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..........-...-.-...........................................................................-...........-..........................,.. Balan￿sheel...........................................................................................................................20 StstementolC￿hllWs.................-......-.-.........................-..........-.-...-.-....-..........-.........................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¢￿S￿e 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 Tr￿eel 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 C￿MpanY for the purposes ol the Companies Act 21X)6. present th￿r annual retKKt on the affdr5 01 the Charity. indu5ive ol thi5 strategic report. Trust￿ rewrt. indeWd￿t a￿11￿$ rwrt. and finanoal stsierrrnts for the year ended 31 December 2022. Th15 report Sets out the arwmjal accounts. whth C￿f0￿M to FRS 102 the Chanties Staternent ol Recommended Practice ISORPI. The Trustees. in preparing this strat￿lC rewrt. have compled Secti￿ 414C of the Companies Act 2iJ)6. The rewrt ha5 been preparexl to provide ihe SO￿ metnber ol F￿datK)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 De￿rntEr 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 d￿￿tsitI￿. 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 soluti￿5 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 is5￿5 w)men arml adoleS￿t gids lace in their •rryday lives, This informs the de￿￿nent 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, Th￿e hvo thematic pilLars are cnDal fourKYatK)ns to our stralegic apwoth. Safety & wellbeing Women and adolescent girls must ￿ 9￿7[ant&d furKJamentd t¥Jhts and [eS(xJr￿ to li￿ healthy Iwes, f￿e from violence. Th￿e indude adequate sta￿jardS ol Imng. ￿ to safe h¢xsng. basic health sffiqces. sccial and legal prot￿tiOn, 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.b￿ed health and w￿l￿ng. 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 Ch￿CeS 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. Intell￿tual. and econotnic fullilrrbent through erntlowt or enireprenvJt5hip. They can take on leadership opportunities at work. in their c(xrmunities. and in S￿al 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[pr￿t, a￿5> to a well-r&ourced and supttstNe care ￿r￿Nny. 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 aut￿ornY. 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 Str￿g1h￿lrKj ol ￿gan￿tionS al￿ movements that are tackling the structures perpeiuaiing gender Ine9￿311t*S arcyJnd Ihe ￿￿. (>Jr granree parmers wyk wiihin theif communities io addres5 these r(￿1 causes. evolve lon*standing 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 achi￿ementS 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 InCr￿e in r&earch and adv0cacy-b￿trAJ partnerships wth 9k)b￿ swpe. We abo furtlw SIr￿ured m￿eX and dwerse n*Js ol women and gids ar￿1 ensure Ihal their voices are heard. and their r¥JhlS are txoteLteAJ. A(kI1￿.0￿31ty, Rosa acts at the sy51etns change leSSible. 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(x￿S 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 anaI￿lS 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 exper￿n￿ tryolence in the workplace, and breaches ol their rights. Many don'i have legal r￿L¥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 d￿MeS[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)rr*stK wYKkers by ad￿tIr9 for the ralilKaik￿ and IM￿ementa￿.On of ILO Conveniions 189 and 1 ￿. We are supporting CARE in its work towards i￿rease￿ protettion and recognib'on fcf dorne5ty'c w0￿erS 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$3,000,(th over S years The African Women'5 D￿elOpment Fund IAWtFI enwyws a w)rkl where IreedThn and dKJnity are achieved lor all. and where gender justice is a reality for Afr(an girfs. and wder-dNerse wrAe. The organisation was founded in 2(m and is the ddest athj lar*t ￿))en s fund in Afv(a. AWDF suFy)rts Ictal. natsonal. and wional women s organisalions in Africa d￿J the mithy￿-Ea$t w¢ykn'ng ¢0 d'rectly ernF￿ African VK)men and promote the realisation of their nghts. By special6irKJ In grantmakirg and fcased. tailc*ed mvanent-buikJirKJ programmes. It works to strengthen and supwrt the work ol African w(Knen s (ryantsAtK)ns. A(kJibonally, AWDF iTnpacts S￿te￿n5 and social norms by amplifw.ng and celetKaling African s wce5 and athlevern￿ts. combattirYJ hamfvl stewtyt*5, and promoting Afncan women as actwe agents of change. Our partnership aims to 5UPWrt AWDF in buikjing the capacity ol the Fra￿opl￿e 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 peO￿e In Fre[￿h-￿akiry African counirie5 to enjoy their hurDan rights and live lives free trom wolence arKJ discrirnination. A(kjit1￿a1ty. AWDF will work wth French-5peaking Africa writers to promote gender justice. and lake part in regi￿al and internatthal ath(w spa￿. Nobel U5$6(KI,OCM) over 3 years Nobel is a japan￿£ non-proh"t organisat￿Tr fou[K￿ in 21X)9. It arns to taC￿e the baffler5 pre￿tIng mothers from reiurrting lo work by providing l￿ble and atford)￿e chiL(kare wvices. ￿abl1￿j womth to bakntr their parenting Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022 STRATEGIC REPORT and work re5pon5ibilitie5 and a(fvance their finawal i[ty￿dence. Ntth has des1￿￿j a (hil(kare ￿￿e1 that 15 flexible. affordable, and community-based and works in partnership with varK)US Stakeholders. induding regional governments. This pr(oramme not onty suwrts wkn.ng parenis by ensurirKJ iheir ac￿5 to a thriwrKJ care economy, but a150 Creat￿ job optx)rtunitE5 and Impro￿ the Iwdih(xKJ5 01 Ihikkare vthet5. Our grant aims to support Not￿1 in expanding its irnp￿ by piloting its new thildGYe ￿￿e1. whth will 5UPPOrt women across japan and in particular Iw-incone families. parents wkn.ng Th)n-tradilional kK)urs. or those who are seeking employrnent. Additionally. NokEI wll d&ek)p new seNce5 to better 5UPtxxt parents atKI promote healthy child development. OUR PLANS In DeLember 2022, our parent company. Ch* Limit￿ It(wh¥ with its sthKJi4ries. the-O)and Group l. slrenglhened Ils commitment 10 the F￿ndatIon'S m6sion wilh a more Ihan ihreefold inuease In its annual financial contribulion versus the prior year. Given this signilthii in re￿Jrces. Ihe FouThJaikJ) will undertake further long-term strategic and operarionJ planni￿ to en9Jre Me thitwe maximum impact wth th6 incr￿e￿ budget aN proFtf alignment bebfv￿en our impact amb.t1￿$ and intwn& ugani5atk)n￿ w￿1b'e5. detab Mll be reported in future annual reFQrts. In 2023, we VAII remain committed to creating rreaningful. n￿lt1-Year. and impthl partwships to athithe real change for wcmen and ad)lescent girls. We wll acCom￿lsh this ty. AC￿leratIng our grantm*ing auoss all re9ions in %thich the FoJndats'￿ operates arKJ all mdalilies of support Ilor example. proied-b&%ed. C￿e10￿93n15afK)na1. flexibk. re4JrantirKJ, allL4n￿-bUl￿in9l, tailoring r￿oUrceS based on the r￿￿5 01 (￿r grantee partna3'. Ensuring that those cl¢)se5t lo challenge5 have the resOur￿S Ihvy ne￿1 to devise irnplement solutions. by Inu￿1n9 our SUPFxYt to s f￿d5. which re-grant io grassmts. community.1 organisations and movemenis,. and Invesiing in r￿earCh. data. and ￿den￿ to achN*e T1￿11r￿￿1uI aTrJ lastsry [ry￿SS on wder equality, We will strengthen our granlrnaking caw'ti¢5 and improbr the w31ity of 5￿port offey by.. Enhancing the capacities ol wr granlee partner5 by [x(￿lI1KJ iweased orgJnisatiwal sUp￿)rt,. R￿le￿Ing our grantmaking pr￿eSSeS 10 d￿ase the administrative Mrden ori (xjr grantee partners., and D￿elOping our voice to Inspi￿ stronger supwt ￿merI aThY gids. aThJ to arn￿lty the v￿rk 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[nt￿l￿)ns. This I￿Ud￿.. Strengthening our impacl and leaming frame￿ork. 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 D￿ember 2022. the FOu￿tK)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(Y￿eTrt in futKJ5 during the ieflected a swplus ol US$90.5m 12021.. U5$29.8ml. Incorne wa5 der￿1& entirety from the 5UPtKKt ol the ch￿ Group atKJ c(ryrEed of cash donations rerepl totaling US$42.1 m 12021.. US$9.2rn1. p￿ged (k)nat￿S of US$62.kn r￿e￿le{2021.. US$22.1 ml. and Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022 STRATEGIC REPORT donated serv1￿5 and faolitie5 UtIlE& dunw the year of US$1.6rn12021." US$2.(hTrl. The F￿ndatIOn d￿5 not raise funds from the public or engage any third parti￿ to undertake ful￿r￿S1ng on its behdl. Expendilure on charitable adrwrytts was comprGed of grants ex[e￿IllUre 10 31 organisaii(x)s I0￿1n9 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(wnmitrn￿ts 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 unr*tricted basis and can te used in accord3nce Fc*KL3tK)n (Trkinel s charIta￿e obtrxts at disuetion of the TIuSle*. Resetrves A5 01 the date ol th￿e financial stat8llents. the T￿￿tee5 not estaNiSh￿l a f(KrTd reswve5 rx)licy. GNen the Chanel Group's strengthened CThmmrtm￿t to the F￿ndati￿ in 2022. the tharity cwrenuy ￿ ample unr￿trICted funds 10 meet all of Ils current and aniicipaied future finanoal ccmmiiments Whi￿ alkyl￿r￿j for adjilional flexibility. Confirmed available funding as ol the ijate ol approval ol these fin￿0a1 statelrwts B in ex￿5 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 Ihr4. 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 t￿OIes5K)na1 d￿[p￿t Invesr in malW￿t *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 UF*Jates a￿ shared at eath Trustees meeting Trustees erwre aM￿e 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￿ It￿udeS 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 frJ￿ts. strdw. and irnpact wms. The Trustees t*lieve 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¥jat￿n Chanel holds amongst Its grantee partners, staff. supplrrs. wuL3tors. its sok C￿￿ale ¢kTh)r. and otktr stakehoklers. Fondation Chanel considers the likdy coWLer￿ on all r￿￿an1 stakth)kkn of Ihe decisions and actions il takes, and decisions are carefully disc￿e{l wth aff￿e(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 V￿rkIng Icwher 6 ImFwai￿e 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 cOrne￿tOne 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￿￿￿ fu￿1ng - lor exarnple. enhancing pariner capabilities through organisalK)nal supFxyt. aThJ takn"n9 a rn(￿e acti* rde In am￿lf￿'n9 our graniee partnets. VOIC￿ through its own channeL8. Working closely with grant￿ partners in this way t￿erits w6ab.ons tkerns￿. bLrt nThye criticalty. thomen and adOleS￿nt girfs ol all backgrcunds. The Foundatth s granimaking 9JFP)rts. aThJ by exiengon enrich* and improves their lixff, and the live5 01 I￿r w(kr communilie5. &Jl suptxyt ol wnen and young girls also frequently contribuies in parallel. or indirectly. 10 fX)9twe e￿r￿m￿tal oUtC￿es. Envmnmentsl reg1ia)ce is a key comwnent ol the economic and S￿￿1 autonomy thematic pilLar ol F0nda￿.0n 0)ar￿.5 strategy. and the Charity supports appropriate opportunitrs to cTrackJress t￿￿ronMental 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 memt*t 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 ern￿oYeeS of the thanel &oJp to raise awarertss of the Foundation s mi55ioD and attivitie5 arKJ engagp and exJLKate Chanel c￿jP 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 em￿0￿. 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 l1rn1t￿j by gua￿ntee 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 ASS￿latIon 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. F￿thtX)n (hanel s tharita￿e obiecls are. lor pU￿1C 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 eXd￿Vety dwitable U￿er 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 ec0S￿leM ol graniee partners and peas. aThJ s￿le[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 C￿MiS9On s guhjance ￿ ￿j￿IC benefii In awarding th￿e grants. Grantmaking policy The Fondalion Chanel team engay in in-depth FKospecb'¢Ji Io Kyenlify F#)t￿t￿￿ 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 rel*ant strateg*s 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 d￿elOped in collaboration with the tK)lenlial partw organisati￿$. Pefore presenb'ng a grant proposal to the Trusie* for consideration. prcgrammatic staff c￿dUtt 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)niSat￿n andlor project. The Charity th)es not award gonts to indwdLKIb. The following are imtK)rtant C0nSKknti￿s to 5faff and T￿￿teeS 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 prO1￿t 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 prOgr￿S and ong¢xng learniry and ensure that funts have tEen u￿1 for the agfeed chafitable purpose. The Foundation retain5 the right to cantrl any partnetship. and cease paYr￿t of furtkw grtnts. should the partner not act in accordance wth the terrns of the grant a￿Tr￿L 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 Tr￿lee$ rep¥Jt. PA)ard of Trustees is CUrr￿llY cornprised 015￿en Tru5tee5. five ol vthotn are 5eriK)r leadet4iip ern￿OYees 01 SO￿ rnernt￿[ and ol whom are independent Trustees. Recruitment akjdappointment The appoIn￿ent of Trustees is g￿rI￿d by the Charitys Arbdes of AS￿at￿)n. The iwo irmkwdent Trusie were recruiied by the existing Trustees and aN￿1ftle￿ based on I￿1r exier6we. expertise and rarw ol skills in the field5 01 philanthropy and geFKJer equality. as wdl as their eXpe￿en￿ ￿ 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 remUnerat￿n 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 1ndL￿10n ￿ comprised ol Charity s main governing d¢xuments. an oveNew ol projramrnalic pr￿rib.e5 and strategi￿, financial position, and legal considerations. including copEs ol relevant Charity CommissK)n ￿ldarre. Addi11￿a1ty. 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 r￿1p￿t of a grant arKJ step of any subsequent discussions pn.or to any decision ￿Ing made in respect ol vthich they h￿e a conllKt. Management The Trustees rneei th￿e to lour times per year to agree ￿ the sirategc di￿1￿ 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 ￿-t￿daY 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£*da￿e 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(￿d￿j a5 d￿ated 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 r￿ponSIble 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 ￿l￿e5 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 reasi￿ab￿ arKI tyudent." stste whether applicatde Unit¢YJ KJ'n￿Orn kcounting Sta￿rds IFRS 1021 have teen lolkJwed. subject to any material departur￿ dtsdosed and eX￿ained in ￿ finawal skierwts". and prepare the financid sthiemenrs on the going corwn basis unless 116 Inappropr￿]ie to pr￿ume thai the Charity wll continue in operaiiori. The Trustees are r￿p)ngb￿ fu keepn9 aea]Lklte ￿c￿ntIng r￿￿dS 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 ￿ponSi￿e lor safeguarding the assets ol the Charity and hence lor taking re￿onable step5 lu the preWtIc￿ ￿ deiecb'on ol tra￿ and other irr￿VIants.es. The Trustees are r&pon&ble for the Maintenan￿ and inte￿ty ol O￿nty's website. Legislation in the United ngdom goveming t￿ preparati￿ and disserninatkjn of staternents may difFer legO￿t￿￿ 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 esta￿lSh 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 ap￿icatiOn ol resour￿. induding its #icome and expendibjre, for the year then ended.. have been properfy prepared in aciordance with United Kingth*m 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 ethi￿1 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 ￿spOnsibl1￿1es 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 a￿lity ￿ 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 inlonnal￿n, 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 wc*k urbdertaken in the course of the audit the information given in the Trustees. Repc*t, 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, rep￿t induded within th& Trustees, Report hav& b8en prepared in accordance applicable legal requi￿rnents 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, respOnsi￿litieS 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$Onable assurance about vhether the financial slatements as a whole ar8 free from material rnisstat8ment, whether du8 to fraud or 8rr(x, and to issue an aLJditor's report th8t includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misstatement when it exists. Misstaternents can aris8 from fraud or error and are ¢onsider8d material rf. individually or in th8 aggregate, they could ￿asOnablY be expected to influence the economic decisions ol users taken on the basis of these financial slatements. Explanatlon as to what exlent the audlt was consldered Ca￿ble of detecdng lffegularltles. including fraud Irregularities. including fraud. are instsnces of nc￿-COMplIan¢e wth laws and regulations. We design procedures in line with our responsibilities. ouuined above. to detect irregularities. including fraud. The risk ol not detecting a material misstatement due lo Iraud is hwJher than the risk of not detecting one resulting from error. as fraud may involve deliberate concealmenl by. lor example. forgery or intentional mi5repre$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 prOC￿lur0$. 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 nonCom￿lance 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 Compan￿5 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 Un￿StriCted 2021 Unr¥tricted uss uss It)com• from.. DonaLions Total 1ffi.647.741 32.305.697 106.647.741 33,305.697 Exp*t)dltur• on.. Charitable activities 13.520.169 2 457.130 15.977.298 1.095.957 SupFth C￿tS 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 der￿ed trom conDThJ￿￿ cwaiths and rdaie to unrestnagj funds dwing the reporting period. The statement ol financial actr¢ities i￿lL1* all pns and k)sses rwnis8J dLrrin9 the rep)rting period. The noles on pag# 22 - 30 form part ol these linawal statem￿ts. Fondation Chanel . Retx)rt and Final￿￿ Statetnents 2022 BALANCE SHEET s of 31 December 2022 U￿￿t￿￿e* 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• 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 conS￿ts of dl acC￿ntS that are awl*Ae on demarKI. Debtors and tredito Debtors and other receiwables are recoanised as an asset when a past Lwent regJlts in a wesent obl￿alIc￿ 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 a￿j the atnount p8yaNe can rrea5ured or ￿l￿bty estifflated. Creditors are recognised at their anticipated settlement arnowit. Foreign turrency translation Assets and liabilities In foreign currenc￿$ are tran￿ats￿ into U.S. thjlars at the ck6irg e%ttonse rate ￿ of the balance sheel date. Foreign currency Irartsactiorts ￿ Iran￿ated 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￿ ￿ ¢onsx*ffed 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 1rrec0vera￿e VAT 15 rel*ted in exrtnditure arnowts tha￿ io ￿ siaternent ol fina￿la1 actMt￿S. Critital atcountin9 estimates and Jud9ements In the application of Ihe Charity"s accounting Fdicies de9ibed e￿here in note 1. the Trustees are requi￿ to make e51imates, judgements, and assumpticffjs aL￿ul the carryin9 amounts of assets aThJ Iiaknlities that are not readily apparent from other sources. The estimate5 as￿ated 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 b￿5. Rtrn'*ons to accx)wting e5titnate5 are recrynised in the period in which the esiimate is wised il the r￿slon affects onty that in the Flyi￿ of the r•qsion and future if the mision attect5 tK)ih CUT￿nt aTKJ futu￿ The Tntstees ¢*) not consider there a￿ any critical judgements or stxJrce5 01 est1tnat1t￿ utKertanty wu￿n9 dixk)sure. Fund accounting All funds are held on an unrestricted bass a￿1 can be used in acc¥xdarKe ¥Mth F￿daD'On (ha￿1 s charitable objects al Ihe disuetion ol the Tr￿lee& 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 busin￿S nsks 5uccessfulW and ttrkat it will have suffiaent financial le5our￿ to ￿n￿t all liabiliti￿ as they fall due for at I￿t the nekt 12 months frrm the date of approval of these finanoJ stateffl￿ts. Based on this. the TrusIe￿ consider It appropriate tts adq)I Ihe ￿Ing wcern basis ol ￿c￿jniir￿J in ￿epa￿rng 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 To￿1 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 D￿￿0V￿1 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) Gr￿t 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 For￿gn Affa Nati￿al 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 L￿ember 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 managem￿1 and charity admin5ttat￿) ct6ts Ac(ounliDg athisory seN1￿5 Audit f￿5 2.363.714 2,C62.576 36,936 40,596 45.883 638f 29.557 l￿al fees Tax ad￿SOry 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 C￿1$ 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 ern￿Oyed and rernunerated ty the Charel Grwp in wth its comF*nsaiion 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 eM￿0y&S was S and parl-time employe￿ was 2. The Charity s key management pewnnel cts)%st ol P￿Kkn1. Glc*yal Head ot Fondabon a)anel. and Managing Director UK. The President holds a broader rde wthin the Qonel Q￿p. thus the stsff cost incurred by the Charity is an apportioned eslimaie based on time c￿mItted 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 F0tKjat￿n 0￿e1 staff are prom(￿ utKkr Var￿ Chanel Group plans. Contributions made to tAan thring the year tota￿1 U5$25.01812021.. U5$19.3301. 6. GOVERNANCE COSTS 2022 uss 2021 Accounting advisory servitrs Audit lees Legal lees Other prDlesgon¥ $￿CeS Tax ad￿SOry sefvic Travel & meetings Total 40.596 29.557 45.883 1.701 157.512 2.058 282.586 f.479 96.596 Governance costs are included wrythin SUFP)rt costs. No Tiusiee received any remuneraiits) Ir¢)m Fc*)daDth) Chand c* a rdaied party durirg ihe reFth'n9 period lor their services a5 a Trustee. Included wiihin 'travel & meetings. is travd and acc(xmmc*YatK)n expense totalirg USW7 coveraj by the Charity related to Board meeting attendance by c*)e Trusiee. 7. DEBTORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR 2022 2021 uss Debiof5 Total 11.505.Q)) 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 U5$ 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 r￿lpt 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$ aCC￿nt 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 aCCr￿d eX[￿se lor a￿lt 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 AdlwItrn￿ts lor.. 162B55.5971 222.435 14.987 37.422 122.151,5101 426,245 2.259 InCr￿e In (redilte 11. Th￿ chanF Ik)e5 not Impact the prior year net result or the openinglc105ing fund baL4nce a5 it Is a carr￿￿n of prese1)tati￿ wihiTI the note only. 12.RELATED PARTY TRANSACTIONS Conneeted companiÈs Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022 28 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 f￿111￿eS 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 v￿u￿1 at LS$1.647.741 based on an apportioned estimate ot cost incured felated to the Charity's (wab'ons. Five ol the seven current directots arKJ meM￿ts ol ￿[d of Tntstees ￿ emrAoyed by the Char*1 Group. Travel and accommodation exFVW totaliry USS887 was by ts Owi'ty relited to meeting aitendance by one Trusiee. 2022 uss 2021 uss Nonetary donations reiei%r Monetary donatic￿5 reieivable Donaled 5ervice5 42.125 62.875.(KK) I,f>11.295 9,2m.C(D 22,125, 1,081 232 899.456 33.305.697 Donaled facilities Total 106.647.741 Connected loundations Fondation Chanel WO￿ with sister t￿ndatIOnS in France l-Fondati￿ d'Entrewse Charel- or the-French Foundation") and Ihe United slat￿ I"Fondaiicffj Cha￿. Inc." c* the-U.S. FoJnda￿on.I in so far as the sistef loundalion5 actibiti￿ are compatiNe wryth the (haritys CtIJ￿ts. Each ol the sistey fowdatons exists lor charitable purposes in their ow jurisd￿1￿$ as Outli￿ bekw. and is r83uktaJ as SLKh. REGISTERED OFFICE PURPOSE Fondation Chanel, Inc. The CorI￿r￿71101l Trust Company Corporation Tru51 Center 1209 Ofange Si. Wilmingion. DE 19801 United States The general purposes l¢y which Fts)daDon O)ar*l. 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 q￿ty as an exempi organization under Section 501 Icl131 ol the In¢unal knue C(Kk ol 1986. as amended. or any SL(cessor stat￿e thereto Ithe-Cc¥Je-l. induding. for SLth purP￿e5. the makirvJ of ￿￿trIbu￿0Ths to ￿niSat￿5 vA)Ich qualify as taxé¥empt gan￿all¢￿$ 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 thrO￿h lil part10pat￿n and ￿aderShiP. lill health and S￿la1 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 F￿dati(￿ d'Entryse (hand is aligned with those of Chanty and In parti0j￿r. its 6 to work in Frantr and Eurore t irnpr(we the ecotunic and s(Kil conditK)n ol ￿)fflen and ad01￿cent gid5 r¥Jardless of their origin. While Ihe different Fondation Chanel sister entit￿ share gmilar Charitab￿ purrx>ss. M￿90￿. 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 lnitkitD￿S. The FreJth FwndatioTTr 5 sc(ye centre5 on Flan￿ and Europe. The U.S. Foundation s primary scope is on the unit￿ States. Me￿C0. and the Caribbean. There is no direct sIrL￿ur& 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 dIr￿t[￿ on the Board ol the U.S. Foundation. 13.SUBSEQUENT EVENTS No significant subsequent events v￿e mted by the i)wty up to the date of ggning ol these ￿)unts. Fondation Chanel - Annual RetK)rt and Finanod StaterrMts 2022 30