Charity number.. 1192569 CHANCERYGATE FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
CHANCERYGATE FOUNDATION CONTENTS Page Raforgnce and Administrative Details of the Charity, its Trustees and Advisers Trustees, Report Trustg8$' R8sponsibilities Statement Indèpendent Examlnor's Report Statament of Flnanclal Activltle$ 10 Balance Sheot Notes to tho Flnanclal Statemgnts 12-17
CHANCERYGATE FOUNDATION REFERENCE AND ADMINISTRATIVE OETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Tru5tee5 A Johnson V Johnson A Walker E J Cty)k E Mulkem Charlty reglst&rgd number 1192569 Prlnclpal offl¢e Chancerygale Foundation 12A Upper Berkeley Street London WH1 7QE Chalmian A J¢Jhnson Ac¢ountant¥ Haslers Chartered Accountants Old Station Road Loughlon Essex IG10 4PL 8ankers CAF Bank 2S Kings Hill Avenue King5 Hill West Malling Kent ME19 4JQ Sollcltors Freelhs LLP Cumberland Court 80 Mount Street Nottingham NG16HH Page 1
CHANCERYGATE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report together with the financial slalements of the Chancerygale Foundation lor the period 1 sl January 2024 10 31 December 2024. Objectlves and activitios a. Poli¢ie$ and objectives To advance in lrfe and relieve the needs of ywng people from Brrtish black African 8nd Caribbean heritage minorities who are socially andlor economically disadvantaged through". lal the provisKJn of grants lo attend a unwer5ity in order lo follw a path into employment in the propety sector., Ibl providing and or assisting in prc¢uring work experience and internships lo students eligible for a grant by Chancerygate Foundalion". 1¢) providing support and adwce lo students al schools, colleges and universities about working within the property seclorlinduslry. In setting objectives and planning lor aclThiilies. the TrLt$lees have given due consideration lo general guidance published by the Charity ComMissn relating lo public benefit. including the guidancè 'Public ben¢fil.' running a eharily IP821'. b. Stratggie¥ for achlevlng oblectives Chancerygale Foundation was formed In 2020 by Andrew and Vanzel Johnson together with two other founding Trustees, Amanda Walker and Ein Cook. Elizabelh Mulkern was added as a furthèr Tru51ee on 13th May 2022. Consideration will be given lo the addition of further Trustees being added lo the Foundation as and when Ihg need aris&$ to prOVe lor succession and lo improve ils reach and diver$ily. The Trustees continue lo meet on a regular basis lusualty quartedyl lo rewew and approve applications made by students for.. financial support by way of a Chancerygate FoUndatn bursary. support in procuring work expernCe. support by way of advice and mentoring. In addition. the operational aspects ol Chancerygale Foundation are managed at such fegular meetings and whefe necessary extraordinary rneelings are lled where matters are of an urgent or specific nature. Page 2
CHANCERYGATE FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 ObSKtlv&s and al¥ltIeS Icontlnuedl From the oulsel of forming Chancerygate Foundation th¢ Trustees recognised thal in order lo meet their objectives to finan¢ially support disadvantaged students by way of a grant lo attend a universi(y il should lonr close relationship with specific universslies who will promote the Chancerygale Foundation bursary programme, Initially a relationship was formed wlh LorKlon South Bank Universty ILS8UI and Kingston University where Ihree-year Gift Agreements were entered into with ea¢h university to support up to two students studying al LSBU and one from Kingston University. To qualify for a bursary from the Foundation the seleeled 51udenls had lo be undertaking a degree course accredited by The Royal Institution of Chartered Surveyors. 11 was fell that having an arrangement with these univer511ies would enable our limited resources lo be utilised more efficiently with the univer$ilie$ selecting suitable candidates who meet the Foundalion's qualifying crileria. 11 is regrellable thal during 2023 we had little option bul lo lemiinale our Gift Agreement wlh LSBU as a result of chango in personnel and lack ol adminislralion SUPP¢)rt al this universrty. However. the Trustees decided to continue with supporting the students Il had al thi5 university on a direct basis and not via the university. During 2024, discussions were undertaken and had with Universty of Weslminsler wrth a view lo forming a relationship with UW in the same way that we have formed a relationship with Kingston University lo select 51udenls. As a result ol thos& discussions. l am pleased lo report that we entered into a contractual relationship with the University of Weslminsler where we have agreed lo support at least one student over the next 3 years subject lo them meeting our crilgria wrthin their applicatn¥. c. Actlv5t188 undertaken to achleve oblKtlves During 2024 a grant of £10.000 was once again committed lo just one sludenl al Kingston Univor5ity who w8S undertaking her final year of study in Real Eslale Management b&fore graduating in 2025. Unfortunately, th8 other Student we were supporting al Kingston Univefslty also studying Real Estate Management failed lo gain the requisite grades al the end of his second year and therefore did not proceed lo continue w11h his cour59 in his final year. Two olhef students who ordinanly would have received financial support from the Foundation studying Building Surveying al LSBU and Quantity Survewng at Loughborough Universrty decided lo lake a placement year in industry before returning lo undertake their finals in 2025. As such these two students undertaking a plac&menl year did not receive any linaneial support Irorn the Foundation in line with rts Selection policy but will do so when they return In September 2025 to undertake their final year of sludy. The sludenls do however ccnlinue lo receive other support by way of MontIng and *tendance al events arranged by Chancerygale Foundation. Three students who commenced their Second year al study also received a grant of £10,000 from the Foundation. Two are studying Real Eslale Management at Kingston University where our payment is made via the Gift Agreemenl we have th this institution wth the third sludying Land Economy al Cambrkdge where we make payment direct lo the sludenl. During 2024 three students were selected as our fourth cohort lo weive a gfanl from Chancerygale Foundation and Commenced their degree courses In September 2024. Each sludenl received a grant of £10,000. Two are studying Quantity Surveying and Real Estate Management al Kingston Universty The third sludenl is studying Real Eslale al the University ol We5tminsler. All grants are paid via the Gift Agreement we have in place with 8ach sludenl's respeclNe university. As in previous years all of our students were ass¢gned a mentor. a key professional within the real eslale sector wtto they can ask advice and support during their learning experience a5 a sludenl al university. The slLJdenls along with mentors were invited lo allend various social gatherings and presentations from Industry professionals and past students al the offices of Chancerygale Ltd during the year with the objective ol providing Iherll with some insrghl into working life as well as creating a close relationship wth them so as to understand their needs. Whilst pastoral care is given by the unNersrty. by having such gatherings il continues lo be a good way of seeing how each student is progressing and to ensure any additional support they might need is recognised. Page 3
CHANCERYGATE FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Oblectlves and activiti&$ lcontinuedl d. Main activities undertaken to further the Charity's purpose$ for the public bènefit In addition lo fomiing an association wrth universities ar speaking lo students who come lo us wa our c)wn website we also undertake regular promoknon of our activities via social media. Chancerygate FoundalKJn Continue to colk1baIe with The Land Collective working with school year 12 and 13 students considering a career in the real estate industry along with IntoUniver$ity in providing career advice lo school year 9 51udenls from The City Academy. Hackney. We &ncpurage our students lo be arnba5sador5 for our cause. One of the 5tudenl$ who we supported and graduated from Kingston University gave a presentation about her jouiney and the hurdles she had to overcome lo a group of students on the Black Gids in Prcpety cOue organised by ihe Land Colleclwe. Our work also involves collaboration wrth We Rise In wth all our 51udenls invrted lo their Leadership Summit lo hear from black professionals lor inspirali¢)n and netyrking. In addition lo organizing sile visi15 and w¢)rk experience through our eonlaels within the industry Chancerygale Foundation has also collaborated wrth leading real estate practice, Savills lor their Graduate Placement Presentation as well as wlh Lockton. a leading fimi ol in$yranc¢ brokers Specializing in the r&al eslale sector who through thèir employabilily sessions gave slLsdenls rec*ve advice on inleryiew tochnique, CV writing and applying for Job roles. Page 4
CHANCERYGATE FOUNDATION TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEM8ER 2024 Acttievernents and perfomiance a. Main achlev•ments of the Charity Chancerygale Foundation continues lo make rtself kntY4*n in the propèty world from the work it undertakes and through awareness via levant socral media plaiforms. The Trustees are particularly proud of tsvo 51udenls fr¢>n our very first cohort of three that we started lo support in 2021 who comploted their degree courses in the summer of 2024 wlh one achieving a fir51<lass honours degree and the other a higher second-class honours degree. Both have been able lo use their academic achievements lo start full time employment wrth ieputable firm$ in the real eslale sector. 11 is also refreshing lo see how these students have grown in personality and confidence not onty as a rgsull of the support and guidance from the Foundation and Ils industry contacts bul also through their own dedication and hard work. We maintain conlacl wrth these students and wsh them well in the TeerS going forward. As with our lirsl two students who have graduated in 2024. we are also proud lo see of our students from our second cohort undertake a plaeemenl year in industry before returning in 2025 to undertake their final year DI Ihgir degree. With Ihe guidance of their assigned mentor5 both students have Ihemselves found placements with oxcellenl professional fims lo complement their cours8 of study and lo gain 9t piaclical experiencè. Whilst we are disappointed lo have had students who have not continued with their c¢ur58 of study il is recognised by the Trustees that this is a far l¢)wer number than we expected from the outset given the difficult backgrounds our students come from. In each ease we have underslood the difficultie5 each student has had resulting in them not continuing Iheir course and we have tried lo help them in any way we can. Importantly we learn from these experiences and make provision going fOard in the same way that we learn from our SU¢¢9S59S. Along with oifier organisalions trying lo creat6 more equity. diversity and inclusion in the real eslale industry the Foundation each year is gaining greater recognition as a charity that support$ young people from British black African and Caribbean heritage minorrties who ale Social andlor economically disadvantaged. We continue lo learn in all that we do and the Trustees are proud ol what has been achieved in such a short space of lime Since Chancerygale Foundation was established just five years ago. In particular the Foundation is proud lo have been able lo support 13 students with grants of £10.OOOpa throughout their universty years bul also and of equal importance lo provide these sludenls with guidance and pastoral eare through the mentors rt allocates lo each sludenl and providing the opportunity lo go on lo achieve a professional career in real estate. Particular thanks go to Amanda Walker who as a Trustee of the Foundation is also Foundation Dire¢lor of our 501e benelaclor, Chancerygale Ltd dealing th the fim)s CSR Inilialives alongside her role as a Trustee. Amanda works lirelessly and forms a strong bond wrth the students we support. The care and empathy she provides lo the students is invaluable and whilst hard lo quantify is certainly a contributor to the students gaining success within their academic studies al university. Financial r&viow Going concern After making appropriate enquiries. the Trustees have a reasonable expectation that the Chancerygate Foundation has adequate resources lo continue in operational exislenee lor the foreseeable future. For this <eason, they continue to adopt the going concern basis in prepanng the financial stalemenls. Further delai15 regarding the adoption of the going concem basis can be found in the accounting policies. Page 5
CHANCERYGATE FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 b. Res8rves policy Chancerygale Foundation is funded by Chancerygate Limrted who provide a grant of £100.000 per annum payable on the 1st January each year. The Trustees policy 15 to maintain sufficient capital fund5 al a level which they Judge lo be necessary to meet Chan¢erygale Foundation's objectives and financial obligations lo third parties. Structur•, governance and managfrment a. Constltutlon Chancerygale Foundation is a re9l$tered chaiity, number 1192569, and is consliluted as a Charitable Incorporated Organisalion. The only voting members are i(s chanty tiuslees. Ils constitution document is dated 15th July 2020 and regisleied with the Charity Commission. b. Mgthods of appointment or tr18ction ol Trustèes The management of Ihe charity is the responsibility of Ihe Trustees who are elected and co-opted under the term5 01 Ils Charitable Incorporated Organisalion constsluts'on dUment dated 15th July 2020. In accordance with Chancerygale Foundation's Goveming D¢xumenl and Constitution dated 15th July 2020, Edwin Ctx)k was duly reappointed in 2024 for a lurthei years until 30th April 2026. In accordance wth Chancerygate Foundation's Governing Document and Constitution dated 15th Juty 2020. Elizabeth Mulkern was appointed as a Trustee on 13th May 2022 for a pefi¢)d of year5 and reappointed in 2024 lor a further 2 years. In accordance with Chancerygate Foundation $ Governing Document and Consb"lulion dated 1 5th July 2020, Amanda Walker was duly reappointed in 2023 as a Trustee for a further two years until 30th April 2025. Andrew Johnson and Vanzel Johnson We initially appointed as Trustees on 1st May 2020 and 16th September 2020 respectively lor a penod of 4 years and Iherelore each were reappointed in 2024 for a further 4 years. Page 6
CHANCERYGATE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for futurg perlods Going forward, Chancerygale Foundation eonlinues to consolidate ils current offering of providing bursaries and support lo di5advanlaged students via a wider neNwrk of univer5rties throughout the UK. Having EIEabelh Mulkern as a Trustee and based In the north of the country enable us lo make more connKtions with 51udenls outside of London and the southeast where our acliwty Is currently coneenlraled. The appointment of further Trustees in the future will also help with widening our scope of actwity. With our website and marketing inilialives through social media becoming more noticeable lo the public il was hoped that we would be able lo gngage with sludenl$ directty rather than mostly through the arrangements we currently have wrth two universilies. However. that has not proved lo be the case and whilst we will Continue our efforts lo lake applications from student's directty our success in supporting students lo dale has largely been through the association we have wrth universilie5. With us no longer having an association with LSBU by way ol a Gift Agreement our selection of students Is now taken from Nvo universities Kingston and Weslminsler. We commenced discussions wlh Wesfminslef as a replacement for LSBU and we arg pleased lo have filled that void. As resources permrt. we continue lo wden our scope lo fom yimilar alliances wrth more universities lo those we have currently. Whilst our main activities are currently focused on undergradualg students looking lo undertake a propertyleonslruction related degree through universty we will also be continuing a dialogue with schools and colleges in order lo gain aceess lo $¢hool age pupils lo widen Iheii knowledge about a career in the prgperty sector and what opportunities may exist including the support through our bursary programme. Approved by crder of I embers of the board of Trustees on 14 August 2025 and signed on their behalf by.. A Johnson Chairman Page 7
CHANCERYGATE FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trusl&es are $F)onsible for preparing the Tru5tees' Report and the financial slalements in accordanco with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in England & Wales requires the Trustees lo prepare financial statements for each financial which give a true and fair wew of the state of affairs of the Chanty and of ils incorning resources and application of resources. including ils income and expenditure, for that period. In preparing these financial slalements, the Trustees are required lo.. select suitable accounting policies and then apply thern consistently., obseNe the methods and principles ol the Charitie5 SORP IFRS 1021, make iudgmenls and accounting estimates that ale reasonable and prudent.. Stato whether applieable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial slatemenls.. prepare the financial slalem¢nts on the going concern basis unless (( is inappropriate lo presume that the Charity win continue in business. The Truslges arg responsible for keeping adoquate accounting rgcords that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accura¢y al any lime the financial position of the Charity and enable them lo ensure that the financial slalemenls comply with the Charities Acl 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible lor safeguarding the a$s&ls ol the Charity and hence for taking reasonablo steps for the prevention and detection of fraud and other irregularrties. Approved by order o e mèmbèr5 of the board of Tnjstees on 14 August 2025 and signed on ils behalf by.. A Johnson Chairman Page 8
CHANCERYGATE FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independent Examiner's Report to the Trust80s of Chancerygato Foundation I'the Charity'l I report lo the charity Trustees on my exaninab.on of the acc(yJnts of the Charity for the year ended 31 December 2024. Responsiblllties and 8asi$ of Report As the Trustee$ of the Charity you are responsible for the preparation of the accounts in aceordance with Ihg requirements ol the Charities Act 20111.lhe 2011 Acri. I report in respect of my examination of thè Charivs accounts carried out under section 145 of the 2011 Act and in carrying DUI my examinalion I have foll¢)wed the applicable Directions gNen by the Charity Commission under section 14515llbl of the 2011 Ad. Indepgnd&nt Examlntls Statement Your allenlion is drawn lo the fact that the Chaiity has prepared tho accounts in accordance with Accounting and Reporting by Charities. Slalemenl of Recommended Practice applicable lo charities preparing their accounts In accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 1021 in prelergnce lo the Accounting and Reporting by Charities". Statement ol Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations bul has been wlhdrawn. l understand that this has been done In order for the aecounts lo piowde a truo and lair view in accordance with the Generalty Accepted Aecounling Praclice effects.va for reporting periods beginning on or after 1 January 2015. I have wmpleled my examination. I confim that no matters have c¢)me lo my attention in connecli¢n with the examination giving me cause lo believe that In any material respect.. accounting records were not k8pl in respKt of the Charity as required by Sects'on 130 of the 2011 Act,. or the accounls do not accord with those fecords.. or the accounts do not comply with the applicable requirement$ concerning the form and eonlenl of accounts sel out in the Charitie5 (Accounts and Rep¢)rtsl Regulations 2008 other than any requirement that the accounts give a 'lrue and fairf view which is not a matter eonsiderad as part of an Independent examination. I have no concerns and have come across no other matter5 in connection with ltte examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. This report is made solety lo the Charity's Twslees. as a body. in accordance wrth Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might slate lo the Charity's Trustees those matters l arn required lo slate lo them in an Independent Examiner's Report and for no other purpose. To the fullest extent permrtted by law. I do not accept or assume respx)nsibility to anyone other than the Charity and the Charitys Trustees as a body. for my work or fot this port. Signed.. Dated". 14 August 2025 Laura Ambrose BA (Honsl FCA Haslers, Old Station Road, Loughton. Essex. IG10 4PL Page 9
CHANCERYGATE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 As Trst&led Total funds 2023 Unrestricted fund$ 2024 Total funds 2024 Note Income from- Oonalions and legacies Bank Interest 110,000 387 110.000 387 110.000 362 Total Income 110.387 110,387 7 70,362 Expendltur• on.. Charitable activities 103.148 103.148 78.052 Total exp•ndlture 103.148 103,148 78.052 N&t movement In lunds 7,239 7,239 32,310 R•¢on¢lllatlon ol fundy.. Total funds brought forward Nel m¢vem8nl In funds 141,889 7,239 141,889 7,239 109.579 32.310 Total lunds carrfed foFwafd 149,128 149,128 141.889 Tho Slatomenl ol Financial Activities includes all gains and losses recognisod in the year. The notes on pages 12 10 17 fom part of these financial slalemenls. Page 10
CHANCERYGATE FOUNDATION BALANCE SHEET AS AT 31 0ECEM8ER 2024 2024 2023 Noto Current assets Cash al bank and in hand 151.169 145.801 151,169 145.801 Creditors.. amounts falling due wlhin one year 12.0411 (3, 912) Net current assets 149,128 741,889 Total assets less curront liabiliti0$ 149.128 141, 889 Total net assots 149,12B 141.889 Charfty funds Unreslricleé funds 149,128 141, 889 Total funds 149.128 141.889 The financial stalgmenls wefe approved and authorised for issue by the Trustees on 14 August 2025 and signed on their behalf by. Chairman The notes on pages 12 10 17 form part of these financial slalements. Page 11
CHANCERYGATE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies 1.1 Basis of prèparation of financial statements The financial stalement5 have been ppared in xcordance wth the Charities SORP IFRS 1021 Accounting and Reporting by Charities." Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive l January 20191, the Financial R&porting Standard applicable in the UK and Rfjpubl of Ireland {FRS 1021 and the Charities Act 2011. The financial statements have been prepared lo give a 'lrue and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the èxlenl required lo provide a 'lrue and fair, view. This departure has involved followng the Charities SORP IFRS 1021 published in October 2019 rather than the Aecounling and Reporting by Charit$.. Slalemenl of Recommended Practice effective from l April 2005 which has since been withdrawn. Chancerygale Foundation meets the definrtion of a public bènefit onlity under FRS 102. Assets and liabilities are initially rgcognised al historical cost or lransacts.on value unless otherwise slated in the relevant accounting policy. 1.2 Income All income is recggnised once the Charity has enlillement to the incomè, Il is pr)bable that the income will bg rgceived and the amount of incomè receivable can be measurgd reliably. Income lax recoverable in relation lo investment income is pcognised al the limg the inveslmonl income is receivable. 1.3 Expendltur? Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third paty. il is probable that a transfer of economic benefits will be required in selllement and the amount of the oblallOn can be measured reliably. Expenditure is classified by aclivrty. The costs of each activity are made up of the lolal of dirod costs and shared costs, including support C0515 involved in undertaking each activity. Direct costs attributable lo a single acliwty are allocated dire¢lly to that activity. Shared costs whKh contribute lo more than one activity and support costs which are not allribulable lo a single activity are apportioned befvn those activities on a basis eonsislonl with the use of resources. Central staff costs are allo¢ated on the basis of time spent, and depr&cialiDn charges allocated on the pO.0n of the asset's use. Expenditure on charrtable activities is incurred on directty (rndertaking the activities which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 1.4 Int8rest recelvable Interest on funds held deposrt 15 included when receivable and the amount can be rneasured reliably by the Charity". this is normalty upon notification of the interest paid or payable by the inslilulion with whom the funds are deposiied. Page 12
CHANCERYGATE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies {¢ontlnuedl 1.5 Cash at bank and in hand Cash al bank and in hand includes cash and short-term hhty Iiquhl investments wrth a short malurrty of three months or less from the dale of acquisilton or opening of the deposit or similar account. 1,6 Llabllltles and provisions Liabilities are reccrfJni5ed when the is an ct•ligation al the Balan Sheet dale as a result of a past event. il is probable that a transfer of econ¢>ni¢ benefit wll be rU•re in selllemenl, and the amount of Ihe selllemgnt can be eslimaled reliably. Liabilities are reeognised al the amount that the Charity anlicipales it will pay lo sellle the debt or the amount il has received as advaneed payments for the goods or services Il musl provide. Provisions are measured al the best estimate of the amounts required to sellle the obligation. Where the effect of the lime value of money is material. the provision is based on the present value of those amounls, discounted al the pre•lax discount rate that reflects the risks specific to the liability. The unwinding of the dis¢ounl is recognised in the Slalemenl of Financial Activities as a finance cost. 1.7 Flnanclal Instrumènts The Charity only ha$ financial assets and financial Iiabililies ol a kind that qualify as basic financial inslrumenls. Basic financial instruments ale inilialty recognised al Iran5a¢lion value and subsequently measured al their settlement value wrth the exception ol bank loans which are subsequently measured al amortised ¢osl using the effecttve interest method. 1.8 Fund accounting Ggngral funds are unreslrided funds which are available for us& at the diserètion gf the Tru51ees in furtherance of the 9en8cal objectives of the Chafity and which have not been dgsignaled for other purposes. Investment income, gains and losses are allocated lo the appropriate fund. Incomè from donatlons and legacies As restaled Total funds 2023 Unrestrieted funds 2024 Total funds 2024 Donations Donated serwces 100.000 10.000 100,000 10,000 100,000 10,000 110.000 110.000 110.(WO Page 13
CHANCERYGATE FOUNOATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by actlvtties Activitie$ undertaken directty 2024 As $tated Tol&l funds 2Q23 Support costs 2024 Total funds 2024 Grant making activities 91.OCh) 12.148 103,148 78.052 Analy$is of dlrect costs Total funds 2024 Tolal funds 2023 Grant expenditure 91,000 66.000 Analygls of Support costs As rgstaled Tol81 fvnds 2023 Total funds 2024 Bank charges Accountancy fees Personnel costs 60 2.088 10.000 60 1,992 10,000 12,148 72,052 Independent examinerfs remuneration 2024 2023 Fees payable to the Chartys independent examiner for the independent examination of the Chartys annual accounts 2,088 1.992 Page 14
CHANCERYGATE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 TrustO0s' remuneration and expenses During the year. no Trustees received any remuneration or other benefits (2023- £NIL). During the year ended 31 December 2024. no Trustee expenses have been incurred (2023- £NIL). Creditors.. Amounts falling due wlthin oné year 2024 2023 Trade creditors Accruals and deferred income 1, 920 1.992 2,041 2.041 3.912 Flnanclal instruments 2024 2023 Flnancial assots Financial a$sel$ measuied al fair value through income and expenditure 151,169 145.801 Financial assets measured al fair value through income and expendrture comprisa cash al bank and in hand. Prlor year adjustments A prior year adjuslmenl of £10,000 has been madg lor the year ended 31 December 2023 for the donated serviees from Chancerygale Limited. This has been explained in Note 13. Page15
CHANCERYGATE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 stst¥ment of funds Statement of funds- currant year Balance at 31 Decgmb&r 2024 Balance al 1 January 2024 Income Expendltur• Unrastrlclgd funds General Funds 141,889 100,387 193,1481 149,128 Statèment of funds - prlor year Balanc& al 31 l January As restated As Trslat&d Dgcember 2023 Income Expenditur& 2023 Unrgstrlcted lunds General Funds 109.579 110.362 (78.052) 141, 889 10. Summary offunds Summary offunds. current year 8alanco at 31 December 2024 Balance at 1 January 2024 Income Expenditure General funds 141,889 100,387 193,1481 149,128 Summary offunds- prlor year Balance al Balance al 37 l January As reslated As restated December 2023 InGome Expendilur 2023 General funds 109.579 110,362 (78,052) 141, 889 Page 16
CHANCERYGATE FOUNOATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of net assets between fund$ Analysis of not as$8t$ between funds - current pariod Unrestricted fund$ 2024 Total funds 2024 Current assets Creditors due within one year 151,169 12.0411 151,169 12,0411 Total 149.128 149,128 Analysls of not assets betweèn funds- prior rIOd Unr8Stncl8d lunds 2023 Tot81 funds 2023 Current assets Creditors due wrthin one year 145,801 (3.912) 145, 807 (3, 912J Total 14 1, 889 741.889 12. Grant cornmltments The Foundation are committed lo pay out £66.000 over the next year. £61,000 has been committed lo be paid out over the next years and beyond. This wll be funded by the annual donation received from Chancerygale Limited. 13. Rolat8d party transactlons Chaneerygale Limited made an unrested donatK)n of £I00,00012023 £100,000) in the year. Chancerygale Limrted incuryed £10.000 for the personnel costs for the running of tha Foundation during the year which has been recognised as a donated $erwce. Page 17