FONDATION CHANEL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Company Limited by &Jarantee Registration No.: 12786875 {England WJesl Charity Registration No.. 1195353
TABLE OF CONTENTS REPORTS Legal and adm1n1stratD deiaiL%........................................................................................................................................ Strategic report............................................................................................................................................................. Trustees. report Independent auditor 5 retxwt................................................................................................................................................... FINANCIAL STATEMENTS Statement ol financial a(tivibes..........-...-.-...........................................................................-...........-..........................,.. Balansheel...........................................................................................................................20 StstementolChllWs.................-......-.-.........................-..........-.-...-.-....-..........-.........................21 Noies 10 the financial statements...... .22 Fondation Chanel . Retx)rt and Final Statetnents 2022
LEGAL AND ADMINISTRATIVE DETAILS REGISTERED OFFICE INDEPENDENT AUDITOR 5 Barlow Place London W1J 6DG Em5t & Young LLP (UK) Sialutory Audilof Citygate St. james. PoJk*ard N¢Se uwi Twe NE1 41D Company registration no.: (harity reg15traiion no.: 12786875 1195353 TRUSTEES IDIRECTORSI LEGAL ADVISORS P. 8. Blondiaux Bates Wells & Braithwaite London LLP l O Queen Sireel Place Lond(m EC4R I BE C. Isnard M. Nitsth Y. Peel van Oranje ,'Inde¢endeni TrL6ieel C. Woodcraft Ilndwdeni Treel K. Wylie BANKERS Citibank. N.A. London Canaja Square Canary Wharf Lonth E14 5LB OFFICERS Chair,. K Wylie Secretary.. E. Jones-Ransley KEY MANAGEMENT PERSONNEL President.. K. Wylie Global Head.. K. Meddour Iioined I JU 20221 Managing Director.. V. Meunier Fondation Chanel . Retx)rt and Final Statetnents 2022
STRATEGIC REPORT INTRODUCTION The Trustees of Fondation Chanel Ithe-Trusiees" and the -Eoard"l. whts a akn directos of the CMpanY for the purposes ol the Companies Act 21X)6. present thr annual retKKt on the affdr5 01 the Charity. indu5ive ol thi5 strategic report. Trust rewrt. indeWdt a11$ rwrt. and finanoal stsierrrnts for the year ended 31 December 2022. Th15 report Sets out the arwmjal accounts. whth Cf0M to FRS 102 the Chanties Staternent ol Recommended Practice ISORPI. The Trustees. in preparing this stratlC rewrt. have compled Secti 414C of the Companies Act 2iJ)6. The rewrt ha5 been preparexl to provide ihe SO metnber ol FdatK)n Chanel with inforrnation to assess how the Trustees have FErformed their duty to yormte the success of FOndati( Chand to le¥t its tharitab purpose5. The Trustees alw noie the comparable pericKJ lor 2021 financd star represents an exiended reporting wiod from 2 August 2020 through 31 DerntEr 2021. which was Fondatiw ijwd s first finarKwl year as an incorporated charity in the Ur)ited OUR AIMS Fondation Chanel Ithe 'Foundation or the"(harity-l 15 a grantm*ing fwndation vAyking in solidarity with its not-lor-prolit partners to create conditons for vrt)men athjescent gids. in JI thar dtsitI. to be ffee lo shape their own desiiny. We lake a bespoke approach to grantmakn'ng. We listen to grantee partners neajs and taiky resour io support them in making posilive irnpact. buikling Ihar organisaiwal capacity enhanon9 tktir wellèeing. We form deep, long-teym partnerships wilh organisalicns taknng aL1K at the heart ol their communites. trusting that il is within these communilies that Ihe best soluti5 are foLmd. and re¥JrceS are best translomied into meaningful change. We believe our value-add lies in being 'hdistic wth cyJr apFffoach arKY suppyt. We maintsin this as Iwr guiding principle. Women and adolesceni girls noi lead Iwes or have onedimensK)nJ Identi11es. Our partners share Ihis understanding ol Ihe c(xnpkx challeryes arMJ is55 w)men arml adoleSt gids lace in their •rryday lives, This informs the denent arKJ evoluticm ol sipm ihe FwndallC and r grantee partners. OUR APPROACH For women and adole5ttnt gids to te free to shatx their destiny. OYKlib'orB of safety ar aut¢nY are essential, The hvo thematic pilLars are cnDal fourKYatK)ns to our stralegic apwoth. Safety & wellbeing Women and adolescent girls must 97[ant&d furKJamentd t¥Jhts and [eS(xJr to li healthy Iwes, fe from violence. The indude adequate stajardS ol Imng. to safe h¢xsng. basic health sffiqces. sccial and legal prottiOn, and a sustainable enwronffent. Their safety and wdlba.ng mL6t be w0[led ty Liws. institutions. and Social norms. Within this pillar, we fcrus .. eliminating gendey-based liolen. c0mmun1ty.bed health and wlng. arKI Social protection. Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022
STRATEGIC REPORT Economic and social autonomy In a just society, viomefj have an eq atKJ clear Vol in the ChCeS atKI deci5K)n5 that impact their lives. 11 these basic needs are met. women have increased optxrtunilies to devek)p and h(y)e iheir expg16e and Pufsue per50Dal. Intelltual. and econotnic fullilrrbent through erntlowt or enireprenvJt5hip. They can take on leadership opportunities at work. in their c(xrmunities. and in Sal rrK)vements. They can tEcome true agents ol change in swety and Unl( new p)tential to secure a Ixtter futwe. Within th15 pillar, we l(Kus on.. 5ki11s and leadership deld[prt, a5> to a well-r&ourced and supttstNe care rNny. 3Th social and environmental resilientr. We champion our grantee partners WO rn these areas. sutv)rting and a(k)ent girls difertly through actrss to Sery1 and resour that promote conditi)ns of safety arKJ autornY. To have true long-term Impact. our approath as a lun(kr mL61 seek 10 in%si In ryeseni needs Whi akn hokjiry Ihose of the futu. To thi5 end. we support greatey resourciry arKY Strg1hlrKj ol gantionS al movements that are tackling the structures perpeiuaiing gender Ine9311tS arcyJnd Ihe . (>Jr granree parmers wyk wiihin theif communities io addres5 these r(1 causes. evolve lonstanding n(xm5 and narratNe5. lead ath¢xacy efforts to implanent fA)licies and laws that promote gerKkn e(lIty in the brg-ierm. OUR PROGRESS Our key achiementS 012022 wtred on Ihe expansK)n ol ¢xJr gTrnfnKHkn'ng ac1Dnlie5 auoss all region5 that the Foundation is active in. nameW Ihe UK. la-Pa011C. Latin Amer(a. Afr(a. MENA. and auoss multiple re9k)ns in alignmeni wilh our strategic approach outlined atthe. Throughout the year, our prcorammatic learns lor and presenied pLans fry eath of our regional grantmaking portfolios. This resulted In significani eXpanSK across Askl-Pacilic the UK. and an InCre in r&earch and adv0cacy-btrAJ partnerships wth 9k)b swpe. We abo furtlw SIrured <xJr strategic approad) in rlOn5 such as Latin America. Africa. and MENA. whKh remains gThng. Our teams attended sra1 conferences durirKJ the such as the Askan Venture Fhilanthropy Ne0 annual forum, and the United Nations Gewal to eng&¥ mntin3lty th Iwe glo cwversallS around gender and philanihropy, In collaboralion with our %ster foundations. FOrKJatI( d'Entrerrise thanel in France and FdatiO[l Chanel. Inc. in the U.S.. we also conducted a global Grantee Percepti th SWFK)rt ol the Cenier Iof Effecti Philanthropy ICEPI. The aim ol thts survey was to improve ow CO1 understanding ol oJr direct impatt on grant partners and how we can <)f betttt sw)rKxt to them. Across all three entilies. the suNey vms sent to a total of 101 gantee partners arKJ recaved a strorg 78% response rate. The anonymised sw re5tK)n(knts hIlighte vanou5 sVPtn5 lor hom we can ifflprove our future supwrt lo our granlee partners including grealer fiexiixlity in usage ol gr1 fu5 the 1rnportan of non-financial 5UPmrt among other Ckjr teams are cutnity reMer¥ arKI strat1zI on the feedbadi provided by [pOndents. We will seek to incortuate their 51MJJe5tK)n5 Irito our gantfflaknng MalIti and opefations going foNiard. Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022
STRATEGIC REPORT New grants approved In 2022, Fondation Chanel atvroved grants to 27 new grantee partne rwe5enting a totd ol USS49.4rn in funding. Of this amount. US511.1 m was paydbE in 2022. an eslimaied US538.3m was committed for payment In future years Subject to ihe fu11nent of luiure cdit5 a5 Outlinexj In note 1 of the financial statements. Most ol the &pr0v grants re[et multi.year funding mmitTlnts of three years or longer. 2022 2021 Total ne multi-year grant fUrL[j appr( during Ihe year USU9.4m U5$6.Om No. ol nav grdntee partners 27 Nthv grant e¥pendilure recognised durirYJ the Sear US$11.Im US$l.1m New grant funding committed to futu year5 le5t.I US$38.3m US$4.9m Total grantmakln9 activity We incurrwj loial grant expense of US$13.5m in suppryt of 31 uganisab'tyis". US$11.1 m laj to rwj grants approved in 2022 and US$2.4m rdaled to I9cMn9 grants awcwed in the prior ar. As 0131 tkcember 2022, hay an e5limated total ol US$40.fsn in grant fijnding conrnitted payment in future Yea subject to the lullilrrEnt of future Coltn5 as oJtIij in note 1 of the financial statwnents. Our irnpact contribution Our approach to Impact arrttt leaming aims ro Leluaie how SUFP)rting rreaningful tranSfOnnatns in individual liv, communilies. and socielies. We endeaur to karn and share that is needed to make tangible prffjre55 lor women and ath)enl girL4 arKY what standing in OLW way. Achieving real and lasting change on bThJ-starKJirKJ cnp s11 tssues Is <thallenging. It M)ieally cann(Jt altribuled lo a single individual ¢y organisatic. It mwt Stnae and durabk requires bng-temi commitment, As such, our impact is best (knionstrated a8 a Contributi to a mLth greater wh(Ae sha1 by countless othe working across our ecosysiem. Our impact leamings are best illustratLTrJ through the stores. insights. experienc ol our grant partners ar the communitÈs they W¢ in ¢yrn time coupled v¢ith meaningful dalapoint5. As a grantmaking organisatity). accountablity to w grantee partr s of hKJhest ImFxytan. The data and stories we collect help us understand how V 5h(wrf up in our grantee partner relatK)n5hips. al we can do tEtter to support them. and whether we are INing up to the value5 sel out fty Ourse. Our impart measures Fondalion Chanel pursues impact al three I$". indmdus and communitts. SyStoms and scoal rKyms. and partners and peets. Individuals and communities Firstly, we have an Indirect impact via our grant partnets. who are w(xking dir• to ifnrKokE the li experienc of individud women and gids and their Communiti by pursuing the follovAng outcoffl.. Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022
STRATEGIC REPORT Women and girls have contrrA over their txxty. Pratth. tvwal safety. arKI the11ing.. Women and girls access the rUrces. Optthunities. and sknlls they to ensure thgr sixial and onomic autonomy". and Women and girL% increase tkeir awaren. agew. and atxlity to ath(Kate f( thernsehrt and others. stems andsoaalnom Secondly. we have an Indirect Imr)act wia ow grantee partrJs. WFK) are w¥xking attwely to adthess terniC barriers that hinder the safety and autonY ol ynrnen and gir15 by pursuing the follovring out(ornes'. Improved pdicie5 and law5 that proK)te and SL¥)FX)rt ge UalIty.. Re50urcing and 5trenglhening aj gawtx)ts or9ani5at5 w(Kknng ftK guthjustice.. and ImpriY social norms and khawours thai rxomoie and surv)rt gendet equality. P8rtners andp¢¢rs Thirdly. as a grai)Imaker, we. eTheaur ro have a direct impau our grantee pafftrs by pursuing ihe following outcomes.. Organisations strengthen their organisatn81 capacity. %stainability. and %%dIng.. Organisations enhance thar arn1rj and r1wo1n9 optKX[unit'. and Organisaiions amplity their voKes in or(kn 10 Nince reach InfiLn. Below are details ol live granis actwe wthin our ) 2022 that illustrate the ol our grantee partners and the Impaci thty are wrsuing ai both Ihe ind71a1 and (xynmunilies aThJ sleMS and s¢xial norng le¥el.. £1,500,0 over 3 years Rosa s vision Is a socieiy Ihat Is safe. fair. and equal lor girt& FcHJrthY in 2(X)8. Rosa is the onty women's fund in the UK sLYely dedicat to Invesiiw in OrganisalilS that supwt gids and Vr a(ftXS iheir liv. Rosa to strengthen women s and girls ryganisab'on5. investirrfJ in thar capaoty buikliry and Infrastructure, so that they a better ae to a&Jress c¢>meX and dwerse nJs ol women and gids ar1 ensure Ihal their voices are heard. and their r¥JhlS are txoteLteAJ. A(kI1.031ty, Rosa acts at the sy51etns change le<el by using its wice to achi0 charKJe and condLfting research that aims to ytyide a tEtler understanding of the issu& that women's and 9irls' organisati()s lace and the most effectwe waF to address them. mana three main funds.. Vol$ from the Frontline. whKh txowdes srnall granls io suptxyt rarnpaigning and influencing work. Stand Wilh Us. thith its in organisati5 workirKJ to addw the impaa ol male w(Aence w VMen and 9irf5', and Rise, which funds orskini5ations by arKJ lor Black and minoritEed women and gid5. Rosa a150 undertak rearch to enhance tkr wk of the 1xgan¢Vns rt fu5. and io erwe more tuths invest in the UK'S women and girls sector. In addition to re-gianting supwrt. we are also rmfjding R{ core futKJiry to strerythen Its organisational structure and generate kn(edge a5 its stratlC initiatwes )fve. Th indudes a system to gi Rosa s leadership complete oversight and rerKJrting capability ts the or93nisat1 s finances. allthving them to f(tus rno time and re50urce5 on dirtty 5Utv)rting thr partrEr5 and Investing in grants 5 and gids organi%itions. Equal Measu$ 2030 U5$1,500.<XKI over 3 yeaws Formed In 2016. Equal Measures 2030 IEM20301 a globJ partnership of natIal. regiorHI and global leade froffl fernini5t Detwork5. civII 500ety. Internatnal dwdtPTrwt and the pnvate 5Ktor. EM2030 pffAUC the Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022
STRATEGIC REPORT Sustainable OeNdopment Gth15 1st) GeTKJer Index- the S[alled itKJex that tsack5 pr(xJre5s on global gender 4uality. With a third of countries eitkw makir¥J no rryrtss on wder equlity or mobing in the V¥Yong direciion. EM2030's Gender Index conveys workl Is off Irth the st$. &Jr the Indtt¥ also shows that 50% 01 countne5 are moving In the right dirb and that rapKJ chat¥F on wder ualIty Is rK>SSible. Using the Index findings, EM2030 works at the systems change lad by proMdirYJ a tAuwint for g¢yHnments to help make that thange happen. Core to this partnership s focus 15 the generation ol research and anaw to ensure 5 right5 Ofganisations and gender equality adV(teS have actK)nabk data. Msua16atK)ns. t(xS to monitrx wder equality progress. Via our collaboration. we wll increase EM2030 s capacity to conduct re5earth. atdy5e5 atKI a(fv(Thcy. and to provide direct resourc lor women s rights cKganisations thKates. This wll help to equip EM2030 partners with data and anaIlS to chalenge d6uiminatw L arKJ p)lo CARE International 1,&,000 over 3 year5 Across Latin Americh. 95% of paid th)mestic wcthrs are ¥%tYrw and a mwity of them expern tryolence in the workplace, and breaches ol their rights. Many don'i have legal rL¥Se (K an awareness Of the Lavts In platr to protect them. All ol this is In spile ol the lath that tlw wryllen care IK)me5. thik1r and the elderly. Founded in 1945, CARE is one ol Id s adIng humanitarian cryanisatK)ns. It vworks with partners across Brazil, Ecuadoi and Colombia 10 directty Impr(Ne Ihe Iwes of dMeS[C ork¥s. thxatjng fv their dignity and helping them better understsnd and (klend ihar rights. Pthib'onalty. CARE wcrfks at the systems thange level to advance policy change In lavoJr of c5)rrstK wYKkers by adtIr9 for the ralilKaik and IMementa.On of ILO Conveniions 189 and 1 . We are supporting CARE in its work towards irease protettion and recognib'on fcf dorne5ty'c w0erS by expanding awareness ol basic legal rghis IhroJgh skill buiilirg aTrJ Iraning in care wqces. hdping io grow labour rightg movements across Latin America. Addiithalty. ¢JJr gani ams to exiend the read) of this prograrnme to 15 countries across the region. African Women's Development Fund US$3,000,(th over S years The African Women'5 DelOpment Fund IAWtFI enwyws a w)rkl where IreedThn and dKJnity are achieved lor all. and where gender justice is a reality for Afr(an girfs. and wder-dNerse wrAe. The organisation was founded in 2(m and is the ddest athj lart ))en s fund in Afv(a. AWDF suFy)rts Ictal. natsonal. and wional women s organisalions in Africa dJ the mithy-Ea$t w¢ykn'ng ¢0 d'rectly ernF African VK)men and promote the realisation of their nghts. By special6irKJ In grantmakirg and fcased. tailced mvanent-buikJirKJ programmes. It works to strengthen and supwrt the work ol African w(Knen s (ryantsAtK)ns. A(kJibonally, AWDF iTnpacts Sten5 and social norms by amplifw.ng and celetKaling African s wce5 and athlevernts. combattirYJ hamfvl stewtyt5, and promoting Afncan women as actwe agents of change. Our partnership aims to 5UPWrt AWDF in buikjing the capacity ol the Fraople lerninist fflovefnent in Africa and the Middle East. The organisation will re-grant directty to l(Kal s rights (Yganisations collectives Wofking to 5UPWrt girls, women, and gender-dwetse peOe In Fre[h-akiry African counirie5 to enjoy their hurDan rights and live lives free trom wolence arKJ discrirnination. A(kjit1a1ty. AWDF will work wth French-5peaking Africa writers to promote gender justice. and lake part in regial and internatthal ath(w spa. Nobel U5$6(KI,OCM) over 3 years Nobel is a japan£ non-proh"t organisatTr fou[K in 21X)9. It arns to taCe the baffler5 pretIng mothers from reiurrting lo work by providing lble and atford)e chiL(kare wvices. abl1j womth to bakntr their parenting Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022
STRATEGIC REPORT and work re5pon5ibilitie5 and a(fvance their finawal i[tydence. Ntth has des1j a (hil(kare e1 that 15 flexible. affordable, and community-based and works in partnership with varK)US Stakeholders. induding regional governments. This pr(oramme not onty suwrts wkn.ng parenis by ensurirKJ iheir ac5 to a thriwrKJ care economy, but a150 Creat job optx)rtunitE5 and Impro the Iwdih(xKJ5 01 Ihikkare vthet5. Our grant aims to support Not1 in expanding its irnp by piloting its new thildGYe e1. whth will 5UPPOrt women across japan and in particular Iw-incone families. parents wkn.ng Th)n-tradilional kK)urs. or those who are seeking employrnent. Additionally. NokEI wll d&ek)p new seNce5 to better 5UPtxxt parents atKI promote healthy child development. OUR PLANS In DeLember 2022, our parent company. Ch Limit It(wh¥ with its sthKJi4ries. the-O)and Group l. slrenglhened Ils commitment 10 the FndatIon'S m6sion wilh a more Ihan ihreefold inuease In its annual financial contribulion versus the prior year. Given this signilthii in reJrces. Ihe FouThJaikJ) will undertake further long-term strategic and operarionJ planni to en9Jre Me thitwe maximum impact wth th6 incre budget aN proFtf alignment bebfven our impact amb.t1$ and intwn& ugani5atk)n w1b'e5. detab Mll be reported in future annual reFQrts. In 2023, we VAII remain committed to creating rreaningful. nlt1-Year. and impthl partwships to athithe real change for wcmen and ad)lescent girls. We wll acComlsh this ty. ACleratIng our grantming auoss all re9ions in %thich the FoJndats' operates arKJ all mdalilies of support Ilor example. proied-b&%ed. Ce1093n15afK)na1. flexibk. re4JrantirKJ, allL4n-bUlin9l, tailoring roUrceS based on the r5 01 (r grantee partna3'. Ensuring that those cl¢)se5t lo challenge5 have the resOurS Ihvy ne1 to devise irnplement solutions. by Inu1n9 our SUPFxYt to s fd5. which re-grant io grassmts. community.1 organisations and movemenis,. and Invesiing in rearCh. data. and den to achN*e T111r1uI aTrJ lastsry [rySS on wder equality, We will strengthen our granlrnaking caw'ti¢5 and improbr the w31ity of 5port offey by.. Enhancing the capacities ol wr granlee partner5 by [x(lI1KJ iweased orgJnisatiwal sUp)rt,. RleIng our grantmaking preSSeS 10 dase the administrative Mrden ori (xjr grantee partners., and DelOping our voice to Inspi stronger supwt merI aThY gids. aThJ to arnlty the vrk of our grant partners. Finally, we are working towards launchirKJ Intemal fvamLw)ths aThJ tods and oJr or9anisatB)nal design to bett genft our long-term h[ntl)ns. This IUd.. Strengthening our impacl and leaming frameork. whKJ) aims to put mIrvj at the ol our appr(>ach and provide furthu clarity our quantitat and qualitalNe IM and Investing in new headcounl auoss all regi¢yE and fun¢bo. FINANCIAL REVIEW Results and financial position During the year endd 31 Dember 2022. the FOutK)n s total amowted to US$106.6m12021.. U5$33.3rnl with total e¥pendilure of US$16.(hn {2021.. US$3.4ml. After acc(xJntiry for itnpact of foreign exchange gain5 and losse5. the net [n(YeTrt in futKJ5 during the ieflected a swplus ol US$90.5m 12021.. U5$29.8ml. Incorne wa5 der1& entirety from the 5UPtKKt ol the ch Group atKJ c(ryrEed of cash donations rerepl totaling US$42.1 m 12021.. US$9.2rn1. pged (k)natS of US$62.kn rele{2021.. US$22.1 ml. and Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022
STRATEGIC REPORT donated serv15 and faolitie5 UtIlE& dunw the year of US$1.6rn12021." US$2.(hTrl. The FndatIOn d5 not raise funds from the public or engage any third parti to undertake fulrS1ng on its behdl. Expendilure on charitable adrwrytts was comprGed of grants ex[eIllUre 10 31 organisaii(x)s I01n9 US$13.5m 12021" US$1.1 ml and support cost5 01 U5$2.5rn 12021.. US$2.3Tnl. whi not lorrnally rwnised 35 liabilitie5 a5 of year.end 2022. the Trustees also agreed in prwpk grant c(wnmitrnts in suwuent years totaling an estimated US$40.6m12021 US$4.9ml. Fondation Chanel ended the year with total funds of US$120.4m 12021.. US$29.8ml. AJI furK15 are held on an unrtricted basis and can te used in accord3nce FcKL3tK)n (Trkinel s charItae obtrxts at disuetion of the TIuSle. Resetrves A5 01 the date ol the financial stat8llents. the Ttee5 not estaNiShl a f(KrTd reswve5 rx)licy. GNen the Chanel Group's strengthened CThmmrtmt to the Fndati in 2022. the tharity cwrenuy ample unrtrICted funds 10 meet all of Ils current and aniicipaied future finanoal ccmmiiments Whi alkylrj for adjilional flexibility. Confirmed available funding as ol the ijate ol approval ol these fin0a1 statelrwts B in ex5 ol current and future commitments by US$52.193.381.. the FOUrKJat expects to redlre this excess amount considerably as Il approves rne mulli-year ganis Ihr<xJghwi 2023 and Chaniy Is not relk3nt on fundraising or public donation5 and is soleky funded by the Chanel &wp. Cash Inf1w aThY wthow5 are artnrly managed by the Foundation's fInae team throwout the year. A5 Fondation Chanel continues to expand Ils actiwties. this will be atInUallY rthioNed considering charng in risks, financiJ position. arKY lon9-term strategic 5. The Twstees understarKY the critical importance ol resew in ensuring the Charity's reglience aThJ capacity to manage Unfores financrdl challenges. Addilionally, the Trust are aware ol potential Ihal an excesgve cash reserve kK)kling may rK)I be alKJned with the Chariiy's impact aims, Any lulure decision regarding the estalshrnt of a reser Fdioj will be made Mth these considerations in mind. Going concern The frustees are satisfied that Fondatic) Chand has %thoenr ner assets to Cli1nUe its cwaiicrts lor the foreseeable future and meet all expttleij future linanoal C[n11ents. In their assessment. the Trustees ha Charity s balar Sh arLI antopaiay futwe cash inflows and outllowg ag ol the approval date ol Ihe financial ststements. The Trusieeg belfft thai the Charity is well placed to manage lis business nsks successfully. It Mll ha SuEnt linanoal resour to meet all lobilities as they fall due for at least Ihe next 12 months from the date of of these fina statements tAsed on cash on hand ol US$25.8ffl 0131 Augu5120231 and cash receKvaNe by Star1 2023 01 US$85.(h. (h thi5 ba515. the TrUSie consider it appropriate to adopt Ihe going concem basis of cnting in kYeFkirin9 financial statements with no material uncertaintEs to discbse. Risk management The Trustee5 have aSs& the principal nsk5 lacing Ihe Charity a particuLir kKu5 those that would impde ils potential for impact. They ensure the ImptatI of miligatiry tI5 in relatiw to each risk and monitor Iheir status according thrlxjghrt the year. Risk area Current rnitlgation action5 Impart". no impact or athuse impa on the Charity s grantee partneys arbd the individuals and cornrnunitie5 they seNe C9jItatK)n th Wial arKJ Ic(al eXts in desKJning proJrammatic stTategie5 afKJ in new gtantee partner t05[1 Leverase phiLinthrqyc extErbse ol Independeffjt Tru5tee5 Obtain regular f&back frotn existing gtant partneT5 Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022
STRATEGIC REPORT Risk area Current mitigation actions Hire experienced staft to COTKILJCt (kne di1¥N and dwelop and manage grantee partner relatnshIpS Obtain and reMew annLfjI grant reForting. holl r(yJtire check-ins with grantee partne[5. arKJ con(knt ste visits dunng gTrnt term. then psIble ITnpact arKJ fraIn in k)p[nent Talent attraction and retention.. failure to recruit or relain key staff al lorefvont ol our graniee partner lationshi Offer competiti¥e t>4. careu pr(ress. attractive twefits and workplace flexitxlity Fosier a stTor¥J induswe organisab.onal ojiure. fcKusstsJ on team erywenr Invest in staff leamI aFKI tOIes5K)na1 d[pt Invesr in malWt stems Financial sustainability.. logs of funding andlor In-kind 5UPWrt from the Chanel Group The (hanel is finanC&ty sound fulty committed to maintaining funding and in-kind sutwrt Financd UFJates a shared at eath Trustees meeting Trustees erwre aMe lundin9 is availab io current and future grant commiimenis before 3pprown9 any ne grant commitments Legal and compliance.. failure to meet accounling. regulatory. and legal compliance requirements Trustee -b)ardlr ItudeS 0VeM of a trustees legal duti AnnLkil. and ad hK. conflicts of interest disd09Jfes Rcknsi due dIlKJen prccess aTrl owirKJ grant management conduued by pr(xJrammaiic staff Prow grant d(thmentatK)n and lolk>N up Exwyencuj legal suptxxt fr<xn the Owel Legal department and external ath9ys as necessary The AsSlte Gerwal Cnse1-Crate ol the Chanel Group is the seclary d the Chan"ty Data protection.. failure lo process arid i)roieci data ol our staff and grantee parlners as well as the organ15ation Informati security a$srnts a carried out on ternal third-party suptliers who pr(Kess confthtwi lx pffal on the Charity 5 behalf Mandatw data prw¥ aThJ c*.security training lor all staff Exttyienced legl SUPF¥Yt Irryn the ijwnel Legal dq)artment and external ath9)rs as necessary Other linan¢ial.' intemal fraud or Idilurc ol InlLrnal controls. loragn exchange rale fluctuatic5 Internal deWDor6 of aulkrity sha aulhcsatl [ede5. irdLHJirg rnakerher prcte5ses Aiy"lity to knerage the GroLP Finan department for supwrt as ReguLir revie of aptryriatene5s ol curew hExtyirKJ Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022
STRATEGIC REPORT SECTION 172111 STATEMENT The Trustees ol Fondation Chand. in line Vrfith their dulles sectjon 172 01 the cnpanIeS Act 26, att In a way they consider, in gocxj faith, rnost Iikdy to t(Ote the SUC ol ForKlat Chanel to achieve its charitable purposes. The Tru5tee5 fflake deci510n5 Wth a lotvj-term iew in tnirKJ. aTKJ in arrI)rdan with the highest ethical standard5. Fondation Chanel s grantmaking ad1viti are f(USed on I(-trn engigetnents grantee partners, which aim to provide Ihe ttrtainty of funding necfxary for partrvs to rake de(isNe acrions ihai can effect real change. These engagements begin at the point ol originatiThJ grantrnaking optxxtUTiibe5. we e%t9ve due diligen is perform on potential granlee partners. F(dation Chanel Contin this e1 of riwr and gagement throughoul Ihe grani Iilecycle, Induding lh graniee partner surw. thy-itrday partner engawent. and the reporting obligation5 attached to grants. The Tru5tee5 rebryew atKJ apprive ery grant aWarj by the Charity to its grantee partners ensuring the Prfwd s visitxlity over all grant awards on tK)Ih an Indild basis and in the aggregaie. This commitment its ky)g-ierm Ihinkiw is deygned 10 erwre ihai Fonda11 Oonel's funding is effective. 5UStainable and aligneyj with it5 charitaNe (>Jts. strdw. and irnpact wms. The Trustees tlieve Ihat this apwcfith SUP[X) the brg-rerm 9xcess of datI Chand to achie/e its charitable purpos, by ensuring high siarmjards. and contsnuin9 reputati For¥jatn Chanel holds amongst Its grantee partners, staff. supplrrs. wuL3tors. its sok Cale ¢kTh)r. and otktr stakehoklers. Fondation Chanel considers the likdy coWLer on all ran1 stakth)kkn of Ihe decisions and actions il takes, and decisions are carefully disce{l wth affe(j stskehd(kr5 whuever p055ille. In particular. Fondalion Chanel recc£nises the FK)ientialty Irar6formarwe eftea that an award can make for grantee partners and the key stakeholders they seNe. A commitment 10 VrkIng Icwher 6 ImFwaie to ensure Ihe 9xcess ol our partnerships. the effectweness ol our charitable outcorn. and the continuing reMrtattt %%hth the Charity hokts. This spirit ol dialogue has been a cOrnetOne of the FoundatK)n s work with antee partners since its inception. and with Fondation Chanel's recent Increase in lurKJirKJ. we eywt to coniinue 10 resw)d to the ne&Ys tsl (xjr gfaniee partner5. by providing a widey range ol suppryt that ws bwTrY fina fu1ng - lor exarnple. enhancing pariner capabilities through organisalK)nal supFxyt. aThJ takn"n9 a rn(e acti rde In amlf'n9 our graniee partnets. VOIC through its own channeL8. Working closely with grant partners in this way terits w6ab.ons tkerns. bLrt nThye criticalty. thomen and adOleSnt girfs ol all backgrcunds. The Foundatth s granimaking 9JFP)rts. aThJ by exiengon enrich and improves their lixff, and the live5 01 Ir w(kr communilie5. &Jl suptxyt ol wnen and young girls also frequently contribuies in parallel. or indirectly. 10 fX)9twe ermtal oUtCes. Envmnmentsl reg1ia)ce is a key comwnent ol the economic and S1 autonomy thematic pilLar ol F0nda.0n 0)ar.5 strategy. and the Charity supports appropriate opportunitrs to cTrackJress tronMental thalkw Ihrough ils grantee partner support. Fondation Chanel is a charitable company limited by gLkirantee aThJ tkwefue has no shares. Its sole member is Chanel Lirnited. the parent company ol the Chand Grow. %thich prthides the fundirvJ ol the Charity. Fondation Chanel provid regular reFQrting to ils sok member. Ihr(vJh annual arKJ aj- reFQrting. lo ensure Ihat il h clear visibility of the outcome5 01 FondatK)n Chanel s wtyk. sde memtt also has %i5itxlity of the Charity 5 work through the presence of Trust also Ix)kJ seni(x kadffship ro al Chanel Limited. In 2022. the Foundation also conducted pericdic engagorent sessior6 th ernoYeeS of the thanel &oJp to raise awarertss of the Foundation s mi55ioD and attivitie5 arKJ engagp and exJLKate Chanel cjP on the s(x]al Is5ue5 that the Foundation is addressing. Fondation Chanel has no employee5. Ir6tead. gant and charity admintstrati was urthtaken by empltsyee5 of the Chanel Group are secondE* to the Charity arKJ thated in.kitKJ to the Charity. TIEse staff are fulty suptx)rted by the employee Infrastructu of tlrir Chand Group em0. Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022
TRUSTEES. REPORT STRUCTURE, GOVERNANCE AND MANAGEMENT Structure Fondation Chanel wa5 incorp(Kated on 2 2020 as a cotnpany l1rn1tj by guantee registered in England and Wales under company registrati number 12786875 and tered & a charity with the Charity Commission lor England and Wales on 30 july 2021 under tharity regstrati numb 1195353. It is g)vtrned by its Articles ol ASSlatIon dated 26 january 2021. The sole member of Ihe Charity is Chanel Limited. a CLxmpany registered in England and Wales undef ccmpany registration number 00203669 with its regi%iered Offi ai 5 Bad(w Flace. LorKkn. W116DG. Fondation Chanel works in dose colLgEK)ratK)n yrith ster fourKlatK)ns FOndati( d'Entrq)rise Chanel register in France Ilounded in 20111 and FOnda[n Chand. I. in the United Siaies (founded In 20161, whid) thlh have sirnilar charitable purp05e5. mission arKJ strategy. vthile eth (wate5 its gwTaphical l(Ku5. Further details on this connection are oullined in note 12 01 the statements. Objects and purpose As outlined in its Articles ol Association. FthtX)n (hanel s tharitae obiecls are. lor pU1C benefii. lil the relief ol need amongsi women and girls caused by discrimina11 u) Ihe ba9"s of sex. finapKial disadvantage or other forms ol disacfvantsge and lill 5wh otlrr as are regardoy as eXdVety dwitable Uer the law ol England and Wal, To luriher Ils objects. Fondaiion O)anel is a grantmakir¥J chan.ty and supwrts purryxes aIvjn with those listed in the Charitie5 Act 012011. In acccydance wth its grantmakn'ng pdicy set forth below. it makes grants to supp)rt a wide range ol charitable projects. iniriatrffts. and tygan6arw6 f the bwefii ol indwduals and communities. its ec0SleM ol graniee partners and peas. aThJ sle[Y a All grants awarded since the Charity's incwaDon have lurther&J these Charitab purrose5. The Trustees have complied wilh their duty lo have due regard 10 the Chan"ty CMiS9On s guhjance jIC benefii In awarding the grants. Grantmaking policy The Fondalion Chanel team engay in in-depth FKospecb'¢Ji Io Kyenlify F#)tt grantee partrers. Programmatic staff consuli with regional and gerth and philanthropc expwts aThJ otkw fun. gather data. conduct landscape analyse5 and research. and rvfom other Itkh¥(wk to thse relant strategs that inlorrn the Charity s granlmaking approach. The Charity aims to build long.temi. trust.based rdaticffjships with irs grantee partnss. grant prts¥x)sals are delOped in collaboration with the tK)lenlial partw organisati$. Pefore presenb'ng a grant proposal to the Trusie for consideration. prcgrammatic staff cdUtt r(bJst dLe diliwce wth regard. amrKJ other things. to." establishing that grant purpose5 are charitatAe'. ensunng legality ol making grants to the prosrEttive partnets.. and understanding the govemance. operaliry stwture. inten(kd imp¥t of the (x9)niSatn andlor project. The Charity th)es not award gonts to indwdLKIb. The following are imtK)rtant C0nSKkntis to 5faff and TteeS of FOndati( Chand asse59ng grant protKJsals." the anticipated xrial and enwronmenfal impact of the grant.. the potential for learning afforded by the grant.. a the history ol the Organisatit an(VtK prO1t to lunded. Once a grant is approved. the tharity dofts a grant agreonent in dEcussi w4nth the gontee partner. As most grants are awarded on a long-tertn 15 (three to fi year51. annual reFK)rbng milests are agreed to provide an updale on grant prOgrS and ong¢xng learniry and ensure that funts have tEen u1 for the agfeed chafitable purpose. The Foundation retain5 the right to cantrl any partnetship. and cease paYrt of furtkw grtnts. should the partner not act in accordance wth the terrns of the grant aTrL Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022
TRUSTEES. REPORT Trustees The names ol the Trustees Se during the retKKting aTKI up to date ol report are Outlin in the ltyjal and adminisiralDe deiails on page 3 of this Trlee$ rep¥Jt. PA)ard of Trustees is CUrrllY cornprised 015en Tru5tee5. five ol vthotn are 5eriK)r leadet4iip ernOYees 01 SO rnernt[ and ol whom are independent Trustees. Recruitment akjdappointment The appoInent of Trustees is grId by the Charitys Arbdes of ASat)n. The iwo irmkwdent Trusie were recruiied by the existing Trustees and aN1ftle based on I1r exier6we. expertise and rarw ol skills in the field5 01 philanthropy and geFKJer equality. as wdl as their eXpeen charity tx>ard5 a5 (hair or trustee. Truste are appointed to office for three.year teyms and may seNe a mwmum of three seCUtive twms. None ol the Truste receive remUneratn wilh pea 10 Ihtir as a Tiusiee. In accordance with the Articl of Assc(iation. new Trustees may be aprxxnI by ordinary re501ution ol the member or by decision ol the existing Trustees. re must aknays a minimum of ivn Trustees. Induction and training All current and new TrUs[e un(kng0 a indLthon ess. TW recewe an 1ndL10n comprised ol Charity s main governing d¢xuments. an oveNew ol projramrnalic prrib.e5 and strategi, financial position, and legal considerations. including copEs ol relevant Charity CommissK)n ldarre. Addi11a1ty. any rwly apFoinled Trusie engage in Seri ol iniroductoty trainirKJ sess¥)ns wilh extsiin9 Trusiees and staff rnernbe ol Fondation Chanel. The Charity manages conflicts ol interest by fequirirrtJ all TnJstees to dedare thar tK)ard Fx)Sitons at other organigètions and inier&t In any potential r1pt of a grant arKJ step of any subsequent discussions pn.or to any decision Ing made in respect ol vthich they he a conllKt. Management The Trustees rneei the to lour times per year to agree the sirategc di1 of the Charity. grant PIOFrf)sals, award grants in line wth Ihe Charity's ganimaking Wicy. and assess aThJ M¢il0r the Charity's financial position and key risks and opp(xluF)ilie5. The Trustees del4ate resp)nsibility for -tdaY manawent of the Charity to the (1)a1 Head. the Managing Director-UK. and other highly qualified staff. The PrtsKJent. Global Head. andlor the Managir¥J DireLtor-UK typically share a managemeni update al each fftttirg ol &rd ol Trustees. All staff are emplow of the Chanel GroJp and are remuwated in C£dae wth the GroJp's ccKnpensation polici and practitts. They do not receive direcl comtrnsatw fvom the (harity oulgde of expense reimbursements incurred In relation to carryirg out attnnties behalf of the Charity. Staff arKfj ofhce facilities costs ol Fondation Chanel are bome by the Chand Glow atKJ are rec(dj a5 dated and facilitie5 of15et by an equivalenl exprnse in the finawal statements as dwibed in note5 1. 5. and 12. Related parties Related party relationships are further described on page 13 of ths Truslets repyt. Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022
TRUSTEES. REPORT STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are rponSIble tor prepariT¥J the Tru5tees' RerK)rt linduding the strategK rwrtl and the financial statements In accordan United IGngd¢yn knouniing Swidar(6. compr6iThJ FR5102 -The Financial Reporting standard applicable in the unit "ngd(ll aTKJ RetxJtAic of IrelarKJ". and awAlCab law (Unitd Generally Accepted Accounting Practice). The lav¢ applicable to thar111 In England & Warts requires the Trustees lo wepare financial statements lor each financial year which give a true and fair VEW of the state ol af["r5 of the Chanty and ol its itKotne aTKJ expenditure during that periiKt. In preparing the financial siaiements. the Tnjsiees art wuiraJ to". select suitable accouniiw le5 and then appty tk*m con56tenty'. obseNe Ihe methods and prirtcipks in ihe tharilies SORP Isiaiement of Rectynrwded Praaicel,. make judgments and estimaies that are reasiab arKI tyudent." stste whether applicatde Unit¢YJ KJ'nOrn kcounting Stards IFRS 1021 have teen lolkJwed. subject to any material departur dtsdosed and eXained in finawal skierwts". and prepare the financid sthiemenrs on the going corwn basis unless 116 Inappropr]ie to prume thai the Charity wll continue in operaiiori. The Trustees are rp)ngb fu keepn9 aea]Lklte cntIng rdS that 9Jffioentty disdose wth reasonable accuracy at any time the financial p)YivJn ol Ihe arity and enaUe Ihem 10 9jre thai Ihe financial statements comply with the Companies Act 2006. are akn ponSie lor safeguarding the assets ol the Charity and hence lor taking reonable step5 lu the preWtIc deiecb'on ol tra and other irrVIants.es. The Trustees are r&pon&ble for the Maintenan and intety ol Onty's website. Legislation in the United ngdom goveming t preparati and disserninatkjn of staternents may difFer legOt in other jurisdiciions, In so lar Ihe Trustees are aware.. thwe is no relevant audil inftymatlc of Charity's auditor is mavore.. and the Truste& have taken all sieps Ihai OWI 10 have taken to make themsdves aware ol any rele4ant audit Informati and to estalSh that Charity's aL&Yitor is aware of that infoThnatk)n. Auditors The auditor. Emst & Y(yJng LLP. is deem to be reapptynt&J in accordan wth Secti 485 of Companies Act 2CQ6. This Annual Report Iinduding t(>th the strategic repyt and Trustees rep)rtl was apwoval by the PA)ard ol Tru5tee5 on 29 SeptemtEr 2023 atKJ gned on their tEhall by.. Kate Wylie (hair ol the 8oard tsl Trustees and PreSKknt. Fondatth OAnd Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF FONDATION CHANEL Opinion We have audited the financial statements of FondatKJn Chanel for the year eThJed 31 December 2022 which cornprise Statern8nt of firiancial activities, balance sh8et, statement of rash flows and the related notes1 10 13 including a summary of significant accLxJnting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Aco)unting Standards IUnit8d Kingdorn G8n8rally Acc8Pted Accounting Practic81, induding FRS 102 'Th8 Financial Reportiry 5t8ndard applicable in the UK and Republic of Ireland-. In our opinion the financial statem8nts.. giv8 a tn8 and f8ir view of the stat8 ol the charitsble c(xnp8nys 811airs as 8t 31 Dec8mb8r 2022 and ol its net income and apicatiOn ol resour. induding its #icome and expendibjre, for the year then ended.. have been properfy prepared in aciordance with United Kingthm GenerallyAccepted Accc#Jnting Practice., and have been prepared in accwdance with the requirernents of the Companies Act 2006. Basls for opinion We conducted our 8ydrt in 8ccord8nce wrth International Siandards gn Auditing IUKI IISAS IUKII and applicable law. Our responsibililtes under those slandards are further descnbed in the Auditor's responsibilities lor the audit ol the financial statements section ol our report below. We are independent of Ihg charrtab18 company in accordance with the ethical requirernents that are relevant to our audit ol the financial statements in lh6 UK. including the FRC'S Ethical Standard. and we hav8 fulfilled our other ethi1 responsib'lities in accwdance wlh Ihese requirements. We believe that the audit 6vklenc6 w6 have obtained is sufficienl and appropriate to provkle a basis for our opinion. Conclu8lons relatlng to g0Sng concern In auditlng the financial statements. we have conduded Ihat th& Truste, use of th& going concern basis of accounling in the preparation ol Ihe financi81 sialements is approprialg. Based on the work we have performed. we have nol identrfied any material uncertainties lating to èvènts or eonditions that, individually or eolleciively, may cast significant doubt on the charitablè company's ability lo continue as a going eoncem lor a period ol tw&lve months from vthan th& flnancial statements were aulhorised lor issue. Our spOnsibl11es and the responsibilities ol the Trustees ¥th respect to going concern are described in the relevant se¢lions of this report. However. because not all fvture events or condilions can ba pr8dietad, Ihis statèmant is not 8 guardntsa as to thè eomp8ny s ality conts"nu• as a going concern. Other Informatlon The other inlonnation comprises Ihe inlomation included in Ihe annval )rt. other than the financial slalements and our auditor's repori thereon_ The Truslees are responsible for the other informats'on colltain8d in the annu81 report.ompan Our opinion on th8 financial stat8rnents d08s not (X)V8r th8 olh8r inforrnatK)n and, except io the exi8nt otherwise expliatly stated in this report, we do not express any fomi ol assurance conclusion thereon. 16
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FONDATION CHANEL {Continuedl Our resptsnsibilrty is to rea¢J the other infomiation and, in (kn"ng so, considerwhelher the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or oth8rwis8 8pp8ars to b8 rnaterial rnisst8ted. If w8 identify such material inconsist8ncie5 or apparent material misstatements. we are required to detemiine 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 misststement of the 0th8r inlonnaln, we are required to report that fact. We have nothing to r8P(xt in this r8gard. Opinion on other matter prescribed by the Companies Act 2006 In our opinion, based on the wck urbdertaken in the course of the audit the information given in the Trustees. Repct, which indudes the directors. report. and the Strategic Report prepar8d for Ihe purwse ol cornpany law, for the financial year for which the financial statements are prepared is consislenl with the financial statements," and The Strategic Repc¥t and the directcws, rept induded within th& Trustees, Report hav& b8en prepared in accordance applicable legal requirnents Mattors on whlch we are roqulred to roport by exceptlon In light of Ihe knowled98 and underslanding of the charrtable comp8ny and its environment obtsined in the course ol the 8ydiL we have id?nlif*d no material mi58latem¢nts included wrthin the TrustgeS' report. Wè hav8 nothing to r8POrt in resp8et of th8 folbwiNJ matters wh•rè th& CompanièsAct 2006 raquirns us to report to you if. in our opinion.. adequate accounting records have not been kept or relums adequate for our audit have not been received from branches not visited by us; or the linanaal statemen¢s are not in agreemenl wilh Ihe acc4wnting records and retums,. or certain disclosures of Trustees, remuneralTh sp8cified by L8w are not made.. or we have not received all th6 InfomiatKJn and explanations we require for ouf audit. Responslbllltles of Trustees As explained more fully in the Trustees, respOnsilitieS statement on page 15, the Trustees (who are also the directors ol the charitable company for the purposes of ry)mpany lawl are responsible for the pr8paralion of th8 financial stsiements and for beiThJ satisfied that give a true and fair view, and for such internal control as the Trustees detemiine is necessary to enable the preparation of financial slalements that are free from material misslalement. whether due lo fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the charilable Company's ability to continue as a going concern. disdosing. as applicable. matters related to going concern and using the going concem basis of accounling unless rnanagetnent eiiher intend5 to IK4uidate the charitable company or to cease operations. or has no realistic altemative but lo do so.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FONDATION CHANEL {Continuedl Auditor's responslbilltles for the audit of the financlal ststements Our objectives are to obtain 8$Onable assurance about vhether the financial slatements as a whole ar8 free from material rnisstat8ment, whether du8 to fraud or 8rr(x, and to issue an aLJditor's report th8t includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misstatement when it exists. Misstaternents can aris8 from fraud or error and are ¢onsider8d material rf. individually or in th8 aggregate, they could asOnablY be expected to influence the economic decisions ol users taken on the basis of these financial slatements. Explanatlon as to what exlent the audlt was consldered Cable of detecdng lffegularltles. including fraud Irregularities. including fraud. are instsnces of nc-COMplIan¢e wth laws and regulations. We design procedures in line with our responsibilities. ouuined above. to detect irregularities. including fraud. The risk ol not detecting a material misstatement due lo Iraud is hwJher than the risk of not detecting one resulting from error. as fraud may involve deliberate concealmenl by. lor example. forgery or intentional mi5repre$en¢ations, or through wllusion.The extent to which our procedures are Capable of dgtecting irregularit185, including Iraud 15 d8tail8d b8low. However, the primary r85ponsibilty for the prevention and detsclion ol fraud rests with both those charged with govemance ol lh6 entsty and managernent. We obtsined an underslanding ol the bg81 and regulatory frameworks ¢h8t are applicable to the charitable company and delerrnined that the most $19nthcanl are Charities SORP IFRS 1021 Accounting an¢J Reporting by Charitiès. Companies Act 2006. Charilies Act 2011 and Her Majesty's Revenue and Customs IHMRCI. We understood how Fondation Chanel is ¢omF4yirwJ wilh tl*)s? frarneworks by makiThJ gnquirie$ of man8g&manl and Ihosè rèsponsiblè lor thè18gal and compliance prOClur0$. Wè corroboratad our enquiries through our inspection ol the board minules as well as consideration ol the results ol our audit procedur85 8cr05S th8 enlity. We assessed the susceptibility ol the charitable company's financial statements to malerlal misstatement. including how fraud rnighl occur by reviewing the ethics handtM)ok that the company and its represenlalives are responsible for and performed managemenl inquiries of ihe procedures to identify risk ol material misstalemenl due lo frau¢J and error. Based on this underslanding we designed our audit procedures lo idenlify nonComlance with 3uch laws and regulations. Our procedvre3 involved VIewIng 981 and professional eorr8spond8nc& and eorroborating wilh managèmènt inquiii8S. A further description of our responsibilities for the audit of the financial statements is Icthted on th6 Financial Reporting Council's websile al httpS.'IA.frc.Org.vk1aUd•torsresponsIbII1ts.es. This dascription forms part ol our audilL¥'S r&port. Use of our report This report is rnade solely to the Charitab company's members. as a body. in accordance wth Chapter 3 of Part 16 of the Compan5 Act 2006. Our audit w(xk has b8en undertaken so that W8 might State to the charitable companys rnernbe those tnatters we are required to state to thern in an auditor's report and for no other purKM)se. To Ihe fullesl extent penmitted by law. we do not accept or assume responsibility to anyone other Ihan Ihe company and the company s mernbers as a body. for our audit work, for this report, or lor the opinions we have formed. rrttsL 4 Caroline Mulley Isenior slalulory audi¢orl lor and on behalf ol Emst & YouThJ LLP. Statutory Auditor Newcasue upon Tyne 29 September 2023
STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 DecemtEr 2022 2022 UnStriCted 2021 Unr¥tricted uss uss It)com• from.. DonaLions Total 1ffi.647.741 32.305.697 106.647.741 33,305.697 Expt)dltur• on.. Charitable activities 13.520.169 2 457.130 15.977.298 1.095.957 SupFth CtS Total 4.5.6 2.34J.103 3.439.060 N•t Incorno .670.443 29.866.637 ot.gor recogr.lsod pns- eAchange Other unrecogn15thY11055e51- lor•gn exch¥rft Net m¢)vement in funds 14.987 137.422 .548.6 2.259 22.913 29.846.584 R•¢on¢lllatlon ol fvnds.. 29.846.384 Total funds ¢arrled forwwd 120.594.392 29.846.584 All income and expendilure are dered trom conDThJ cwaiths and rdaie to unrestnagj funds dwing the reporting period. The statement ol financial actr¢ities ilL1 all pns and k)sses rwnis8J dLrrin9 the rep)rting period. The noles on pag# 22 - 30 form part ol these linawal statemts. Fondation Chanel . Retx)rt and Final Statetnents 2022
BALANCE SHEET s of 31 December 2022 Ute* 2022 uss Unrestrfcted 2021 uss Non-¢urr¢nt u$¢ts: 11.505.IX Total 11.505.LXY) Curr¢nt sets.. Debiors Prepaymenis h at bank and in hand Total 85.iXO.3EI) 10.620.( 6.747 26.510 3&035. 121.043.073 18,767.629 Currnnt li•bllltlu'. 10 648.681 120.594.392 4?6.?45 29.846.384 Total as5et5 less current liabilitie5. n9 nrt assrts Th• fund¥ of th• <h4rtty'. Restricted lunds Unrestrict& luDd5 Total charit fvnd5 120.394.392 120.394.392 29.846.384 29,846.384 The noies on pages 22 - 30 forrn part ol these linawal Stater The Financial statement5 01 FOrthtn Chanel Iregi51ralicn no. 127868751 cm page5 19- 30 were approjed and aulhofised for issue by the P4)ard ol Trusw 29 septemb 2023. TW e 9gwJ on its bthall by." P.8. Blondiaux Dire.c.lor & Tru%1 Fondation Chanel . Retx)rt and Final Statetnents 2022 20
STATEMENT OF CASH FLOWS For the year ended 31 DecemtEr 2022 2022 sus 2021 sus Cash flows from op•vatlng adi¥fjtlw- D(N)aiions recei OrEr3iin9 pIllu wa Net cash provlded by operatlng actlwtle5 42.125.((K) 9.2CD.C09 14.210.153 1.078.890 27.914.847 8,121.119 ch9* In ¢•sh •nd ¢•sh ¢qulv¢nts in r•portin9 y¢¥ Cash and ch WUivalen15 ai the Winning ol the re[rtirj year Cash and a4sh uivalents at the end of the r 27.914.847 8,121.119 36.035.966 8.121.119 Note 111 tsh balance on 31 Lkcember Telkn Stthry acrw Fondation Chanel . Retx)rt and Final Statetnents 2022 21
NOTES TO THE FINANCIAL STATEMENTS 1. PRINCIPAL ACCOUNTING POLICIES The principd accounting pol arplEd in the preparatK)n of tlEse linanCI statnentS are set out below. Basis of preparation The financial statements have teen prepared urthf the h6tixl cost cV£ti arKJ in acc(Kdance with UK Generally Accepted Accouniing Poctice and other ap1(ab standards irdL¥YirwJ the O)anlies SORP FRS 102 (second edition - OrtotEr 20191. the Financial Rep(KtirYJ Standard applicable in the UK and Republic ol Ireland (FR£ 1021. the Companies Art 2LX)6. and Charitts M 2011. Owity cStituteS a wljic benefii ttity defined by FRS 102. The financial statements are prented in U.S. ¢)Ilars and rou to the nearest thllar. Any transactions undertaken in foreign currency are Iranslaied inio U.S. dolLirs. Ihe weibminani oJrrency in which the thafity r&Leives income and expends cth arMJ the1<ye its fur1031 and presentatK)n curren(y. Reporting period These financial statements have been r(epared lor t1 year ended 31 Dwnter 2022. The comparative Peri( lor the 2021 financial year represents an extended reFXYtirg perKxJ from 2 AL912020 thrOh 31 December 2021. On 21 January 2021. the Charity filed a tharge ol acci)Jntiro rel¥ee date wAth Comronies House to extend the end date of ils accounring relererKe pertsj frcm 31 2021 to 31 Cember 2021 lo agn with the calendar year going forward. Income recognition All income Is recognIs in the slalernenl ol linaFDal ac¢Mt5 Charity is ¢tIlled to the incorne, the amouni can be quaniilied rellay. any ClditnS for recapt have be met. and rereipt is probable. Income is comprised ol monetary donations and d)nated semces and IlItieS. Monetary dOnatiS are r6rogni5ed as irwre raPt. In the t of rncrtary th)natKS pw bul not yei received, the amount is accrfftd lor as incume there enDtlement has been e5&l6hed and receipt is considered probable. Donated serbices and facilities eSent the value of senris tome by Charel Limited during the rertIng peric in providing second& stsff. office lacilrties. aj offte e(w1wl to the Charity. a valued at actual cost and renISed in Ihe financial slaternents as InCe offset by an equl cOrreSdIng an1 as expenditure when they a e1Vable and quantifiatle. Expenditure recognition Liabilitie5 are recogn15ed as e¥wditure Wh 15 a 1 or Cthstttwe ci)tnfflittiry the Chanty to the exFenditure, the amount of the obligation can quanti reli4bty. and settlement is probab. All expenditure is accounted lor on an accruals basis in Ihe peri(KJ in thith it is irLiJred. EXdi1U 6 c(Thprised ol charitable grantmaking actibryty as well as all 5UPtK)rt costs reLited to gTantrrh*ing and the owall adtnin15tration of the Charity. Grants are rttffjnised as payabk wlw tlve is a legal or a51[[j¢1[e oNigab'on to pay established by the Truste apprOTrI ol the grant. 5vJnature of a grant ajreetnent. and the reotyent'5 fullilltnent ol any relat conditions, as applicable. ikny aardS TtI[j t re((vnitn (rita bui not paKJ at the end ol the reporting period are for. M05t ol the Chanty 5 grants are rnulti-year c0tnrnittnen Rdea5e of funding in 5Ub5eyt year5 i5 conditional upon satisfactory elpt of rerx)rting on on grant pwress and ConfirTrklt that grant fun(È have tEen Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022 22
NOTES TO THE FINANCIAL STATEMENTS Used only for the agreed Charitable purtK>5e. Su"eCt to luture condition5 whKh are not rewni5eA as liabiliti at year-end are disclosed as future gant committnents in note 3. Cash at bank and eash in hand Cash at bank and cash in hand conSts of dl acCntS that are awlAe on demarKI. Debtors and tredito Debtors and other receiwables are recoanised as an asset when a past Lwent regJlts in a wesent oblalIc that will result In the Charity receiwng lund5 fr(ND a third paty arKJ the TeceNabk atnount can be quanbfied rdiably. Debtor5 are recognised at their anticipat settlement arnount. Credilots and other payables are recognised as a liab.lity when a past t re9Jlts in a FKeseni oblKJaiion that wll result in transfer ol lund5 to a third party aj the atnount p8yaNe can rrea5ured or lbty estifflated. Creditors are recognised at their anticipated settlement arnowit. Foreign turrency translation Assets and liabilities In foreign currenc$ are tranats into U.S. thjlars at the ck6irg e%ttonse rate of the balance sheel date. Foreign currency Irartsactiorts Iranated inio U.S. dollats ai the tk)sing exthansE rate as ol the transaction date. Foreign exchange gain5 arKY losse5 ultIng from the settlerrent of %Kh transactions and from the translation ol monetary assets and Iiab"Iilies dencminaied in oJrrenoes other than U.S. dollars al year4id exchange raies are recognised as other gains arKJ losses arKI hen ¢onsxffed in arrivirYJ at the net mtyJement ol funds. T&xatlon Fondaiion Chanel is a re9iStered charity ttweftye has no14ibility to incune tax cf corporatK)n taK on income derived from its chariiable ltieS as wiihin the varvJJs exttnpbcms av&Lit4e to re9isiered tharities. Any 1rrec0verae VAT 15 relted in exrtnditure arnowts tha io siaternent ol finala1 actMtS. Critital atcountin9 estimates and Jud9ements In the application of Ihe Charity"s accounting Fdicies de9ibed ehere in note 1. the Trustees are requi to make e51imates, judgements, and assumpticffjs aLul the carryin9 amounts of assets aThJ Iiaknlities that are not readily apparent from other sources. The estimate5 asated assumption5 we based on historral experien and other factors that 9dered to rdtvant. re9Jlts may difFer frcxn tkese estimate5. Eslimates and sUMPtiOnS are &ed on an otwing b5. Rtrn'ons to accx)wting e5titnate5 are recrynised in the period in which the esiimate is wised il the rslon affects onty that in the Flyi of the r•qsion and future if the mision attect5 tK)ih CUTnt aTKJ futu The Tntstees ¢*) not consider there a any critical judgements or stxJrce5 01 est1tnat1t utKertanty wun9 dixk)sure. Fund accounting All funds are held on an unrestricted bass a1 can be used in acc¥xdarKe ¥Mth FdaD'On (ha1 s charitable objects al Ihe disuetion ol the Trlee& Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022 23
NOTES TO THE FINANCIAL STATEMENTS Assessment of going concern The TrLJStees are satisfith that Fondation Chand has SLrffiaent net assets to tinue its (wati(S for the foreseeable future and meet all expected future finwal ccffimilrrtnts. kndingly. final statements have en prepared on a going contrrn basis. In their SeSsment. the Trust have the Charity's tdance sheet arKI antiapated futufe c2sh inflows and outflows as ol the approoal date of Ihe linanoal statements. The Trusiee5 bdeve thai the Oofity is well plattd 10 anage its businS nsks 5uccessfulW and ttrkat it will have suffiaent financial le5our to nt all liabiliti as they fall due for at It the nekt 12 months frrm the date of approval of these finanoJ statefflts. Based on this. the TrusIe consider It appropriate tts adq)I Ihe Ing wcern basis ol cjniirJ in eparng the financial statement5 With no material uncertaintEs to di5ckY. 2. DONATIONS 2022 us 2021 us Monetary donations retei¥pAI Mone1 donations Teceivable 0(aLed swic 0(ared lacilibes To1 42.125J 9,2m.m9 22,125. 1.081.232 62.875m) l.N1295 899.456 106.647.741 33.305.697 3. GRANTS EXPENDITURE Total Gr•nt Awarded 20Z2 uss 1.467.033 2021 vss Grant port1011o & rt¢lpl¢nt Afrlca & MENA African Women's D0V1 Fund Curren¢y USD EUR USD EUR 3.(0).) 664 743 353.954 2.(XX) 53.079 Doria Feminist Fund Play Intemational XOESE USD 339.395 210.(ÉÉ1 Asia-Pacillc Asian.Pacilic Re50urce & C•trt fty Wtyy AVPN Gender Pwled Fund Breakthrough Tmst tone 2.717,389 333.334 388,1)J) USD USD USD I.(KK).(KX) 3m).(KX) 3.(X)3.916 Eth.403 USD USD USD 2.( I.030 240KXX) 168.(XX) 2.[ Dasra UK Nobel 7)78 Root Impact Single Moihets Forum UK lor UNHCR Urgent Action Fund ftK Wws Human ghts USD USD EUR 4.(KK) 138.(XX) 120.(XX) 345.149 J).(xX) EUR I .(KK) 162.473 (Table continued on next page.) Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022 24
NOTES TO THE FINANCIAL STATEMENTS 3. GRANTS EXPENDITURE ICONTINUED) Grt Awardeil 2022 uss 2021 uss Gr•nt portlolio & r¢cipi¢nt Globallmultl-reglon C(Flmpact Gender Fund Equd measu 2030 (via Panotama Globall French Ministry lor Europe and Forgn Affa Natial Foundaiion ol Polilitsl S(r. The Paris Peatt Forum Shake the Table Ivia Panorama Globall Thousand Currents Womanily Foundation. The Wcjtnen Deliver Women's Fund Asia Ltd. Curr¢n¢y 6.094.876 3.C(D.(xxi 200.1 USD 15.(XXI.C(x) USD EUR EUR USD USD 391.212 240(KX) 163.664 40.(KX) USD USD USD USD 1..(K) 2yJc(o 3ny).(xx) 2,¢1 1.(xx).rrx) Latin Amerfca CARE Fran Pro Mujff. Inc, 584.333 384.333 200,ts)0 EUR USD i.c(o.(A)) Unlted Kln9dom Global Fund for childr UK Twst. The Imkaan Rosa Fund Sireei League Women's Budget Group Women's Resource tre Total 2.656.538 1.282.437 307.957 GBP EUR GBP GBP GBP 3217.449 493.487 189.522 1.543CO) fJ)2.624 58.949 43Ca) 59.486 892.524 433.794 GBP 899.118 337.683 13.520.168 1.095.957 'Nolc Ill 2021 annual rw lthgT* ty•iiv1è6 nthr thE.lIn NmeriCA' rxytto1 tyJl hds Future grant commitments As 0131 Ek'LLmbLr. Fuiiddlion Chard had estimated lulure gwt commibytnts as folkM%". 2022 2021 U5$ Payable In the year endlng.. 31 DecemLEr 2022 2,551.063 1.495.199 31 tkcemLEr 2023 11.951.591 31 December 2024 14.327202 835,2 31 December 2025 31 Lember 2026 31 De¢emtrRr 2027 Total 8.888.679 4.179.173 l.Z67.464 40.614.108 4,881.552 Future grant ctynmiiments will be deaned lYable arKJ recognsed as IRbilitts in rd)ntr wth trt rec(onition polig Set out In note 1. All future cotntnittnwts will be funded wbith cash in haTKJ pw donations from Chanel mited. Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022 25
NOTES TO THE FINANCIAL STATEMENTS 4. SUPPORT COSTS 2022 vss 2021 uss Grani managem1 and charity admin5ttat) ct6ts Ac(ounliDg athisory seN15 Audit f5 2.363.714 2,C62.576 36,936 40,596 45.883 638f 29.557 lal fees Tax adSOry servit Total 157.512 2.457.130 2.343.103 All supwrt cosis are incurred in latits) 10 Fondaith a)and s tharitatye actmties Sin no fundrai&ng is undertaken by the Charity. 5. STAFF COSTS 2022 us 2021 uss Salary costs Scoal security costs Pension C1$ Other Wef115 Total 854.783 86J.4JO 122.567 25.018 38.927 1.041.295 183.255 19.330 13.198 1.081.232 All Fondaiion Chanel slafl are ernOyed and rernunerated ty the Charel Grwp in wth its comFnsaiion policies and prauices and seconded io Ihe Charity ¢J) aiher a lull.liwe or part-lime basis io support grant porilolio management. admini8lraliw. and overJl rnanagemenl of Ihe Oiarity. kn e5tima ol the appropfiale proFQrtion ol their time dedicated to the Charity is irdLthd wlhin donated senritts. In 2022, the aberage num ol lull-time equNdent staff was 7 12021.. 61. 01 full-time eM0y&S was S and parl-time employe was 2. The Charity s key management pewnnel cts)%st ol PKkn1. Glcyal Head ot Fondabon a)anel. and Managing Director UK. The President holds a broader rde wthin the Qonel Qp. thus the stsff cost incurred by the Charity is an apportioned eslimaie based on time cmItted to the Chanty. In 2022. total remuneration receD by key management personnd was US5415.651 or £336.07812021.. U5$391.611 c £288.4561. The number ol Chanel Grovp 51aff w(yking w the Charity whose aptxYtione(J emolurrenls (saw and othey benefits, excluding pension) during the year totaled £60.(tQ or above as fdlows. 2022 2021 £fy),(m. 70.rm £70,(K)i . ao.(rK> £.{M)I . 1W.(KKJ £110.(01 120.CKK> £130.(01 - 140.(KK> £1EQ.(K)1 . 170.(XX> Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022 26
NOTES TO THE FINANCIAL STATEMENTS Defined contribution plan Defined contribution pen510n plan tEnefits lor F0tKjatn 0e1 staff are prom( utKkr Var Chanel Group plans. Contributions made to tAan thring the year tota1 U5$25.01812021.. U5$19.3301. 6. GOVERNANCE COSTS 2022 uss 2021 Accounting advisory servitrs Audit lees Legal lees Other prDlesgon¥ $CeS Tax adSOry sefvic Travel & meetings Total 40.596 29.557 45.883 1.701 157.512 2.058 282.586 f.479 96.596 Governance costs are included wrythin SUFP)rt costs. No Tiusiee received any remuneraiits) Ir¢)m Fc)daDth) Chand c a rdaied party durirg ihe reFth'n9 period lor their services a5 a Trustee. Included wiihin 'travel & meetings. is travd and acc(xmmcYatK)n expense totalirg USW7 coveraj by the Charity related to Board meeting attendance by c)e Trusiee. 7. DEBTORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR 2022 2021 uss Debiof5 Total 11.505.Q)) 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 U5$ 2021 uss Deblors Prepasrynenis Total 85.(KK>.3f 10.620.r 26.510 10.646.510 6.747 85.QK)7.108 The current debtors balan primarity cor61sts of edged L*)natK)ns frcm I Gtoup antiopateA for rlpt in 2023. Prepayments bJance primarity rdales to philanlhropr ann memttrship fees that span 2022 and 20E3. Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022 27
NOTES TO THE FINANCIAL STATEMENTS
9. CASH AT BANK AND IN HAND
2022
uss
2021
uss
Sterliw accDunt
US$ aCCnt
Toul
628.626
35407.340
1.227.950
6.893.169
8,121.119
36.035.966
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
uss
2021
uss
Grants payable
533.334
189.522
115.347
648.681
?36.723
426.245
Total
Grants payable creditors balan corfjists ol grani insiallments ¢knned payable bul unpaid as 0131 December.
Other Credito balance consists ol aCCrd eX[se lor alt fee5 and other seThI.
11. RECONCILIATION OF NET INCOME TO NET CASH FLOW
PROVIDED BY OPERATING ACTIVITIES
2022
uss
2021
uss
Net Income lor the r•portyng perlod
9).670.443
29.866.637
AdlwItrnts lor..
162B55.5971
222.435
14.987
37.422
122.151,5101
426,245
2.259
InCre In (redil
NOTES TO THE FINANCIAL STATEMENTS During the year. Fondation (hanel recaved d(Yated incotne of US$106.647.741 froTn the cha[ Group comprised of monetary donations and thnated semces and f111eS as 0ullin in note 2 the table below. Monetary donations of US$42.125.(W were rectsved in (ash d)ng the year FAedged dorK3tK)ns weivable in fijture year5 01 US$62,875,(KD rernaining outstanding. The Charity operates from Chanel office premises. Grant charity MIniStration was undertaken by employees ol the Chanel Group are seconthd to the O)anty. &)th staff arKJ usage ol offitr faciliti and equipment utili5ed during the peri(xJ were donateyj In-kiTKJ to the Chanty and vu1 at LS$1.647.741 based on an apportioned estimate ot cost incured felated to the Charity's (wab'ons. Five ol the seven current directots arKJ meMts ol [d of Tntstees emrAoyed by the Char1 Group. Travel and accommodation exFVW totaliry USS887 was by ts Owi'ty relited to meeting aitendance by one Trusiee. 2022 uss 2021 uss Nonetary donations reiei%r Monetary donatic5 reieivable Donaled 5ervice5 42.125 62.875.(KK) I,f>11.295 9,2m.C(D 22,125, 1,081 232 899.456 33.305.697 Donaled facilities Total 106.647.741 Connected loundations Fondation Chanel WO with sister tndatIOnS in France l-Fondati d'Entrewse Charel- or the-French Foundation") and Ihe United slat I"Fondaiicffj Cha. Inc." c the-U.S. FoJndaon.I in so far as the sistef loundalion5 actibiti are compatiNe wryth the (haritys CtIJts. Each ol the sistey fowdatons exists lor charitable purposes in their ow jurisd1$ as Outli bekw. and is r83uktaJ as SLKh. REGISTERED OFFICE PURPOSE Fondation Chanel, Inc. The CorIr71101l Trust Company Corporation Tru51 Center 1209 Ofange Si. Wilmingion. DE 19801 United States The general purposes l¢y which Fts)daDon O)arl. Inc was formed are to conducl similar charitabÈ ac1Mlie5 to Ihe purtK)ses ol the Charity. For the pJrFoses of U.S. reguiiton. tkese purpms are qualified as being exclusive tlbjse that alkw It 10 qty as an exempi organization under Section 501 Icl131 ol the In¢unal knue C(Kk ol 1986. as amended. or any SL(cessor state thereto Ithe-Cc¥Je-l. induding. for SLth purPe5. the makirvJ of trIbu0Ths to niSat5 vA)Ich qualify as taxé¥empt ganall¢$ the Ccmye. The speofic and wimary purpose lor which Forthtk)n Chanel. I. was to advan w(men as agents ol chay IhrtxJghtxJt the ld. tx)th by suprxxting en,5 efnrKwerment thrOh lil part10patn and aderShiP. lill health and Sla1 proleclion liiil ecorK)mic i[denCe and enirepweuthip and Iivl education alld training. a5 well a5 by 5UPtxYting women in art5 and culture. Fondats'on d'Entreprise Chanel 135 avcnuc Charlc5 dc Gaulle Neuilly-sur-seine 922 France The of Fdati( d'Entryse (hand is aligned with those of Chanty and In parti0jr. its 6 to work in Frantr and Eurore t irnpr(we the ecotunic and s(Kil conditK)n ol )fflen and ad01cent gid5 r¥Jardless of their origin. While Ihe different Fondation Chanel sister entit share gmilar Charitab purrx>ss. M90. stfat4y. and values. they are legally independent in their decision takirKJ arKJ GTantrnaking. Ekn enbty Opwates wth its ovm geographical l(£us rooted in lid context. T1 Charity s giantmaking 0pe Include5 the UK Africa. Asia-Pacific, Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022 29
NOTES TO THE FINANCIAL STATEMENTS Latin America. MENA, and wulti-region lnitkitDS. The FreJth FwndatioTTr 5 sc(ye centre5 on Flan and Europe. The U.S. Foundation s primary scope is on the unit States. MeC0. and the Caribbean. There is no direct sIrLur& legal rdatior6hip ttfvttn Ihe entilies. 0 TrL61ee of the (Jority a&0 serwes on the Board ol the French Foundation as Pre5i(knt. One Trustee ol the Charity akn 5etve5 as a dIrt[ on the Board ol the U.S. Foundation. 13.SUBSEQUENT EVENTS No significant subsequent events ve mted by the i)wty up to the date of ggning ol these )unts. Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022 30