Registered number: 07121867 Charity number: 1133525 Chrysalis Grant Making Trust (A company limited by guarantee) Annual report 31 March 2024
Chrysalis Grant Making Trust (A company limited by guarantee} Contents Page Reference and administrative details Directors, report Directors, responsibilities statement Independent auditols report to the members of Chrysalis Grant Making Trust 7-10 Statement of financial activtties Balan sheet 12 Notes to the financial statements 13-17
Chrysalis Grant Making Trust (A company limited by guardntee) Reference and administrative details Year ended 31 March 2024 Directo Mark Evans, Chairman Sarah Evans, Secretary Andrew Playle Thomas Ev8ns Hannah Evans Company registered number 07121867 Charlty reglstargd number 1133525 Registered office Piper Close House Aydon Road Corbridge Northumberland NE45 5PW Company secratary Sarah Ev8ns Independent auditor UNW LLP Chartered Accountants Citygate St James, Boulèvard Newcastle upon Tyne NE14JE Bankers UBS 1 FinsburyAv6nue London EC2M 2A Solicitors Mills & Reeve LLP 1 City Square Leeds LS12ES
Chrysalis Grant Making Trust {A company limited by guarantee) Directors, report Year ended 31 March 2024 The directors (who are also trustees under charity law) present their annual report together wth the audited financial statements of the company for the year 1 April 2023 to 31 March 2024_ The directors confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice {SORP} applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) (effective 1 January 2019}. Since the company qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Reporti Regulations 2013 has been omitted. Objectives and actlvities • Pollclos and objectives The only objectives for which the trust is established are such general charitable purposes for the public benefit as the directors in their discretion decide. The directors confimi that they have referred to the guidancg contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims 8nd objectives and in setting the grant making policy for the period. In setting objectives and planning for activities, the directors have given due consideration to general guid8nce published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity (PB2}'. Strategle8 for achieving objgctlves The trust aims to meet this objective by making grants to organisations or individuals that they themselves provide public benefit. It Sims to prioritise harder to fund causes, to spread funding beeen local (North East England), national and international causes, to support both capital projects 8nd core funding with "one-off, donations to act without discrimination on any grounds. Grant appllcation procedure The trust invites applications via its website www.chrysalis-trust.co.uk. All applications for funding received by the tNst are reviewed, by the secretary. against agreed criteria. If they pass the preliminary screening process they are then considered at the biannual directors meeting when major grant8 are awarded. There is an established procedure for making grants of less than £1.001 at any time.
Chrysalis Grant Making Trust (A company limited by guarantee) Directors. report (continued) Year ended 31 March 2024 Achlevements and perf0rn7ance Grants awarded In accordance with the Trust's objectives and grant making policy, grants totalling £53,595 were awarded in the period. A full list of donations made is set out in the tsble below. Grant reclpient Beneflt Amount {£) Gregg's Foundation Contribution to the Hardship Fund providing small grants to individuals in need in tha North East of England 22.500 Hunlington's Disease Assocation Contribution to advisory sgrvice in North East England providing support to families with HD 5,000 Hands Around the World Provision of ft)od to Muko school in Bugaram8, Rwanda 10,000 Wamba Community Provision of menstrual kits for girls in Wamba, Keny8 The provision of specialist disability equipment to Children in the North E8St 5,000 The Chronicle Sunshine Fund 6,095 Shelter Contribution to the Newcastle hub services for prevention of homelessness 5,000 Flnancial review • Flnancial r•view The attached financial statements show the current state of the trust's finances that the directors consider to be sound. The directors have considered a long-temi, conservative investment strategy that is subjected to an ethical screen and is reviewed at esch directors meeting. • Reserves policy At 31 March 2024, total reserves 8re £2,107,736 of which £2,080,515 are tied up in investments held for income generation. Remaining total 'free' unrestrtcted reserves of £27,221 represent approximately 6 months of grant making activities- the directors believe these reserves are sufficient to support donations as they are agreed and this F)olicy is reviewed at each directors meet'ng. Going concern After consideration and tnaking appropriate enquiries, the directors have a reasonable expectation that the company has adequate reSoUrS to continue in operational existence for the foreseeable future. For this reason, they conlinue to adopt the going concern basis in preparrng the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Chrysalis Grant Making Trust (A company limited by guaranteel Directors. report (continued) Year ended 31 March 2024 structure, govemance and managemant Constitution The company is registered as a charitab18 company limited by guarantee and was set up by a Memorandum of Association on the 16th February 2010 (amended by special resolution 10 July 2015) (registered charity number 1133525) The principal object of the company is to provide public benefit through careful stewardship of the donations upon which the trust was established. • Rocrultment and appointment of dirgctors The number of directors shall not be less than three but sh811 be no more than seven. The directors have the power at any time, to appoint any person who is willing to be a director. A person shall not be entitled to act as a director until they have signed a declaration of acceptance and willingness to act in accordance with the Articles of Association. • Organisatlonal structure and declslon making At biannual directors meetings, the directors agree the broad strategy for the trust, including the consider8tion of grant making, investment, reserves and risk management. The day to day administration of grants and the processing and handling of the applications is delegated to the secretary. • Rlsk management The directors consider variability of investment returns on the investment portfolio a risk and have therefore 8greed a long term, conseNative investment strategy that is reviewed st each directors meeting. The directors consider that whether the funds disbursed are used for the intended charitable purposes is an operational risk and therefore have a mechanism for reporting and reviewing the grant awards so th8t the directors can ensure that the funds are used to provide public benefit as intended. • Plans for futur• perfods The directors aim to continue to grant awards to organisations or individuals providing public benefit. Dlsclosure of Information to auditor Each of the persons who are directors at the time when this directors, report is approved has confirmed that.. so far as that director is aware, there is no relevant audit information of which the charity's auditor is unaware, and thal director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the charitsble company's auditor is aware of that information. Auditor The auditor, UNW LLP, has indicated it's willingness to continue in office. The designated directors will propose a motion reappointing the auditor at a meeting of the directors.
Chrysalis Grant Making Trust {A company limited by guarantee) Directors, report (continued) Year ended 31 March 2024 Approved by order of the members of the board of directors on 17 December 2024 and signed on their behalf by.. Sarah Evans Director
Chrysalis Grant Making Trust (A company limitsd by guarantee) Statement of directors. responsibilities Year ended 31 March 2024 The directors are responsible for preparing the directors, report and the financial statements in accordance with applicable law and Unff(ed Kingdom Accounling Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the directors to prepare financial staternents for each financial . Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial ststements, the directors are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102)", make judgments and accounting estimates that are reason8ble and prudent," state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to 8ny material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presum6 that the company will continue in bLJsiness. The directors are responsible for keeping adequate accounting records th8t are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial st8tements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of directors on 17 December 2024 and signed on its behalf by.. Sarah Evans Director
Independent auditorfs report to the members of Chrysalis Grant Making Trust Opinion We have audited the financial statements of Chrysalis Grant Making Trust (the 'charitable company'} for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, 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 ACpted Accounting Practi). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs 8s at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our 8udit in accordance with Intemational Standards on Auditing (UK) ('ISAs (UK),) and applicable law. Our responsibilities under those standards 8re further described in the 'AuditoVs responsibilities for th8 audit of the financial statements, section of our report. We are independent of the charitable company in accordance with the ethical requirements that are re16vant to our audit of the financial ststements in the United Kingdom, including the Financial Reporting Council's Ethical St8ndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the directors, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, rnay cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the difectors with respect to going concem are described in the relevant sections of this reDOrt.
Independent auditor's report to the members of Chrysalls Grant Making Trust (continued) Other information The other information comprises the information included in the annual report other tFian the financial statements and our auditorfs report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent othenNise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to fead the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othenNis8 appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstat8ment in the financial st8tements themselves. If, based on the work we have performed, we conclude that there is a materi81 misstatement of this other information. we 8re required to report that fact. We have nothing to report in this regard. Opinion on other mattars pre8¢ribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infonnation given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements. the trustees, report h88 been prepared in accordance with applicable legal requirements. Matter& on whlch we ar• requlr•d to report by exceptlon In the light of our knowledge and understsnding of the ch8ritable company and its environment obtained in the course of the audit, W6 have not identified material misstatsments in the Directors, report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion-. adequate accounting records have not been kept, or retums 8dequ8te for our audit hav8 not be8n receivea from branches not visited by us,. or the financial ststements are not in agreement with the accounting records and retums., or rtain disclosures of directors, remuneration specified by law Sre not made., or we have not received all the infomiation and explanations we require for our audit., or the directors were not entitled to prepare the financial statements in accordance with the small compani8S regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic pOrt.
Independent auditorfs report to the members of Chrysalis Grant Making Trust (continued) Responsibilities of directors As explained more fully in the directors, responsibilities statement, the directors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they giv8 a true and fair view, and for such intemal control 85 the directors determine is necessary to enable the preparation of financial statements that are free from material misslatement, whether due to fraud or error. In preparing the financi81 statements, the directors are responsible for assessing the charitable company's ability to continu& as a going COnrn, dIl0s1ng, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs rosponslbilities for the audit of tha financial statements Our objectives are to obtain reasonable assLtrance 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. Reason8ble assurance is a high level of assurance, but is not a guarantee th8t an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the b8sis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecling irregularities, including fraud is detailed b610w'. We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience and through discussions with the trustees and other management (as required by Auditing Stand8rds) and from inspection of the charitable company's legal correspondence, and we discussed with the trustees and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team an¢J rèmaineu alert to any Inaicaiions oi non-compllance throughout the auciit. Firstly. the charitable company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies and charities legislation} and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly the charitable company is subject to many other laws and regulations where the consequen$ of noncompliance could have a material effect on amounts or disclosures in the financial statements. for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect- data protection and c@rtain aspects of company legislation. recognising the nature of the charitable company's activities. Auditing Standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal corresponden, if any. Through these produre$, we did not become aware of any actual or suspected non ompliance. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
Independent auditorfs report to the members of Chrysalis Grant Making Trust (continued) 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.or klaudito auditor's report. onsibilities. This description forms part of our Use of our report This report is made solely to the charitable companvs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable Company's members those m8tters 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 anyon8 Other than the charitable company and its m6mbers, as a body, for our audit work, for this report, or for the opinions we have formed. Anno Hallowell BS¢ FCA DChA (Senior Statutory Auditor) for and on behalf of UNW LLP, Statutory Audltor Chartered Accountants Newcastle upon Tyne 17 December 2024 10
Chrysalis Grant Making Trust (A company limited by guarantee) Statement of financial activities (incorporating income and expenditure account) Year ended 31 March 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Investments 70,992 70,992 57,622 Total income 70,992 70,992 57,622 Expenditure on: Raising funds Charitable activities 23,174 61,490 23.174 61,490 23,511 53,975 Total expendlturg 84,664 84,664 77,486 Nat exp•ndltur• before net gainsl(losse8) on Inv•$tment$ Net g8insl(losses) on investments {13,672 108,758 (13,672) 108,758 (19,864) (112,501) Net movgment in funds 95,086 95,086 (132,385) Reconclllation of funds: Total funds brought forward Net movement in funds 2,012,650 95,086 2,012,650 95,086 2,145,015 (132,365) Total funds carrfed forward 2,107,736 2,107,736 2,012,650 The notes on pages 13 to 17 form part of these fin2ncig1 stat8ment*. All funds in both years are unrestrictsd.
Chrysalis Grant Making Trust {A company limited by guarantee) Balance sheet At 31 March 2024 2024 2023 Note Fixed assets Investments 2,080,515 1,900,823 2,080,515 Current assets 1,900,823 Cash at bank and in hand 30,821 115,312 30,821 115,312 Creditors.. amounts falling due within one ye8r {3,600) (3,485) Nèt currant a88•ts 27,221 111,827 Total net a$sets 2,107,736 2,012,650 Charlty funds Unrestricted funds 2,107,736 2,012,650 Total fund8 2,107,736 2,012,650 The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financi81 statements were approved and authorised for issue by the directors on 17 December 2024 and Signed on their behalf by. Sarah Evans Company registered number. 07121867 The notes on pages 13 to 17 fomi part of these financial statements. 12
Chrysalis Grant Making Trust (A company Ilmited by guarantee) Notes to the financial statements Year ended 31 March 2024 Accounting policies 1.1 Basis of preparation of financlal statements The financial statements have been prepared in accordance wrth Accounting and Reporting by Charities.. Statement of Recommended PractTr applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applic8ble in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Chrysalis Grant Making Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othewise stated in the relevant accounting policy. The financial statements are prepared in pounds sterling which is the functional currency of the charity and are founded to the nearest £1. 1.2 Company 8tatus The company is a company limited by guarantee. The members of the company sre the directors named on p8ge 1. In the event of the company being wound up, the liability in respecl of the guarantee is limited to £1 per memb6r of the company. 1.3 Golng concern The financial st8t8ments have been prepared on a going concern basis. Given the matters outlined in the director's report, the directors have considered the additional risks presented and all factors they believe might reasonably impact upon the future outlook of the charity. The Trust holds subst8ntial investment assets but maintsins sufficient cash reseNes to allow it to meet its ongoing commitments. Despite continued volatility in the investments market, the strong cash position of the charitable company means that the directors have a reasonab16 expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going conrn basis in preparing th8 financial statements. 1.4 Fund accountlng General funds are unrestricted funds which sre available for use at the discretion of the directors in furtherance of the gener31 objectives of the company and which have not been designated for other purposes. 1.6 Investment Income Investment income is accounted for when receivable and includes the related tax recoverable. 13
Chrysalis Grant Making Trust (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2024 Accounting pollcies (continued) 1.6 Expenditure Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all wsts for allocation to activities. Where costs cannot be directly attribLJted to particular activities they have been allocated on a basis consistent with the use of the resources. Support costs are those costs incurred directty in support of expenditure on the objects of the charity, including those incurred in connection with the administration of the charity and compliance with consitutional and statutory requirements. 1.7 Investments Fixed asset investments are a fomi of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless fair value cannot be measured reliably in which case tt is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'G8inslllossesl on investments, in the statement of financial activities incorporating income and expendilure account, 1.8 Interest receivable Interest on funds held on deposit is included when receivable 8nd the amount can be measured reliably by the company. this is normally upon notification of the interest paid or payable by the B8nk. 1.9 Cash at bank and in hand Cash at bank and in hand includes cash 8nd short-tem 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. Chrysalis Gr8nt Making Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or tr8nsaction value unless otheNise stated in the relevant accounting policy. 1.10 Liabllittes and provislons Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past evenl, it is probable that a transfer of economic benefit will be required in settlement, and the amoLtnt of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must prowde. 1.11 Critical accountlng estimates and areas of judgeTnent Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future event5 that are believed to be reasonable under the circumstances. In preparing these financial statements the directors do not consider there were any significant areas of judgement or accounting estimates that were required in applying the company's accounting policies as set out above. 14
Chrysalis Grant Making Trust (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2024 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Interest received Dividends 21.616 49,376 21,616 49,376 17,978 39,644 70,992 70,992 57,622 Total 2023 57,622 57,622 Costs of raising fund8 Unr•strlct•d fund8 2024 Total funds 2024 Total funds 2023 Investment management fees 23,174 23,174 23,511 Totsl 2023 23,511 23,511 15
Chrysalis Grant Making Trust (A company limlted by guarantee) Notes to the financial statements Year ended 31 March 2024 Analysis of expenditure by activities Support costs 2024 Total funds 2024 Total funds 2023 Dlrect costs 2024 Grants (see director's report for details) Auditor's remuneration Consultsncy fees 53,595 53,595 3,645 4,250 51,000 2,975 3,645 4,250 Total 2024 53,595 7,895 61,490 53,975 Total 2023 51,000 2,975 53,975 Directors, remuneratlon The directors were not entitled to, and did not receive any remuneration for their services during the year (2023: £nil). No directors r8ceived any reimbursement for out of pocket expenses (2023.. £nil). Fixed asset Investments Listed Investmènts Co•t or Yaluatlon At 1 April 2023 Additions Disposals Revaluations 1,900,823 519,270 (469,411) 129,833 At 31 March 2024 2,080,515 Net book value At 31 March 2024 2,080,515 At 31 March 2023 1,900,823 All the fixed asset investments are listed and are held in the UK. 16
Chrysalis Grant Making Trust (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2024 Creditors". amounts falling due wfthin one year 2024 2023 Accruals and deferred income 3,600 3,485 statement of fund$ Ststemgnt of funds - curr•nt year Balance at 1 Aprll 2023 Balance at 31 March 2024 Galnsl (Losses) Income Expendlture Unrestrlcted funds General funds 2,012,650 70,992 (84,664) 108,758 2,107,736 Statament of funds - prior year Balance at 1 April 2022 Balance at 31 March 2023 G8ins/ (Losses) Income Expenditure Unrestricted funds General funds 2,145,015 57,622 (77,486) (112,501} 2,012,650 Related party transaction8 There were no related party transactions in the current or prior periods. 17