**Registered number: 10568435 Charity number: 1172653** 

## **Chapel & York UK Foundation Limited** 

**Trustees' report and financial statements For the year ended 31 March 2022** 



**Chapel & York UK Foundation Limited** 

## **Contents** 

||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 5|
|**Independent auditors' report on the financial statements**|6 - 9|
|**Statement of financial activities**|10|
|**Balance sheet**|11|
|**Statement of cash flows**|12|
|**Notes to the financial statements**|13 - 21|





**Chapel & York UK Foundation Limited** 

## **Reference and administrative details of the Charity, its Trustees and advisers For the year ended 31 March 2022** 

|**Trustees**|Ruth O'Hanlon Avanesova|
|---|---|
||Nancy Bikson|
||Louisa Trunks|
|**Company registered**<br>**number**<br>10568435<br>**Charity registered**<br>**number**<br>1172653<br>**Registered office**<br>Unit 12, Ladycross Business Park<br>Hollow Lane<br>Dormansland<br>Surrey<br>RH7 6PB<br>**Independent auditors**<br>Kreston Reeves LLP<br>Chartered Accountants<br>9 Donnington Park<br>85 Birdham Road<br>Chichester<br>West Sussex<br>PO20 7AJ<br>**Bankers**<br>Barclays<br>90-92 High Street<br>Crawley<br>RH10 1BP<br>**Executive Director**<br>Sarah Slavin (resigned 22 June 2022)<br>Ian MacQuillin (appointed 22 June 2022)||



Page 1 



## **Chapel & York UK Foundation Limited** 

**Trustees' report For the year ended 31 March 2022** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2022** 

The trustees are pleased to present their annual Trustees' report together with the financial statements of the Chapel & York UK Foundation Limited for the year ended 31 March 2022 which are also prepared to meet the requirements for a Directors' report and the accounts for Companies Act purposes. 

The financial statements have been prepared in accordance with the accounting policies set out in Note 1 of the accounts and comply with the Charities Act 2011, and 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 (FRS102) (effective 1 January 2019) and FRS 102. 

## OBJECTIVES AND ACTIVITIES 

Chapel & York UK Foundation Limited objects are to promote the advancement of education, the relief of poverty, the advancement of religion and such other purposes as are exclusively charitable under the laws of England and Wales. 

Trustees have considered the public benefit requirement under the Charities Act 2011 and are satisfied that Chapel & York UK Foundation Limited meets the definition of a public benefit entity. 

## ACHIEVEMENTS 

Chapel & York UK Foundation is set up to encourage the flow of charitable donations to worthwhile causes around the world. 

Qualifying organisations may join the Chapel & York UK Foundation as fundholders. Donors can make donations to the foundation and ask us to earmark their donation to any one of our fundholders. The day-to-day operation of the Foundation is collection of donations, maintenance and administration of our fundholder relationships, and grant making to our fundholders. 

Chapel & York UK Foundation have raised £952,181 (2021: £360,043) in donations along with £125,146 (2021: £41,393) gift aid claimed and granted £1,075,180 (2021: £207,230) as at 31 March 2022. 

The charity's achievements as set against objectives are to encourage the flow of charitable donations to worthwhile causes around the world. The charity's objectives are therefore to assist the fundholders to the extent they require the charity's support to fundraise effectively. That extent is demonstrated in the accounts by the amounts the charity has granted in this accounting period. 

## POLICY ON GRANT MAKING 

Chapel & York UK Foundation operates a rigorous grant making process, which covers the point from which a donation is made to the foundation to the point the grant is made to the fundholder, and beyond that to ensure grants are being used in accordance with the purposes the fundholder stated to the charity when they were approved for membership. When donations are made to Chapel & York UK Foundation, the donor can clearly express which of the fundholders they wish their donation to be granted to. The funds are tracked in our accounting process. There is a ‘know your donor’ due diligence process should the size of the gift trigger this. 

Monies donated to the charity are granted to the fundholders (based on the wishes of the donors) on a quarterly basis. Each quarter, the Chapel & York UK Foundation board meets to approve the round of grants to be made that quarter. The board’s role in this is to satisfy themselves that the Foundation has followed the executive due diligence processes in respect of allocating grants. The board will approve grants unless there they have good reason to withhold the grant. Grants are paid to fundholders the day following the board meeting. The charity can also make grants in between the quarterly board meetings if requested by the fundholder by means of a ‘written resolution’, which the board must approve remotely. 

Page 2 



**Chapel & York UK Foundation Limited** 

## **Trustees' report (continued) For the year ended 31 March 2022** 

Every year, fundholders must complete an ‘annual declaration’ in which they confirm that grants made to them have been used for the purpose intended and notify the charity of any changes to their future intended use (if there are any). 

## FINANCIAL REVIEW 

Chapel & York UK Foundation Limited is reliant on donations and related gift aid. Income for the period was £1,077,337 (2021: £401,436). 

Chapel & York UK Foundation Limited made £1,075,180 (2021: £207,230) in grants in the year under review. 

## RESERVES POLICY 

The current policy of the trustees is to maintain only minimal reserves. This is because commitments will not be made beyond donations received and operating costs are expected to be kept at a low level which should be covered by donations. At the year end the charity had free reserves of £138,163 (2021: £200,607). Reserves are above the minimal level usually expected due to timing differences between donations received prior to the year end and grants approved post year end. 

## GOING CONCERN & COVID-19 

The trustees have prepared the Financial Statements on the basis of a going concern. Expenditure is restricted to the donations received in any one period. There are no uncertainties regarding the charity as a going concern. 

## RISK MANAGEMENT 

The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been, or will be, established to enable the necessary steps to be taken to lessen these risks. 

The main risk to the charity is that donation income does not increase which would significantly reduce the level of charitable activity possible. 

The Foundation has completed a risk assessment that is updated annually. The charity also has a risk management policy. 

## STRUCTURE, GOVERNANCE AND MANAGEMENT 

Chapel & York UK Foundation Limited is a UK registered charity and is constituted as a company limited by shares and therefore governed by a Memorandum and Articles of Association. 

The charity is organised so its Directors and trustees meet at various intervals and exercise responsibility for its governance. In the intervening periods the secretary deals with the routine business. 

All trustees give their time freely and no trustee remuneration or expenses was paid in the year. In addition, no out of pocket expenses were reimbursed to the trustees and no trustee had any beneficial interest in any contract with the charity during the year. 

The charity operates a defined 22-stage process for selecting new trustees. 

Chapel & York UK Foundation requires a minimum of three trustees. A decision to appoint a new member is minuted at a Foundation Board meeting, or otherwise recorded. The Board assesses the skills provided by existing board members, and then discusses what is required from the new member, considering gaps in skills and abilities currently exist on the Board. Any specialisms required are added to the standard Board Member Job Description. 

Page 3 



**Chapel & York UK Foundation Limited** 

## **Trustees' report (continued) For the year ended 31 March 2022** 

Initially the Board will look at the professional circles of the existing board members for any contacts that might be interested and appropriate. If there are no referrals brought forward by the board members/Executive Director (ED), then the ED, and the board members if appropriate, will research suitable board members from within their networks, and will feedback proposals on who to approach accordingly. 

The board member who has proposed the potential new trustee approaches them for an informal initial discussion, to gauge whether they are interested in pursuing the opportunity, and what skills/knowledge/experience they have that would make them suitable. The proposing member ensures the candidate is fully aware of the charity, its purpose and its unusual standing, and be able to contribute the necessary time required. The candidate is then provided with a copy of the Board Member Job Description. 

For due diligence purposes, the candidate completes the New Board Member Form, provide a bio/CV and a signed confidentiality agreement. Chapel & York UK Foundation then conducts due diligence checks using Refnitiv. All relevant regulatory forms are then complete, including Fit and Proper person declaration, conflict of interest declaration and entry on to the register of interests. 

A decision to appoint a new trustee is by majority vote of the existing board. 

No other organisation or person has the right to appoint a trustee. 

The charity has an established process for onboarding new trustees, with a welcome pack that includes: Foundation brochure, Conflict of Interest Policy and declaration, Know Your Donor Policy, Risk Management Policy, Grant Making Policy, Board Member Agreement, previous Board meeting minutes, last set of completed accounts, Safeguarding Policy and Refunds Policy. 

Chapel & York UK Foundation has several sister foundations, in USA, Canada, Switzerland, Netherlands, Hong Kong and Singapore. Each is an independent foundation. Secretariat and administrative support (e.g. admin, HR, finance etc) to the UK Foundation is provided by Chapel & York International Ltd. 

Day to day executive decisions are taken by the ED on information and processes carried out by Chapel & York’s secretariat function. For example, the Global Foundation Administrator will conduct the due diligence checks on new members and the ‘know your donor’ check on donations. These will then be approved and checked by the ED. The charity has a comprehensive set of process (set out in flow charts the show the stage of the process and the action required, by whom, and how to proceed based on the action taken/outcome of previous decision) that cover accepting/refusing donations, grant making and approval of new fundholders. The role of the board is ensure these process has been correctly followed, which they do at quarterly meetings. 

## SHARE CAPITAL 

|Shareholding|2022<br>No|2021<br>No|
|---|---|---|
|Chapel and York US Foundation Inc|100|100|



## REFERENCE AND ADMINISTRATIVE INFORMATION 

The administrative information is set out on page 1 of these financial statements. The Directors of the Foundation are its Trustees for the purpose of Charity Law. 

The trustees and officers serving during the period and since the year were as follows: 

Nancy Bikson Ruth O' Hanlon Avanesova Louisa Trunks (appointed 14 December 2021) Kathryn Venn (resigned 14 September 2021) 

The Board has the power to appoint additional trustees as it considers fit to do so. 

Page 4 



Chap•l & York UK Foundation Llmited
Trustees, report Icontlnuedl
For the year ended 31 March 2022
DISCLOSURE OF INFORMATION TO A
DITORS
Al the dalè of approval of this roport, the Irust¢¢- havo tak¢n all 8tep¥ that they ought lo liave tdkvn lo make
Ihem3elves awa￿ of any IEI¥v(Iiil tsudil infotmalion that neecls to be passed lo the auditors and are not aware of
any relevant audil information that needs lo be passed lo the auditors.
SMALL COMPANIES EXEMPTION
This report of the Iruslees and directors has been prepBred taking advantage of the small companies, exemption
in Section 415A of the Companies Act 2006.
TRUSTEES RESPONSIBILITIES IN RELATION TO TI IE FINAI4CIAL STATEMENTS
Tho charity's Iruslee5 (who are also the Directors of the Chapel & York UK Foundation Limited for the purposes
of Company Lawl are responsible for preparing a trustee's annual report and financial statements in accordance
with applicable law and Unf(ed Kingdom Accounlinq Standards Iuniled Kingdom accgptp.rl Arroiinting Practieel.
Company law requires the foundation trustees lo prepare financial slalements for each year which give a true
and fair view of the stsle of affairs of the charrtable company and of the inrnming regoiiree# and applie#tion of
resources. including the. ineome and expondilura, ot the charitablc compony for that period. In piepaiiiiy Ili¥
financial stalcment3, the trustee3 are required lo.
Select suitable accounting policies and then apply them con3istently',
Obb¢ive the methods ana principles In Ine Lharilies SORP IFRS 1021..
Makp. jiidoéments and estimat6g that are rea4¥onablc and prudent.,
Slate whether appliGable Accounting Standards have been followed, subject lo any material departures
that musl be disclosed and explained in the financial slalemenls.,
Prepare the fiiiai)Li(Il btatemenls on ihe going concern basis unless f( is inappropriate lo presump thAt the
Foundation will pnntinije in business.
The Iruslees are ￿spOnsIble for keeping proper accounting records that disclose with reasonable accuracy at
any time th• financial position of Ihc foundation and to enabl¢ theiii tu ¢llbuie that the flnanclal siaiemeni$
omply witli tliv CurTIPiinie5 Act 2006. They are 81s0 responsible for safeguarding the assols of thp. r.h8rity and
taking reasonable steps for the prevention and detection of fraud and olhgr irregularities.
Aypiuved by order or the members of the board of Trustees and signed on their bphxlf by.
Nancy
on
Director & Trustee
Date." i? . IL- z
Page 5

## **Chapel & York UK Foundation Limited** 

## **Independent auditors' report to the Members of Chapel & York UK Foundation Limited** 

## **Opinion** 

We have audited the financial statements of Chapel & York UK Foundation Limited (the 'charitable company') for the year ended 31 March 2022 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 Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 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 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's 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** 

In auditing the financial statements, we have concluded that the Trustees' 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, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 

Page 6 



**Chapel & York UK Foundation Limited** 

## **Independent auditors' report to the Members of Chapel & York UK Foundation Limited (continued)** 

## **Other information** 

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees 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 otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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** 

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the Trustees' responsibilities statement, the Trustees (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 give a true and fair view, and for such internal control as the Trustees 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so. 

Page 7 



**Chapel & York UK Foundation Limited** 

## **Independent auditors' report to the Members of Chapel & York UK Foundation Limited (continued)** 

## **Auditors' responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

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 Auditors' 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. 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. 

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 detecting irregularities, including fraud is detailed below: 

## _Capability of the audit in detecting irregularities, including fraud_ 

Based on our understanding of the charity and the sector as a whole, and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risks of noncompliance with laws and regulations related to anti-bribery. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 102) Second Edition (released October 2019), the Companies Act 2006 and other relevant charity legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of noncompliance throughout the audit. We evaluated Trustees' and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting estimates and judgemental areas of the financial statements such as revenue. Audit procedures performed by the engagement team included: 

• Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud, and review of the reports made by management; and 

- Assessment of identified fraud risk factors; and 

• Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud; and 

• Conducting interviews with appropriate personnel to gain further insight into the control systems implemented, and the risk of irregularity; and 

• Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and 

• Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and 

• Reading minutes of meetings of those charged with governance and reviewing correspondence with relevant tax and regulatory authorities; and 

• Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions. 

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. 

Page 8 



**Chapel & York UK Foundation Limited** 

## **Independent auditors' report to the Members of Chapel & York UK Foundation Limited (continued)** 

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: 

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charitable company's internal control. 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. 

- Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 

## **Other matters** 

The prior year financial statements were not audited. We therefore draw attention to the fact that the comparatives figures are unaudited. 

## **Use of our report** 

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. 


## **Kreston Reeves LLP** 

Chartered Accountants 

Chichester 

Date: 19 December 2022 

Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. 

Page 9 



**Chapel & York UK Foundation Limited** 

## **Statement of financial activities (incorporating income and expenditure account) For the year ended 31 March 2022** 

|**Note**<br>**Income from:**<br>Donations and legacies<br>3<br>Investments<br>4<br>**Total income**<br>**Expenditure on:**<br>Charitable activities<br>6<br>**Total expenditure**<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>**1,077,327**<br>**10**<br>**1,077,337**<br>**1,139,681**<br>**1,139,681**<br>**(62,344)**<br>**200,507**<br>**(62,344)**<br>**138,163**|**Total**<br>**funds**<br>**2022**<br>**£**<br>**1,077,327**<br>**10**<br>**1,077,337**<br>**1,139,681**<br>**1,139,681**<br>**(62,344)**<br>**200,507**<br>**(62,344)**<br>**138,163**|Total<br>funds<br>2021<br>£<br>401,436<br>-|
|---|---|---|---|
||||401,436|
||||212,233|
||||212,233|
||||189,203|
||||11,304<br>189,203|
||||200,507|



The Statement of financial activities includes all gains and losses recognised in the year. All income and expenditure in 2021 was from unrestricted funds. 

The notes on pages 13 to 21 form part of these financial statements. 

Page 10 



Chapol & York UK Foundation Limited
Registered number.. 10568435
Balance Sheet
Ay at 31 March 2022
Z022
2021
Note
Current assets
Debtors
Cash at bank anLI In hand
7D.É78
265,905
200
203.011
336,583
203,211
Creditors.. amounts falling wrthin onp
12
1198.3201
12,6041
Nel current a$¥ets
138,263
200,6D7
Total net as$gts
138,263
200,607
Charity funds
Unrestricted funds
13
138.263
200,607
Total tunds
138,263
200,607
The entity was entitled to exemption fTom audit under section 477 nf thp. eomp8niÈg Act 2008.
The niembers l)idV¥ Iiul iequireil the enllty to otitaln an audit for the year In question In accordance with section
476 of the Companies Act 2006.
Huw¥v¥r. an audit is requlrett In accordance Wilh seciion 144 ot the Charrties Act 2011.
The Trustees acknowledge their responsibilities for comptying with the requirements of the Act with respect to
accounting records and preparation of financial slalements.
The financial slalern¢nts have been prepared in aGcordanGe willi Ili¥ pivvisivn5 applicable to entr(les subleci to
the small companles regime.
The financial slalemen13 were approved and aulhorised for issue by the Trustees and signed on Iheir behalf by-.
Nancy Blkson
Uireclor & Trustee
Date.. Iq- ii-zL
The notes on pages 1310 21 fom part of Ihége finxnr.ial stalpménts.
Page11

## **Chapel & York UK Foundation Limited** 

## **Statement of cash flows For the year ended 31 March 2022** 

|**Note**<br>**Cash flows from operating activities**<br>Net cash used in operating activities<br>15<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>16<br>The notes on pages 13 to 21 form part of these financial statements|**2022**<br>**£**<br>**62,894**<br>**62,894**<br>**203,011**<br>**265,905**|2021<br>£<br>190,217|
|---|---|---|
|||**190,217**<br>12,794|
||||
|||203,011|
||||



Page 12 



**Chapel & York UK Foundation Limited** 

**Notes to the financial statements For the year ended 31 March 2022** 

## **1. General information** 

Chapel & York UK Foundation Limited is a charitable company limited by share capital incorporated in England and Wales and is a registered charity. The registered office is Unit 12, Ladycross Business Park, Hollow Lane, Dormansland, Surrey, RH7 6PB. 

The trust is a company which is solely owned by Chapel and York US Foundation Inc. In the event of winding up if any property remains after the Trust has been wound up or dissolved and all debts and lliabilities have been satisfied it shall not be paid to or distributed among shareholders of the Trust. It shall instead be given or transferred to a charity with similar objects to those of the Trust which are charitable under the law of England and Wales. 

## **2. Accounting policies** 

## **2.1 Basis of preparation of financial statements** 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

Chapel & York UK Foundation Limited 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. 

## **2.2 Income** 

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

## **2.3 Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. 

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. 

All expenditure is inclusive of irrecoverable VAT. 

## **2.4 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 institution with whom the funds are deposited. 

Page 13 



**Chapel & York UK Foundation Limited** 

**Notes to the financial statements For the year ended 31 March 2022** 

## **2. Accounting policies (continued)** 

## **2.5 Debtors** 

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

## **2.6 Cash at bank and in hand** 

Cash at bank and 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. 

## **2.7 Liabilities and provisions** 

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 

## **2.8 Financial instruments** 

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

## **2.9 Fund accounting** 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. 

Investment income, gains and losses are allocated to the appropriate fund. 

Page 14 



**Chapel & York UK Foundation Limited** 

## **Notes to the financial statements For the year ended 31 March 2022** 

## **3. Income from donations and legacies** 

|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>Donations<br>952,181<br>Gift aid<br>125,146<br>1,077,327<br>Total 2021<br>401,436<br>**4.**<br>**Investment income**<br>**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>Interest income<br>10<br>**5.**<br>**Analysis of grants**<br>**Grants to**<br>**Institutions**<br>**2022**<br>**£**<br>Grants<br>1,075,180<br>Total 2021<br>207,230|**Total**<br>**funds**<br>**2022**<br>**£**<br>**952,181**<br>**125,146**<br>**1,077,327**<br>401,436<br>**Total**<br>**funds**<br>**2022**<br>**£**<br>**10**<br>**Total**<br>**funds**<br>**2022**<br>**£**<br>**1,075,180**<br>207,230|Total<br>funds<br>2021<br>£<br>360,043<br>41,393|
|---|---|---|
|||401,436|
|||Total<br>funds<br>2021<br>£<br>-|
|||Total<br>funds<br>2021<br>£<br>207,230|
||||



Page 15 



**Chapel & York UK Foundation Limited** 

## **Notes to the financial statements For the year ended 31 March 2022** 

## **5. Analysis of grants (continued)** 

The Charity has made the following material grants to institutions during the year: 

|**Name of institution**<br>Aloysius<br>Carnegie Mellon University<br>Opal Art Ltd<br>Queens University Kingston<br>Royal Botanic Gardens - Kew<br>The University of Sydney<br>Trish Barrigan Womens Soccer Scholarship<br>Other grants to institutions|**2022**<br>**£**<br>**89,790**<br>**2,019**<br>**494,975**<br>**27,070**<br>**178,782**<br>**47,121**<br>**159,500**<br>**999,257**<br>**75,923**<br>**1,075,180**|2021<br>£<br>78,720<br>27,089<br>-<br>5,972<br>27,414<br>-<br>-|
|---|---|---|
|||139,195<br>68,035|
||||
|||207,230|



## **6. Analysis of expenditure on charitable activities** 

## **Summary by fund type** 

|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>Direct costs<br>1,139,681<br>Total 2021<br>212,233|**Total**<br>**2022**<br>**£**<br>**1,139,681**<br>212,233|Total<br>2021<br>£<br>212,233|
|---|---|---|
||||



The Charity undertakes charitable activites through grant making in support of its charitable objectives. All expenditure in 2022 and 2021 was unrestricted. All grants paid out were to University Trusts or to Foundations to promote the advancement of education to the following institutions and foundations: Aiglon College                                                             OI Pejeta Conservancy UK Anatolia College                                                          Oueen's University at Kingston Bontius Stichting Research Foundation                      Royal Botanical Gardens Kew Carnegie Mellon University                                         Solidarity Fund Centre for Emerging Visual Arts                                 St Aloysius College Concordia University                                                  TE PAPA Foundation La Trobe University                                                    York University Canada 

Page 16 



**Chapel & York UK Foundation Limited** 

## **Notes to the financial statements For the year ended 31 March 2022** 

## **7. Analysis of expenditure by activities** 

|Direct costs<br>Total 2021<br>**Analysis of direct costs**|**Activities**<br>**undertaken**<br>**directly**<br>**2022**<br>**£**<br>45,390<br>4,003|**Grant**<br>**funding of**<br>**activities**<br>**2022**<br>**£**<br>1,075,180<br>207,230|**Support**<br>**costs**<br>**2022**<br>**£**<br>19,111<br>1,000|**Total**<br>**funds**<br>**2022**<br>**£**<br>**1,139,681**<br>212,233|Total<br>funds<br>2021<br>£<br>212,233|
|---|---|---|---|---|---|
|||||||



|**Promote the**<br>**advancement of**<br>**education**<br>**2022**<br>**£**<br>Other professional services<br>42,915<br>Bank charges<br>2,449<br>Insurances and other sundry expenses<br>26<br>45,390<br>Total 2021<br>4,003<br>**Analysis of support costs**<br>**Promote the**<br>**advancement of**<br>**education**<br>**2022**<br>**£**<br>Insurances and other sundry expenses<br>526<br>Computer costs<br>3,085<br>Governance costs<br>15,500<br>19,111<br>Total 2021<br>1,000|**Total**<br>**funds**<br>**2022**<br>**£**<br>**42,915**<br>**2,449**<br>**26**<br>**45,390**<br>4,003<br>**Total**<br>**funds**<br>**2022**<br>**£**<br>**526**<br>**3,085**<br>**15,500**<br>**19,111**<br>1,000|Total<br>funds<br>2021<br>£<br>13<br>3,983<br>7|
|---|---|---|
|||4,003|
|||Total<br>funds<br>2021<br>£<br>-<br>-<br>1,000|
|||1,000|
||||



Page 17 



**Chapel & York UK Foundation Limited** 

## **Notes to the financial statements For the year ended 31 March 2022** 

## **8. Auditors' remuneration** 

||**2022**|2021|
|---|---|---|
||**£**|£|
|Fees payable to the Charity's auditor for the audit of the Charity's annual|||
|accounts|**15,500**|-|
|Fees payable to the Charity's auditor in respect of:|||
|Independent examiners fee|**-**|1,000|



## **9. Taxation** 

As the Charity's aim to facilitate the advancement of education, the relief of poverty, the advancement of religion and other such purposes, it is not subject to Corporation Tax. 

## **10. Trustees' remuneration and expenses** 

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL). 

During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL). 

## **11. Debtors** 

|**Due within one year**<br>Other debtors<br>Called up share capital not paid|**2022**<br>**£**<br>**70,578**<br>**100**<br>**70,678**|2021<br>£<br>100<br>100|
|---|---|---|
||||
|||200|



## **12. Creditors: Amounts falling due within one year** 

|Trade creditors<br>Other creditors<br>Accruals and deferred income<br>Grants accrued - institutional|**2022**<br>**£**<br>**16,442**<br>**31,866**<br>**15,600**<br>**134,412**<br>**198,320**|2021<br>£<br>-<br>1,604<br>1,000<br>-|
|---|---|---|
||||
|||2,604|



Page 18 



**Chapel & York UK Foundation Limited** 

**Notes to the financial statements For the year ended 31 March 2022** 

## **13. Statement of funds** 

## **Statement of funds - current year** 

|**Unrestricted funds**<br>General Funds<br>Share Capital<br>**Statement of funds - prior year**<br>**Unrestricted funds**<br>General Funds<br>Share Capital|**Balance at 1**<br>**April 2021**<br>**£**<br>**200,507**<br>**100**<br>**200,607**<br>Balance at<br>1 April 2020<br>£<br>11,304<br>100<br>11,404|**Income**<br>**£**<br>**1,077,337**<br>**-**<br>**1,077,337**<br>Income<br>£<br>401,436<br>-<br>401,436|**Expenditure**<br>**£**<br>**(1,139,681)**<br>**-**<br>**(1,139,681)**<br>Expenditure<br>£<br>(212,233)<br>-<br>(212,233)|**Balance at**<br>**31 March**<br>**2022**<br>**£**<br>**138,163**<br>**100**|
|---|---|---|---|---|
|||||**138,263**|
|||||Balance at<br>31 March<br>2021<br>£<br>200,507<br>100|
|||||200,607|



## **14. Analysis of net assets between funds Analysis of net assets between funds - current year** 

|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>Current assets<br>336,583<br>Creditors due within one year<br>(198,320)<br>**Total**<br>138,263|**Total**<br>**funds**<br>**2022**<br>**£**<br>**336,583**<br>**(198,320)**|
|---|---|
||**138,263**|



Page 19 



**Chapel & York UK Foundation Limited** 

## **Notes to the financial statements For the year ended 31 March 2022** 

## **14. Analysis of net assets between funds (continued)** 

## **Analysis of net assets between funds - prior year** 

|Current assets<br>Creditors due within one year<br>**Total**|Unrestricted<br>funds<br>2021<br>£<br>203,211<br>(2,604)<br>200,607|Total<br>funds<br>2021<br>£<br>203,211<br>(2,604)|
|---|---|---|
|||200,607|



## **15. Reconciliation of net movement in funds to net cash flow from operating activities** 

|Net income/expenditure for the year (as per Statement of Financial<br>Activities)<br>**Adjustments for:**<br>Decrease/(increase) in debtors<br>Increase/(decrease) in creditors<br>**Net cash provided by operating activities**|**2022**<br>**£**<br>**(62,344)**<br>**(70,478)**<br>**195,716**<br>**62,894**|2021<br>£<br>189,203|
|---|---|---|
|||3,452<br>(2,438)|
||||
|||190,217|



## **16. Analysis of cash and cash equivalents** 

|Cash in hand<br>**Total cash and cash equivalents**|**2022**<br>**£**<br>**265,905**<br>**265,905**|2021<br>£<br>203,011|
|---|---|---|
||||
|||203,011|



Page 20 



**Chapel & York UK Foundation Limited** 

## **Notes to the financial statements For the year ended 31 March 2022** 

## **17. Analysis of changes in net debt** 

|Cash at bank and in hand|**At 1 April**<br>**2021**<br>**£**<br>**203,011**<br>**203,011**|**Cash flows**<br>**£**<br>**62,894**<br>**62,894**|**At 31 March**<br>**2022**<br>**£**<br>**265,905**|
|---|---|---|---|
||||**265,905**|



## **18. Related party transactions** 

## _Chapel & York International Limited (company owned and controlled by a trustee)_ 

During the year Chapel & York International Limited incurred costs on behalf of the charity totalling £29,707 (2021 - £6,219) and received income of behalf of the charity totalling £nil (2021: £4,872). At the year end the charity owed £30,139 (2021 - £432) to Chapel & York International Limited. 

## _Chapel & York Limited (company owned and controlled by a trustee)_ 

During the year Chapel & York Limited incurred costs on behalf of the charity totalling £1,276 (2021 - £nil) and received income of behalf of the charity totalling £999 (2021 - £nil). During the year Chapel & York Limited invoiced the charity for management charges totalling £16,442 (2021: £nil). At the year end the charity owed £277 (2021 - £nil) to Chapel & York Limited. 

_Chapel & York Foundation Inc (shareholder and charitable trust registered in the US)_ During the year Chapel & York Foundation Inc incurred costs on behalf of the charity totalling £279 (2021 - £707). At the year end the charity owed £1,450 (2021 - £1,172) to Chapel & York Foundation Inc. 

There were no further related party transactions in the reporting period. 

## **19. Share Capital** 

|**Equity**<br>£1 ordinary shares fully paid<br>**Total**|**2022**<br>**£**<br>**100**<br>**100**|2021<br>£<br>100|
|---|---|---|
|||100|



Page 21