The Chimo Trust CIO Annual Report and Financial Statements for the Year Ended 30 April 2024 Registered Numter.. CE028840 Charity Number.. 71986% li CHIMO TRUST ANDERSON BARROVICLIFF LIMITED Chartered Accountants
The Chimo Trust CIO Statement of Accoun for the Year Ended 30 ril 2024 Page Report ofthe Trustees Report of the IndependentAudttors Statement of Financial ActiwDes 14 Balance Sheei ststement of Cash Flows 16 Notes to the Account5 17-21
him Trustees Re rEn ri12 REFERENCE AND ADMINIRATIVE DETAILS Charity name The Chimo Trust CIO I"Chtmo Registered charity number 1198696 Principal address Charlton House Wincanton Somersei BA9 8ES Trnstee5 Gavin White Nigel Corner Dr exandra Jaffee Fiorella Massey MBE Sir Charles Walker KBE (resigned 17.11.241 Karen Turner lappointed 22.09.241 Auditors Anderson Barrowcliff Limited 3 Kingfisher Court Bowesfield Park Stockton on Tees TS18 3EX Bankersllnvestment advisors UBSAG 5 Broadgate London EC2M 2QS Page I
him Trustees Re rÉn 24 The Trustee5 present their reptsrt the audired financial starements of the charity for the period ended 30 April 2024. The truste have adopted the prowsions of the Statement of Recornmended Practiie ISORPI"Accounting and Reporting by Charities" in preparing the annual report and financial staternents of the charity. The financial rtatements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply wilh the charitys governing docurnen( the Charities Act 2011 and A(counting and Reporting by Charities.. statement tsf Recommended Pracrice applicable io ch3rrries preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK ar Republic of Irefand published in October 2019. Trustees The following persons att as trustee Gavin White Nigel Corner Dr Alexandra Jaffee Fiorella Massey MBE Sir Charle5 Walker K8E Iresigned 17.7 1.241 Karen Turner lappoinied 24.09.241 Chimo'sfounder Gavin White 15 a trustee for life. orher trustees are appointed for a 3-yearterm and may be re-elerted for subsequent 3-year terms. Trustees are appoinied by the existing trustees. The indurtion process for any newty appointed trustee comprises an Inal meeting with 311 existing trustees. In addition, the appointed trustee will be prowded Trmth a copy of the Charity Commission's guidance The Essential Trustee=Whatyou need to know,. a copy of the charrty5tTUSt deed and a copy ofthe13test annual reportand accounts. OBJECTIVES AND A1VITIEs Mission Chimo's mission is to restorÈ hope and purpose to young people struggling with Iheir menial health. Ir15ion Chimo Invest5 in ch2Tlties that harness the therapeutic powers of sporL nature or (he arts to prowde holistic mental health supporr (o people under the age of 25. Chimo's wsion Is for social. non-clinical. evidenced-based forms of support to be readity available to young people who are disengaged from etlucaiion. rraining or work due to poor mental health. Aim Chimo's goal is to develop a select portfolio of innovative ar collaboratNe charities wth thÈ potential to transform the mental health landscape for young people. The social prescribing sector for young people's meni31 health is imrnature and fragmented. Chimo wants to a role in helping the sector develop and catalyse the emergence of strong and sustainable organisationstowork alongside rraditional menial health 5erviies allowing moreyoung people to ger the help they urgenity need. We sUPPOrt and challenge our charrty partners to develop programme5 thai are impactful. Scalable and cost effe(tNe and encourage and enable our partner chariiies to collaborate and share best practice. Public beneflt The trustees confirm Ihat they have considered the guidance contained in the Charity Cornmi55ion's gener31 guidance on public benef1 when setting the grant making ptslicy for the yeèr. The trust complies with It5 public benefit re5ponsibilitses by making grants ro charities or communiry inierest companies working co support young people dealingwith rnenial health challenge5. Page 2
Trust En ril 20 Grant making The Charity has esiablished itsgrant makn.ng policy so asto achieve irs objects and granteesare selerted in accordance with this policy by the cruscees. The trustees have a clear straiegyto identify and siJPPOrt charitieswhich use innovative. holistic approaches to young people's mental health. Chimo's goal is to invesc for the long (erm and pui disconnected young lives back on a path to a healthy and productive future. The trustees have set the following main fvnding criteria and are committed to prioritise charities.. Thai align c105ely wth Chimo's mission with their own clear wsion and theory of change That blend the (herapeutic power of the arts. nature and sport wirh psychological and emotlonal support from trusted adults to help young people experiencing mental health chèllenge5 Which have the ambition, capabilrty and Sion to expand the reach of their artNities erther in the area where they already operate or to other parts of the UK That have clearly defined and cost-effective prograJnmes wtth a focus on long-tertn outcorlles That can evidence the irnpaa of rheir intetventions Which are prepared to Co-operate and work with other charities in the Chimo netYrk to share best pracrice and knowledge to advance the creation of sector champions That have dNersified funding streams to ensure their long-lerm business model is both sustsinable and scalable hich have annual income in excess of £200k but less than £2m in their social prescribing aaivities so the Charitys grants can have a meaningtul impact on each charitys work That are working to drive significani change in the range of options avaikble to suppon young people's mental health. The trustees do not consider unsolicited request5 for funding and applicants are onty inv¥ted to apply after a substantial period of due diligence including visits by one or more trustees. The Charity has one funding round per year. Al grants are subject to on*oing monitoring and review. Chirno's objectwe is to enable its Partner charities to do more and reach more young people in need. The Charitys policy is to make grants over 3 years to charitable organisacions with Ihe annual arnount of a grant awarded to an individual organi5ation limited to a maximum of of the organisation's annual income, so the organisation does not become overly dependent on Chimo's lundtng for sustainability. Thecharity does noi generalty prowde funding for long term capital projett5, although exceptionallythe trustees may make one off capital grants. The trustees reserve the right to make exceptions to these general terms and vary grant sizes, timescales and the sizeof organisation itfunds so longas iifitswith Chirno's main charitable obiertive to support youn8 people experiencing ment31 health challenges. Chimo'5 long-term aim is to support a selett group of charities vthich have rhe wsion and capability to expand their reach so they can plan with confidence. The trustees carry out appropriaie due diligence checks to ensure Ihai funds are used onty for Charlble activities. Grants are monitored annually to determine whether anyadditional due diligence should be undertaken on a change of circumstances that mighi Irnpact the recipient. Page 3
Trustee5 Re for the Y il 2024 ACHIEVEMENT AND PERFORMANCE Charitablè activlties Chlmo's mission is to restore hope and purpose to young people strLtggling with their mental health. We identify and support charities that use the sport. nature and ihe arts to deliver holisuc men(al hearth support to young people. In Ihe Charitys first two years of operations. the trustees have conduaed extensive markei research. met with over 70 charities and organi5ations working in the field ofyoung people's mental health and social prescribing and engaged with many mental health professionals. In March 2024, we held our first Chrrno summft bringing together chatitie5 in the Chimo network to meet, share ideas and build connettions. We are keen for our partner charities to collaborate and learn from each other so they can develop with confidence and benefiting from the knowledge of other leaders in the sector. Chirno's s&ond funding round took place at the end ofthe year the trustees approvtnggrants co 4 new charities. Total grants of £300,000 were awarded ro be paid over a 3-year period. ofwhich £25.Th)O was paid out by the end of the financial year. The full list of newgrants made in the year is set out below. Organisation Dandelion Time Funding for Core funding ro expand farm-based therapeutic programme Funding for CEO to lead non<ontacr boxing charity Expansion of Mandem. Let's Talk poetry programme New loach to expand holistic running programme GRIT Poetic Unity Running Charity In its first two years, Chimo has commrtted £1.21m of funding to 13 ch3rttie5. As a re5uI thousand5 of young people across the country are accessing support they urgently need. Our charity partners use activities such as non-contact boxing, gardening, walking in narure. runnin& surfin& the creative arts and working with horses to deliver therapy that doesnt feel like therèpy. Chimo's portfolio approach enables its partners (o collaborate and share best practice so that they can strengthen and acceleraie thebr programmes. Charity partner5 Comics Youth Comics Youth delivers comics-based literacy, publishin8 and wellbeing proje(ts to young people in Merseyside and beyond. 5ession5 5UPP()rt young people ro rake ownership of their own narra(Nes by embedding opportunities for sell-expression via publishing zir)es and comics. Cownic5 reach people froffl dtverse back8round5 who dont engage with other 5errices. Cornics Youth works with CAMHS to offer preveniative community suppon for young people on the CAMHS wai(ing list in the Merseyside area and during the year has made progress in expanding its model to other areas of the UK including Dundee, London and the Lake District. As it looks 10 grow. it is working wilh heal(hiare professionals. comic book artisrs, and seaor specialists to ascertain what condttions are needed co develop and expand comics prattice nationally in order to offer better 5UPPOrt for children and young people's mental health needs. Chimo has funded the appointment of a Developmeni Direttor who is leading the development ofthe branch model. Page 4
him Trustees Re 24 Core Arts Core Art5 15 a leading mentsl heèlth creatÈve education centre based in Hackney, promoting positwe mental heakh and wellbeing Ihrough a college-like environment of crearive learning. It offers a varied programffle of activitie5 from dance and gardening to fashion design. box fit and music and is run by professional artists, writers and musicians. It gets referrals to lis inspiraiional facilty from 22 London boroughs. Core Arts wants to expand its offering and is building a new Community CreatNe Education facilrty on a purpose bu1 touring canal boat. This will allow it to increase its reach of 18-25-year-olds from 250 to 350 peryear. Chimo has funded part of the refurbishment of Core Artg new touring (anal boa¢ which wll launch in 2025. Dandelion Time Dandelion Time provides farm-based therapeutic programmes for children aged 6-13 experiencing mental health challenges, typicalty linked to traumatic experiences of abuse, domesticviolenceand neglect. An intensive therapeutic support prograrnme is provided for around 200 children and rheir families annualty, delwered from the charitys three Sltes In North, Mid and West Kenr. Children and carers participate together supported by Iherapeutic st3ff in a range of practical farm based and craft activities engagn8 with the natural world. The prograrnme successfully supports children to overcome the emoiional impaa of trauma and improve Iheir mental healrh and wellbeing. Children are supported to improve their relationships and sotièl interartlOll5, improve theirself-esteem. confidence and resilience, and re-engage wr(h school l improve their engagement wth learning. Over the next 3 years, wr(h the support of the Chimo. Dandelton fime aims to significantly increase the number of children and families benefrting from its work, through existing programmes and through developing new partnerships with orher agencies. Alongside work wth children & farnilies, Dandelion Tirne will a150 disserninate its m&thodology and approach through delivering a corr5prehensive programrne of CPD training for professionals involved in the care of children and young people. Dose of Nature Dose of Naiure delrvers nature prescriptions for people stru&gling wtth a wide range of mental health difficulties. Its work is rooted in a wealth of scientific evidence that dernonstrates the physiological and psychologic31 benefits of spending rime in nature. It delivers 8-week naiure prescriptions to people dealillg wih a range of rllental health Issues using education, first-hand experience and practical and motivational suppon to encourage young people to move awayfrom their screen5, connert wtth nature and make lifestyle change5 that 11 have a lasting Impact on their rnental wellbeing. Programmes are delivered by chartered psychologists and a nemork of trained and dedicated volunteers. Referrals come from 150 GPS across 70 GP practice5 in the London borough5 of .Chmor1d and Kingston and in Guildford and Is wor"ng with Integrated Care Boards and local councils to increase the percentage of statuiory funding. It 15 collaborating with LSE on a year-long Rcf Irandomised control triaD (o investigate the efficacy of its programme and is committed to building the iase for nacure inrerveniions 10 be included In NICE gLJidelines a5 an alternbtpie to rnedication and traditional psychological interyention Chimo ha5 funded the appointment of a new psychologist enabling Dose of Nature to increase the number of young people ir supports annualty- Over the course of the last year, Dose of Nature ha5 adapted its nature pre5crTrption5 to 5Utt the particular need5 and life51yle5 of young people, produced marerials and leaflets Specifical tsrgeted at young people and developed excellent relationships with other organisarions supporting young people's menial health. including CAMHS, Off the Record. Achieving for Children. ènd the Leaving Cère Tran51tions Team. The result is there has been a steady flow of referrals from younger people. many of whom ¢Jo not readily seek help frorn available services or their GP. Page S
The Chimo T Trustees Re ar End Empire Fighting Chance Empire Fighting Chance use5 the power of non-contact boxing to fight for young people to live healthy, happy lives. From ((s origins in Bristol, li has methodicalty developed an approach that seamlessly cornbines non-contacc boxing with psychology to help young people, many of whom struggle with iheir mental health. Box Champions is their flagship 20-week programme combining non-contsrt boxing wth mentoring. Box Therapy combine5 boxing with a therapeutic inteNeniion delivered by a trained therapist. Box Careers is boxing combined with mentoring, career5 SUPPOrt ènd progression opportunities. Three year5 ago, it took the decision to scale its impart by training and supporting other boxing clubs around the UK to deliver its Box Champions programmetotheir communities. Empire has nowtrained and supporced 37 clubs across the UK. In the last year. these clubs in turn worked wtih 6.239 young people and have raised over £1.5m. Chitno has funded the Director ofmethodology and Programmin& whose role isto improve quality and evidence and codify the Ernpire Way model so it can be shared. GRIT Growing Resilience in Teens IGRITI supporrs young people to improve their mental health through group boxing programrnes. workshops and one-to-one coaching. Founded by 3 GP, it Is comrni55ioned by the NHS and operate5 in Hitchin, Letchworth, Baldock and Shefford. Young people come 10 them from a variety of roures. including schools, health care professionals and self-referrals. At (he core of its approach is its unique Four Corners Method, vknich emplo a goal-oriented strategy integrating non- contact boxing (group ontyl, boxing metaphor5, and ioaching concepts (group and 1..11. Thi5 method empower5young people to take control of their lives by encouraging personal responsibility and resilience. The boxing component provides a safe outlet for emotional expre55ion while promoting wnental and PhiCal wellbeing through exercise. Through embodied coachinglthe integration ofthe mind and botyl. participants learn to establish healthy boundaries and navigate challenging emotions and situations. Its coaching incorporates various theories and practices 10 create self-esreem and transform adversity into grovrth opportunities. This holistic and thole-person approach enhances resilience, leading io improved overall wellbeing. Chimo has pari-funded the CEcfs role to enable GRIT to dÈvÈlop its actNities. GRIT received the Clinical Iinprovement Award lor Mental Health in the General Practice Awards 2024. Grow Grow combines coaching with nature-based projects to promote wellbe5ns reduce isolation and develop employability with vulnerable young people. the majority facing mentsl health difficulties. in Sheffield. These young people have often slipped through the net of starutory services and are struggling to access much needed support. It offer5 4 interlinked programmes.. walk and tall employment induction. gardening work-based learning and l-l transition coaching and been part of pilot focused on the rnentsl health benefirs of green social prescribing.lts 5-year vision 15 to develop multiple regional hubs. Chimo'5 grant has enabled Grow to employ a Programrne and Impacr Manager. This role has taken the lead in overseeing rheir prograrnme, specifically helping to develop their curriculum. improve their 5yStem5 and strengthen impact measurement and management. Grow reports thar rhis role has been a huge help in increasing the quality of its provision and given the leadership team the bandwdth to focu5 on Grows future expansion. Grow participated in the government funded project to evaluate howgreen social prescribing can prevent and rackle menial ill health. The study published in January 2024 showed a siatistica51y significant improvement in wellbeing following participation with an increase in happiness and life sat15faction and a reduction in anxiety- Page 6
him Trustees Re The Music Work5 The Music Works are a Gloucester based charity whose ffli55ion is to transform young people's lives through music. Ewdence suggests music therapy can help with managernent of mood disrurbances and 15 a useful adjunct to relieve depression and anxiety. The Music Works provides young people with che opporrunity ¢0 respond to challenges they are facing through music. Through thelr Key Changes programme. they offer a 10-week programme of 1-1 or small group music session to young people with anxiety or depre55i0n helping them to discover their music potential, build confidence, connect with others and explore the difference music can make in rheir INe& Their Transitions prograrnme works wich young people who find m(>wng from primary to secondary school chèllengin& through small group sessions designed to build self-confidence and self-esteem through rnaking music and songwnting. Chimo is co-funding the developrrtent and research of their Key Change5 programme for 17-25-year-olds struggling with their mental health which is fully integrated into Gloucestershire's NHS social prexribing framework and children's mental health pathway. Over the lastyear, they have made huge improvernents ro howtheywelcome young people who are anxious and find it dsfficutt to interact with service5 or pro8ramme5, which in turn is hawng a p05iiive irnpact on their other health programmes and iheir youth wolence prevention and inclusion programmes. They have also developed a better understanding of what work5. The overall objertnie is to Use Chirno funding to reach more young people facing mental health challenges, increase awareness of and access to music coping strategies and increase (he confidenie of social prescribers in Ihe impact of creative arrs pre5CriPtion. Odd Arts Odd Arts Uses varied èrt-foms to empower young people in Manches¢er to make change and increase their sense of belonging and purpose. Projects are underpinned by theatre but often use other media to challenge and Ihange attitudes ènd behawours. Odd Arts hès developed a 12-week Wellbeing your way prograrnme using Ihe crearive arts ro enable young people facing mental health challenges 10 unilerstand the wortd and themselves in a more positNe Yrfay. Alongside one to one and group sessions, the programme had been developed ro offer participants access (o a wide variety of cultural, volunteering and work experience opportunitie5. Chimo has funded the appointrnent of new member of stèff to develop and expand the Wellbeing your wa programme. Poetic Unity Poetic Unity is a Brixton based charity that uses poetry as a rool io suppon young people's mentsl health, education, personal deveSopment, physical health and community cohesion. Irs'mandem. Ler'STa1 programme supportsthe mentsl health of young boyslmen aged 11-25 bycreating safe spaces f(>r open dialogue. ThroLJgh active community engagement. the prograrnme reaches out to schools, youth organisations. and local comffiunitie5. Poetic Unity supports young people from all backgrouTrd5 but particukrly young people from 81ack and Black Mixed backgTounds who are mèrginalised. Their team is Black led wth Iwed experience of the young people they support and have over l O years, experience of working th yotjng offender5. marginalised young people, and children at risk. Their wsion is to take their programrne rsationalty drwen by their commitrnent to breaking dovffl barriers to mental health 5UPPOrt for young men of all backgrounds but particular those who are marginalised. Chirno 15 providing funding to hire a programme manager to oversee the s(ale up and delivery of their'Nqandem, Lef5 Talw programme. Page 7
himo Trust CIO f r the Year Ended 30 ril 2024 The Running Charity The Running Charity harnesses the power of runningto supportyoung people aged 16-25 experiencing homelessness and multiple complex needs including poor mental health. Its programme combines running coaching with personal development 10 supptsrt young people with experience of hornelessness. Ihe care system. offending, refugee status or domesiic abuse. l( develops individualised plans to help its members navigate complex and somerimes inequicable systems thatwork against them, thiscan include the health Sy5tern. Their programme offers comprehensive. proven and bespoke in-house menial health support in the form of evidence-driven therapeutic aaiwties and wellbeing guidance. The majority of its staff have personal experience of homeles5nes5 or complex needs. This allows them to act as credible role models to the people they serve. In 2023 it supported 2(X) young people in London. Leeds and Manchester. its objec¢Ne is io increase its support to nearly 600 people by 2025 by expanding it5 reach its prisons. young offending institutions and schools and expand it5 footprint to other parts of the UK. Chimo's funding will allowThe Running ChèTityto hire3 newcoach increasingthe number ofyoung people it 5UPPOrts. Strength and Learning Through Horses SLTH is an equine a5515ted therapy Char based in North London led by clinical psychologists and chaired by the former Direcror of Mental Health for NHS Englar)d. SLTH provides mental health interventions and aliernative education provision for young people struggling with rnental health difficulties and has a 72-year track record of achiewng positNe outcome5 for young people when traditional therapy and education service5 have failed. By interartingwith horses. young people develop capacities in ernotion regulation, perspectNe-iakin& communication and collatKra¢ion. It plans to increase its capacity from 5(M) io I,O(x) at its new Barnd site and explore opportunities to expand to other parts of (he UK. Chimo funding has enabled SLTH to hire a new Operations Director and purchase a new CRM system. both ofwhich are tran5forrning SLTFfs abilry to develop. The Wave Project The Wave Projert combines surfing and peer support to help young people build confidence, selfsteem, resilience and trust. Surfing therapy ha5 been recogni5ed by the NHS a5 an effertive form of therapy for young people at r15k of mental ill-health. Its 6-week surftherapycourse and follow-on Sijrfclub programme have been shown to help young people overcome lowconfidence. anxiety, bUIln& self-harm and suicidal thoughts. Referralscorne from CAMHS, councils, charities3nd schoo15 who trust The Wave Project 10 improve Ihe health and wellbeing of young people in their care. From rts origins in Cornwall. it now operates in 12 regions around rhe UK. It plans to add new coastal projects and inland wave pool sile5 to i[rease its reach from 2,fKJO young people in 2022 to 15.000 by 2027. Its scalable busine55 rnodel 15 backed byvolunteers who gave tens of thousands of hours of free help to support young people. Chimo ha5 funded the appointment of new projea assistants and coordinarors to support its expansion over the past year. In rhe last year. The Wave Project appointed a new CEO and new Chair, opened up an adaptive hub on the 151e of WighL has been approved as a training centre regulated by NCFE, received approval to open up a project at Lost Shore wave pool in Edinburgh and piloted a stand-up paddle board programme. Page 8
Trustees Re FINANCIAL REVIEW A summary of the result5 for the period on page 14 of the financral statement5 show5 total incoming resources of £640.096 and expenditure of E324.878. of which £300.000 was charitable grants. The costs of running the Charity are kept to a bare minimum with no employees and no payments made to trustees for work carried out. Total annual running cost5 were equivalent to 0.6% of average net a55ets. (her the financial year. net assets rose £486,117 from £4,125.982 to £4,612.099 including a rser gain on invesiments of £170,899. Atthe end of the period, the value of fixed and currentassets stood at E5.477.829 versus £4,985,421 at the end of the previous financial year. Fundraising artivitie5 and fvnding 50uries The Charitywas initiallyfunded by a gift of assets from $ founder. Ga White. The trustees are committed to raising external funds from individuals, corporations and other trusts and foundations to grow the Charitls re50urce5 to enable It to increase the size and 510pe of r(s grant making and continue r(s transformative funding programme over the longer-term. Over the year. donations of £521,501 were releed frorn generous Tndiwduals and charitable trusts keen to 5UPPOrt Chimo's wtsrk. Investment policy and objec¢rrfes The trustees, objectNe is to support a small number oFoutstanding charities wth a sustainable level of grant funding over an extended period of tirne to allow them to execute their busine strategy Trmth confidence and to enable them to support increasing numbers of young people facing mental healih challenges. The trustees. objective is 10 invest the Charitys reserves fo deliver consistenL low volatiltty returns to support a susiainable level of grant gNing. The trustees have full discretion over the investment approach ro meer rhese objectives. All assets are Invested through UBS AG and are allocated across a range of wefi-established hedge funds. prwate equity funds and cashl money market fund5. Over the year, investmentgains and incometotalled £289.494, representinga 5.8% return on thevalue of investments at the start of rhe year. Reserves policy At the end of the Iinancial year the Chaitys net reserve5 Stoi>d ai £4,612,099 versu5 £4.125.982 at the end of the previou5 year. Chimts has set an obiectNe of growng its reserve base to over £10 million so it has ample fund5 to cover all existing grant COfnmitTnents and a 5ufficientty large reserve base to generate sufficient investment returns to fund a higher level of sustainable grant gwing going fonNard. This will in turn allow irs charity partners in receipt of Chimo grants to Pla with confidenie as they expand the scope of their work. Chimo plan5 to grow its reserve base byrai5ing funds from third partydonations. At theend of the year. outstandin8graftt commitmenrs stood at£857,500. FUTURE PLANS The crustees do noi propose to deviate frorn the currenr objectives and aaNi(ies of the Charity as derailed in Section 2 of Ihis report. The main objertpies for the next financial year are to-. Strengthen relationships wtth partner charr(ies to support them in their development Enhance the Charitys due diligence process around identfy'ng and selecting partner charities Develop Chimo's theory of chènge and Case for support Raise external funds co increase rhe charitys resee5 Increèse the network effect of its work by facilting opportunities for Chimo's charity partners to tollaborate Increase the profile of Ihe Charirys work raising awareness of Ihe poienual iMtt of social prcribIng for young people's mental health. Page 9
The Chimo Trust Cl Trustees Re for the Year Ended 30 ril 2024 sTRUURE. GOVERNANCE AND IAANAGEMENT Governing document The Chimo Trust CIO I"Chimo" or (he -ChariW) is a trust governed by its constituiion dated 22 April 2022 and is registered as a charity with the Charity Commission for England and Wales (registered charty.. 11986961. It is based and administered In the Unired Kingdom. The charr(y operates as a grant-making chartywih a VTew to prowding public benefft by making grants to charities or cornrnunity interest companies working to supporr the mental health and wellbeing of young people up to the age of 25 in the UK. Or8anisational strurture The trust is managed by the trUSe$ who liaise regularty and meet at leas¢ rhree times a year. The trustees manage all the chariws activities. develop its strategy and goals. V151t existing and potential charity partners, CO51der grant applications and agree size and ierm on all grants. review inves(ment performance and reserves and decide on all other rnatters. When needed. the trustees use third party organisations or professionals to provide expert support and athice. Trustees do not recewe any remuneration for their wor Rlsk management The charitys trustees have Considered the major risks to which the charity is exposed and have reviewed those risks and established sysrems and procedL+re5 to manage those risks_ The crustee5 consider Ihe variability of investment retur5 on the endowment fund ro constt(ute rhe charitys major risk. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing the Trustèe¥ Annual Report and the finhncial staternen in acttsrdènce with applicable law and United Kingdom Accounting Standards IUnr(ed Kingdom General Accepted Accounting Practice). The law appliiable to charitie5 in England & Wale5 require5 the trustees to prepare finaniial Statements for each financial year which give a true and fair Mew of Ihe stale of affairs of Ihe chartty and of the incoming resources and application of re50urce5 of the charity for that period. In preparing these financial statements, the trustee5 are required to.. select suitable accounting policies and then appty them consistent observe the methods and principles in the Charitie5 SORP 2019 IFRS 1021., make judgements and escirnates thai are reasonable and prudent State whether applicable accounting standards have been followed prepare (he financial siatemenrs on the going concern basis unless it 15 inappropriate to presume that the charity will coniinue in operation. The trustees are respon51ble for keeping proper accounting records that disclose wth reasonable accuracy at any time the financial position of the charity and enable ihem to ensure ihat the financial statements comply wilh ihe Charities Act 2011, the ChèTlties (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charicy and hence for taking reasonable sreps for the prevention and detection of fraud and other irregularitie5. 17102r2025 Approved by order ofthe board of trustees on.................................................... and signed o>n its behalf by. Gavin White- Trustee Pagelo
rt of the Inde ndent Auditorfs to the Membe The Chlmo Trust CIO Opinion We have audited the financial statements of The Chimo Trust CIO for the year ended 30 April 2024 which comprise Statement of Financial Activities. Balance SheeL Cash Flow Starernent and note5 to the financial statements, including a 5umrnary of significant accounting policie& The financial reporting fraMeOrk that has been applied in their preparation is applicable lèw ènd United Kingdom Accounting Standards. including financial Reporting Standard 102 'The Financial Reporting Sfandard applicable in the UKand Republic of Ireland" IUnTted Kingdom GeneralACcePted Accouniing Prarticel. In our opinion the financial statements'.- give a true and fair wew of Ihe state of che charitys affairs as at 30 April 2024, and of Its incoming resources and application of resources including its income and expendi(ure, for the period.. have been property prepared in accordanie wth United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance wth the requirements of the Charrt*s Act 2011. Basis for opinFon We ionducted our audit in accordance with Incernational Standards on Auditing ILIKI IISAS IUKII and applicable law. Our responsibiliiies under those standèrds ère further described in the auditorfs responsibilities for the aLJdit of the financial statements sertion of our report. We are independeni of che charity in accordance with the ethical requirements that are relevant to our audit of the financial SL)tements in the UK including the FRCS Ethic31 Standard. and we have fulfilled our other ethical respK)nsibilities tn accordance with these requirements_ We believe thai the audit evidence we have obtained is sufficient and appropriare to provide a basis for our opinion. Conclusions relating to going concern In audiiing the financial 5tatemenrs. we have concluded thar the trustees. use of the goingconiern basis of accounting in the preparation of Ihe financial stsrements ts appropriate. Based on rhe work we have performed, we have not identified any material uncertainties relating to events ¢)r conditions Ihat, indwidualty or collertNety. may casc significant doubt on rhe tharitys ability to continue as a going concern for a period of at least twefve monihs from when the financial SLltements 3rÈ authorised for issue. Our responsibilities and Ihe resFK>n5ibtlitie5 of the trusteeswiih respecttogoing concem are described in the relevant sections of thi5 report. Other information The other information comprises the information included in the Report of the Trustees. other than the financial statemenis and our auditorf5 report thereon. The trustees are responsible for rhe other informati(>n. Our opinion on the financial statements does not cover the other informavon and do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the orher infomation Is materially inconsistent with the f1nancial starements or our knowledge obiained in the audii or o(herwise appears to be materially misstaied. If we Identify such material inconsistencies or apparent material misstatements, we are required to deterrnine whether this gives rise to a material missiaierneni Jn che financial staremenis themselves. If, based on the work we have performed. we conclude that there is a material misstaternent of this other Information. we are required to reptsrt ihat fact. We have nothing to report in this regard. Page11
him Rè ort of the Inde ndent Auditorf5 to the Members of The Chimo Trust CIO Matters on which we are requFred to report by excewion We have nothing to report in respert ofthe followng matters in relation to vthich the Charities (Accounts and Reports) Regulations 2008 require5 US to report to you if. in our opinion= the information given in the financial sratements rs inconsistent in any material rÈspett with the trustee¥ reporc or Sufficient accounting records have not been kepl or the charitys financial 5taternent5 are nor in agreement wh Ihe accounring records.. or we have nor recewed all the tnformation and explanations we require for our audit. Responsibilities oltrustees As explained more fully in the trustee< responsibiltties statement set out on page 9, the trustees are responsible for the preparation of the financial statements and for being satisfied thèt they gNe a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material mi55taternen¢ whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitys ability to continue as a going concern, disclosin& as applicable. rnarters related to going concern and using the going concern basis of 8ccounting unless the trustees either intend to liquidate the charity or 10 cease operations. or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obrain reasonable assurance about whether the finèncial statements as a whole are free from maierial missiatemeni, whether dlte 10 fraud or error. and 10 issue our auditors reporr Ihat includes our opinion. Reasonable assurance is a high level of assurance but is not 3 guarantee that an audit conducted in actordance with ISAS IUKI will alwa detert a material misstatement when li exists. Misstaiemenis can arise from fraud or error and are considered material If, individually or in the aggregate, they could reasonably be experted to Influence the economic decision5 of user5 taken on the bas15 of these financial starements. Irregularities, including fraud. are instances of non<ompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detert material misstaterllents in respect of irregularitie5, including fraud. The extent to which our procedures are capable of deterting irregulariiie& inclurting fraud is detailed below. We discussed among the audit engagernent team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statemenrs. Page12
The Chimo Trust CIO fth Ind nd Audi he Mem rsofTh him Trust CIO Auditors. rtsponsibilities for the audit of thè financial stattments (continued) Audit procedures performed by the engagement team included= Enquiry of management and those charged with governance around actual and potential litigation and claims. Reviewing minutes of meetings of those charged with governance. Reviewing financial statement disclosures and testing (O SLtppor(ing docurnenrauon (o assess compliance with applicable laws and regularions. Auditing Ihe risk of managerneni override of contro15, incluiling through testing journal entries and other adjustments for appropriareness. and evaluating the business rationale of significant rransartions outside the normal course of business. Challenging estimates andjudgements made by management in their significant accounting estimates. Revenue recognition- agreeing a sample of revenue transattions io gain assurance over the occurrence and accuracy of revenue and also 10 ensure revenue has been recognised In the correct period. Reviewing investment reports and confirming correa disclosure in the financial statements. Because of rhe inherent limirations of an audiL there is a risk thai we will not detect all irregularities, including those leadIg to 3 material misstatement in the financial statements or non<ompliance with regulation. The risk increases the more that compliance Mpith a law or regulation is removed from the event5 and transactsons reflected in the rinancial starements, as we Mll be less likelyto become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due 10 fraud rather chan error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financkHI staiements is Iated on the financial Reporting Council'5 website at-. vMY.frc.or uklauditorsre nsibilities. This description forms part of our auditorfs report. Use ofour report This report is made solely to the charitys crustees. as a body. in accordance vAth Part 4 of the Charities IAccounts and Reports) Regulations 2008. Our audit work has been undertaken so that we mighr state to the charity5 Board of Trustees those matters we are required to s(aie to thern in an auditors reportand for no other purpose. To the fullest exient permitted by law. we dts not accept or èssume responsibility to anyone other than the charity and the charitys trustees as a body. for our 6udii work. for Ihis report, or for the opinions we have formed. Ander50n Barrowiliff Limrted Statutory Auditor Chartered Accountants 3 Kingfisher Courr Bwiesfield Park Stockton on Tees T518 3EX Date.. Page 13
Statemen of Fin rEn ril 2024 Notes Total Fund5 (all unrestrirtedl Total Funds lall unrestrictedl 22.04.22- 30.04.23 2024 Income Donarions and legacies Investment income 521.501 118.595 5,382.766 7,519 Total income 5.390,285 Expenditure Raising funds Charitable activities 20.648 304.230 11.049 914.482 Total Expenditure 324.878 925.537 Net income before other gainsll1055esl on invesimen(s 315.218 4.464.754 Gains & losses on investment assets Gainsll105sesl on investments 170,899 1338,7721 Nei movement in fund5 486.117 4,125,982 Reconciliation of Funds Total funds brough( forward 4.125.982 Total funds (arried forvdard 4.612.099 4.125.982 The notes on pages 17 to 21 form an integral part of ihese financial statements Page 14
Balance Sheet for the Year Ended 30 rll 2024 2024 2023 Note Fixed Assets Invesimencs 5.451.995 4.985.421 Current Assets Cash at bank and in hand Prepayments and accrued income 23.619 1215 25.834 credito amounts falling due within one year 12 326,939 Nèt Current Llabilitles {412.3961 1326,9391 Total Assets Less Current Liabilities 5.039.599 4,658,482 Creditors.. amounts falling due after more than one year 13 1427.51XII 1532,5001 Net Assets 4.612.099 4,125,982 Funds Unresiricted funds 4.611099 4,125.982 Total Funds 4.612.099 4.125.982 17KJ212025 The accounts were approved by the board of trusrees on.............--...-............ and signed on its behalf by Gwhite Chair The notes on pages 17 to 21 form an iniegral part of these financ¢al sra¢ements Page15
him Statement of Cash Fl¢)ws rEn 2024 2023 Note Cash from opèrating a<tr¥ities 15 173.924 5.316.235 Cash flow from investing activities Payment5 to acquire listed Investments Proceeds from sale of Ilsied investments Dividends received Interest received 14.775.970) 4.507.509 103.805 14,790 15.379,1931 55,000 2.615 4,904 Net fash flow used in investing attivities 1149.8661 15.316.674) Change in cash and cash equivalents in the year Cash and cash equivalents at the be&nning of theyear 24.058 14391 14391 Cash and cash equivalents at the end of the year 23.619 14391 Cash and cash equivalents at the end of the year Cash ai bank Bank overdraft 23.619 14391 23.619 14391 The notes on pages 17 to 21 form an iniegral part of these financial statements Page 16
Notes to the Accounts for the Year Ended 30 A ril 2024 ACCOUNTING POLICIES lal General Information and basis of preparation The Chimo Trust is a charitable incorporated organisation registered in England. The principal address is given in the Report of the Trustees on page l. The nature olthe charitys operations and principal attmlies are io advance in life and relieve the needs of young people up to the age of 25. The charity constrtutes a public benefit entity as defined by FR5 102. The financial scatements have been prepared in accordance Accounung and Reporung by Charities.. Staiemeni of Recommended Praaice applicable 10 CharJeS preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in Ortober 2019, the Financial Reporting Standard applicable in Ihe uned Kingdom and Republic of Ireland IFRS 1021. the Charities Act 2011, and UK Generalty Accepted Prattice. The financial starements have been prepared to give a true and fairf Mew and h3ve departed from the Charr(ies (Accounts and Reports) RegulatlOn5 2008 onty to the extent required to provide a Irue and fair view. Thi5 departure has invofved follo8 the Accounting and Reporting by Charities.. Stacement of Recommended Pracrice applicable ¢0 charities preparingtheir 3ccounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)SUed in October 2019 rarherthan cheAccounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2(X)5 b¥hich hès since been ¥thdrawn. The financial %tèternents are prepared in steding 1£) which 15 the funrtional currenry of the Charity, rounded 10 the nearest £. The CIO was registered on 22Thd April 2022 and became attive on th15 date. Therefore. the comparatives in these accounts were prepared foi the period 22 April 2022 to 30 April 2023 which wa5 the CIO'S first accounting period. The significant accounting policies applied in the preparation of these financbal statements are set out below. These policies have been consistentty applied to all years presented unless otherwise Stated. Ibl Incomè rÈtognition All incoming resources are recognised in che Sraiemenrof Financial AcriwtTeslSoFAlwhen the Charity is legally entitled to the income after èny performance conditron5 have been met, and the amount can be reliably measured and it is probable that rhe income wll be received. Donations For donations to be recognised thechartywill have been notified of thearnounts and the settlement date in wriring. If there are conditions attached to rhe donation and this requires a level of performance before entitlementcan be obtained. then income is deferred until those conditions are fully met or the fulfilment of those condiuons is within the control of the charity and it is probable that they will be fvifilled. Investment Income Interesi on funds held on deposir is included upon norification of the interest paid or payable by the Bank. Dividends are recognised once the dtwdend ha5 been declared and notification has been received of che dNidend due. Page 17
e Chimo Trust CIO h Year Ended 30 ril 2024 ACCOUNTING POLICIES (continued) Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings thar aggregate all costs related to the category. Expenditure is recognised once there is a legal or constructive obligarion to make a paymenr to a ¢hird party, it is probable that settlement will be required and the amount can be measured reliably. Irrecoverable VAT is included in expenditure against rhe relevanc cost for which the expenditute was incurred. Expenditure is classified under the following headings: Costs of raising funds are (hose incurred in attratting donations, and Investment management. Charitable expenditure comprises those coscs incL¢rred by rhe chariry in the delrvery of its actmties. It inclsJdes both costs which can be dirertly allocated to artiwtie5 and those cost5 of an indirert nature. Governance costs are those Incurred in connection with compliance with constttutional and statutory requirements. Grants payable (o third parries are within the charitable objectives. Where unconditional grants are offered, thi5 is accrued as soon as the recipient is norified of the granL as this gives rise to a re3sonable expectarion Ihai the recipient will receNe the grants. Where grènts are conditional relating to the performance then the grant is only accrued when any unfulfilled conditions are outside of the control of che charity. Idl Fixed asset investments Investments are recognised initially at fair value which is normally the transaction price excluding Iransaciion costs. Subsequenrty. they are measured at fair value wth changes recognised in 'gainslllossesl on investmentg in the SOFA rfthe shares are publictytraded or their fair value can be measured reliabty. lel Cash at bank Cash at bank and cash in hand includes G)sh and short terrrt highty liquid investments a shon maturity of three months or less from Ihe date of Bcquisition or opening of the dewsit or similar account. Debtors and Creditors Creditor5 and prowsions are recognised where the Charity has a present obligation resulting from a past event that will probabty result in the transfer of ftjnds to a third party and the amount due to settle the obligation con be measured or estimated reliably. Debtors and creditors with no stated interest rare are recorded at transattion price. Fund accounting G&neral fund5 are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the (rity and which have not been designated for oiher purposes. Ihl Financial instruments The Charity onty has financial assets and financial li3bilitie5 of a kind that qualify as basic financial Instruments. Basic financial istruMents are iniiialty recognised at transaaion value and subsequently measured at their settlement value. Page 18
The Chirno Trust CIO he Year Ended ACCOUNTING POLICIES Itontinuedl Foreign currency Foreign currencytransactions are inrtialty recognised by apP.nglo the foreign currency amount the spot exchange rate between the lunctional currency and the foreign currency at the date of the transartion. Monetary assets and liabilities denominated in a foreign currency ac the balance sheet date are translated using the Ilosing rate. Exchange gains and losses are included within the gains and losses on investments within the Staterneni of Financial Aamtes. ') Going concern The financial statements have been prepared on a going concem basis as che trusiees believe that no material uncertaintie5 exist. Thetrustee5 have considered the level of fijnds held and the expected level of income and expenditure for 12 monrhs from aurhorising these financial staternents. The budgeted income and expenditure is sufficient with the ILwel of reserves for the charity to be able to continue as a going concern. Ikl Taxation The charity is an exempt charity within the meaning of s(hedule 3 of the Charities Act 2011 and is considered to pass tests sei out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporauon lax purposes_ DONAMONS AND LEGACIES 2024 2023 Donations 521.501 5.382,766 521.501 5,382,766 INVESTMENTINCOME 2024 2023 Dividend income Interesi receivable 103.805 14.790 2.615 4.904 118.595 7,519 COSTSOF RAISING FUNDS 2024 2023 Website costs Marketing Investment managemeni costs 1,984 11.406 9.242 9,065 20.648 11.049 Page 19
Th ChimoT Notes to he Accounts for the Year Ende(t 30 ril 2024 CHARITABLE ACTIVITIES 2024 2023 Grants paid (see note 71 Governance costs (see note 61 300.000 4.230 910,000 4,482 304.230 914.482 GOVERNANCE COSTS 2024 2023 Auditors remuneration Professional fees 4,000 4.230 4,482 ANALYSIS OF GRANTS Amount awarded 2024 Amount awarded 2023 Recipients of institutional grants Dose of Nature Strength & Learning Through Horses Empire Fighting Chance The Wave Project Grow Core Arts The Music Works Comics Youth CIC Odd Arts Dandelion fime Growing Resilience in Teens Poeric Unity The Running Charity 150,000 170,000 90.000 90.000 90.000 50,000 90,000 90,000 90,000 90.(M)O 60.0ty) 60.000 300.fy)0 910.000 NET INCOME FOR THE YEAR This is stated after charging-_ 2024 2023 Statutory audit Tax advisory seryices 4,000 482 AVERAGE NUMBER OF EMPLOYEES The average monthly head count for the year was NIL Iperiod ended 2023- NIL). 10 TRUEE5. AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES None of the Trustees received any remunerarion in rhe year Iperiod ended 2023- £NILI. None of the Trustees had expenses In the year (period ended 2023- £NILI. Page 20
e Chimo Trust Cl FIXED ASSET INVESTMENTS 2024 2023 sted investments Fair value brought forward Additions Disposals Unrealised gainslllossesl on revaluation Realised losses on disposals 4.985.421 4.775.970 14,507.5091 363.531 1165.4181 5,379.193 155,0001 1338,7721 Fair value carried forward 5.451.995 4,985,421 12 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Bank overdraft Accwals 439 322.500 4,000 grant5 payable other 430.000 4,000 438.230 326,939 13 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Accruals grants payable 427.500 532.500 427.$00 532,500 14 RELATED PARTY TRANsAloN5 During the year Gawn White, chair of rrustees, donated £Nil (period ended 2023- £5,381,1761. There were no other related party transactions in the year (period ended 2023- £Nill. 15 RECONCILIATJON OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for year 315.218 4,464,754 Exchange105ses Increase in debtors Increase in creditor5 Dividends received Interesi received 127.2141 12.2151 6.730 (103.8051 114.7901 859,000 12,6151 14,9041 Net cash flow from operating actNities 173.924 5.316,235 Page 21