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 poSit￿n
12
Group and charity statement of cash flows
13
Notes to the financial statements
14-29

The Chandris Foundatlon
TA￿t9p and Admlntstratlve Infomiation
Charty Registration Number
2805S9
Pr1r￿l￿al 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 FOundat￿n 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 donat￿nS 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 ant￿ipate 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 edUcat￿n, 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 Su￿seCtor 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 charIt￿S 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 Servi￿5 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 f￿e 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
T￿￿tee.$ 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 re￿rdS 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 infOrn￿ll0n 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 con￿rn basis of accounting unless the Trustees either intend to liquidate
the Group or the parent Charty or to cease operations, or have no realistic a￿ernative 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 Cha￿tieS Act 2011 and ￿pOrt in a￿OrdanCe
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 a￿ayS 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 resp￿1 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 pol￿1&$.

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 opera￿nS.

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
defe￿ed 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
D1￿ctOr
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 fIX￿j 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)lre￿1Ved
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 y￿r ended 318t Dgcembgr 2021
Ateounting Policles
la} BasL8 of accounting
The financial statements have been prepared under the historical cost convention with the
eX￿ptiOn 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 a￿OrdanCe 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 eff￿1 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 advan￿ment 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 re￿Nable, 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 CUrrenC￿S
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 eff￿1, the opening reserves for 1 January 2020 is lo be adjusted by £104,459.

Tho Chandris Foundatlon
and its Subsidiary Companles
Notes to the Conf￿lIdated 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 Can￿r
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 HospI￿S
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 DeCem￿r 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 r￿￿1VeS ￿CountanCY and adminislralion
ServI￿S 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 nUM￿r 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 8￿rUIng 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$t December 2021
Employegs. Remuneration {contlnuedl
The trustees are not rornunerated for their role as trustees by The Chandris Foundation. Emoluments
lineluding benefits in kind) paid to directors of the subsidiary companies amounted to £377,10812020..
£330,053). The number of directors, accruing benefits under defined benefit schemes amounted to 1
{2020." 11. The group also made contributions of£19,9Q1212020.' £17,584) towards defined contribution
schemes in respect of 212020.. 21 directors of the subsidiary wmpanies. The directors of Chandris
Foundation Trustees Limited, A.M ChandTiS and D.J. Chandris, receiv&J remuneration of £69,540
and £74.652 respectNety. R.S. Hanks, director of Chandris Foundation Trustegs Limited, received
remuneration of £85,940 in the year.
The key managementpersonnel ofthe Chartty are the directors ofThe Chandris Foundation Trustees
Limited given the Corporate trustee relationship. The key management peisonnel are not
remunerated in their role of directing the operations of the Charity.
Taxation
The Chandris Foundation is a registered charity and is therefore potentially exempt from taxation on ils
charita￿e income and gains as it falls within the definf(ion of a charity as defined in Part 1, Schedule 6
of the Finan￿ Act 2010. No tsx charge has arisen during the year.
The taxation charge in the year is in respect oftaxalion in the Charity's sub$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 De￿rnber 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 D￿0mber 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 D￿emb8r 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 p￿n 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-rel1￿ment 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
d1￿clOr 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