - 9,997 10,000 6,250 18,000 25,000 22,500 - 5,000	538,188 10,000 75,000 110,000 - 25,000 12,087 36,360 26,000 30,000 10,000 9,038
	-	181,747		181,747	343,485

4 Charitable Income (excluding Grenfell Tower Fund) (continued) Skills & Employment Campaign Calleva Foundation - Julia and Hans Rausing Trust - Tinsley Charitable Foundation - Isabel Boyer - Broomton Foundation - David Walker - Grant Gordon - John Armitage Charitable Trust - The Grove Trust - CMF Charitable Trust - Sir David and Lady Verey (Prism Trust) - LMAX Group - Henry Tinsley - Gift Aid - Other donations - Sub Total - Community Spirit Grants Julia and Hans Rausing Trust - CMF Charitable Trust - - VSSF Programme RBKC - Sub Total - Total - Campaigns - Unrestricted Funds	- 40,000 10,000 5,000 10,000 5,000 5,000 70,000 30,000 - 5,000 3,500 - 7,572 38,986 Restricted Funds	2024 Total Funds - 40,000 10,000 5,000 10,000 5,000 5,000 70,000 30,000 - 5,000 3,500 - 7,572 38,986	2023 Total Funds 48,886 - - - - - - 70,000 - - - 60,000 10,000 - -
- - -	230,058 10,000 1,500	230,058 10,000 1,500	188,886 - -
- -	11,500 200,000	11,500 200,000	-
-	200,000	200,000	-
-	1,147,260	1,147,260	1,569,816

The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2024

4 Charitable Income (excluding Grenfell Tower Fund) (continued) £ Other incomes: Carol + Andrew Gare - Other Donations - Isabel Boyer - Atlantic Trading CT - Simon Campbell - Peter Covington - Il Portico Restaurant - The Band Trust - Chris Jermyn - Gosling Foundation - Anonymous - Gift Aid - Other contributions from: Individuals (including membership) 46,113 Corporates 51,458 Trusts and Foundations 22,918 Gift Aid 7,277 - 127,766 Grand Total 127,766 56,217 Totals 2023 Sub Total Unrestricted Funds Contributions to Cadogan Kensington & Chelsea Foundation Endowment Fund	£ 2,500 5,570 - - - - - - - - 10,000 516 - - - - - Restricted Funds	2024 Total Funds £ 2,500 5,570 - - - - - - - - 10,000 516 46,113 51,458 22,918 7,277 18,403	2023 Total Funds £ - - 10,000 11,250 1,000 1,000 11,230 2,000 50,000 13,500 31,824 888 31,574 18,139 13 6,491 22,865
127,766	18,586	164,755	211,774
127,766	1,165,846	1,312,015	1,781,590
56,217	1,702,508	1,781,590

5 Income from investments £ Bank interest (Grenfell Tower Fund) 8,771 Total 8,771 - Unrestricted Funds Totals 2023	5 Income from investments £ Bank interest (Grenfell Tower Fund) 8,771 Total 8,771 - Unrestricted Funds Totals 2023	£ - Restricted Funds	£ - - - Endowment Funds	2024 Total Funds £ 8,771	2023 Total Funds £ 2,806
	8,771	-		8,771	2,806
	-	2,806		2,806

The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2024

£ - - - - - - - - - Cost of raising funds	Charitable activities	Charitable activities	Charitable activities	2024 £ 331,432 365,433 240,333 251,640 - 58,804 200,000 31,576 50,000	2023 £ 454,967 462,176 326,371 303,934 17,876 28,039 105,755 166,239
	£ - - - - - - - - 50,000 Grenfell Tower	£ 331,432 365,433 240,333 251,640 - 58,804 200,000 9,273 - Events & Campaigns	£ - - - - - - - 22,303 - Other Expenses
- - 20,464 18,211 - - - - - - - - -	50,000 - - - - - - - - - - - -	1,456,915 - - - - - - - - - -	22,303 284,044 - - 5,292 14,064 724 500 10,797 4,800 989 50 524	1,529,218 284,044 20,464 18,211 5,292 14,064 724 500 10,797 4,800 989 50 524	1,865,357 260,716 3,729 8,302 4,848 13,898 605 - 10,605 3,468 967 630 527
38,675	50,000	1,456,915	344,087	1,889,677	2,173,652
12,031	166,239	1,673,513	321,869	2,173,652

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

Of the total expenditure £360,459 was unrestricted (2023: £316,201), £1,506,915 was restricted (2023: £1,831,846) and £,22,303 (2023: 25,605) endowment.

The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2024

£ - - - - - - - - Cost of raising	Charitable activities	Charitable activities	Charitable activities	2023 £ - 454,967 462,176 326,371 303,934 17,876 28,039 105,755 166,239
	£ - - - - - - - 166,239 Grenfell Tower	£ 454,967 462,176 326,371 303,934 17,876 28,039 80,150 - Events & Campaigns	£ - - - - - - 25,605 - Other Expenses
- - - - - - 3,729 8,302 - - - - - - - - - -	166,239 - - - - - - - - - - - - - - - - -	1,673,513 - - - - - - - - - - - - - - -	25,605 260,716 - - - - - 4,848 13,898 605 - - 10,605 3,468 967 630 527	1,865,357 260,716 - - - - 3,729 8,302 - 4,848 13,898 605 - - 10,605 3,468 967 630 527
12,031	166,239	1,673,513	321,869	2,173,652

The Kensington & Chelsea Foundation Notes to the financial statements

For the year ended 31 March 2024

7 Net income / (expenditure) for the year

This is stated after charging: 2024 2023 £ £ Auditor's remuneration (excluding VAT) Audit work 3,500 3,000 8 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel Staff costs were as follows: 2024 2023 £ £ Salaries and wages 251,977 230,200 Social security costs 26,668 25,476 5,399 5,040 284,044 260,716 One employee earned between £70,000 to £80,000 during the year (2023: 0).

The total employee benefits including pension contributions of the key management personnel were £84,701 (2023: £80,548).

The charity trustees did not receive payment or any other benefits from their position with the charity in the year (2023: £nil). No trustees were reimbursed for expenses. No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).

Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 5 (2023: 5)

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	2024 £ 334	2023 £ 1,153
	334	1,153
	2024 £ 5,760 6,600 -	2023 £ 6,854 6,000 -
	12,360	12,854
	2024 £ - - -	2023 £ 50,000 (50,000) -
	-	-

The Kensington & Chelsea Foundation Notes to the financial statements

For the year ended 31 March 2024

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 3,900 Restricted funds: General Charitable Funds 122,759 Winter Warmth Campaign 140,437 180,684 105,800 90,333 VSSF - Community Spirit Grants 21,961 Sub Total 661,974 Grenfell Tower funds 50,000 Total restricted funds (Incl. Grenfell Towe 711,974 Unrestricted funds: Total designated funds - General Funds 70,199 Total unrestricted funds 70,199 Pension fund - Total funds 786,073 Skills & Employment Campaign (including Get into Tech North Kensington) Isolation and Loneliness At the start of the year Children & Young People	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 3,900 Restricted funds: General Charitable Funds 122,759 Winter Warmth Campaign 140,437 180,684 105,800 90,333 VSSF - Community Spirit Grants 21,961 Sub Total 661,974 Grenfell Tower funds 50,000 Total restricted funds (Incl. Grenfell Towe 711,974 Unrestricted funds: Total designated funds - General Funds 70,199 Total unrestricted funds 70,199 Pension fund - Total funds 786,073 Skills & Employment Campaign (including Get into Tech North Kensington) Isolation and Loneliness At the start of the year Children & Young People	Unrestricted Funds £ 133,251	Restricted Funds £ 428,980	Endowment Funds £ -	Total Funds £ 562,231
		133,251	428,980	-	562,231
		Unrestricted Funds £ 70,199	Restricted Funds £ 711,974	Endowment Funds £ 3,900	Total Funds £ 786,073
	£ 3,900 At the start of the year
		70,199	711,974	3,900	786,073
		£ 18,403 Income	£ (22,303) Expenditure	Transfers £ -	£ - At the end of the year
12 Movements in funds
Endowment Funds Restricted funds: General Charitable Funds Winter Warmth Campaign VSSF Community Spirit Grants Sub Total Grenfell Tower funds Total restricted funds (Incl. Grenfell Towe Unrestricted funds: Total designated funds General Funds Total unrestricted funds Pension fund Total funds Skills & Employment Campaign (including Get into Tech North Kensington) Isolation and Loneliness Children & Young People
	122,759 140,437 180,684 105,800 90,333 - 21,961	18,586 284,084 239,871 181,747 230,058 200,000 11,500	(9,273) (331,432) (365,433) (240,333) (251,640) (200,000) (58,804)	(98,987) - 18,075 15,000 73,987 - 50,000	33,085 93,089 73,197 62,214 142,738 - 24,657
	661,974 50,000	1,165,846 33,075	(1,456,915) (50,000)	58,075 (33,075)	428,980 -
	711,974	1,198,921	(1,506,915)	25,000	428,980

	-	-	-	-	-
	70,199	448,511	(360,459)	(25,000)	133,251
	70,199	448,511	(360,459)	(25,000)	133,251

	-	-	-	-	-

	786,073	1,665,835	(1,889,677)	-	562,231

The Kensington & Chelsea Foundation Notes to the financial statements For the year ended 31 March 2024

The Kensington & Chelsea Foundation Notes to the financial statements For theyear ended 31 March 2024
13 Movements in funds (prior period) £ £ Endowment Funds 6,640 22,865 Restricted funds: General Charitable Funds 68,933 132,692 Winter Warmth Campaign 88,203 499,257 Children & Young People 164,672 538,188 Isolation and Loneliness 138,686 343,485 Skills & Employment Campaign (including Ge 85,381 188,886 Covid-19 Appeal - - Christmas Appeal 7,944 - Recover + Reconnect - - Innovation + Collaboration 7876 0 Community Spirit Grants - Sub Total 561,695 1,702,508 Grenfell Tower funds 209,052 - Total restricted funds (Incl. Grenfell Tower) 770,747 1,702,508 Unrestricted funds: Total designated funds - - General Funds 117,261 339,704 Total unrestricted funds 117,261 339,704 Pension fund - - Total funds 894,648 2,065,077 At the start of the year Income	£ 6,640 At the start of the year	£ 22,865 Income	£ (25,605) Expenditure	Transfers £	£ 3,900 At the end of the year
			(72,244) (454,967) (462,176) (326,371) (303,934) - - - (17,876) (28,039)	(6,622) 7,944 (60,000) (50,000) 120,000 - (7,944) - 10,000 50,000	122,759 140,437 180,684 105,800 90,333 - - - - 21,961
	561,695 209,052	1,702,508 -	(1,665,607) (166,239)	63,378 7,187	661,974 50,000

	770,747	1,702,508	(1,831,846)	70,565	711,974

	-	-	-	-	-
	117,261	339,704	(316,201)	(70,565)	70,199
	117,261	339,704	(316,201)	70,565 -	70,199

	-	-	-	-	-

	894,648	2,065,077	(2,173,652)	-	786,073

14 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 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 70,222 2,112 - 109 6,563 (1,488) - -	The Emily Hughes- Hallett Endowment Fund £ 91,807 2,682 - 134 8,207 (1,853) - -	Cadogan Kensington & Chelsea Foundation Fund £ 298,308 8,728 22,303 424 26,418 (5,997) - -	Total Funds 2024 £ 460,337 13,522 22,303 667 41,188 (9,338) - -	Total Funds 2023 £ 446,949 12,512 - 647 (16,849) (7,489) 24,567 -
	77,518	100,977	350,184	528,679	460,337

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.