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 ADMINI￿RATIVE 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 In￿al 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 A￿1VITIEs 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 benef￿1 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 netY￿rk 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 Charl￿ble 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 nonwng 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 collatK*ra¢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, self*steem, 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, bUIl￿n& 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 rele￿ed 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 rese￿e5 Increèse the network effect of its work by facil￿ting opportunities for Chimo's charity partners to tollaborate Increase the profile of Ihe Charirys work raising awareness of Ihe poienual iM￿tt of social pr￿cribIng for young people's mental health. Page 9 The Chimo Trust Cl Trustees Re for the Year Ended 30 ril 2024 sTRU￿URE. 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 trUS￿e$ 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, CO￿51der 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 retur￿5 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 fraMe￿Ork 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 General￿ACcePted 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 w￿h 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