The Chimo Trust CIO Annual Report and Financial Statements for the Year Ended 30 April 2025 RÈgistered Numr.. CE028840 Chariry Number". 11986 li CHIMO TRUST ANDERSON BARROWCLIFF LIMITED Chartered Accountants
The Chimo Tru ment of Accoun for the Year E ri12025 Page Report of the Trustees Report of the IndependentAuiliiors 14-16 Statement of Financ*al Accwitie5 17 Balance Sheet 18 Staternent of Cash Flows 19 Notes to the Accounts 20-24
The Chimo Tr cio Trustees Ré for the Yèar Ended 3 ri12025 REFERENCE AND ADMINISTRATIVE DETAILS Charity name The Chimo Trust CIO I"Chimol Registered charity number 1198696 Principal addre55 Charlron House Wincanton Somerset BA9 8ES Trusteès Gavin White Nigel Corner Dr Alexandra Jaffee Fiorella Massey MBE Sir Charle5 Walker KBE (resigned 17.11.241 Karen Turner (appointed 22.09241 Auditors Anderson Barrowcliff Limited 3 Kingfisher Court Bowesfield Park stockton on Tees T518 3EX Bankersllnvestment advisors U8SAG 5 Broadgate London EC2M 2QS Page I
Chimo Trust CIO sRe ar Ended 30 for the Y ril 202S The Tru5tee5 present their report and the audiied finaniial 5taternents of Ihe charity for the period ended 30 April 2025. The trustees have adopted the provisions of rhe Staternent of Recommended Prartice ISORPI"Accounting and Reporting by Charitie< in preparing Ihe annual report and financial staternents of the charity. The financial statements have been prepared in accordance with che accounting policies se¢ our in notes to the accounts and comply wirh the charitys goveming documeni. the CharitiesAct 201 l and Accounting and Reporting by Charities.. Statement of Recommended Practtce applitable to charities preparing rheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Trustees The followng persons act as trustees= Gavin White Nigel Corner Dr Alexandralaffee Lady Fiorella Massey MBE Karen Turner Chimo's founder Gavin White is a trusteefor lrfe. Othertrusteesare appointed fora 3-ye3r term and may be re-elerted for subsequent 3-year terms. New tru5tee5 are appointed by a resolution passed at 3 meeting of the existing Chimo crustees or by wrillen resolution. Such a resolution shall be effectwe onty if at least half of Ihe current Chimo Trustees have voted in its favour. The constilution allows for a minimum of3 rrustees and a maximum of 10 trustees, at anygiven time. On appointment, new trustees sign a trustee declararion statement cornmitting them to giving of thesr time and expertlse. They are rnade aware of their legal obligations under Charity Law. Ihe deiision-making process of The Chimo Trust CIO, key policies and procedure% its strategic aims and recent perforrnance. New Trustees are provided with at leasr the last 3 sets of trustee minutes and m05t re(ent newsletterlirHpaa reporL A copy of Ihe current ver5i9n of the Chimo Trust Deed and copy of the lates( annual repon and accounts are also provided. Training. All Trustees are prowded with Charrty Commission's CC3 guidance on being a trustee- Yhe essential trustee.. what you need to know, what you aeed to do"_ plus information regardingconflicts of interest policies. The Founder of the Chimo Trust has 3 one-tOne briefing session wrth all new trustees and provides opportunities for new trustees tojoin on site visiis to grantees and to be included in all catch up meetings. OBIECTIVES AND ACTIVITIES Mlsslon Chimo's rnission is io improve the mental health of young people across the UK by irNesting in innovative forms of cotnmuniry-based 5UPPOrt. Vision Chimo invests in charities that harne55 the therapeutic powers of sport, nacure or the arts to provide mental health support to people underthe age of 25. Page 2
The ChimoTrust CIO fo the Year Ended 30 ri120 Chimo's vision is to develop a selett portfolio of innovative and collaboratNe charities th the potential to transform the rnent31 health landscape for young people. The social preKribing sertor for young petsple's rnental health ts immature and fragmented. Chimo wants co play a role in helping the sector develop and caralyse the emergence of 5trongand sustainable organisationsio work alongside traditional rnentsl health services allowing rnore young people 10 get Ihe help they urgently need. Chimo supports and challenges its charity partners to develop programmes that are impactful, scalable and cost effective and erkcourages and enables them to collaborate and share best praciice. Public benefit The trustees confirrn that they have considered the guidance contained in the Charity Commi5510n'sgeneral guidance on public benefit when setung Ihe grant making policy for che year. The rrusc complies wiih its public benefit rÈ5ponsibilities by making grans to charities or community interest companies working co support young people dealing with rnental health challenge5. Grant makin The Chèrity has established r(s grant making policy to achieve its objectsand grantees are selected in accordance wth this policy by the trustees. The trustees have a Clear strategy to identify and support chartoes whith provide innovative, community-based, therapeutic support to young people facing mental healch challenges. Chimo's goal is to invest for the long term and pur disconnected young Ie5 back on a path to a healthy and produ(tNe future. The trustees have set the following mèin fvnding criteria and are commttted to prioritrse charities.. that align with Chimo's vision and delNer evidence-based spoo nature or art-based interventions. that are run by high quality and ambitious managernent teams. which have scalable or replicable models with the vision and capabilityto expand. that have a robust approaih to impaa measurefflent. that have diversified funding stream5 ènd a track record of financial competence. which have annual income between £200k and £3m (with a few exceptionsl so our grants can have a meaningful impatt on each charitys work. vthich are prepared to collaborate wth other charities in the Chirno neor The trustees do not consider unsolicited requests for funding and aP1[ants are only invited to apply after a substantial period of due diligence including visiis by one or more trustee& The Chari(y has one funding round per year. All grants are subject to on-going monitoring and rewew. Chimo's objectwe is to enable its partner charities to do more and reach tnore young people in need. The Charitys policy is to make grants over 3 years to charitable organisarions wth the annual amount of a grant awarded to an individual organi5atlDn limited to a maximum of 10% of the organi5atiorb'S annual income. 50 the organitIon does not become overly dependent on Chimo's funding for its sustainability. The Charity does not general prowde funding fo¥ capital projects. although exceptionally the trustees may make one off capiial grants. The trustee5 reserve the right to rnake exceptions to these general term5 and vary grani sizes, timescales and the size of organisation li funds so long as it fits wirh Chimo's main charitable objective to support young people experiencing mental health challenges. Chimo's long-term aim 15 to support a selert group of charities which have the vision and capability to expand their reach so they can plan with confidence. The tru51ees carry out appropriate due diligence check5 to ensure that fund5 are used onty for charitable activities. Grantsare moniiored annualty to deiermine whether any additional due diligence should be undenaken on a change of circumstances that might impact the recipient. Page 3
he Chimo Trust CIO Trust th Year Ended 30 A ril 2025 ACHIEVEMENT AND PERFORMANCE Charitable activities Chimo's mission 15 10 improve the mental health of young people across the UK by investing in innovative forms of community-based therapeutic supporc. Ch¢mo is a highly engaged grant maker and works closely with its portfolio partners. We develop trust and a real sense of partnership through ongoing dialogue. We encourage and enable our parrners to be ambitious so more young people can benefii from (heir supporL In its first 3 years of operations. Chimo has conducted extenswe market research. met with over l 00 charities and organisations working in the field of young people's rnentsl health and social prescribin& engaged with rnental health profe55ionals and worked with academics to assess the evidence of impart of the charitie5 It support5. Chimo's third funding round look place at the end of the year with the trustees approwng grants to 3 new charities. Total grants of £1.0 were awarded to be ld over a 3-year period. The list of new grants made in the year is set out below. Organisation Football Beyond Borders Funding for Full time Head of London Programmes to support the expansion of FBB'S work Core funding 10 enable expansion of central ream Ptlot social. therapeutii horticulture programme for young people fècin mentsl health challen e5 whi15t attendin unwersi The Green Hub Project for Teens Thrive In its first 3 years. Chimo has committed £1.4m of grant fvnding to 16 charities. As a result, thousands of young people across the country are acce55ing 5UPPOrt they urgentty need. Our charity partners use activities such as non-contsct boxing, gardenin& engagingwith nature. runnin& surfin& the creativearts and workingwith horses to deliver therapy thai doesnt feel like therapy. Chimo's Portfolio approach enables its partners 10 collaborate and share best practice 50 that they can strengthen and accelerare their programmes. Highlights from our partners over the 2024125 financial year= GRIT received the Clinical Improvement Award for Mental Health in the General Practice Award5 in 2024. The Running Charity won funding from the London Marathon board to expand their programme to a new hub. Brighton. 1nitial results from Dose of Nèture's LSE-led randomi5ed control trial IRCT) showed a highly significant statistical improvemenr in participanw depression. anxiety and life sarisfaction scores, Outperforming equivalent results from NHS talking therapy. Odd Arts receNed substantyal additional funding from Manchesier Council and Henry Smith to expand their Wellbeing Your Way programme. Dandelion Time received rhe results of a new evaluaoon from Unwersity of Greench showng the 518nificant POSltive impart of their work Comics Youth was awarded a subs(aniial grant from Creative Scotland io double their capacity ill Scotland. One way of measuring progress is ro rrack the growth in our parmerg income. To this end, it is encouraging to see average income across the portfolio has grown 30% over the last 2 years in a very tough funding environment. Page 4
The Chimo Trust CIO Trustees Re rEnd 30 A ril 2025 As our relationships develop, we see fjrsthand how our partners manage ro reach and support rhose who find statutory rnental health services out of reach or unsuitable. This comes through loud and clear in the personal testimonies of benefiiiaries.. -O[all the therapie5 ltre hud. this is the only one rhothos ortu01been helpfvl."Strengrh and Learning through Horses -Myson spent u lot of time lockedowoyin his r(xJm ond then Ifoundsome suicide notes and Icouldntihink how 10 help hirn. Artd then wefound the Wave Projert I Couldnt believe how theywenl Out of their woy to help. Theyhove shobvn him there A5 light at the end of tunnel undyou con be resilient-The Wave Project -1 hove done otherforms ortherupybelore. butnothingh05 been u5 life changing LTnd effectwe os thi5. 1 think the inclusion of nuture in connerting toyour mentol heolrh ond wellbeingtis such u unAque tindforpt05tic outlet undperspective ond one ltrefr7ever had in theropy beforehond. Itreolty hus chonged mylife onds(wed my li[ein so Monywa I will be thonkfulfor thotfor the restof il.- Dose of Nature Charity partners Comics Youth Cornics Youih deliver5 comics-based literacy. publishing and wellbeing projects to young people in MerseIde and beyond. Sessions SLJPPOrt yc>ung people to take ownership of their own narraiwe5 by embedding opportunities for sell-expression via publishing zines and comics. Comic5 reach people from dwerse backgrounds who dont engage with other seNices. Comics Youth works with CAMHS to offer preventative community SUPPOrt for young people on the CAMH5 waiting list in the Merseyside area and during the year has made progress in expanding its model 10 other areas of the UK including in Dundee through its slster charity COMI Youth SCIO and in London in partnership with The Carroon Museum. As it looks to grow. it is working wth healthcare professionals. corrhic book art15ts, and secror specialists to aertain what conditions are needed to clevelop and expand comic5 pra(tsce nation31ty to tsffer better support for children and young peop1é5 mental health needs. Over past year, Comics Youth CIC and SCIO have supported 815 young people. 550 in Mersejside and 265 in Dundee, through targeied creaiive mental health programrnes (Beyond the Margins. furn the Page, and SEND-focused cohort work sn London). Chimo has funded the appointment of a Developmeni Director who is leading the development of the branch rnodel. Core Art5 Core Arts 15 a leading mental health creatNe education centre based in Hackney, protnoiing positive menial health and wellbeing through a college-like environment of creative learning. It offers a varied prtsgramme of activities from d3nce and gaTdening to fashion design, b)x fit and music and is run by professional artists. writers and musicians. It gets referrèls to its inspirational facility from 22 London boroughs. Core Art5 wants to expand its offering and is building a new Cornmunity Creatwe Education facility on a purpose builL touring canal boat. This will allow it to increase its reach of 18-25-year-olds from 250 to 350 per year. Chiffto ha5 funded pèrt of the refurbishment of Core Arts. new touring canal boaL which will launch in 2026. Page 5
mo Trust CIO for the Year Ended 30 A ri12025 Dandelion Time Dandelion fime provides farm-based therapeutic programmes for chIldn aged 6-13 experiencing ental health challenges. typically linked totraumatic experiences of abuse. domesticviolence ènd neglect. An intensive therapeutic support programrne is provided for around 200 children and their families annualty. delivered from the charrtys three sites in North. Mid and Wesi Kent. Children and carers participare together supported by therapeutic siaff in a range of practical farm based and craft activities engagingwith the natural world. The programme successfully supports children to overcome the emotional impact of trauma and improve their mental health and wellbeing. Children are sUPPOrted t() improve their relatlOn5hips and social inieracrion& improve their self-esteem. confidence and resilience, and re-engage wth schoollimprove their engagement with learnin Over the next 3 years, with the support of the Chimo. Dandelion Time airns to significantly increase the number of children and families benefiring from its worK through existing programmes and through developing new partnerships with oiher agencies. ongSide work wth thildren & famtlies. D3ndelion fime will also di55efflinate its methodology and approach through delNering a comprehensive progiamme of CPD training for professionals involved in the care of children and young people. Dose ol Nature Dose ol Nature delNers nature pre5cription5 for people struggling with a wide range of mental health difficulties. Its work is rooted in a wealth of scienrific evidence rhat demonstrates the physiological and psychological benefits of spending time in nature.11 delivers 8-week nature prescriptions to people dealing wth a wide range of mental health issues using education, first-hand experience and prattl1 and moiivational supporr ro encourage young people to move away from their Screens, connert with nature and make lifestyle changes th3twll have a lasting impact on their mental wellbeing. Programmes are delNered by chartered p5ythologists and a network of Irained and dedicated volunteer5. Referra15 cotne from 150 GP5 across 70 GP prartices in the London boroughs of Richmond and Kingston and in Guildford and is working with Integrated Care Boards and local councils to increase the perceniage of statutory funding. Initia1 results from an independenc LSE-led randomised control Irial IRCD have shown a highly significant statistical improvement in participantg depression, anxiety and life satisfartion scores, outperforming equwalent rul[S from NHS talking therapy. Dose of Nature is cornmitted to buildirbg the case for nature interventions to be included in NICE guidelines as an alternative to medicaiion and traditional psychological interventions. Chimo has funded the appointment of a new psychologist enabling Dose of N3uJre to increase the number of young people it suppor Ernpire Fighting Chance Empire Fighting Chance uses rhe power of noniontsrt boxing to fight for young people to Iwe healthy, happy lives. Frown its origins in 8ristol, it has Methodical developed an approach that seAmlessly combines non-contact boxing wiih psychology to help young people. many of whom struggle with their rnencal healih. Box Champions is their flagship 20-week programme combining non.contact boxing with mentoring. Box Therapy combines boxing with è therapeutic intervention delivered by a (rained therapist. Box Careers is boxing combined with mentorin& careers support and progression opportunities. Four years ago. it took rhe decision to scale its impact by training and supw)rcing oiher boxing clubs around the UK 10 deler its Box Champions programme to their communities. In 2024, Etnpire's boxing programmes reached over l O.(K>O young people in over 40 places across rhe V Chimo has funded the Director of Methodology and Programmin& whose role is ¢0 improve quality and evidence and codify the Empire Way model so it Ca be Shared. Page 6
The Chimo Trust CIO Trnstees Re for the Year Ended 30 A ri12025 Football Beyond Borders FBB works wth young people from areas of socio-economic disadvantage who are passionate about football but disengaged ai school, to help them finish school wth the skills and grade5 to make a suciessful transition into adulthood. Once referred ro as therapists in tracksuitgthe srandard programme offers a balanced schedule of weekly two-hour sessions dNided beeen classroom-based learning and football actNities, combined wth therapeutic interventions, in-5chool pastoral care, and regular reward excursions during half-term break5. FBB'S practitioners are trained to become relatable, consistent and trusted adults in the INes ofywng people. F8B has grown rapidly over the pastdecade and workswth 3.(K)Oyoung people on 200 programmes at schools across London. the Southeas¢ the Wesr Midlands, Greater Manchester and Merseyside. It has big ambitions and wants to double 115 reach to 6,$00 young people in the next 5 year5. Chimo has funded a Full time Head of London Programmes to support the expansion of FBB'S work in irs largest region with a particular focus on working with the NHS. schools. I1 authortties and multi-academy trusts to prowde holistic mental health support to young people. Growing Resilience in Teens IGRin Growing Resilience in Teens IGRln supports young people to improve cheir mental health through btsxing-ba5ed programrne5. group workshops and one-to-one coaching. Founded by a GP, it has a close relationship wilh the NHS and operates in Hiichin. Leichwonh and Baldock in Herifordshire. Young peopleare referred to the programme from schoo15, health care professionals and self- referrals. At the core of its approach is tis unique Four Corners Method, which employs a goal-oriented srrategy integrating non- contac( boxing (group only). boxing metaphors. and coaching conceptsQroup and 1..11. Thi5 rneihod empowersyoung people to take control of their lives by encouraging personal responsibility and resilience. The boxing cofflponent provide5 a s3fe outlet for emotional expressron while prornoting mental and physical wellbeing through exercise. Through embodied coachinglthe tntegration of rhe mind and tx)dyl, participants learn to establish healthy boundarie5 and navigate challenging ernoiions and situation5. Its coaching incorporates various theories and practices to create 5ell-esteem and transform adversiry into growth opportuniiie& This holistic and whole-person approach enhance5 resilience. leading to improved overall wellbeing. Chimo has pan-funded the CE(Ys role to enable GRIT to develop tts artiwties. GRIT receNed the Clinical Improvement Award for Mental Heakh in the General Praciice Awards 2024. The Green Hub for Teens Projett The Green Hub Projett for Teens is a local community projecr serving Surrey. Hampshire and surrounding areas supporring young people110-181 facing social. emotional and mental health challenges. along wih (heir families and carers. Green Hub's purpose is to achieve posiiwe. measurable outcomes for (een mental wellbeing.. developing confidence and resilience throlsgh social interartion and inclusion, access tonature. actwe life5Wes and the S ways to wellbeing. Their weekly Green Teens programme offers sockHI and rherapeuiic gardening (o young people experiencing 3 range of mental health challenges, givingthem the Chance to experience the tslming effertof nature. benefitingtheir mental wellbeing. In addition, Green Hub offers a monthly Parent Hub session to help parents supporting a child with SEMH challenge5 and work5 to promote awarene55 and understanding of Thental health and emotional wellbeing for young people in the broader community. Chimo has provided core funding to enable the expansion ofthe central team. Page 7
The Chimo Trust CIO for the Year Ended 30 rÉl 2025 Grow Grow combines coaching wirh narure-based projetts to promote wellbein& reduce isolation and develop ernployability skills to support vulnerable young people in Sheffield. Many of the young people (hey work with face mental health difficulties thai have resulieif in social isolation and a lack of engagement in work or training prospects. Many have slipped through the net of s(8tutory seryices. struggling to access much needed support. Their programme engages young people in naiure-based aaivities, primarily gardening (o help broaden (heir skills, confidence and horizons. Nature hasa proven positwe imp3tton mental health.cornbatingdepression, anxiety, stress and fatigue. It also provides a practical context through which young people can develop new social connections and skills beneficial to their employability. such as teamworK communication and leadership. Grow panicipaced in rhe government funded projea to evaluate how green sooal prescribing can prevent and tackle mental ill health. The study published tn January 2024 showed a ststtstically signTficant improvement in wellbelng following participarion with an increase in happiness and life satlsfaaion and a reduction in anxiety. Chimo'5 grant has enabled Grow to employ a Programme and lrnpart Manager. This role has taken the lead in overseeing their programme, speciffcally helping 10 develop Iheir curriculum. improve their systems and strengihen impact measurement and managemenL Grow reports that this fole has been a huge help in increasing the quality of its provision and given the leadership team the bandwidth 10 focus on Grows fucure expansion. The Musicworks The Music Works are a Gloucester based charity whose rnission is 10 transform young people's lives through music. Evidence suggests music therapy can help wth management of mood disturbances and is a useful adjunct to relieve depre55ioll and anxiety. The Music Works provides youn8 people wth the opportuntyto respond 10 challenge5 they are facing through mijsic. Through their Key Changes programme. they offer a 10-week programme of l-l or small group rnusic session to young people with anxiety or depre55ion helping them 10 discover their musli potential. build confidence. connect with others and explore Ihe difference music can make in their lives. Their Transitions programme works with yotjng people who find moMTrg from primary to secondary school challengin& through small group sessions designed to build self-confidence and self*steem through making music and songwriting. Chimo is co-funding the development and research of their Key Changes programme for I1-25-year-olds struggling with their tnental health which is fully integrated into Gloucestershire's NHS social prescribing framework and children's mental health pathway. Over the lastyear. theyhave made huge improvemenrs to howtheywelcome young people who are anxious and find it difficuli to interact th services or progrèmmes, which In turn is having a posltwe impact on rheir orher health programmes and their youth violence prevention and inclusion programmes. They have also developed a better understanding of what work5. The overall objective is to use Chimo funding to reach more young people facing mental heakh challenge5. increase awareness of and access ro music coping strategies and increase the confidence of social prescribers in the impact of creative art5 prescription. Odd Arts Odd Art5 use5 varied art-foms to empower young people in Manchester to make change and increase their sense of belonging and purpose. Projects are underpinned by Iheocre but often use other media to challenge and change auiiude5 and behaviour5. Odd Arts has developed a 12-week Wellbeing your wal prografflffle for young people experiencing mental health challenges. It combines bptske one-to-one and group creative workshops. culturBI trips, volunteering/training opportunities. and a personal creatNe challenge to help build confidence, self-worth. and a sironger sense of community and wellbeing. After completing the programme, participants can join a graduate scheme with longer- term supported volunteering and group wellbeing sessions. Page 8
Thè Chimo Trust CIO Trustees Re he Year Ended 30 for ril 2025 The programme is delwered through disrinct Strands Iwornen, Young People & Young Adult5, CNer-25sl, open tria referrals from various agencies or self-referral. Chimo funds the Young People & Young Adults Wellbeing your wa programrne. Poetic Unity Poetic Unity is a Brixton based charity that uses poeuyas a tool to SUPPOrt young people's mental health, education. personal development. physical health and community cohesion. Poetic Unity SUPPOrts young people from all backgrounds but paruculartyyoung people from 81ack and Black Mixed backgrounds who are marginalised. Their team is Black led wth Iwed experience of the young people they support and have over l O yearg experience of worknng wth young offenders. marginali5ed young people, and children ai risk. Their slon is to tske their programme nationalty driven ty their commitment to breaking down barriers to mental health support for young men of all backgrounds bur particularly chose who are marginalised. Chimo has prwded funding to hire a programme manager to oversee the scale up and delivery of their'mandem, Lefs Talv programme which supports the mental health of young boyslmen aged 11-25 by creaiing safe spaces for open dialogue. The Running Charity The Running Charity harnesses the powerofrunningto support young people aged 16-25 experiencing homelessne55 and multiple iomplex needs including poor mental healrh. Its programme combines running coaching with personal development to support young people with experience of homelessne55. the care system, offendin& refugee status or domes(ic abuse. It develops individualised plans to help its metnbers navigate complex and sornetimes inequitable 5y5tern5 thètwork againstthem. thi5 can include the health sysiem. Their programme offers comprehenswe, proven and bespoke in-house mental health support in the form of evidence-driven therapeuiic activities and wellbeing guidance. The fflajority of its staff have personal experience of homelessne55 or complex needs. This allows them to attas credible role models to the people they serve. It operates in London, Leeds and Manchester and in 2025 a new hub is opening in Brighton. Chimo'5 funding has allowed The Running Charity to hire a new coach increasing the number of young people it supports. Strength anil Learning Through Horses Strength and Learning Through Horses1SLTHI is an equine a5515ted therapy charity based in North London led by clinical psychologists and chaired by the former Director of Mental Healrh for NHS England. SLTH provide5 rnental health interyentions and alternatNe education prwsion for young people struggling with mental health difficulties and has a 12-year Irack record of achiemng positive ouicomes for young people when traditional therapy and eduiation seryices have failed. By Ènteracting wilh horse& young people develop capacities in ernotion regulation, per5pective-takn"n& commun1c3ts.on ènd collaboration. It plans to increase its capacity from 500 10 1.(KJO at its new Barnet sire and explore opportunitie5 to expand 10 other parts ofthe UK. Chimo funding has enabled SLTH to hire a new Operaiions Direaor and purchase a new CRM system, both of which are transforming SLTH'S ability to develop. Page 9
Th h.mo Tru Trustees Re forth Y ed30A ri12025 Thè Wavè Proje¢t The Wave Project CombieS surfing and peer 5UPPOrt to help young people build confidence. self-esteem, resilience and trust. Surfing therapy has been recognised by Ihe NHS as an effective form of therapy foryoung people at r15k of mental ill-health. Its 6-week surftherapycourse and follow-on Surf Club programme have been shovm to help young people overcome low confidence, anxiety, bullwn& self-harm and suicidal thoughts. Referrals come from CAMHS. councils, charities and 5choo15 who trust The Wave Projert to improve Ihe health and wellbeing ofyoung people in their care. In 2024, The Wave Projett support 2.558 beneficiarie5 across 17 locations across the UK, backed by 1,395 active volunteer5. Chimo ha5 funded the appointment of new projert assisrants and coordinators 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 adaprive hub on the Isle of Wight, has been approved as a training centre regulated by NCFE, receNed approval to open up a projett at Lost Shore wave pool in Edinburgh and piloted a stand-up paddle board programme. Thrive Thrive uses gardening to bring about positwe chBnges in the lives of people who are INing with ill health, disabilities or disadvantage. It has delwered Social and Therapeutic Horticulture ISTHI programmes for more rhan 45 years at its centres in Birrningham. Reading and London. The Iharity also provides infomation to help people to garden at home as well as a range of training courses and workshops, ensuring that indiwdLtals With varying needs can access therapeutic gardening wherever they INe. Chimo has funded ThrNe to launch a new pilot programrne. (alled Grow Well. to support students at The University of Birrningharn who are experiencing menial health difficulties. loneliness or social isolation. Grow Well aims to provide a space for students to form positwe soci31 connertions. participate in gardening activities and engage with nature. FINANCIAL REVIEW A summary of the results for Ihe period on page 17 of the financial Statements shows totsl incoming resources of £150.485 12024.. £640,096) and expenditure of £250,809 12024.. £324.8781, of which £190,000 12024.- £300,000) w35 charitable granrs. The costs of running rhe Charity are kept to a bare minimum with no employees and no payments rnade to trustees for work carried oui. Total annual running cosrswere equivalentto 1.3% of average neta5sets. Over the financial year. net assers rose £261.650 from £4.616.099 to £4,873,749 including a net gain on investments of £361.97412024= £170,899). At the end of the period, the value offixed and curreni assets srood at £5.468,789 versus £5,477,829 atthe end ofthe previous financial year. Fundraising artivities and funding sources The Charity was inirially funded by a gift of assets from its founder. The trustees are commiued to raising external funds frorn individuals, corporation5 and other trusts and foundations to grow the Charitys resources to enable it ro increase the size and scope of its grant making and Confinue its Iransformaiive funding programme over the longer- term. Over Ihe year. donations of £112,462 were received from indwiduals and charitable trust5 keen to support Chimo's vvork. Invèstment policy and objertsves The Investment objective of the charity is to mainiain Ihe real value of its investment portfolio over the longer term and to provide capitBI grov+th for the furtherance of the chèriws objettive5. Page10
he Chimo Trust CIO Year Ended 30 A ril 2025 The trustees. objective is to support a small number of charities with a sustainable level of grant lunding over an extended period of time to allow them to execute their business srrategy th confidence. To meet their grantgiving objectwe, rhe trustees. obje(tNe is ro invest the Charity5 reserves to deliver consisten(, low volatility returns at leasr in line with UK inflation to 5UPPOrt a 5UStainable level of grant giving. Trustees have ftjll discretion over the investment approach to meet these objectNes. All assets are invested through UBS and are allocated across a spread of well-establi5hed, third-parry inve51ment funds including hedge funds. public and private equity funds and cashlmoney rnarket funds. The trustees keep sufficient liquid assets ttr fund at least one year of committed grant obligations. AJI assets are held in third-party investment funds alihough the Irysiees have (he dis(retion to make direct investments into indimdual quoted companies. From time to time, the charity receNes donations in specie. In these cases. assEts mTght be held in the original form they are gifted for a period prior to being sold and reallocated across the core invesrment portfolio. The trustees have approved the esrablishmenr of a loan facilityfor the trust. The purpose of the facility is to allow the trustees to hedge foreign exchange exposure, but it can be drawn down to fund grant obligations while more illiquid funds are being realised. Thetrustees have limtied che maximum loan exposureto 10% of the portfolio's gross assets. Over the year, investment gains and income totalled £399.997. representing a 7.3% return vs UK CPI of 42%. The trustees see five major financial risks relating to investment wformance. currenq, liquidity, portfolio concentration and key man risk relating to the Founder. Procedures have been put in place to rnttlgate all these ri5k5. Reserves policy The charitys reserves policy is 10 ensure it maintains adequate fijnds to meet its cornmitmenrs and to hold ènd invest reserves while it identifies appropriate organisaiions to fvnd. Chimo's reserves are dep051ted and invested at UBS AG (see Investment Policy). Chimo plans to grow its reserye base by raising funds from third partie5 and making invesrment return5 (see Investrneni policy). A5 at the end of April 2025. the charitys net reserves after all outstanding commitments stood at £4.87m. Chimo's policy is that gross reserves easity cover ourstanding grant commr(ments even allowing for a 30% reduction in reserves in case of substantially negative investmenr re(tJrns. At end of April 2025. outstanding grant commitments stood at £590,000 vs gross resejves of £5.5m. equivalert to 10.7% v5 the l¥rnit of 70%. FUTURE PLANS The trustees do not propose to deviate from ihe current objectives and actwtties of Ihe Charity as detailed in Section 2 of this report. The main objectwes for the next financial year are to= 5irengthen relationships with partner chariues to support iheir development. Develop an enhanced model of transformation funding to sit alongside the current development funding rnodel. Collaborate wth other funders. Increase the external profile of the Charitys work. Develop a common outiome5 framework for Chimo's partners. Inirease the opportuniiies for Chimo's chaiity partners to collaborate. Page11
The Chimo Trust CIO Trustees Re ort for the Yèar Ended 30 A ril 2025 STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The Chimo Trust CIO l-chimo" or rhe"Chariin is a trust governed by its consti(uiion dated 22 April 2022 and is registered as a charity wth rhe Charity Commission for England and Wales Ireg'stered chariw. 11986961. It is based and administered in the United Kingdom. The charity operates as è grant-making thartywith a wew to prowding public benefft by making grants to charities or community interest companies working to SUPPOrt the mental healrh and wellbeing of young people up to the age of 25 in the UK. Organisational Structure The trust is managed by the trustee5 who liaise regularly and meei ai least three (imes a year. The trustees manage all the charitys activities, develop lis strategy and goals. wsic existing and potential charity partners. consider grant applications and agree size and temi on all grants. rewew investfflent perforfflance and reserves and decide on all other matters. When needed, the trustees use third party organisations or professionals to provide expery support and advice. Trustees do noi receive any remuneration for their work. Risk management The charity5 trustees have considered the major risks io which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risk5. The trustees see fwe major financial risks relating to investment performance. currency. liquidrty, portfolio conieniration and key man risk relating 10 Ihe Founder. Procedures have been pu( in place ro mitigate all these risks and are outlined In the Investment Policy. Chimo has safeguarding responsibilities both as a charity in rtsown righiand as a funderof other orgalli5ations whose activities involve contact with children or vulnerable adul[& Chimo has a responsibility to carry our appropriate due diligence on grant applicants. Such due diligence 15 not to-approve" an applFcantr5 approach to safeguarding but 15 part ol our determination of an organtsation's general standard of governance. It is the responsibility of the organisaiions funded by Chimo to ensure that their safeguarding policie5 and procedures are rrt for purpose gwen the specific nature of Iheir work and che manner in which it is conducted. Chimo incorporates appropriate requirements about safeguardingwithin all grant agreements. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing the Trustee< Annual Report and the finantihl statements in accordance with applicable law and United Kingdom Accounting Standards (Uniced Kingdom Generalty Accepted Accounting Prac(icel. The law applicable to charitie5 in England & Wale5 require5 the tru5tee5 to prepare financi81 statements for each financièl year which give a true and fair view of the stace of affairs of the charity and of the incoming resources 3nd application of resource5 of the charty for that period. In preparing these financial statements, the trustees are required to: select suitable accounring policies and rhen apply them consistencty observe the fflethods and principles in the Charities SORP 2019 IFRS 1021: makejudgements and estimates that are reasonable and prudent state whether applicable accounring siandards have been followed prepare the financial statements on the going concern basis unless it is inappropriate to presume Ihat the charity will continue in operaiion. Page 12
The Chimo Trust Trustees R rEn ed30 ril 2025 The trustees are responsible for keeping proper accounting records tha( dis(lose wth reasonable accuracy at any iirne the financial position of the charity and enable them to ensure thbt the financial statements comply with the Charities Act 2011, the Charities IAccotJnts and Reportsl Regulaiions 2008 and (he provisions of the trust deed. They are also responsible for safeguarding the assets of rhe charity and hence for taking reasonable Steps for the prevention and detertion tsf fraud 3nd other irregularities. 20101r2026 Approved by order of the board of rrustees on..-..-........--.------...------................... .... and signed on irs behalf by: Gavin White- Trustee Page 13
The ChimoTrust CIO Re ort of the Ind embers imo Trust CIO Opinion We have audited rhe financFal Statements of The Chimo Trust CIO for the year ended 30 April 2025 which iornprise St3rement of Financial Actwities. Balance SheeL Cash Flow Statemeni and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accoun(ing Standards, including financial Reporting Standard 102 ~The Financial Reporting Standard applicable in che UK and Republic of Iretsnd- (United Kingdorn GenerallyAccepted Accounting Pfarticel. In our opinion the financial statements=_ give a irue and fair view of the state of the charitys affairs as at 30 April 2025. arsd of its incoming resources and application of resources including its income and expenditure. for fhe period-. have been property prepared in accordance wih United Kingdom GeneraltyAciepted Accounting Prartice-, and have been prepared in accordanie wth the requirernenfs of the Charities Aa 2011. Basis for opinion We conducted our audit in accordance wth International Standards on Auditing IUKI OSAS IUKII and applicable law. Our responsibilities under those standard5 are further de5(ribed in the audi(ofs responsibilities for the audit of the financial statement5 section of our repon. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial scaiemenrs in the UK including the FRCS Ethical Standard, and we have fulfilled our Other ethical responsibilities Fn accordance hth these requirernen15. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditingrhefinanck41 scaiements, we have concluded that the trustees, use of the going concern ba515 of accounting in the preparation of the financi31 statements is appropriate. Based on the work we htwe perforrned, we have not identified any material uncertainties relating to event5 or condiiions that. individualty or collective. may cast signrfitant doubt on the charitys ability to continue as a going concern for a period of at least tWee months from when the financial statements are auth0155ed for issue. Our responsibilities and the responsibilities of the trustees wilh respect togoing concern are described in the relevant section5 of this report. Other information The other information comprises the tnformation included in the Report of the Trustee5. Other than the financial statements and our auditorfs report thereon. The Iruscees are responsible for the other information. Our opinion on the financial sraremenrs does not cover the other information ènd we do not express any form of assurance conclusion thereon. Our responsibility is to reèd the other information and. in doing so. consider whether the other information is maierially inconsisrent wirh the financial statements or our knovAedge obtained in the audii or oiherwi5e appears to be materially misstated. If we identify such maierial inconsisrencies or apparent material misstaternents, we are required to cletermine whether rhis gives rise to a material misststement in the financial siatemenis themselves. If. bèsed on the work we have perforTT)ed. we conclude that Ihere is a material mfrsstatement of this other information. we are required 10 report (hai fact. We have nothing to report in this regard. Page 14
Th Chimo T st Cl Re ort In nt Auditorfs to the Memb of Th Chimo Trust CIO Matters an whlch vie are required to report by exception We have nothing to report in respect of (he following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require5 US to report to you if. in our opinion= the information given in the financial 5ratements 15 inconsistent in any material respectwith the trustees, repo or Sufficient accounting records have not been kepL or the charitys financial statements are not in agreement w(h the accounting records,. or we have not recewed all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustee> responsibilities 5tstement Set out on pages 12-13, the trustees are responsible ftsrthe preparation of Ihe financial staiements and for being satisfied thattheygwe 3 true and fair view, and for such internal control as the trustees determine is nece55ary to enable the preparation of financial 5taternent5 thatare free from rnaterial misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitys ability ro continue as a going concern. diKlosin& as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either iniend to liquidate the charity or to cease operations. or have no realistic alternative but to do so. Auditors respon5ibilitie5 for the audit of the financial statements We have been appointed as auditor under section 144of the ChariiiesAct 201 l and rep)n in accordance wth the Acc and relevant regulations made or hawng effert thereunder. Our objectives are to obtain reasonable a55urènte about whether the financial statements as a whole are free from material misststemen¢ whether due to fraud or error. and to issue our audtrors report that includes our opinion. Reasonable assurance is a high level of assurance but 15 not a guarantee that an audit condurted in accordance with ISAS IUKI will alway5 decert è material misstatement when it exists. Misstaiements can arise from fraud or error and are considered material if. indwidually or in the aggregate. they could reasonabty be expected to intluence the econornic decisions of users taken on the basis of these financial statements. Irregularities. including fraud. are insiances of non-cornpliance wth laws and regulations. We design procedure5 in line with our responsibiliries. outlined above, to detert material mis5taternents in re5pert of irregularities, including fraud. The extent to which our procedures are capable of detecring irregularities. including fraud is detailed below. We discussed among the audit engagemenL team the opponunities aDd incentives that rnay exist wichin (he organi5ation for fraud and how and where fraud might occur in the financial ststements. Page 15
Th Chimo Tru cio Auditorfs to the Members of The Auditors. responsibilities for the audit of the financial statements Icontinuedl Audit procedures performed by the engagement team included.. Enquiry of management and those charged wth governance around acrual and poiential litigation and claims. Reviewng minutes of meetings of those charged wirh governance. Reviewing financial statemeni d15c105ures and testing to supporring d¢xumentation to assess compliance th applicable laws and regulations. Auditing the risk of management tsverride of controls. including through testing journal entrie5 and other adjustments for appropriaieness. and evaluating the busine55 rationale of significant transacuons outside the normal course of business. Challenging estimates and judgements made by management in their significant accounting estimaies. Revenue recognition.. agreeing a sarnple of revenue cransaaions to gain assurance over the occurrence and aciuracy of revenue and also to ensure revenue has been recognised in the correct period. Reviewing investment reports and confirming corrert disclosure in the financial statements. Because of the inherent limitstions of an audiL there is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial staternenrs or non-compliance wth regulation. The risk increases the more ihat compliance with a law or regulation is removed from rhe events and Iransartions reflected in the financial statements, as we will be less likely 10 bOrne aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rèther than error. as fraud iftvolves intentional concealment, forgery, collusion. omi5510n or misrepreseniation. A further descriprion of OLtr responsibiliiies for the aud¢t of the finanti31 sratements rs located on the Financial Reporting Council's website at.. www.frc.or .uklauditorsres This description form5 part of our auditorfs report. Use of our report This report is made solely ro Ihe charitys trustees. as a body, in accordance with Part4 of the Charities (Accounts and Reports) Regulation$ 2008. Our audit work has been undertaken so that we might State to the charity5 Board of Trustees those matters we are required 10 stsieio them in èn auditorfs report and for no other purpose. To the fullest exient permitted by law. we do not accept or assume responsibility ro anyone otherthan the charity and the charitys trustees as a body, for our dit worK for this reporc or for t pinions we have fomied. //ts Anderson Barrowcliff Limited Statutory Auditor Chartered Accountants 3 Kingfisher Court Bowesfield Park Stockton on Tees TS18 3EX Date.. Page16
The Chimo T Statement of Financial rEn ri12025 Notes Total Funds (all unrestricted) Total Funds (all unre5trictedl 2024 2025 Income Donations and legacie5 Investmenr incorne 112.462 38.023 521,501 118,595 Total income 150.485 640,096 Expenditure Raising funds (haritsble activities 23.514 227.295 20,648 304,230 Total Expenditure 250.809 324,878 Net lexpenditurevincome before other gainslllosses) on investments 1100.3241 315,218 Gairhs & losses on investment assets Gainslllossesl on investments 361.974 170,899 Net rnovement in fund5 261.650 486,117 Rtconciliatiorb of Funds Total funds brought fOard 4.612.099 4,125.982 Totsl funds carried forward 4.873.749 4,612,099 The note5 on pages 20 to 24 form an integral part of these financial siaiemen¢s Page 17
echi st CIO Balancè Sh arÈn 2025 2024 Note Fixèd A5SÈts Investments 5.453.692 5,451,995 Current Assets Cash at bank and in hand Prepayments and acirued income 15.097 23,619 2.215 15.097 2S.834 Creditor5= amounts fallins due viithin one year 12 427.540 438,230 Net Current Liabilities (412.4431 1412.3961 Total A5set5 Le55 Current Liabilities 5.041.249 5.039,599 Creditorn amounts falling due after more than one year 13 1167.500} 1427,5001 Net A55ets 4,873.749 4.612.099 Fund5 Unrestricted funds 4.873.749 4,612,099 Total Funds 4.873.749 4,612,099 2(U0112026 The account5 were approved by the board of trustees on............................... and Signed on its behalf by G White Chair The noies on pages 20 10 24 form an integral pan of fhese financial statements Page 18
Thè Chim Statement of Cash Flow5 for the Year Ended 30 2025 2024 Note Cash from operating attivities 15 1407.9791 173,924 Cash flow from invèsting activities Payments to acquire listed investmenis Proceeds from Sale of listed inve5trnentS Dividends received Interest recewed 1350.2891 711.723 34.872 3.151 14.775,9701 4.507.509 103.805 14,790 Net cash flow used in investing activities 399.457 1149,8661 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 18.5221 23.619 24,058 14391 Cash and cash equivalents at the end of year 15.097 23,619 Cash and cash equivalents at the end of the year Cash at bank nk overdraft 15.097 23,619 15.097 23,619 The noies on pages 20 to 24 form an in(egral pan of these financial statement5 Page 19
The Chimo Trust CIO Not to unts for the Year Ended 30 A ril 2025 ACCOUNTING POLICIE5 General Inft>rmation and basis of preparatlon The Chimo Trust is a charitbble 1cOrporated organisacton registered in England. The principal addre55 is given in the Report of the Trustees on page l. The nature of the charitys operation5 and principal activleS are ro advance in life and relieve the needs of young people up to the age of 25. The charity constitutes a public benefit entity as defined by FRS 102. The financial statetHents have been prepared in accordance wth Accounting and Reponing by Charities.. Statement of Recommended Practice applicable to charities prepartng their accounts In accordance wth the Financial Reporting Srandard applicable in the UKand Republic of Ireland IFRS 1021 issued in October 2019, the Financial Reporting Standard applicable in Ihe United K¢ngdom and Republic of Ireland IFRS 1021. the Charities A([ 201 l. and UK Generally Accepted Practice. The finbncial statements have been prepared to give a true and fairf e and have departed from the Charities IAccoun(s and Reports) Regulations 2008 onty to the extent required to provide a true and fair view. This departure ha5 involved followng the Accouniing and Reporting by Charities.. Statement of Recommended Pracrice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in Ortober 2019 ratherthan theAccounting and Reporting by Charitie5= Statement ofRecommended Practice effective from l April 2LKJ5 which hè5 since been b*ithdrawn. The financial statements are prepared in Sterling (£1 whith is the functional currency of the Charity, rounded to the nearest L The significant accounting policies applied in the preparation of these financial sratements are set out below. These policies have been Consistent applied to all years presented unle55 Othenvise stated. Ibl Income recognition All incoming resources are recognised in the Statement of FinancialArtiviiies ISoFAlwhen the Charity Is legally entitled to the income after any performance conditions have been me¢ and the amount can be reliably measured and it is probable that the income will be recewed. Donations For donations to be recognised rhethartywll have been noiified of the amounts and the settlement date in Wr1ng. If rhere are conditions attached to the donation and this requires a level of performance before entitlement tan be obtained. then income is deferred uniil those conditions are fully met or the fulfilment of those (oftdiuons is within the control of the charity and it is probable that they will be fulfilled. Investment income Interest on funds held on deposic is included upon notification Of the interest paid or payable by the Bank. Diwdend5 are recognised once ihe diwdend has been declared and notification ha5 been received of Ihe dividend due. Page 20
Thè Chimo Trust CIO Notes to th Ac unts for the Year Ended 30 ril 2025 ACCOUNTING POLICIES (Continued) Icl Expenditure All expenditure 15 accounted for on an accruals basis and has been classified under headings that aggregate all costs related ¢0 the category. Expenditure is recognised once there is a legal or construrtNe obligation to make a payment to a third pèrty. it is probable that settlement will be required and the amount can be measured reliabty- Irrecoverable VAT 15 included in expenditure against the relevant cost for which the expenditure was rncurred. Expenditure is classified under the following headings= Costs of raising fvnds are those incurred in attrarting donation5, and investment rnanagement. Charitable expenditure comprises those costs incurred by the charity in the delivery of its Activities. It includes both costs which can be direttly all(Kated to aaivities and those costs of an indirect nature. Governance costs are those incurred in connection th compliance wth constitutional and siaiutory requirements. Grants payèble to third rtIeS are hthin the charttable objectwes. Where unconditional grants are offered. rhis is accrued as soon as che recipienr is notified of the granL as this gives rise to a reasonable expertation that the recipient will receive the grants. Where granis are conditional relating to rhe performance then the grani is onty accrued when any unfulfilled conditlDnS are outside of the control of the charity. Idl Fixed asset investments Invesimenis are recognised initialty ai fair value whiih Fs normally the transattion price excluding transaction costs. Subsequently. they are measured at fair value th changes recognised in 'gainslllossesl on investment< in the SOFA if Ihe shares are publicty traded or their fair value can be measured reliab. lel Cash at bank Cash at bank and cash in hand includes cash and shor( rni highly liquid investments wth a short maturity of three months or less from the date of acqu¥&tion or opening of the deposit or similar accounr. ifj Debtors and Creditors Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event thai will probabty result in the Iransfer of funds to a third party and the amount due to settle the obligation ian be measured or estimaied relIab- Debtors and creditors with no stated inrerest rate are recorded at transaction price. Igl Fund accounting General funds are unrestritted fvnds which are available for use at the discretion of the Trustees in furtherance of the general objeaives of Ihe charity and which have not been designated for other purposes. Ihl Financial instruments The Chariry only has financial assets and financial liabilities of a kind thac qualify as basic financial instruments. Basic financ1 instruments are initially recognised at transattion value and subsequently rneasured at their settlernenrvalue. Page 21
he Chimo Trust Notes to the for the Yèar End ACCOUNTING POLICIES Icontinuedl Foreisn currency Foreign currency transartior15 are initialty recognised by apPng to the foreign currency amount the spot exchange rate beNeen the function31 currency and the foreign currency at the date of the transaction. Monetary assets and lbilitIeS denominated in a foreign currency at the balance Sheet date are translated using the closing rate. Exchange gains and losses are induded wthin the gains and losses on investmenrs within the Statement of Financial Actmies. (rl Going concem The financial statements have been prepared on 3 going ioncern basis as rhe trustees believe that no material uncertainties exist. The trustees have considered the level of fund5 held and the expecied level of income and expenditure lor 12 months from authorising these financial statements. The budgeied income and expenditure is sufficieni wth che level of reserves for the charity to be able to continue as a going concern. Although the Balance Sheet shows net curreni liabilities the investment portfolio contains sufficient liquid assets to ensure Ihat sufftcieni cash is available to rneet as liabiliues as they fall due. (kl Taxation The charity 15 an exempt charity w¢thin the meaning of schedule 3 of the Charities Act 2011 and 15 considered to pass tests set tsut in Paragraph I Schedule 6 Finance Art 2010 and therefore it meets the definition of a charttsble company for UK corporation tax purposes. DONATIONS AND LEGACIES 2025 2024 Donations 112.462 521.501 112.462 521,501 INVESTMENT INCOME 2025 2024 Dividend income Interest recewable 34.872 3.151 103.805 14.790 38.023 118,595 COSTSOF K4JSING FUNDS 2025 2024 Marketing Investmenr management costs 1350 21.164 11,406 9,242 23.514 20,648 Page 22
The Chimo Trust CIO Notes to the Accounts for the Year Ended 30 ril 20 CHARITABLE ACTIVITIES 2025 2024 Direct CQ5ts Grants paid (see note 71 Project costs Consultancy Support costs Governance costs15ee note 61 Bank charges 190.000 11.000 20282 3(K),000 4.230 123 227.295 304,230 GOVERNANCE COST5 2025 2024 Auditorg remuneration 5.890 4,230 ANALYSIS OF GRANTS Amount awarded 2025 Amount awarded 2024 Recipients of instituttonal grants Dandelion fime Growing Resilience in Teens Poetic Unity The Running Charity Society For Horticultural Therapy Green Hub Project For Teens Football Beyond Borders 90,000 60.000 60,000 90.(M)O 30.000 60.000 100.000 190.1100 300.000 NET INCOME FOR THEYEAR This is slated after charging=" 2025 2024 Statutory audit Tax advisory seNices 5.890 4,230 AVERAGE NUMBER OF EMPLOYEES The average rnonchty head count for the year was NIL (period ended 2024- NIL). 10 TRUSTEE> AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES None of the Trustees received any remuneration in the year (period ended 2024- £NILI. None of the Trustee5 had expenses in the year (period ended 2024- £NILI_ Page 23
The Chimo Tru Notes to the Accounts for the Year Ended 30 ril 2025 11 FIXED ASSÉT INVESTMENTS 2025 2024 Listed investments Fair value brought forward Additions Disposals UnreBlised gainslllossesl on rev3luation Reali5ed net1055es on disposals 5.451.995 350.289 1711.7221 397.923 134.7931 4.985.421 4.775.970 14,507,509) 363,531 1165,4181 Fair value carried forylard 5.453.692 5.451,995 12 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade creditors Accruals 4,230 430,000 4,0(K) grants payable other 4USOO 427.540 438.230 13 CREDITORS: AMOUNTS FALLING DUE AFTER MORE TrIAN ONE YEAR 2025 2024 Accruals granrs payable 167,500 427,500 167.500 427,500 14 RELATED PARTY TRANsAloNs There were no related party trènsactions in the year12024= £Nill. 15 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPEIiATING A1VITIEs 2025 2024 Net income for year 1100.324) 315.218 Exchange losses Increasel decrease in debiors Increa5el decrease in credirors Dividends received Interest received 11.1571 2.215 1270.6901 134.8721 13.1511 127.2141 12,2151 6.730 1103,8051 114.7901 Net cash flow from operating attNiiies 1407.9791 173.924 Page 24