THE CHANDRIS FOUNOATION TRUSTEE'S REPORT AND CONSOLIDATED FINANCIAL STATEMENTS 31st OECEMBER 2021
The Chandri8 Foundation Index Page Trustee and administrative information Trustee's report Statement of trustse's responsibilities Auditor's report Consolidated statement of financial activities 10 Charity ststement of financial activib'es 11 Group and charity statement of flnancial poSitn 12 Group and charity statement of cash flows 13 Notes to the financial statements 14-29
The Chandris Foundatlon TAt9p and Admlntstratlve Infomiation Charty Registration Number 2805S9 Pr1rlal Address 17 Old Park Lan8 London W1K 1QT Tiustee Chandris Foundation Trustee5 Limited Registered Office 55 Baker Street London W1U 7EU Auditor BDO UK LLP 55 Baker Street London W1 U 7EU
Th8 Chandrfs Foundatlon Trustee's Report for thg year ended 31st Dgcembor 2021 The Iruslee submits the report and the consolidated finan¢k?I statements of The Chandris Foundation for the year ended 31st December 2022. The financial statements have been prepared in accordance with current statutory quIrements. the Charity's goveming document and the provisions of the Slalemenl of Recommended Practice {SORPI, applicable in charf(ies preparing their accounts in accordan with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. Stw¢ture, Gov•rnan¢e and Management The Chandris FOundatn was established on 2nd April 1980 by the late Mr. Anthony J. Chandris, as an irrevocable charitable settlement and is govemed by its Trust O*J. 11 15 registered with the Charity Commission Central Register No. 280559 dated 19th August 1980. Tha management of the Foundab'on is vested to a trustee, a limited company, and 115 directOTS. To the extent that the Charity bs able, The Chandri8 Foundation provides charitsble donatnS to those for relief of hardship, sickness and disability and other charitable purposes including education. The charty obtains its income for dislribulions from the trading of the Chandris England group as shipping and chartering agents and insuranee inlermediatory. Chandris (England) Limited is a subsidiary of The ChatKlris Foundation through shares hekl by The Chandris Foundation Trustees Limited as nominee. The Chandri$ (England) group holds two defined benefft pension schemes in which the liability is being reduced over the next 3 years. However, they m81n huhly volatile and are subject to regulatory control. The directors of Chandris IEngland} Limited remain cautious of their pension risks and obligations. Going forward, The Chandris Foundation is expected lo make inereased donations lo the community as the liability reduces and there is a growth in distributable reserves. The Foundation must have at all times a minimum of Iwo indNiduals or one corporation as trustee. A soFe trustee may act to appoint a new trustee or Iruslees. Any corporate body may at any lime be appointed as a general trustee. The slalulory power of appointing new trustees is vesl8d in any person appointed by the founder. The directors of the trustee company attend training development courses as appropriate lo their needs. Remuneration for key management personnel is set using comparative market rates. Risk mana emenl The trustee regular monitors the opportunities available to the Charity and the risks to which it is exposed. As part of this process the trustee has implemented a risk managemenl strategy which comprises.. The establishment of systems and controly lo manage the risks idenlffled. The implementation of procedures design8d to minimise any potential impact on the charity should any of those nsks materialise. An annual review of the risks which the charty may face and the impFemontation of any changes to the controls that might be deemed necessary.
The Chandrls Foundatlon Trnstse's Roport for the year ended 31st Docember 2021 Icontlnued) Ri$k and Uncertainty Coronavirus ICOVID-191 Pandemi¢: Strdtegy and Mitigation The Group has been operating for the past year in There rs a risk that the irrpact of the COVID the COVIt>19 pandemic and there have been no pandemic will have an effect on the Group's ability identified issues in relation lo the Group orcharity's to operate and generate income due lo its effect on ability lo operate. the global economy. Russia & Ukraine Conflict: The Directors do not anticipate impact on the business arising from the Russi&Ukraine Conflict. There is a risk that the conflict Uld impact on the None of the Group's suppliers or Gustomers are Group's ability lo generate income due lo its effect based in Russia. on the global economy. Brgxit As a result of Brexit, the subsidiary directors have taken action to add$$ the risk in wards lo the P & I insurance previously handled within Chandris Insurance Serviees (UK) Limitsd. The direelors are taking action lo resolve this impact by tendering for a broker lo handle the P & l insuTance which they anliripale lo appoint shordy to handle EU regulated overseas business. To date, there has been no impact on the Group's ability lo opèrate. The trustee does not antipate any changes to the Group's operation8 as a result of the appointment of the broker. Objective5 and ActNIti08 forthe Public Bgnefft The objective of the Foundation is to make Charitable donations for the relief of hardship. sickness and disability, the advancement of edUcatn, and for other tharitsble purposes which help and benefit the community. The trustee acknowledges thè duty in Section 4 of the Charities Act 2011 to have due regard lo the Charity Commission's published general and relevant SuseCtor guidance on public benefit. The trustee has referred to this gLJidance when reviewing the aims, strategy and in planning future aclivrties and setting the donation policy for the year. The Charitable Trust Deed states.. "Charitable Ots'ects" means such purposes, inslrtutions and foundations throughout the world as are recognised to be charitable according lo the law of England and Wales and "Charitsble O*'ecV' shall have a corresponding meaning. There have been no material changes in objects since thè last report As in the past. the Foundgtk)n has allocated ils resources primarily lo suptK)rt children's charities, ¢an¢er relief charities, Greek charItS and maritime charrties. The Foundation attains ils objectives by vIew1ng requests from prospective donation reupients and ensuring that the reqLbests merV( its support. Details of donations made are disclosed in note 4. Group Achievements and Perfomance The Foundatr"on aims to match its incoming resources donations made over the longer term. This depends lo an extent on the suitability of donation requests recgivgd and also the ability of the Foundation lo make donations in conjunction with similar charrties or insb'tutions. No incoming resourceswere received from Chandris England Limited in 2021 dLte to the leve] ofdi51ribulabte resèrves, however the Charity continued lo make donations of £54,712. The trust considers that this aim was achieved in the current year. Subsèquent lo the year end, the charity made donations lotalling £26,127 lunaudiledl in line wf(h the objectives and actNilies for public benefit.
The Chandrls Foundation Trustee's Group Roport for the year ended 31st December 2021 IContlnued} Financial Revlew The Group reports consolidated income of £3,182,456 {2020.. £2,727,799) an¢J totsl expendrture of £2,830,616 {2020 restated.. £2,436,143) as set out on pages 10 to 27. The Foundation reports income of £16 {2020'. £3021 and total expendrture of £54,71212rJ20. £38,900). The Foundation mainly derives its income by dividends from Chandris (England) Limited, however for the year under review, no dividend income was received by the Foundation 12020 - £Nil}. Chandris (England) Limited, company numbèr 00608546, incorporated in the UK, is a holding and co-ordinating company for its wholly owned subsidiaries, Chandris IU.Kl Limited, company number 00607342 incorpoialed in the UK and Chandris Insurance Servi5 IU.Kl Limited, company number 05321376. incorporated in the UK, whose activities are those of shipping and chartering agents and insurance m8diation. The Group headed by Chandris (England) Limitsd reports a profftafter laxfor the yearended 31st December 2021 of £377,77512020 reslaled: £226.816} representsng tumover of £3,176,52912020. £2,720,468) and tota5 expenditure of £2,737,904 12020 restated.. £2,379,243} and net assets at 31st December 2021 of £129,116 12020 restated." net liabilities of £1,487.1491. The financial statements of Chandris IEnglandl Limited are available from the following address." 17 Old Park Lane, London W1K 1QT. Expenditure for th¢ year included Charitable payments amounting to £54,712 (2020- £36.9001. Reserves Polic The Chandris Foundation maintains reserves al the entity level which the trustee deems appropriate for the efficient operation of the Foundation and for the generation of additional irKome on a prudent basis. There are minimal management and administration expenses al the entity level therefore a level of free reserves of £100,000 is considered 8pproprkgle. Free reserves are calculated as unrestricted funds less investrnenls. The 8Ctual fe reserve5 exceeded the required level for the Foundation and oUnted to £128,06212020'. £182,757). There is no requirement forthe charty to pay the pension liabilty on beha of The Chandris England group. The Chandris England group is a going concern and is ieducing its own pension deficit yearly through an approved plan with The Pensi)ns RegLJlalor. Therefore, the reserves policy is in relation lo the charity's ability lo operate. The current reserves of £128,062 will allow the charity lo make donations al its current level for al least the next 5 yeafs. Directors Loans Included in the debtors of The Chandris Foundation are amounts due lo the Group by Iwo subsidiary directors. The balances outstanding at the year end, included in other debtors, were £1,192 and £104,268. The nature of these loans are for ad-hoG expenses of individuals recognised ITr the trading entities. The balances are cleared down quarterty and the amounts are interest fr8@. Based on the guidance issued by The Charities Commission in March 2019 in reL4tion to Charities wfth a connection to a non<harity, the trustee and subsidiary dir8¢tor$ will aim lo clear down these loans to nil by 31st December 2022.
The Chandris Foundatlon Ttee.$ Rgport forthe year gnd9d 31st De¢8mbgr 2021 {ConUnuedl Plans for Future Period$ Within the available financial resources of the Foundation, the trustee plans to continue to make donations to charitable institutions and therefore meet its objectives in future years. 2V.g1.IL The trustee's report was approved by the trustee on .......... . Chandris Foundation Trustees Limited R. HANKS Director
The Chandris Foundation statement of Trustse's Responsibilities The trustee is re$pon$ible for preparing the Trustee's Report and the financial statements in accordance with applicable law and regulations. Charity law requires the Trustee to prep8re financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Pracliee (United Kingdom Accounting Standards and applicable lawl. Under charity law the Trustee musl not approve the financial statements unless they are satisfied that they give a true and lair view of the stste of affairs of the group and charity and of the incoming resources and applicab.on of resources, including the income and expenditure, of the group and charity for that period. In preparing these financial ststements, the Trustee is required to.. select suitable accounting policies and then apply them consistently., make judgements and accounting estimates that are reasonable and pnJd8nt', state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial $latsments', prepare the financial slalements on the going concem basis unless Tt is inappropria18 to presume that the chatity will continue in business. The Trustee is responsibl8 for keeping adequate aceounling rerdS that are sufficient lo show and explain the charity's transactions and disclose wf(h reasonable accuracy at any lime the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence fL)r taking reasonable Steps for the prevention and detection of fraud and other irregularrties. Auditor BDO LLP have expressed their willingness to continue in office and a resolution to re-appoint them will be proposed al the annual general meeting.
INDEPENDENT AUDITOR'S REPORT TO TRUSTEES OF THE CHANDRIS FOUNDATION Opinlon on the financial statemonts In our opinion, the financial statements-. give a true and fair view of Ihe slate of the Group's and of the Parent Charity's affairs as at 31 December 2021 and of the Group's incoming resources and application of resources for the year then ended., have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practits., and have been prepared in accordance WFth the requirements of the Charities Act 2011. We have audited the financial slalemenls of The Chandris Foundation I"Ihe Parent Charity") and ils subsidiaries I'the Group") for the year ended 31 December 2021 which comprise the consolidated statement of financial activities, the Charity statement of financial activities, the Group and Charity statement of financial position, the Group and Charity stslemenl of cashflows and notes ID the financial slalements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United lfjngdom Accounting Standards, including Financial Rèporting Standard 102 The Financial Reporting Slandartl appliGablg in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). Ba$1$ for oplnlon We conducted our audit in accordance with International Standards on Audrting IUKI IISAS {UKII and applicable law. Our responsibil((ies under those stsndards are further described in the Auditor's responsibilities for the audit of the financial statements section of our pOrt. Vve believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Independence We maIn independent of the Group and the Parent Charity in accordan with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC'$ Ethical Stsndard, and we have fulfilled our other ethical responsibtlilies in accordance wf(h these requirements. Con¢lu$ions relatod to going concarn In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on Ihework we have perfornied. we have not identified any material uncertainties relating lo events or conditions that. individually or collecttvely. may cast ssgnrficant doubt on the GroLJP and the P2r&nt Charity's ability to continue as a going concern for a period of at lea51 eb]e months from when the financial ststements are aulhorised for issue. Our resp)nsibililies and the responsibil¢ties of the Trustees wrth respect to wing concern are described in the lev8fit sections of this report. other Inforniatio The Tru51ees aro responsible for the other information. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion ther8on. Our responsibility is to read the other infomation and, in doing so. consider whether the other information is materially inconsistent wrth the financial ststements or our knowledge obtained in the audit orotherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misststemenls, we are required to determine whether th6rg is a material misstatement in the financial ststements or a material misslalemenl of the other information. If, based on the work we have perfomied, we conclude that there is a material misststement of this other information. we are required to report that fact. We have nothing to report in this regard.
INDEPENDENT AUDrroR'S REPORT TO TRUSTEES OF THE CHANDRIS FOUNDATION {CONTINUED} Matters on which we are required to roport by 9xceptlon We have nothing to report in respect of the following matters in relation lo which the Charities Act 2011 requires us lo report to you rf. in our opinion." the infOrnll0n eontained in the financial Statements is inconsislenl in any materlal respect wrth the Trustees, Annual Report,. or adequate accounting records have not been kept by the Parent Chartty", or the Parent Charty financi81 statements are not in agreement with the accounting records and return$., or we have not received al the infomiats'on and explanations we qUIre for our audit. Rosponslbilities of Tru8te88 A5 explained more fully in the Trustees. SPonsibl11t1es ststemenl, the Trustees a responsible for the preparation of the financial statements and for being satisfied that they give a true 2nd fair view, and for such internal control as th8 Trustees detemiines is necessary lo enable the preparation of financial slalements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, tho Trustees are responsible for assessing the Group's and the Parent Charity's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going conrn basis of accounting unless the Trustees either intend to liquidate the Group or the parent Charty or to cease operations, or have no realistic aernative bul to do so. Auditor's rosponsibllities for tho audlt of the financial stataments We have been appointed as auditor under Section 144 of the ChatieS Act 2011 and pOrt in aOrdanCe with the Act and relevant regulations made or having effed Ihereunder. Our objectives 8re to obtain reasonable assuran about whether the financial slalements as a whole are free from material misstalemenl, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UKI will aayS delect a material misstalemenl when il exists. Missla18menls arise frorn fraud or error and are considered material ff, individually or in the aggregate, they wuld reasonably be expected lo inffuence the economic decisions of users taken on the basis of these financial statements. Extsnl to which th& sudit w8s capable oldetecbng iffegulariètss, inttluding fraud Irregularities, including fraud, are instances of non<ompliance with laws and regulations. INe design proced¢Jres in line with our responsibili(ies, outlined above, to detect material misststemenls in resp1 of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, induding fraud is detailed below.. 8ased on our undetstanding of the entity, we considered those laws and regulations that have a direct impact on the preparation of the financial ststements. We evaluated managemfynl's incentives and Opportunities for fraudulent manipulation of the financial statements (including the risk of override of eontrolsl. and detemiined that the principal risks were related to posting inappropriate journal entries to revenue, management bias in accounting estimates and the adoption of inappropriate accounting pol1&$.
INDEPENDENT AUDITOR'S REPORT TO TRUSTEES OF THE CHANDRIS FOUNDATION {CONTINUEDI The audit procedures perfomied by the engagement team included.. discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud", discussion amongst the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud. Furthermore, we communiealed relevant identified laws and regulations and potential fraud risks to 811 engagement team members and remained alert to any indulions of fraud or noneompliance with laws and regulation$ throughout the audit., identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual des¢TlPtions', and challenging assumptions and judgements made by management in their critical accounting estimates. Our audit procedures were designed to respond lo risks of material misslatemenl in the financial statements, recognising that the risk of not detecting a material misstatement due lo fraud is higher than Ihg risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misreprosentstions or through collusion. There are inherent limitations in the 8udil procedures perfomied and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the linancial statements, the less likely we are lo become aware of it. A further description ol our responsibilities for the audrt of the financkgl statements is located at the Financial Reporting Council's l FRC'S'I website at.. htt s.Ilwww.frc.or .uklaudiloisres nsibilities. This description fomis part of our auditols report. Usfy of our report This report is made solely lo the Charity's trustees, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might slate to the Charity's trustees those matters we ar@ required lo slate lo them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Iruslees as a body, for our audit work. for this report. or for the opinions we have formed. by.. BDO LLP, statutory auditor London, UK 13 October 2022 BDO LLP is oligiblg for appointment as auditor of the charity by virtue of its eligibility for appointment es audrtor of a company under section 1212 of the Companies Act 2006. BDO LLP is a limited liability partnership registered in England and Wales {wilh registered number OC3051271.
The Chandr1$ Foundatlon and Sts Subsidiary Companles Consolidatfjd Statement of Financial Activities For the year endod 31st December 2021 Unrestricted Funds As restated 2020 Note 2021 Incomo and 8ndovm)ents from: Other trading activities Inveslrnenl Income Other income 3.176,529 1,927 4,000 2,720,468 3,331 4,000 Total Income 3,182,456 2 727 799 Exponditure on.. Charitable acliwlies.. Donations paid {54,712} {36,900} Other trading aclivilies.. Adminislralive expenses Finance costs of pension scheme Total expanditure {2,737,9041 138,0001 {2,830,616) {2,379,2431 120,0001 {2,436,1431 Unfted Kingdom corporation tsx Deferred taxation 12,415 (47.8801 18,9631 {90,811} Tota5 taxatlon on trading activities (35,465} 199,774) Not Incomg for tha yoar before galns on investments 316,375 191,882 Nel gainsllbssesl on investments 6,704 1.867 Not income 323.079 190,015 Other reco9nised gainl{lo$s): Actuarial gainlllossl on pension scheme Deferred tax on aclu8rial loss 1,529,000 1290,5101 11,440,000) 273,600 14 N9t movement in funds 1,561.569 1976,3851 R8con¢illatlon of Funds Totsl funds brought forward las restated) 1.304,395 328,010 Total funds carried forward 257,174 11,304,395) The notes on pages 14 to 27 form part of these financial stslements. Al &tivtties relate tr) continuing operations. 10
The Chandrls Foundatlon and its Subsidiary Compan105 Charty Statement of Financial Actlvltles For the year ended 31st December 2021 Unrestricted Funds 2020 In¢om¢ and endowments from.. Interest income 16 302 16 302 Expenditure on: Charitable activities.. Donations patd {54,7121 136,9001 Raising funds.. Other expenditure Total expenditure 36,900 Not axpendituro forthe y#ar 54,696 36,598 The notes on pages 14 to 27 fomi part of these financial slalements. All aotivilies relate lo continuing operanS.
The Chandrfs Foundatlon and its Subsidiary Compani9$ Group and Charty Statement of Financial Positlon - 31st Dg¢ernbgr 2021 Note Grou Chari As reststed 2020 2021 2021 2020 Fixed Assets Tangible fixed assets Investments 10 36,195 23.368 36,684 16,664 500,000 500,000 59,563 53.348 500,000 500,000 Current A$set8 Debtors, falling due after one year 12 361.305 686,642 Debtors, falling due within one year Cash al bank and in hand 12 1.309,087 1,183,896 477,471 684,920 128,062 182,757 1,786,557 1,868,816 128.062 182,757 Current Liabilities Creditors, amouDls falling due within one year 2113 678.248 638,201 Ngt Current Assets 1,108,309 1230,615 128,062 182,757 Total Assgts less Currant Liabllities 1,529,177 1,970,605 628,062 682,757 Nat Assets excluding Pension Liability 1,529,117 1,970,605 628,062 682,757 Pension liability (1,272,000) 13,275.000} Net Ass•tsl(Liabilitiesl including Pension liability 257,177 11,304,395) 628,062 682.757 Fund8 Unreslricled funds excluding pension liability Pension liability, net of defeed tax 1,248,777 1,351,816 628.062 682,757 991,600 2,656,210 Total charity funds 257 177 1,304,395 628,062 682,757 These ffinanaal statements were approved by the Trustees on 28 September 2022 Chandris Foundation Trustees Limited A.M. CHANDRIS Director D.J. CHANDRIS D1ctOr R.S. HANKS Diwlor 12
The Chandris Foundatk)n and its Subsidiary Compan108 Group and Charity Statemgnt ofcash flows For the year endgd 31st December 2021 Grou Chari As restated 2020 2021 2021 2020 Ca$h flows from oporating activlti•$ Net incomellexpendtturel for the year Adjustments for". Tax on ordinary activities (Gainllloss on invesknents Depreciation of tan9ible fIXj assets Loss on disposal of tangible fixed assets Cost of defined benefit pension scheme Contributions to defined benefit pension scheme Interest received Increase in debtors Increaselldecreasel in creditor8 323,079 190,015 154.6951 136,5981 35,485 {6,7041 12.841 326 99,774 1,867 11,627 122.000 117.000 {596,0001 {595,000} {1.5071 1138,2401 46,712 12,926) {360,0281 19,919) Net cash used in operating activities 1202.0281 (S47,5) 154,695) {36,598} Corporation tax (paid)lre1Ved 5,750 3,603 Cash used in opèrating activitlos 1196.2781 {543,9871 154.695} {36,5981 Cash flows from investing activities Purchase of tangible fixed assets Interest ceiVed 112.6781 1,507 110,2221 2,926 Cash used in Investlng activities 111,171) {7,2961 Change in cash at bank and in hand in the year 1207.4491 1551,283) 154,695} {36,5981 Castt al bank and in hand at 1 Janijary 684,920 1,236,203 182,757 219,355 Cash at bank and In hand at 31 Docember 477,471 684,920 128,(E2 182,757 13
Tho Chandrfs Foundation and its Subsldiary Companles Notes to the Consolidated Financlal Statements For thg yr ended 318t Dgcembgr 2021 Ateounting Policles la} BasL8 of accounting The financial statements have been prepared under the historical cost convention with the eXptiOn of investment assets which are carried at valuats.on where reliable estimation is possible. The financial statements have been prepared in accordance with the Charrties Act 2011. and the Charities SORP IFRS 1021., °Accounling and Reportin9 by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} leffeclive 1 January 2019)" The Charty conslitules a Public Benefit Enlty as defined by FRS102. The pres8ntsth)n currency is GBP Steding, being the functional and perfomiance measurement ojrrency of the chartty, round to the nearest whole pound. The financial statements have been prepared to gwe a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 onty to the extent required lo provide a 'true and fairf view. This departure has involved foll¢)wing Accounting and Reporting by Charrties preparing their financial stslements in aOrdanCe wfth the Financial Reporting Standard applicable in the UK and Republr of Ireland IFRS 1021 issued on 16 July 2014 rsthei than the Accounting and Reporting by Charities.. Statement of Rec(Immended Practice effective from 1 April 2005, whth has since been withdrawn. The financial stslements have been prepared on a going-concern basis, which contemplates the realisalion of assets and the settlement of liabilities in the ordinary course of business. Al the reporting date the Group is in a net liability position due lo the unfavourable movement in the defined benefit pension scheme, which is non-cash in nature. The trustee reviews forecasted cashflows and is confident that the Group can meet its liabilities (including annual pension lump sums) as they fall due and therefore that the going concern basis is the appropriate basis of preparation. The trustee does notview the coronavirus pandemic ICOVIt 19110 have a significant eff1 on the ability of the Group to continue as a going concern for the foreseeable future due lo minimal effects on primary customers and its profitability. The implications of Brexit which will result in the appointment of a broker will, in the view of the Iruslee, not 4npact the operations of th8 Group. Ibl Basis of consolidath)n The financial statements are prepared ¢)n a wnsolb#aled basis as the Chandris Foundation holds an investment in Chandris England Limited, which heads a group operating as shipping and chartering agents, together with an insurance intermediary. The Chandris EngLqnd group is a trading group and provide funds, via dividends from ils reserves to the The Chandris Foundation in order for the charity lo make dislribulions for the relief of hardship, sickness and disability, the advanment of education. and for other charitable purposes which help and benefit the community. Chandris Foundation Trusle8s Limi18d owns the shares of The Ch2ndTlS (England) Group, which are held as nomine& on behalf of the Charity, as is stalod in its objects Clause. The consolidated fi'nancial slalements indude the resuhs ofthe Charity, and its subsrdiaries as set out in note 11 for the year ended 31st December 2021. Icl Income Income is recA]gnised when the charty has entitlèment to the funds, any rf9m1an¢e conditions attached lo the items of income have l)een mel, it is probable that the income will be received and the amount can be measured reliabty- The consolKlaled income represents agency and adminislratwe fees reNable, exclusive of value added tax. Income is recognised on an 8etruals basts as the service is provKJed. 14
The Chandris FoundatioTr and its Subsldiary Companies Notes to the Consolidated Financlal StatDmonts Fortho year endod 31st Deogmber 2021 1. Accounting policle8 {continuodl Idl Investments and investment incon7e Investments in listed equities are ststed 8t market value as measured al each period end. Tho periodic gains and losses arising on revaluation are recognised in the Statement of Financial Aclivilies. Unlisted investments and the investment in the subsidiary entity are staled 21 ¢ost le&s any pemianent diminution in value. Interest income is recognised on an accruals basis. Dwidend income is Tecognised when the Group's right to receive payment has been established. lel Expenditure recognition Expenditure is included in the statement of finana81 aclivili&s on an accruals basis and compriso.. Charitable expenditure of don*ions made to support the objects of the Charty. Donations payable are charged lo the statement of financial acttvitigs on the date of approval. Administrative costs are costs associated with the operations of the Group. Governance costs are those costs associated wth meeting the conslilulional and stalulory requirements of the Charity. including costs incurred by the trustee linked to the strategic management of the Charity. ifj Fixed assets and depreciation Depreciation is provided on all tangible fixed as5els al annual rate5 calculated lo write off the cost of each asset over its expected useful lrfe as follows. Leasehold improvements Furniture and fittings Offfi and computer equipment Over period of the lease 15Vo on the written down value 33113% on cost No depreciation has been provided on the motor vehicle owned by Chandris IUKI Limited. as in the opinion of the trustees the ostimated residual value 18 such that any depreciation would be immaterial. Igl Taxation Current tsx is provided at amounts expected to be paid using the tax r8tes and laws that have been enacted or substantially enacted by the reporting dale. Deferred laxat'on is provided on timing differences that have originated but not reversed by the reporting dale on a non-discounled basis using tax rates that are expected to appty based on tax rates and laws that have been enacted or Substantial enacted by the reporting date. Deferred taxation assets are wognised only to the extent that it is considered more likely than not that there will be suitable trading profits from which future verSalS of the underlying timing difference5 can be deducted. Ihl Debtors Short term debtor5 are measured at transaction Price, less any Thpaimienl. 15
Th8 Chandris Foundation and its Subsidiary Companies Notes to thfy Consolidated Financlal Stat8mont8 Forthe year onded 31st Oecember 2021 1. Accounting policies Icontlnued) Cash al bank 2nd in hand Cash al bank and in hand includes cash and short term highly liquKI investments with a short malurty of thre8 months or less from the date of acquisition or opening of the deposit or similar account. The Chandris Foundation Trustees Limited legalty holds cash of £128,06512020'. £182,760) on behalf of the Company. This cash has been recognised in the financial ststements of the CcKnpany due to having Control of the asset through the truslee-truslor relationship. Creditors and provisions 01 Creditors and provi510ns are recognised where the charrty has a present obiigalion resulting from a past event that will probably result In the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliabty. Creditors are measured initially at fair value, and a measurgj subsequendy at amorbsed cost using the effedive interest method. less any impairment. Ik) Financial instruments The trust only has the financial assets and financial liabili(ies of a kind that qualfy as basic financial inslrurnents. Basic financial instruments are inilialty recognised at transaction value and subsequently measured al their settlement value. Pensions The Group operates hvo defined benefit Fension schemes. Pension scheme assets are measured using mart(el values. Pension scheme liabilities are measured on an accruals basis using the prqectod unil method and are discounted a the current ral8 of retum on a high quality corporate bond of equwalenl term and currency to the liabilty. Any increase in the present value of the liabilities of the defined benefrt pension schemes expected lo arise from employee s6Nice in the year is charged lo operating profil. The expected return on the schemes. assets and the increase dufing the year in the present value of the schemes, Iiabilf(ies arising from the passage of time are included in other finance costs. Actuarial gains and losses are recognised in the statement of total recogni5ed gains and losses nel of deferred tax. Pension scheme surpluses, lo the exlenl that they are recoveiable. or deficits are recognis on the statement of financi81 position net of related deferred tax. The Group also contributes lo d8fined contribution pension schemes and payments are charged as an expense, as they fall due. Im) Foreign CUrrenCS The functional and reporting currenw is Pound Steding. Monetary assets and liabilit$ denominated in foreign currencies are translated at the exchange rates wling at the reporting dale. Revenues, costs and non-monetary assets and liabilikn.es are translated at the exchange rates ruling al tre dates of transactions. Foreign exchange gains and losses are included in the statement of financial activities. {nl Unrestricted funds These are ftjnds which can be used in &cordance with the charitable objects al the discretion of the trustees. 16
Th8 Chandris Foundatlon and tts Subsidiary Companles Nots$ to the Consolidated Flnanclal Statemonts Forthe ygar gnded 31st Decembgr 2021 {0} Judgement$ in apptying accountlng policigs and kgy sources of estirnation uncertalnty In preparing the financial slalemenls, management is required to mark the estimates and assumptions which affeel reported income, expenses. assets and liabilities. The trustee considers the key judgements and estimates lo be in relation to provisions for doubtful debts, prepayments and accrtjals, and the residual values of fixed assets, bul does not consider that they arg likely to have a material impact on the results. The key assumpts.ons made in determining the value of th8 pension scheme liability are disclosed in note 15. Prforyoar adjutstmant DLtring the year, the directors identrfied in respect of the 2018-19. 2019-20 and 2020-21 tsx year, income lax and national insurance contributions had not been settled under a PAYE Settlement agreement IPSAI or P11 D in respect of living accornmodalion provided lo employees. Spanning the same period, the directors, benefits in relation to the privole use of Chauffeurs wa5 also incorrectly reported on the directors, P11 D returns. This has subsequently been disclosed to HMRC and will be paid by Chandris (England) Limited under a voluntary settlement arrangement. As a result of this error idenlrfied, the administrative expendfture charge 2nd other laxalion and social security creditor balance were understated by £44.607 and £59.852 for years 2018 and 2019, respe¢lively. In eff1, the opening reserves for 1 January 2020 is lo be adjusted by £104,459.
Tho Chandris Foundatlon and its Subsidiary Companles Notes to the ConflIdated Flnanciol Ststsmgnts For the year gndgd 31st December 2021 Prior year adjustment (continued) The financial statements for the year ended 31 December 2020 have been restated as follows.. Consolidat8d Ststem•nt of Financial Activities Administrab've expenses Restatement As restated 31 Dgc8mbor2020 12,320,175} 59,068 2,379,243 Nel movement In funds, as r8stat Total funds brough forward, as restated Total funds carried fornaid. as restated 1976.3851 328,010 1.304,395 Statgment of Financial Position Creditors.. amounts falling due within one year Reslalemenl {474,674) 163,527 638,201 As reslaled Unrestricted funds excluding pension liability Reslalemenl As restated 1.515,343 163.527 1,351,816 Statomènt of Cash Flo Net income for the year Reslalement As reststed 249,083 59,088 190.015 Decrease in creditors Restslement As restated {68,9871 59,068 9,919 18
The Chandris Foundatlon and its Subsidiary CompanS08 NotOS to the Consolidatgd Flnancial Statsmonts For the year ended 31st Docernber 2021 Invgstment Incorne 2021 202 Fixed asset investments {dividends} Inleresl receivable 420 1,507 405 2,926 1,927 3,331 Donations The nature of the donations made during the year was as follows". 2021 2020 Greok Chariti9$ Greek Cathedral St Sophia Museum of Cycladic Art 1,000 1.000 5,000 6,CK)O Chlldren'8 Charltios Borne Foundation Brainwave Carers Trust Child Brain Injury Children's Burns Trust Children's Trust Crackerjack Children's Trust Dame Vera Lynn Children's Trust Great Ormond Street Hospital Charty Go Kids Go Happy Days Jostse May Noah's Ark Children's Hospi Queen Elizabeth Hospital React Royal Bromplon & Harefield Hospital Sailorfs Children's Society Sands Save the Children Slarlighl Children's Foundatson Tiny Tickers 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 6,000 19
The Chandris Foundatlon and Its Subsidiary Companlo8 Notes to thg Consolldated Financial Statements Donations Icontlnuedl 2021 2020 Cancer Relief Charltles Blood Cancer UK Bowel Cancer UK Bowel Research Breast Cancer Haven Breast Cancer Now Children with Canr Clic Sargent 1nsb.tute of Cancer Research Lennox Children's Cancer Fund Look Good Feel Bètter Charity Marie Curie Prostate Cancer Research Centre Royal Marsden Cancer Charity Royal United Hospital Strongbones Children's Charitsble Trust Target Ovarian Cancer Teenage Cancer Trust Vvessex Cancer Trust Young Lives v's Cancer 500 soo 500 500 500 500 500 500 500 500 500 500 500 500 15,000 500 500 500 700 1,000 500 500 500 500 500 500 500 500 500 500 7,700 Other Charities ABF The Soldiors Charity Action Medical Research Asthma UK Brain Research UK British Heart Foundallon Cerebral Palsy Plus Changing Faces Classics for All Cranleigh Arts Centre Cranleigh Community Fund - 2019 adj Cranleigh Foundation Crisis Dart Sailability Diabetes UK Ellenor Hospiee Epilepsy Research UK Fairshare Friends of the Elderly Game & Wildlife Conservation Trust Grand Bahama Disaster Relief Guide Dogs for the Blind Havens HospIS Hospice UK London's Air Ambulance 500 500 500 500 500 500 500 5,000 300 {3001 300 500 500 2,000 500 500 500 500 500 3,500 500 500 500 5,000 500 500 500 500 500 500 9,500 20
The Chandris Foundatlon and its Subsidiary Companles Notes to the Consolidatgd Flnancial Stalomonts Forthe year endgd 31st Decgmber 2021 Donations Icontinuedl 2021 2020 other Charities (continuadl M&Sicines Sans Frontiers Meningi115 Now Mercy Ships Mind National Federation for the Blind Pan Mass Challenge Queen EIEabelh Foundation RNIB Royal British Legion Seafarers UK Shine Spinal Muscular Astrophy UK Sl John's Hospice Stillbirth & Neonatsl Death Charity Stroke Association Sunny Days Supwrt Dogs soo 500 500 500 500 1,912 500 500 500 500 500 500 500 500 500 500 500 500 500 700 500 500 16,700 500 500 500 500 25,212 Totsl Donations 54,712 36,900 Total Exp8ndituro Other trading activities Re5taled Total 2020 Charitable actTriities Totsl 2021 Donations Audit and accountancy Baiik oharges Computer costs Depreciation Disposal of fixed assets Insuran Legal and professional Postsge. tetephone and cables 54,712 54,712 51,195 3,659 105,224 12,841 326 42,538 207,751 36,900 49,500 5, 149 60,888 11,627 51.195 3,659 105,224 12,841 326 42,538 207,751 22,443 156,405 21,384 7,147 12,740 431,142 3,913 1.768,044 5,329 25,065 28,934 38,000 10.670 2.775,904 21,384 7,147 12,740 431,142 3,913 1,768,044 5,329 25.065 28,934 38,000 10,670 2,830,616 81,312 1,377 12,743 437,342 2,462 1,493,765 4,955 33,532 5,743 20,000 Printing and stationery Publications Rent, rates and services Repairs and renewals Staff Costs (Note 7} Subscriptions Sundries Travel and entertaining Finance cost of pension scheme Bad debt expense 2,436,143 21
The Chandris Foundatlon and its Subsldiary Companl Notes to the Consolidated Financial Statpm9nts Forthe year ended 31st DeCemr 2021 Trustee'8 Expenses A lolal of £Nil12020.. £nil} was reimbursed to the trustee in the year. Nejther ttie trustee nor any person connected with it has received or is due to receive any remuneration for the year either directly or indirectly from the Charity funds. Employees. Remuneration The Charity does not employ any stsff members. The Charity r1VeS CountanCY and adminislralion ServIS from ils subssdiary company free of charge. The staff Costs amounting to £1,768.04412020 restsled." £1,493,765) are the employee ¢osls incurred by the Charity's subsidiary companies. These now include chauffeur costs and payments to private medical plans. The amount consists of- 2020 Wages and salaries Social security ctssts Pension costs Other staff costs 881,770 112,592 702,035 71,647 1,768,044 718,963 107 950 656,472 10,380 1493,765 The average monthly number of employees during the year was as follows.. 2021 2020 Managerial Operations Administration Secretarial 15 15 During the year. the average nUMr of employees paid within the fdlowing bands were.. 2021 2020 Less than £60.000 £60,000- £70,000 £70,000- £90,000 £90,000- £120,000 £120,000- £140,000 £140,000- £150,000 £150,000- £200,000 £250,000- £280,000 11 15 15 Ofthe employees paid in excess of £60,000 {2020." £60,00011 12D20'. 11 was 8rUIng benefts under defined benefrt pension schemes. The Group also made conlribulions of £10,37512020.' £98,508) lowarLts defined contribution schernes in respect of employees paid in excess of £60,000. 22
The Chandri$ Foundation and its Subsidiary Companies Notes to the Consolidated Financial Statements For the year ended 31$t December 2021 Employegs. Remuneration {contlnuedl The trustees are not rornunerated for their role as trustees by The Chandris Foundation. Emoluments lineluding benefits in kind) paid to directors of the subsidiary companies amounted to £377,10812020.. £330,053). The number of directors, accruing benefits under defined benefit schemes amounted to 1 {2020." 11. The group also made contributions of£19,9Q1212020.' £17,584) towards defined contribution schemes in respect of 212020.. 21 directors of the subsidiary wmpanies. The directors of Chandris Foundation Trustees Limited, A.M ChandTiS and D.J. Chandris, receiv&J remuneration of £69,540 and £74.652 respectNety. R.S. Hanks, director of Chandris Foundation Trustegs Limited, received remuneration of £85,940 in the year. The key managementpersonnel ofthe Chartty are the directors ofThe Chandris Foundation Trustees Limited given the Corporate trustee relationship. The key management peisonnel are not remunerated in their role of directing the operations of the Charity. Taxation The Chandris Foundation is a registered charity and is therefore potentially exempt from taxation on ils charitae income and gains as it falls within the definf(ion of a charity as defined in Part 1, Schedule 6 of the Finan Act 2010. No tsx charge has arisen during the year. The taxation charge in the year is in respect oftaxalion in the Charity's sub$Kliary companies. The tax charge comprises the following amounts.. 2021 2020 United Kingdom corporation tax Deferred tsx 12.415 18,963} 90,811 35,465 99,774 The deferred tax charge for the year comprises.. 2021 2020 Movement on the deferred lax liability Movement in deferred tax in respect of the penston liability {Note 141 90,811 47,880 90,811 On 3 March 2021, il was announced that the UK corporation tax rale would increase to 25% from 1 April 2023, which was enacted in May 2021. The deferred lax balance included in these financial statements has b&n calculated with mix of 19% and 25% rates at 31 Dernber 2021. Not Gains on Inve8tments 2021 2020 Revaluation of listed investrnents (Note 11) 1,867 23
The Chandrfs Foundatlon and its Subsidiary Companlos Notes to the Consolidatfjd Financial Ststgment8 For the year onded 31st D0mber 2021 10. Tangible Fixed Assets rou Motor Car, Fumiture and Fittin Office and Computer ui Leasehold Im roveme Total Cost Al 1st January 2021 Additions Disposal 75,989 90,917 111,485 12.678 42,241 278,391 12,678 47.303 5,062 At 31$1 December 2021 75,989 85,855 81,922 243 766 Depreciation Al 1st January 2021 Charge for the year Disposal 75,989 65,871 778 99,847 12,063 42,128 241.707 12,841 46,977 At 31 sl December 2021 75,989 69,782 207.571 Nel book value At 31 sl December 2021 24,055 12,140 36,195 Al 3151 December 2020 25,046 11,638 36,684 Th8 Charity has no tangible fixed assets. Investm•nts Grou Chari 021 2021 2020 202 Subsidiary companies Listed investments 500,000 500,000 23.368 16,664 23,368 16,684 500.000 500,000 All investsnents are hel¢J primarily lo provide an investment retum. The movement in the group investment reEales wholly to the investment revaluation gain of £8,704 {2020'. £1,867 lossl. The mart¢et value of listed investments at the year-end was £23,36812020'. £16,684). The change in valuation is recognised as a gainllloss) on investments in the Consolidated Slalemenl of Financial Activities. The Charity holds the following inveslment al cost In a wholly ¢)wned subsidiary undertaking.. 2021 2020 Chandris (England) Limited 500,000 500,OQ>O 24
The ChandrFs Foundatlon and its Subsidiary Compan1¢8 Notes to the Consolidatod Financlal Stat6mont8 Forth¢ year endpd 31st Demb8r 2021 11. Investmants {contlnuedl The investment represents the ownership of 500,000 ordinary shares at a par value of £1 each. The Foundation musl have at all times a minimum of tsvo individuals or one wrporalion as Iruslee. A sole trustee may act lo appoint a new trustee or trustees. Any corporate body may al any time be appointed as a general Iruslee. The stattJtr)ry power of appointing new Iruslees is vested in any person appointed by the founder. Chandris (England) Limited, company number 00608546, irlcorporated in the UK. is a holding and Co-ordinating company for ils wholly owned subsidiaries, Chandris IU.Kl Limited, company number 00607342 and incorpor8ted in the UK and Chandris Insurance Services IU.Kl Limited. company number 05321376 and incorporated in the UK. whose activities are those of shipping and hartering agents and insurance mediation. The Group headed by Chandris IEngLqndl Limited reports a profit after tax for the year ended 31st December 2021 of £377,77512020 restated.. £226,816) fftpresenling turnover of £3,176,52912020' £2,720,468> and total expenditure of £2,737,9CA12020 restsled.. £2,379,243) and net assets al 31st December 2021 of £129,11S12020 reslaled". net liabilities of £1,487,149). The financial statements of Chandris IEnglandl Limited are available from the f)wIng address.. 17 Old Park Lane, London W1 K 1QT. 12. Dobtors Grou Char 2021 2020 2021 2020 Amounts falling due within one year.. other debtors (see note 17) Prepayments and accrued income 517,111 331,709 791,976 852,187 1,309,087 1,183.896 Grou Chari 2021 2020 2021 020 Amounts falling due after one year.. Deferred tax Other debtors 280,400 80,905 618,790 67,852 361,305 688,S42 During the year, the group advanced numerous small interest free amounts lo A.M. Chandris and M.D. Chandris. M.D. Chandris retired as a director on 31 March 2018. These amounts are in relation to ad-hoc expenses of individuals recognised in the trading entities of the group. The amounts are cleared down quarterly and are interest free. Going forward, the directors will reduce these balances to nil in line the guidance issued by The Charities Commission in March 2019 in relation lo Charities wrth a connection lo a non-charity. The balances outstanding at the year end, included In other debtors were £1,19212020." £7,407) and £104,26812020." £70,623) fespectively. 25
The Chandris Foundatlon and its Subsidiary Companle8 Notes to tho Consolldated Financial Ststem8nts For the year endgd 31st December 2021 13. Credltor8. amounts falling due within one year Grou 2021 Chari 2021 As resL7ted 2020 2020 Corpor81ion tax Other creditors, laxation and social security Accruals 8,736 125,359 15,401 238,491 544,153 384.309 878,248 638.201 14. Def9rred taxation The deferred taxati)n asset al the end of the y8ar comprises.. Grou Chari 2021 2020 2021 Deferred lax on net pension scheme deficit Accelerated capital Allowancès Other liming differences 283,860 622,250 {3,460} 13,4601 280.400 618,790 The movement in deferred lax is as follows". 2021 At 151 January Deferred tax charge in relation lo income and expenditure (note 81 Deferred tax credit through other recognised gainsllosses 618,790 436,001 147,880} 290,510 190,811} 273.600 Al 31st December 280,400 618,790 26
The Chandrts Foundatlon and its Subsidiary Companles Notes to the Consolidated Financial Ststgments For the year ended 31st December 2021 15. Panslon Llablllty lal D8finod benefit scheme8 Chandris (England) Limrted operates defined benefit pension salaries for eligible employees referred to as the plan and the fund. The assets of the schemes are held separately from those of the Group,. being invested with an insurance company. The movement in the defined benefit obligation and assets over year is as folk)ws.' 2021 2020 Obligation.. £'ooo £'ooo At the beginning of the year Current service cost Past service cost Interest cost Contributions by plan p8rti¢ipanls Actuarial Ilosses}Igains Benefits paid Actual employee contributions 22.120 74 20,142 83 292 360 (1,0961 11,0591 2,389 18681 At 31st December 2021 20,341 22,120 2021 £'ooo 2020 £'ooo Assets.. At the beginning of the year Interest income on plan assets Asset gains Employer contributions Employee contributions Benefits paid 18,845 254 433 589 17.829 340 949 588 1,059 868 At 31 December 2021 19,069 18,845 Nel defined benefft nSIOn 8cheme liability 2021 £'ooo 2020 £'ooo Fair value of plan assets Present value of plan liabilities 19,069 120,341) 18,845 122,1201 Net pension scheme liability 1,272 3,275 27
The Chandrfs Foundatlon and its Subsidiary Companles Notes to the Con801idatgd Financial Statomonts Forthe year ended 31st December 2021 15. nSionS {¢ontinuedl The amounts recognised in the incc¥ne statement are as follows.. 2021 £'ooo 2020 £'ooo Current service cost Interest cost Interest income on plan assets Past setvice cost 74 292 {2541 83 360 13401 Total included in staff cost 112 107 The aggregate assets ofthe defined benefit pension scheme are comprised as follows.. 2021 202 Equity instruments Debt instruments Insured pensions Other 26 17 49 28 18 47 loo 100 The actual return on pn assets was £433.000 {2020: £949,01)01. 2021 £'ooo 2020 £'ooo Return on plan 8ssels Remeasuremenl of defined benefit obloation Remeasurement of nel defined benefit obligallon 433 1,096 949 2.389 1,529 1,4401 The principal actuarial assumptions used in valuing the defined benefrt pension scheme were as follows." 2021 2020 Discount ratg Inflation rale Future salary increases Future pension incrgases Assumptions regarding future mortaltiy experience are sel based on actuarial a¢fvice in accordance with published st8tislics and experience in the relevantjurisdiclions. Mortalty assumptions are based on the following post-rel1ment mortalty tables.. Plan- PNAOO and fund- S2PMA and S2PFA. 28
Th• Chandris Foundation and Its Subsidiary Companies Not95 to the Con801idated Financial Stat8m&nts Forthe y8ar ended 3181 DKgmber 2021 15. Pensions {continuodl These tables indic* an average lrfe expectancy ir7 years of a pensioner retiring at age 85 as follows.. 2021 2020 Retiring al the end of the reporting period Male Female 21.9 24.4 21.9 24.4 Retiring 20 years after the end of the reporting period Male Female 23.4 26.0 23.3 26.0 The plans are valued triennialty by independent external actuaries. The next valuation is scheduled to be undertaken on both schemes as at 30 November 2022. The Group believes that at the contribution rates established in the last triennial valuation 130 November 20191 as increased following actuarial advice, are sufficient to eliminate the deficit over the agfftd period of 3 remaining years. In order to address the funding defici( the employer will pay £539,000 every January up to and including January 2023. (bl Defined ¢ontrlbutlon schèmes The Group made conlributrons of £64,478 {2020.' £67,7S21 in the year to third party defined eonlribLrtion schemes. Conlribuliorts of £15.507 {2020.. £12,650} were outstanding al the year end. 16. Commitments undar operating leas8$ The Group has the folk)wing total commitments under non-cancellable operating leases whth expire.. Land and Buildings Land and Buiklings 2020 Wrthin one year Betsveen 2- 5 years 248,285 184,343 432,628 248,285 432,828 680,913 17. R•lated party transadion$ During the year The Chandris Foundation received dividerKls of £nil 12020.. £nill from Chandris (England) Limrted, its wholly owned subsidiary. During the year, the group advaneed numerous small interest free amounts lo A.M. Chandris, a clirecloi of Chandris Foundation Trustees Limited, and M.D. Chandris. M.D. Chandris retired as a d1clOr on 31.03.2018. These amounts are in relation to ad-hoc expenses of individuals recogniged in the trading entities of the group. The amounts are cleared down quarterly and are interest flee. The balances outstanding at the year end, included in other debtors were £1,19212020.. £7,407) and £104,26812020.. £70.6231 respectively. 29