THE CHANDRIS FOUNDATION TRUSTEE'S REPORT AND CONSOLIDATED FINANCIAL STATEMENTS 31st t)ECEM8ER 2022
The ChandrlB Foundation Indox Page Trustee and administrative informatlon Trustee's report Statement of trustee's responsibilities Auditor's ieport Consolidated slalemenl of financial adni11S 10 Charty statement of financial aclNilies 11 Group and charty statement of financial pK)sition 12 Group and charity statement of cash flows 13 Notes to the financial statements 14-28
Th& Chandr18 Foundation Trustee and Administratlve Infomiation Charity Registration Number 280559 Principal Address 17 Old Park Lane London VV1 K 1QT Trustee Chandris Foundation TrLtstees Limf(ed Registered Offe 55 Baker Street London W1U 7EU Auditor BDO UK LLP 55 Baker Street LorKJon W1 U 7EU
The Chandris Foundation Tru8tee's Reportforthe year endod 31st December 2022 The trustee submits the report and the consolided financKg1 statements of The Chandris Foundatitsn for the year ended 31st December 2022. The financial statements have been prepared in accordance with current slalulDry requirements. the Charity's governing d(Ument and the provisions of the Statement of Recommended PractiGe ISORPI, applicable in charities preparing their accounts in accordan with the Financ¢al RepoTts"ng Standard applicable in the UK and Republic of Irdand {FRS 1021 leffectwe l January 20191. Stwcturfr. Govomance and Management The Chandris Foundal¢on was e8tsblished on 2nd April 1980 by the tate Mr. Anthony J. Chandris, as an irrevctable charitable settlement and is governed by ils Trust Deed. It is re9iStered with the Charity Commission Central Register No. 280559 dated 19th August 1980. The management of the Foundation is vested to a trustee, a limited company, and rts directors. To the extent that the Charty is ab, The Chandris Foundation provides charitable donaths to those for relief of hardship. sickness and disability and other charitable purposes includir>g educats'on. The chartiy obtains its income for dislribulions from the trading of the Chandris England group as shipping and chartering agents and Insuran intermedialory. Chandris {Englandl Limited is a subsidiary of The Chandris Foundation through shares held by The Chandris Foundation Trustees Limited as nominee. The Chandris (England) group holds two defined benefit pension schemes. which are in a nel surplus at the year end. However, they remain highly volatile and are subject to regulatory control. The dirtorS of Chandris {England) Limited remain cautious of their pension risks and obligations. Going foard, The Chandris Foundation is expected lo make increased t)nations to the community as the penston scheme has rned from a deficrt to a surplus and there has teen a growth in distributable seryes. The Foundation musl have al all limes a minimum of individuals or one corporation as trustee. A sole trustee may act to appoint a new trustee or Iruslees. Any COTporate body may al any lime be appointed as a general Iiustee. The stslulory power of appointing new trustees is vested in any person appointed by the founder. The directors of the trustee company attend training development courses as appropriate to their needs. Remuneration for key management personnel is Set using comparative market rates. na ment The trustee regtslar monitors the opportunr(S avaiLqble to the ehanty and the risks lo which rt rs exposed. As part of this process the trust88 has implemented a risk management str8tegy which eomprises". The estsbli$hment of systems and controls to manage the risks identffied. The tmplementalK)n of prcteduresd8swJned lo minimise any potential impacton the charity should any of those risks m*eriaiise. An annual review of the risks which the charty may face and the implamentalion of any changes to the controls that might be deemed necessary.
The Chandris Foundation TNsteo'$ Report forthe year ended 31st December 2022 (Continugd) Risk and Un¢ertainty Str4togy and Mitigation Russia & Ukrain• Conflict: The Group has not suffered any advèrse effects the Russia-ukraine confiiel, and the directors There is 8 risk that the conflict coukl impact on the do not antiCiP8te any significant impact cy) the Group's ability lo generate income due to ils offe¢t business arising in the future. None of the Gioup's on the global economy. SupplrS orcustomers are based in Russia. Objectlvos and Actlvitios for tho Publlc 8engfrt The oblte of tho Foundation is to make chantable donations for the relief of hardship, sKkness and disability, the advaNrnent of education, and for other charitable purposes which help and benef(£ the community. The tnislee acknowlgdges the duty in Section 4 of the Charitie5 Act 201110 have due regard to the Charity Commission's published general and relevant sub-sector guidance on public benefit. The Iruslee has referred to this guidance when reviewing the aims, strategy and in planning future activities and setting the donation policy for the year. Th8 charitab Trust Deed 8tstes'. "Charitable Objects" means such purposes. inslilulions and foundations throughout the world as are recognised to be charitable according to the law of England and Wales and "Charitable Object" shall have a corresponding meaning. There have been no matsrial changes in 0"ects sIre the iasl reporL As in the past, the Foundation has allcraled its resources primarily to support children's charities, cancer relf charities, Greek eharilies and maritime charities. The Foundab"on attains its objectives by reviewing requests from prospective donation recipients and ensuring that the requests merit its support. Details of donations made are ¢Yisclo$ed in note 4. Group Achievam¢nt8 and Perk*miancg The Foundation aims to match rts incoming resources with donations made over the longer lem. This depends to an exlenl on the suitability of donatK)n requests receNed and also the 2bilty of the Foundation to mako donations in conjuncaion wrth similar charities or inslilutions. No incoming resources were receNedfrom Chandris Engiand Limited in 2022 due lo the level ofdistributsble reserves. however the Charity rEceived £50.000 in donations and continued lo make donations of £64.827. The trustee considers that this aim was achieved in the current year. Subsequent to the year end, the chartty made donations totalling £33.234 lunaudiledl in line with the objectThies and a¢tivities for public benefit.
The ChaftdTis Foundation Tr9.$ Report for the year ended 31st DKembgr 2022 (Continued) Financlal Rovlow The Group reports consoltdaled income of £3,370,445 12021.. £3.182,4561 and total expendf(ure ot £2,769,15212021.. £2,830,616) as set out on pases 10 to 28. The Foundation reports income of £50,098 {2021.. £161 and total exwndilure of £64.62712021- £54,712). The Foundab"on mainly derives its $re by dividends from Chandris (England) Limited, however for the year ijnder review, no dwidend income was reiVed by the Foundation (2021 - £Nill- Chandris (England) Limited, company number 00608546. incorporated in the UK, is a holding and co-ordinating company for its iwo wholly owned subsidiaries, Chandris IU.K) Limited, company number 00807342 incorporated in the UK and Chandris Insurance Services {U.Kl Limited, company number 05321376, incorporated in the UK, whose activities are those of shipping and chartering agents and insurance mediation. The Group headed by Chandris (England) Limited reports a proff(altertax forlhe yearended 31st December 2022 of £370,441 12021. £377,775) preSentIng turnover of £3,313,851 12021.. £3,176,529} and total expenditure of £2,685,52612021.' £2,737,904) and nel assets al 31st December 2022 of £2,493,77712021- £129,116). The financial statements of Chandris IEngFandl Limited are availab from the fr)Ibwing address.. 17 Old Park Lane, London W1 K 1QT. Expendrture for the year included eharitabk payments amounting lo £64,62712021'. £54,712). Rgserves Polic The Chandris Foundation maintains reseNes at the entity level which the trustee deems appropriate for the efficEnl operation of the Foundation and for the generab.on of addf(ional income on a prudent basis. There are minimal management and administratHJn expenses at the entty level therefore a level of free reserves of £100,000 is considered 8ppropriale. Free reserve5 are calculated as Unrestrted fvnds le5S invesbments. The actual free reserves exrAeded the required level for the Foundation and amounted to £113,53312021.' £128,062). There is no requirement for the charity to pay the pension Itability on behalf of The Chandris England group. The Chandris Engknd group is a going concern and is reducing its own pension deficit yearly through an approved plan with The Pensions Regulator. Therefore. the reseNes policy is in relation lo the eharity's ability to operate. The currenlfree reserves of £113,533 will allow the charity to make donations al its current vel for al least the next 2 years. DirectOTS' Loans Included in the debtors of The CharKlris Fountstion are amounts due lo the Group by one subsidk?ry director. The balance outstanding at the year end. included in other debtors, was £64,940. The nature of these loans is forad-hoc expenses of indivKluals recognised in the trading enlilies. The b8lanees afe cleared down quarterly and the amounts are interest Iree. Based on the guidance issued by The Charities Commission in March 2019 in relation lo Charities with a connection to a non-charity, the trustee and subsidiary directOT5 will aim to Car down these loans to nil by 31st December 2023.
The Chandrls Foundation Trustse'8 Report lor the year ended 31st December 2022 {COnnUd} Plans for FUre Periods Wrf(hin the available financial resources of the Foundation. the trustee plans lo continue to make donalhjns to charrtable inslilulions and therefore meet ils objectives in future years. The Iruslee's report wa8 approved by the trustee on ...... 2..8.. SEP 2023 Chandris Foundatk?n Trustees Limfted R. HANKS Director
The Chandri$ Foundation 8tstoment olTrustee's Ro8pon8lbilities The trustee is responsible for preparing the Truste&'s Report and the financial stslements in accordance with applicable law and regulations. Charity law requires the Trustee to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice Iuniled Kingdom Accounting Stsndards and applicable law). Under charity law the Trustee must not approve the financial statements unless they are satisfied that they give a true and fair view of the stsle of affairs of the group and charity and of the incoming resources and application of resources, including the income and expendrture, of the group and charity for that period. In preparing these financial ststement8. tha Trustee is required lo- select suitable accounting policies and then apply them consistentty,. observe the methods and principles in the applicable charits SORP,. make judgements and accounting estimates that are reasonable and prudent., stste whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial stslements., prepare the financial stslements on the going conrn basis unless it is inappropriats to presume that the charty will continue in business. The Trustee is responsible for keeping adequate accounting records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy al any time the financial posvtion of the charity and enable them to ensure that the financial ststements compty with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. Thèy are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other i¥regularilies. Auditor BDO LLP have expressed their willingness to contlnue in offte and a resolutDn to re-spin1 them will be proposed at the annual general meeting.
INDEPENDENT AUDITOR'S REPORT TO TRUSTEES OF THE CHANDRIS FOUNDATION Oplnion on the flnan¢ial statements In our opinion, the financial 5tatements'. give a true and fair view of the slate of the Group's and of the Parent Chaty's affairs as al 31 December 2022 and of the Group's incoming resources and application of resources for the year then ended", have been properfy prepared in accordance with United Kingdom Generally A¢pIed Accounting Practi", and have been prgpared in accordance with the requirements of the Charities Act 2011. Vve have audited the financial statements of The Chandris Foundation I"Ihe Paront Charity") and its subsidiaries 1.the Group") for the year ended 31 December 2022 which compris8 the consolidated statement of financial aetivitEs, the Charity statement of financial aclivrf£ie5, the Group and Charity slalemenl of financial posf£ion, the Group and Charity statement of cashflows and notes to the financial statements, including a summary of signrficant accotjnting policies. The financial pOrting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporbng Standard 102 The Flnancial Reporting Slandard applicable the UK and Republic of Ireland (Unfted lfjngdom Generally Accepted Accounting Praclicel. Basis for opinion We condueled our audit in accordance with Inlemational Standards on Auditing IUKI {ISAs IUKI} and applicable law. Our responsibilities under those standards are fvrther described in the Auditor's ressx)nsibililies for the audit of the financial slalemenls section of our report. We believe that the 8udit evidence we have obtained is sufficient and appropfTate to provide a basis for our opinion. Independence We remain independent of the Group and the Parent Charity in accordance with the ethical requirements relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fvifilled our other ethical responsibilities in accordance with these requirements. Con¢lusion8 relatsd to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the going concem ba55$ of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identrfied any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the Group and the Parent Charity's ability lo continue as a going conrn for a period of at least ee months from when the rinancial statements are aulhorised for issue. Our responsibilib'es and the iesponsibilit8 of the Trustees with respect to going concern are described in the relevant sections of this report. other inforniation The Trustees are responsible for the other infomialion. Otjr opinion on the financial statements does not cover the other information and. except to the extent OtheISe explicitly slated in our report, we do not express any fom of assuran conclusion Ihereon. Our responsibility is to read the other infomiation and, in doing so, constder whether the other infomation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misslaled. If we idenllfy such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misslalemenl in the financial statements or a material misstatement of the other informalign. If, based on the work we have performed, we wnclude that there is a material misstatement of this other information, we are required tr) report lttat fact. We have nothing to report in this reg8rd.
INDEPENDENT AUDITOR'S REPORT TO TRUSTEES OF THE CHANDRIS FOUNDATION {CONTINUED} MatterB on whlch we are required to report by exception We have nothing to report in respect of the following matters in relation lo whKh the Charities Act 2011 requires us lo report to yotj rf, in our opinion," the information contained in the financial statements is inconsistent in any mal8rial respect with the Trustees, Annual Report,. or adequalo accounting records have not been kept by the Parent Charity-, or the Parent Charity financial slalemerts are not in 8greementwilh the accounting records and relums., or we have not received all the information and explanations we require for our audit. Responsibiliti•s of Trustees As explained more fulty in the Trustees, responsibilities slalement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustee5 delemines is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or &rror. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the Parent Charity's ability to continue as a going concem, disclosing, as applicable, matters related lo going eoncem and using the going concern basis of accounting Un$S the Trustees either intend to liquidate the Group or the parent Charity or lo cease operations, or have no realisltc atternabve lo do so. Audltor'8 r8sponslbllltles for th• audlt of thg financial 8tatemonts Vve have been appointed as audf(or under Section 144 of the CharitiesA¢t 2011 and report in aecordance with the Act and revant regulations made or having effect thereunder. Our objectives are lo obtain reasonable a$surdn about whether the financial ststemenls as a whole are free from material misslatemenl, whether du8 to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not 8 guarantee that 8n audit conducted in accordance with ISAS IUKI will always detect a material misslatsmenl when rt exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to Influen the economic decisions of users taken on the basis of these financial statements. Extent to whA¢h tho audit W8s e8pable of dotacting iAregulantigs. intluding fraud Irregularities, including fmud, are instanS of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misstatements in respect of irgUIariti@$, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is d&tailed below.. Based on our understanding of the entity, we considered those laws and regulations that have a diwl impad on the preparation of the financial ststements. We evaluated managemenvs incentives and opportunities for fraudulent manipulation of the financial slalemenls (including the risk of override of controls}, and determined that th8 principal risks were related to posting inappropriate journal entries lo revenue, management bias in accounting estirnates and the adoption of inappropriale accounting policies.
INDEPENDENT AUDITOR'S REPORT TO TRUSTEES OF THE CHANDRIS FOUNDATION {CONTINUEDI The audit procedures perfom)ed by the engagement team included.. discussions with rT7anagement 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 oc¢ur in the financial statements and any potential indicators of fraud. Furthemiore, we communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncomplia With laws and regulations throughoul the audit., identifying and testing journals. in particular joumal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions., and challenging assumptions and judgements made by management in their critical aoUntIng estimates. Our audit procedures were designed to r&spond to risks of material misstslemenl in the financial statements. recognising that the risk of not detecting a material misstatement due lo fraud is higher than the risk of not detecting one resutting from error. as fraud may involve deliberate concealment by, for example, forgery, misrepresenlalions or through collusion. There are inherent limitations in the audit procedures perfomed and the further removed non-compliance wtth laws and regulations is from the events and transactions refcted in the financial slatemenls, the sS likely we are lo become aware of it. A further description of our responsibilities for the audit of the financial ststements is located al the Financial Reporting Council's I"FRC's"I website al.. htt s'./lwww.frc.or .uklaudilorsres onsibilities. This description fom$ part of our auditorfs report. Us• of our roport This report is made solely to the Charity's trustees, as a body. in aecordance with the Charities Act 2011. Our audit work has been undertaken so thal we might stste to the Charity's trustees those matters we are required to stste lo them in an auditor's report and for no other purpose_ To the fullest exlenl permitted by law, we do not accept or assum8 r8sponsibility to anyone other than the Charity and the Charity's trustees as a body, for our audrt work, for this report, or for the opinions we have formed. Do¢u8*n•d by.. SSIL 6EEEFQQCFQF84FA Cassie Forman-Kotsapa BDO LLP, statutory auditor London. UK 29 September 2023 BDO LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under SeCtK 1212 of the Companies Act 2006. BDO LLP is a limited liability partnership registered in England and Wales (with registered nurnr OC3051271.
The Chandrls Foundation and its Subsidiary Companies Con8011dated Ststemént of Financlal Actlvities Forthe year ended 31st Docember 2022 Unre8trlcted Funds 2022 Note 2021 Income and bndowments from: Other trading activitS Donations and legacies Investment Income Other income 3,313,851 so,000 2,594 4,000 3,176,529 1,927 4,000 Total Income 3,370,445 3,182,456 Expendlture on: Charitable activities.. Donations paid 164,6271 154.7121 Other trading activities.. Adminislralive expenses Financo costs of pension scheme Total expenditure 12,685,525) {19,000) (2,769,152} 12.737,9041 138,0001 12,830,616) United Kingdom corporatson tsx Deferred taxation 12,415 147,880} (241,3301 Total tsxation on tradlng actlvltle8 {241,330) 135,4651 Net incomo for the ygar bofore galns on investments 359,963 316,375 Net (lossesllganis on investments 4,050 Net Income 355,913 323,079 Other recognl8ed galn.. Actuarial gain on pension scheme Deferred lax on actuarial loss 15 14 2.462.000 1467,7801 1.529.000 1290.510} Not movemont In fttnds 2,350,133 1,561,569 Reconciliation of Funds Total funds brought forward 257,177 1,304,392 Total fvnds carried forward 2.607,310 257,177 The notes on pages 14 to 28 forn part of these financial statements. l activities relate to continuing operalK•ns. 10
The Chandris Foundation and Its Subsidiary Companies Charity Statemont of Financlal Activities For tho ygar ended 31st December 2022 Unmtrictsd Funds Not• 2022 2021 Incomg and endowmont8 from: Donations and legacies Interest income 50,000 98 16 50,098 16 Expendlture on: Charitable aelNities- Donations paid 64.627 Total 8xp8ndlture 64,827 54,712 Net expgndlture for the year 14.529 54.696 The notes on pages 14 10 28 fom part of these financial statements. Al activities relate to continuing operations. 11
Th• Chandri$ Foundatlon and It8 Subsidiary Companies Group and Charity Statement of Flnan¢ial Position - 31st Dgcombèr 2022 Grou 2022 Char 2022 Nots 2021 2021 Flxed Assets Tangible fixed assets Investments 10 45,736 19.318 36,195 500,000 500,000 65.054 Currnnt Arjsots Debtors, falling due after one year 59,563 500,000 500,000 12 74,661 361,305 Debtors, falling due within one year Cash al bank and in hand 12 1,317,857 956,437 1,309,086 477,471 113,533 128,062 2,274,294 Current Liabilitias Creditors, amounts falling due within one year 1.786,557 113,533 128,062 13 1,078 989 678.248 Net Current Assets 1.195305 1 108 309 113.533 128 062 Total Assets less Currpnt Liabiliti•s 1,335,020 1529 177 613533 628,062 Oeferred taxation 14 428,710 Net Assets excluding Pen8ion asseulliabilityl 906.310 1.529.177 628,062 Pension asseU(liabilily) 1,701.000 11,272,000} Net AssetsllLiabilitie8) Includlng Pension as$•U(liability) 2,607,310 257,177 613,533 628,062 Funds Unrestricted funds excluding pension liability Pension assetllliability}, net of deferred lax 1.335,020 1,248,777 613,533 628.062 1.272.290 991 600 Total charity funds 2,607,310 257,177 613,533 628,062 These financial ststements were approved by the Trustees on Chandri$ Foundation Trustees Limrted 2 8 SEP 2023 AM. CHANDRIS Director D.J. CHANDRIS Director R.S. HANKS Director 12
The Chandris Foundation and its Subsidiary Companies Group and Charlty Statom8nt of Cash Flo For the year fjnd 31st December 2022 Grou 2022 Char 2022 2021 2021 Cash flo from operating activitlaB Net incomellexpenditurel for the y8ar Adjuslmenls for.. Tax on ordinary activities Lossllgainl on investments Depreciation of tangible fixed assets Loss on disposal of tsngible fixed assets Cost of defined benefit pension scheme Contribulsons to defined benefit pension scheme Interest recenied Increase in debtors Increase in Creditors 355,913 323.079 {14,529} {54,6951 241,330 4,050 16.016 35,465 16,704} 12,841 326 122,000 83,000 1594.0001 12,594} {2,5271 400,741 {596,0001 11,5071 {138,2401 46,712 Net cash generated byllusedl in operdling activilbs 501,929 1202,0281 {14,5291 154,6951 Corporation tax reiVed 5.750 Cash g8nernt9d byl{used In} operating acllvitlos 501.929 {1SE,2781 114.5291 {54.695) Cash flows from investing activities Purchase of tangible fixed assets Inte$t receThied (25,5571 2.594 112,6781 1,507 Cash used Sn Investing activities (22.9631 111.1711 Change in cash al bank and in hand In the year 478.966 1207.4491 (14,5291 154,6951 Cash al bank and in hand at 1 January 477,471 684,920 128.062 182,757 C•#h at bank and in hand at 31 D•¢•mb•r 477 471 113 533 128 062 13
The Chandrls Foundation and its Subsidiary Companles Nots8 to tho Con801idatsd Financial Statemtnts Forthe ygar ended 31st December 2022 Accounting policies lal Basi8 of a¢¢ounting The financial ststements have been prepared under the historical cost convenllon with the eXpIlOn of investment assets which are carried al valuab.on where reliable eslimalion Is possible. The financial statements have been prepared in accordan with the Charities Act 2011, and the Charities SORP {FRS 1021", 'Accounling and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities prepaNng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 102} leffe¢twe 1 January 20191.. The Charity conslitules a Public Benefrt Entty as defined by FRS102. The present*ion currency is GBP Sterling, being the funCtnal and performance measurement currency oflhe charity, rounded to the nearest whde pound. The financial statements have been prepared lo give a 'lrue and farf view and have departed from the Charities {Accounls and Reports) ReguL4tions 2008 only to the exlenl required lo provide a 'lrue and fair, view. This departure has involved following Accounting and Reporting by Charf(ies preparing their financial stslements in accordants wf(h the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 i8sual on 16 JU 2014 rather than the Aceounling and Reporting by Charities.. Statement of Rets)mmended Practi effective from 1 April 2005, which has SI been withdrawn. The financial statements have been prepared on a going concern basis, whtch contemplates the realisalion of assets and the settlement of liabilits.es in the ordinary course of business. At the porting dalo the Group is in a net asset position. The trustee ha5 considored projected ¢ash flows and stress tested going conrn forecasts. Inftation and increases in interest rates have not had a negative impact on the ability of the Group and Charity to operate to dale. Al the year end, the Group's defined benefit pension schemes were in a net surplus posrtion of £1,701,000. The trustee is confident that the Group and Charty can meet ils liabil(ties as they fall due for 8 period of al least 12 months from the reming date and therefore that the going concem basis is appropriate. Ibl Basis of consolidation The financial slalements are ppared on 8 consolidated basis as the Chandris Foundation holds an investrnenl in Chandris EngLgnd Limited, which heads a group operating as shipping and chartering agents, iogether with an insurance inl8rmediary. The Chandlls England group is a trading group and provide fvnds, via diwdends from its reserves lo The Chandris Foundation in order for the charty to make distributions for the relief of hardship, sickness and disability, the advanrnent of education, and for other charitsble purposes which help and benefrt the communty. Chandris Foundation Trustees Limited owns the shares of The Chandris (England) Group, which are held as nominee on behaW of the Charity, as is stated in its objects clause. The con801idated financial staternents include the results of the Chaty. and ils subsidiaries as set out in note 11 for the yearendeA 31st December 2022. Icl Income Income is recognised when the charity has entitremenl lo the funds, any performance conditions attached lo the items of income have been met, il L8 probable that the income will be received and the amount can measured reliably. The consolidated income represents agency and administrative fees recewable, exclusive of value added tax. Income is recognL8ed on an accruals basis as the se1 is provided. 14
The Chandrf8 Foundion and its Subsidiary Companies Notes to the Con801idated Finan¢lal Statements Forthe year ended 31st December 2022 Accounting policie8 Icontinuad) Id) InvlMents and investment Income Investments in listed equrtS are stated al market value as measured al each period end. The 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 at cost less any accumulated impairment kjsses. Unlisted investments and the investment in the subsidiary entty are assessed for impaimient al eath reporting dale. Any impaimients losses or reversals of impaiment losses are recognised immedialety in profl£ or loss. Interest income is recognised on an accruals basis. Dividend income is recognised when the Group's rsght to receive payment has teen estsblished. {•) Expenditure recognitson E%penditUfe is included in the statement of financial activities on an accruals basis and omprise: Chartiable expenditure of donations made to support the objects of the Charity. DonatK>ns payable are charged to the slalement of financial trtE$ on the date of approval. Administrative costs are costs asswtated with Ihe operations of the Group. Govemance costs are those costs associated with meeting th& consb'tulional and statutory requirnents of the Charity, iluding costs incurred by the trustee linked to the stratsgic managemer¢t of the Charity. ifj Fixgd assets and deprnclatlon DepCIall0n is provided on all tangible fed assets al annual rates calculated to write off the cost of each asset over its expected useful lrfe as follows.. Leasehold improvement5 Furniture and fittings Office and computer equipment Over period of the lease 15% on the written down value 331lJ% on cost No depreciation has t)een provKled on the motor vehrle owned ty Chandris {UKI Limited, as in the opinion of the truslees the estimated resKlual value is such that any depreci8tron would be Imm8lerial. {g) Taxation Current tax is provided al amounts expected to be paid using the tax rates and jaws that have been enacted or subslanlially enactsd by the reporting date. Deferred taxation is prov¢ded on timing drfferences that have origind bul not revers&Y by the reporting dale on a non4is¢ounled basis using tax rates that a expected lo apply based on tax rates and L2ws that have been enacted or subslanlialty en¥lerJ by the reporting date. Deferred taxation assets are recognised onty lo *he exlenl that ft is considered more likely than not that there will be suitable trading profrts from whh fuiure reversals ofthe undertying timing differences can be deducted. Ihl Debtors Short term debt0 are measured at transaction pr8,18s$ any impaim)ent. 15
The Chandris Foundation and its Subsidiary Cornpanigs Nots$ to the Consolidated Flnancial Statements Forthe year ended 31st December 2022 Accounting pollciès {continued} Cash at bank and in hand Cash 81 bank and in hand includ8s cash and short terni highly IiqLttd investments with a short malurty of three months or less from the dale of acquisition or opening of the detx)Sit or similar account. The Chandris Foundation Trustees Limited legalty holds cash of £113,533 {2021". £128,065) on behalf of the Company. Thls cash has b*n C(NniSed in the financial statements of the Company due to having Control of the asset through the twslee-truslor relationship. Creditors and provlsions ui Creditors and provisions are recniSed where the charity has a present obligation resulting from a past eventthatwill probabty result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or esb"mated reliably. Creditors are measured inilialty al fair value, and are measured subsequenlty al amortised cost 4Jsing the effective inter8St method, less any impairment. (kl Financial instruments The trust On has the financkql assets and financial liabilrties of a kind that qualify as basic financial instruments Basic financial instruments are ini(ially recognised al Iransactk)n value and subsequenuy mea5UTed al their settlement value. Pen8lon8 The Group operates tsvo defined benefft pensK)n schemes. Pension Scheme assets are rraSured using market values. Pension scheme liabilities are measured on an accruals basis using the projected unti method and are dFscounted al the current rate of relum on a high quality corporate bond of equivalent term and currency lo the liability. Any increase in the present value of the liabilities of the defined benefit nSIOn schemes expected to arise from employee service in the year is charged to operating proff(. The expeded return on the schemes, assets and the increase during the year in the presenlvalue of the schemes, liabilities arising from tho passage of time are included in other finance costs. Actuarial gains and losses are recognised in the statement of lolal recognised gains and losses net of deferred tax. PensDn sch&me surpluses, lo the extent that they are recoverable, or deficits are recognised on the ststemenl of financial position nel of related deferred tax_ The Group also contributes to defined contribution pension schemes and payments are charged as an exwnse, as they fall due. Im) Foreign currgn¢l•s The functional and reporting currency is Pound Sterling. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rates ruling al the reporting dale. Revenues, costs and non-monetary assets and liabilities are translated al the exchange rates ruling at the date5 of Iransaclions. Foreign exchange gains and losses are included in the statement of financial tivItIeS. {nl Unrostrlctsd fund$ These afndS which can be used in acLxirdance with the charitable objects at the discretion of the trustees.
The Chandrf8 Foundation and Its Subsidiary Companles Nots8 to the Consolldated Financlal Statomgnts For the year ended 31st D•¢ember 2022 Judgemènts in applying aG¢ountlng policies and key 80vr¢es of •stimation un¢ertalnty In preparing the financial ststements, management is required to m8rk the estimates and ossumplions which affect reF)Orted income, expenses, assets and liabilities. The Iruslee conser$ the key judgements and eslimales lo bg in relation to provisions for doubtfLtI debts, prepayments and accruals. and the residual values of fmed as5els, bul dogs not consmder that they are likely lo have a material impact on the results. The key assumptions made in determinlng the value of the pension scheme liability are disclosed in note 15. 17
The Chandris Foundation and its Subsidlary Companigs Notss to th8 Consolidated Flnanclal St4tem•nts For tho year endod 31st December 2022 Invostment Income 2022 2021 Fixed asset investments IdivKlendsl Interest re1vable 420 1,507 2,594 1,927 Donations The nature of the donations made during the year was as follows.. 2022 2021 Grnek Chariti68 Greek Cathedral St Sophia 1,000 Children's Charitl8s Acorns Children's Charity Alexander Devine Children's HospiG8 Borne Foundation Brainwave Child Bereavement UK Child Brain Injury Trust Children's Bums Trust Children's Trust Crackeryack Children's Trust CFltical Care Nephrology in Children Douglas Bader Foundation Great Ormond Street H05Pttal Ch8rity Go Kids Go Happy Days Jentle Childbirth Foundation Jesse May Joss Search Light Make Them Smite Children's Charity Network for Children's Rights React Sailorf$ Children's Society Sands Save the Chlldren Starlight Children's Foundation Tiny Tickers 500 500 5¢X) 500 1,500 500 500 500 500 2,000 500 500 5¢XI 500 500 500 500 500 500 8,627 500 500 500 500 500 500 6,000 18
The Chandris Foundation and its Sub8idiary Companies Notes to the Consolidatod Flnancial Statgments For tho ygar ended 31st Ogcember 2022 Donations (continued) 2022 2021 Cancer Religf Charities Blood Cancer UK Bowel Cancer UK Bowel Research Brain Tumor Charity 8reast Cancer Now Children with Cancer CIK Sargent Instilule of Cancer Research Lennox Children's Canr Fund Look Good Feel Better Charity Marie Curie Proslale Cancer Research Centre Royal Marsden Cancer Chanty Royal United Hospitsl Slrongbones Children's charitab Trust Target Ovarian Canr Young Liv8S v's Cancer 500 500 500 500 500 500 500 500 500 500 500 500 15,000 500 500 500 500 500 500 2,500 Othgr CharFtI•s ABF The Soldiers Charity Action MedKal Research Asthma & Lung UK Brain Research UK British Heart Foundation British Red Cross- Ukraine Cerebral Palsy Plus Changing Facos Classics for All Cranleigh Arts Centre CranlevJh Community Fund- 2019 adj CranIeh Foundation Dad's House Dart Sailabilty Diabetes UK Ellenor Hospi Epilepsy Research UK Facing the Vvorld Fairshare Friends of the Elderly Game & Wildlife Conservation Trust Guide Dogs for the Blind Havens Hospices Hospice Charity Partnership Hospice UK Liver Group Charity London's Air Ambuknce 500 500 soo 500 1,000 500 7,000 500 500 5,000 300 {300} 300 5,000 5,000 2,000 500 500 500 500 500 500 3.500 500 500 500 500 500 500 500 21,500 500 17,800 19
The Chandr18 Foundation and Its Subsidiary Companies Notss to the Consolidated Financial Statements Fortho y•ar Ondgd 31st Decembor 2022 Donation8 {continued} 2022 2021 Other Chariti&g {contlnued) Medicines Sans Frontiers Meningitis Now ercy Ships Mind NARA The Breathing Charity National Federation for the Blind Pan Mass Challenge Queen Elrabeth Foundation RNIB Royal British Legion Royal Brompton & Harefield Hospital Seafarers Charity Shine Spinal MLtscutar Atrophy UK Stroke Assttialion Support Dogs Vvesl London Zone 500 500 500 500 500 500 500 500 1.912 500 500 500 500 500 500 500 500 500 20.000 25,212 Total Donation$ S4,627 54,712 Total Expenditure Other trading activities Charitsble activities Total 2022 Total 2021 Donations Audrtor¥' remuneration Bank charges Computer costs Depreciation Disposal of fvxed assets Insurance Legal and professional Postage. lephOne and cables Printing and stationery Publications Rent, Yales and services Repairs and renewals Staff ¢osts (Note 7) SubscriplKJns Sundries Travel and entertaining Finance cost of pension scheme Bad debt expense 64,627 64,627 74,664 5,678 107,720 16,128 54,712 51,195 3,659 105,224 12,841 326 42,538 207,751 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 74,664 5,678 107,720 16,128 25,791 305,114 21,505 3,890 13,847 441,920 5,779 1.603,905 8,148 26,121 21,515 19,000 3,800 2,704 525 25,791 305,114 21,505 3,890 13.847 441,920 5,779 1,603,905 8,148 26,121 21.515 19.000 3,800 2,769,152 64,827 20
The Chandris Foundation and Its Subsidiary Companies Notes to tho Consolldatod Financlal Statements Forthe year ended 31st December 2022 Tru8t•e's Expenses A total of £nil12021'. £nil) was 1Mbur$&d to the trustee in the year_ Neither the trustee nor any person connected wi(h it has received or FS due to recewe any remuneration for the year either directly indireclty from the Chanty funds. Employea8' Romuneratlon The Charity does not employ any staff members. The Charity receives accountancy and 8dminislralion services from ils subsidiary company fre& of charge. The staff costs amounting to £1,803.905 (2021.. £1,768,044) are the employee costs incurred by the Charty's subsidiary wmpanies. These now include chauffeur costs and payments to private medul plans. The amount consi8ls of. 2022 2021 Wages and salaries Social seeurity costs Pension costs Other staff costs 791,379 115,784 675,331 21,411 1.603,905 The average monthty number ofemployees during the year was as follows.. 881,770 112,592 702.035 71,647 1.768,044 2022 2021 Managerial Operations Adminislralion Secretarial 15 15 During the year, the average number of employees paid within the following bands were= 2022 2021 Less than £60,000 £60,000- £70,000 £70,OQO- £90,000 £90,000- £120,000 £120,000 - £140,000 £140,000- £150,000 £150,000 - £200,000 £250,000- £280,000 15 15 otthe employees paid in excess of £60,000 {2021-. £60,000} 112021". 11 was accfuing benefrts under defined benefit pensFon schemes. The Group also made contributions of £88,527 12021.. £10,375) towards deffned contribution schemes in respect of employees paid in excess of £60,000. 21
The Chandris Foundatlon and its Subsidiary Companio8 Note8 to the Con801idatsd Financial Statements For the year ended 31st December 2022 Employees, Rmiuneration Icontinuod) The c£Jrporale trustee is not remunerated for their role as trustee by The Chandris Foundation. Emolunnls (including benefits in kindl paid 19 directors of the subsidiary companies amounted lo £216,682 12021.. £377.108). The number of dir8Ctors' accruing benefits under defined benefit schemes amunled to 1 12021." 11. The group also made contributions of £18,56712021.. £19,902) towards defined contriblI0n schemes in respect of 212021.. 21 directors of the subsidiary companies. The directors of Chandris Foundation Trustees Limited, A.M Chandris and D.J. Chandris, reiVed remuneration of £79,956 and £80,572 respectively. R.S. Hanks, director of Chandris Foundation Twstees Limited, re1ved remuneration of £98.852 in the year. The key management personnel of the Charity arethe diredors olThe Chandris FoutKlalion Trustees Limitèd given the corporate trustee relationship. The key management personnel are not remunerated In their role of direcb.ng the operations of the Charity. Taxation The Chandris Foundation a registered chaty and is therefore potertialty exemptfro¥n taxation on its charitable income and gains as it falls wrthin the definbtion of a charity as defined in Part 1, Schedule 6 the Financ8 Act 2010. No tax charge has arsen during the year. The taxation charge in the year is in respect of taxation in the Charity's subsidiary companies. The tax charge comprises the folking amoL¢nl5'. 2022 2021 United Kingdom corporation tax Deferred tax 12,415 241.330 241,330 The deferred tsx charge for the year comprises.. 2022 2021 Movement on the deferred tax li8bilty Movement in defe¥red tax in resp of the pension 019allOn {Note 141 241.330 47,880 241,330 47,880 On 3 March 2022. it was announced that the UK corporation tax ralo would increase lo 25Dh from 1 April 2023, which was enacted in May 2022. The deferred tax balance included in these financial statements has been calculated al a 25% rate al 31 December 2022. N•t ILo$$ès}IGain$ on Investments 2022 2021 Revaluation of listed investments (Note 111 4,050 6,704 22
The Chandris Foundatron and Its Sub$idiary Companies Notes to the Consolidated Financial Statem•nts For the year ended 31st D•eomber 2022 10. Tangibh Flxed Assets Group Motor Car. Furniture and Fittings Offlcg and Computer Equipment Lea$phold Improv•ments Total Cost Al 1 January 2022 Additions 75,989 85,855 7,761 81,922 17796 243,766 At 31 December2022 75,989 269,323 Depreciation At 1 January 2022 Charge for th8 year 75,989 61,800 69,782 14,076 207.571 16,016 Al 31 December 2022 75,989 63,740 83.858 223,587 Net book value At 31 DeCeMr 2022 29,876 4S,736 At 31 December 2021 24,055 12,140 36,195 The Ch8rtty has no tangible fixed assets. 11. Investmonts Grou Chari 2022 2022 2021 2021 Subsidiary companies Listed investments 500,000 500,000 19,318 23,368 19,318 23.368 500,000 500,000 All investrnenls are held primarily to Provide an investment return. The movement in the GfOUP investment relate5 wholly to the investment revaluation Ips5 of £4,050 12021". £6,704 galnl. Th8 market value of listed investments at the year-end was £19,318 12021. £23,368). The change in valualior* is recognised as a gainllloss} on investments in the Consolidated Statement of Financial Activf(ies. The Charity holds the following investment at C08t In a wholly owned subsidiary undertaking.. 2022 2021 Chandris IEngland) Limrted 500,000 500,000 23
Tho Chandris Foundation and Its Subsidiary Companies Notss to thg Consolidated Financial Statements Fortho year ended 31st December 2022 11. Inve8tmgnts (continued) The investment represents the ownership of 500,000 ordinary shares al a par value of £1 each. The Foundation musl have at all times a minimum of individuals or one corporation as trustee. A sole trustee may act to appoint a new trustee or trustees. Any corporate body may at any time be appointed as a general trustee. The statutory power of appointing new trustees is vested in any person appointed by the founder. Chandris (England) Limited, company number 00608546, in¢orpor8ted in the UK, is a holding and Co-ordinating wmpany for ils tsvo wholly owned subsidiaries, Chandris IU.Kl Limited, company number 00607342 and incorporated in the UK and Chandris Insurance Services IU.Kl Limited, company number 05321376 and Incorporated in the UK whose aclivili8s are those of shipping and chartering agents and Insuran mediation. The Group headed by Chanthi8 (England) Limrted reports o profil after tax for the year ended 31st December 2022 of£370,44112021'. £377.775} representing turnover of £3,313,85112021'. £3,176,529) and total expenditure of £2,685,526 {2021.' £2,737,904) and net assets at 31st D¢mber 2022 of £2,493,777 12021.. £129,116). The finanaal ststements of Chandris (England) Limited are availab the following address.. 17 Old Park Lane, London W1 K 1QT. 12. Dobtors Grou Char 2022 2022 2021 2021 Amounts falling due within one year.. Other debtois Prepayments and accrued income 241,911 517,111 1,075,946 791,975 1 317857 1,309,086 Grou Chari 2022 2022 2021 2021 Amounts falling due after one year". Deferred tsx Other debtors 280,400 80,905 74,661 361,305 During the year, the group advanced numerous small interest free amounts to A.M. Chandris and M.D. Chandris. M.D. Chandris retired as a director on 31 March 2016. These amounts are in relation lo ad-hoc expenses of indThiiduals recognised in the trading entities of the group. The amounts are cleared down quarterly and are interest free. Going foMard, the directors will reduce these balances lo nil in line the guidance issued by The Charities Commission in March 2019 in relati)n to Charities with a connection to a non-ch8rity. The balances outstanding al the year end, included in other debt$ were £nil12021.. £1.192) and £64,94012021'. £104,268) respectively. 24
Tho Chandris Foundatlon and Its Subsldlary Companle5 Notes to tho Consolidated Flnancial Statsments Forthe year ended 318t Decembgr 2022 13. Croditors. amounts falling dug wlthin one year Grou Charl 2022 2022 2021 2021 Corporation tax Other creditors, taxation and social security Aral$ 8,736 8,736 183,876 886.377 125,359 544 153 1078,989 678,248 14. Deferred taxatlon The deferred taxation asset at the end of the y8ar ¢omprises'. Grou 2022 Chari 2022 2021 2021 Deferred tax on net pension scheme deficit Accelerated capital allowances {425.25Ql 283.860 3.460 428,710 280,400 The movement in deferred tsx is a8 folFows.' 2022 2021 At 1 January Deferred tax charge in relation to income and expenditure {note 81 Deferred lax credit through other recognised gainsllo8se5 At 31 December 280,400 {241,330) 467.780 618,790 (47,8801 290,510 428,710 280.400 25
The Chandiis Foundation and its Sub8ldiary Companigs Notes to the Consolldated Financial Ststoments Fortho year onded 31st Docember 2022 16. P&n8ion8 {01 06fin8d benefit schomes Chandris (England} Limited operates hvo defined benefit pension salaries for eligible employees referred to as the plan and the fund. The assets of the schemes are held s8paralely from those of the Group., being invested wth an insuranc& company. The MOvent in the defined benefit obligation and assets over the year is as follows.. 2022 £'ooo 2021 £'ooo Obligation.. At 1 January Current service cost Inte$t cost Contributions by plan partKipants Actuarial gains Benefits paid Actual employ88 contributions 20.341 57 369 22,120 74 292 16.1131 1909) 11,096} 11.0591 At 31 December 13,752 20,341 2022 £'ooo 2021 £'ooo Assets.. Al 1 January Interest income on plan assets Actuarial Ilossesllgains Employer contributions Employee contributions Benefits paid 19,069 350 13,6511 587 18,845 254 433 5e9 909 1.059 At 31 December 15,453 Net defined benefit pension scheme assÈVlliality}'. 2022 £'ooo 2021 £'ooo Fair value of plan assets Present valLJe of plan liabilities 15,453 113.752} 19,069 120,3411 Net pension scheme a6SoUlllability) 1,701 1.272 26
The Chandr58 Foundatlon and its Subsidiary Companies Nots8 to the Consolidated Financlal Ststsments Forthe year onded 318t December 2022 15. Pensions (continu) The amounts Tecognised in the income statemgnl are as follow8.. 2022 £'ooo 2021 £'ooo Ctjrrent service cost Interest cost Interest income on plan assets 57 369 350 74 292 254 Totsl Included in staff cost 76 112 The aggregate assets of the defined benefit pension scheme are comprised as follows." 2022 2021 Equity instruments Debt instruments Insured pensions Other 29 20 42 26 49 100 100 The actual return on pLgn assets was £3,651,CQO12021." £433,000). 2022 £'ooo 2021 £'ooo Return on plan agsels Remeasurement of defined benefit obligation 13.651} 6,113 433 Remeasuremenl of nel defined benefit obligation 2,462 1,529 The principal aclu8rkg1 assumptions used in valuing the defined benefft pension scheme were as follows.. 2022 2021 Discount rale Inflation rate Future salary increases Future nSIOn increases Assumptions regarding fvlure mortalty experiern are sel based on actuarial a(fvice in accord8nce with published statistics and experience in the relevantjurisdiclions. Mrytslity assumptions are based on the folling post-retirement mortalty taeS.. Plan- PNAOO and fund- S2PMA and S2PFA. 27
The Chandrf8 Foundation and Its Subsidiary Companies Not•¥ to tho Consolidated Finan¢lal Statemants Forthe ygar onded 31st December 2022 16. P8nslon8 (continued) These tabks indicate an aver8ge ljfe expectarKy in years of a pensioner retiring at age 65 as follows.. 2022 2021 Retiring at the end of the reporting ri0 Male Female 21.9 24.3 21.9 24.4 Retiring 20 years after the end of the reJx)rting perlod Male Female 23.4 25.9 23.4 26.0 The plans are valued triennial ty independent extemal actuaries, and the next valuation is scheduled to be undertaken on both schemes as al 30 November 2025. The last payment to address the funding deficit was made in January 2023, and following the latest triennial valuation, as at 30 November 2022, no further payments are required. {b) D•fined contributlon sohemes The Group m&Je contributions of £100.320 12021.. £64,478} in the year to third paty defined contributn schanes. ContributK)ns of £19,488 {2021'. £15.5071 were outstanding al the year end. 16. Commhments UNler op•ratlng leasos The Group has the following total commitments under non-cancellable operating leaseswhich expire.. Land and Buildings 2022 Land and Buildings 2021 Within one year Between 2 - 5 years More than 5 years 224,945 832.727 174,292 1,231,964 248,285 184,343 432,628 17. Related party tran8actions During the year The Chandri% Foundatic receiv dNtdet)ds of £nil (2021.. £nil) from Chandris {England} LimFted, ils Whol owned subsKliary. During the year, the group adVand numerous small interest free amounts to A.M. Chandris. a director of Chandris Foundation Trustees Liffliled. and M.D. Chandris. M.D. Chandris retired as a director on 31.03.2016. These amounts are in relation lo ad-hoc expenses of individuals recognised in the trading entitie5 of the group. The amounts are cleared down quarterly and are inleresl fre8. The balances oulslanding al the year end, in¢luded in other debtors were £nil {2021". £1, 1921 and £64,94012021'. £104,268) respeclwely. 28