THE CHANDRIS FOUNDA TION TRUSTEE'S REPORT AND CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDEO 31 DECEMBER 2023 CHARITY NUMBER 280559 The Chandrls Foundation Index Page Trustee and administrative infr)rmation Trustee's report statement of trustee's responsibilityas Independent auditor's report 7-10 Consolidated statement of financi81 aclivits'es Charity slalemenl of fir￿nCIal activities 12 Group and charity slalemenl of financial position 13 Group statement of cash flow8 14 Notes to the financial slalements 15-30 The Chandris Foundatlon Trustog and Admini8trativ• Infomiatlon Charty Registration Number 280559 Principal Address 17 Old Park Lane London W1K 1QT Trustee Chandris Foundation Trusteès Limited Auditor BDO UK LLP 55 Baker Street London W1V 7EU Tho Chandrls Foundatlon Trustee'8 Report for the year ended 31 December 2023 The Iruslee submits the report and the consolidated financial slalements of The Chandris Foundation for the yearended 31 December 2023. The financial stslements have l)een preparad in accordance wilh current slalulory requirements, the Charity's governing document and the provisions of the Slalemenl of Recommended Practice ISORPI, applicable in charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republ￿ of ITeland IFRS 1021 {sff$clive 1 January 20191. Structure. Governanco and Monaggment The Chandris Foundation was established on 2nd April 1980 by the late Mr. Anthony J. Chandris, as an irrevocable charilablg selllemgnt and is govemed by its Trust Deed. 11 15 registered with the Charity Commission Central Register No. 280559 dated 19th August 1980. The management and decisions of Ihg Foundation are vested to a ITUStee, a limited compary. and its directors. To the exlenl that the Charity i% ab￿, The Chandris Foundation provides chaiitable donations to those for rel￿1 ol hardship. sickness and disability and other chaTilable purposes including education. The charity obtains ils income for distributionsfrom the trading of the Chandris England group as shipping and chartering agents and an insurance inlermedialory. Chandris (England) Limited is a subsidiary of The Chandris Foundation through shares held by The Chandris Foundation Trustees Limited as nominee. The Chandris {Englandl group holds two dofined benefit pension schemes. which are in a nel surplus al the year end. However. they remain highly volatile and are subject to regulatory control. The directors of Chandris {Englandl Limited remain cautious of their pension risks and oblualions. Going forward, The ChandTIS Foundation is expected lo make incrèased donations lo the community as the pension scheme has turned from a deficit to a surplus and there has been a growth in unreslricled funds. The Foundation mu81 have al all limes a minimum of Iwo individuals or one corporation as trustee. A sole Iruslee may act to appoint a new Iruslee or Iruslees. Any corporate body may al any lime be appointed as a general Iruslee. The slalulory power of appointing new Iruslees is vested in any person appointed by the founder. The directors of the trustee company attend training development courses as appropriate lo their needs. Remunefalion for key management personnel is set using comparative market rate5. Risk mana emenl The trustee regularly monitors thè opportunities available lo the charity and the risks to which il Is exposed. As part of this process the trustee has implemented a risk management strategy which comprisgs.. The establBhmenl of systems and controls to manage the risks Kjenlrfied. The implementslion ofprocedures designed lo minimise any potential impact on the charity should any of those risks malerialise. An annual review of the risks which the charity may face and the implementslion of any changes to the controls that might be deemed necessary. Thg Chandris Foundation Trustee'$ Report fortho year andgd 31 December 2023 (Continued) Rlsk and uncertain Ru8sla and Ukralne Conflict: Strato and mltl atlon The Group has not suffered any adverse effects from the Russia-ukraine confliol, and the directors do not anticipate any significant impact on th6 business arising in the future. None of the Group's su liers OT Customers are based in Russia. The Group has not suffered any adverse effects from the Middle east tensions, and the directors do not anticipate any significant impact on the business arising in the future. None of the Group's suppliers or customers are based in the Middle east. There Is a risk that the conflict could impact the Group's ability lo generate income due lo its effect on the lobal econom Tension In the Mlddle-east: There is a risk that the tensions could impact the Group's ability lo generate income due to ils effect on the global economy. ObJ•ctlvo$ and Activities forthe Publi¢ Ben•flt The objective of the Foundation is to make charitable donations for the relief of hardship. sicknes8 and disability, the advancement of education. and for other charitsble purposes which help and benefit the community. The Iruslee acknowledge8 the duly in Section 4 of the Charities Act 201110 have due regard to the Charity Commission's published general and relevant sub-seclor guidance on public benefit. The trustee has ieferred to this guidance when reviewing the aims, strategy and in planning future aclivrties and setting th8 donation policy for the year. The Charitsble Trust Deed stal8s'. 'Charilable Oty'ects" means such purposes, in81ilulions and foundations throughout the world as afe recognised lo be charitable according lo the law of England and Wales and "Charitable Objecf, shall havo a corresponding meaning. There have been no material changes in objects since the last report. As in the past, the Foundation has allocated ils resources primarity lo support childr8n's chari(ies, cancer relief charitses, Greek charities and maritime charities. The Foundation attains its objectives by reviewing requests Irom prospective donation recipients and ensuring that the requests merit ils support. Detsils of (l)nalions made are disclosed in note 5. Group Achlevements and Perforniancg The Foundation aims to match ils incoming resource5 with donations mad8 over the longer temi. This depends lo an exlenl on the suitability of donation requests receiv@d and also the ability of the Foundation lo make donations in conjunction with similar charities OT inslilulions. The trustee considers that this aim was achieved in the cufrent year. £25,000 was receNed from Chandri8 {England} Limited in 2023 12022 £Nil). the Charity also received £50,00012022- £50,000) in donations and continued to make donations of £64.68312022- £64,627). Subsequent lo th& year end. Ihg charity made donations lotalling £23,500 lunaudiled}12022- £33,234} in line wf(h the objectives and activities for public benofil. The Chandris Foundation Tru$toe's Report for the year endod 31 December 2023 {Continuedl Flnanclal Reviow The Group reports consolidated income of £3.673,028 12022 £3.370,4451 and lolal expenditure of £2.927,91812022 - £2.769,1521 as sel out on pages 1110 30. The Foundation reports income of £75,835 {2022- £50.0981 and lolal expenditure of £64.72812022- £84,627). The Foundation mainty derives its income by donations and dividends from Chandris (England} Limited. During the year £25,000 was paid lo the Foundation {2022 - £Nill. Chandris (England) Limited, company number 00608546, incorporated in the UK, is a hokjing and co-ordinating company ft)r ils wholty owned subsidiaries, Chandris IU.Kl Limited, Gompany number 00607342 incorporated in the UK and Chandris Insurance Services IU.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 profil after tax for the year ended 31 Decemkr 2023 of £581,873 {2022 £370,441) representing turnover of £3,612,940 {2022 £3,313,851) and total adminislralive expenditure of £2,978.190 12022 - £2,685,526) and nel assets al 31 December 2023 of £2.854,90012022 - £2,493,777). The financial Statements of Chandris IEngl8ndl Limited are available from Companies House. Expenditure for the year induded charitable payments amounting lo £64,68312022- £64,627). Reserves Poli The Chandris Foundation maintains reserves al the entity level which the Iruslee deems appropriate for the efficient operation of the Foundation and for the generation of additional income on a prudent basis. There are minimal management and admini8lration expenses al the entity level therefore a level of free reserves of £100,000 is considered appropriate. Free reserves are calculated as unrestricted funds less nveslments. The actual free reserves exceeded the required level for the Foundation and amountsd lo £124,640 {2022 £113.5331. There is no requirement for the charty to p8y any pension liability on behalfof The Chandris England group. The Chandris England group is a going concern and has returned its own pension delieil lo surplus through an approved plan with The Pensions Regulator. Therefore, the reseNes policy is in relation to the charity's ability lo operate. The current free reserves of £124.640 will allow the charity lo make donations al ils current level for al least the noxt 2 years. Dlreclors. Loans Included in the debtors of The Chandri8 Foundation are amounts due to the Group by one subsidiary director. The balance outstanding at the year end, included in other debtors, was £109,640 12022 £64.9401. The nature of these loans is for at*hoc expenses of individuals recognised in the trading enlilies. The balances are cleared down quarterly and the amounts are interest free. 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 directors will aim to dear down these loans lo nil by 31 December 2024. Audltor BDO LLP have expressed their willingness to continue in office and a resolution lo re-appoint them will be proposed al the annual general meeting. The Chandri8 Foundatlon Truste&'8 Rgport forthe year ended 31 December 2023 Icontlnuedl Plans for Future Perlods thin the available financial resources of the Foundation. the trustee plans to continue to make donations lo charitable inslilulions and Ihefefore meet ils objectives in future years. The trustee's report was approved by the Iruslee on .. Chandris Foundation Trustees Limited R. HANKS Director Thg Chandris Foundation Statement of Trustg9'¥ Rosponsibilities The Iruslee is responsible for preparing the Tnjstee's Report and the financial slalemenls 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 (United Kingdom Accounting Standards and applicable lawl. Under chaTity law the Trustee must not approve the financial statements unless they are sabsfied that they give a true and fair view of the slate of affairs of the group and Charity and of the incoming resDurces and application of resources. including the income and expenditure, of the group and charity for that period. In preparing these financial slalemenls, the Trustee is required to.. select suitable accounting policies and then apply them conslstently. observe the methods and principles in the applicable Charities SORP., make judgements and accounting estimates that are reasonable and prudènt; slate whether applicable UK Accounting Standards have been followed. subject lo any material departures disclosecl and explained in the financial statements., and prepare the financial 8lalements on the going ¢oncern basis unles8 It is inappropriate to presumg th81 the charity will continue in business. The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any lime the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011. the Charities (Accounts and Reports} Regulations 2008 and the provisions of the Trust deed. Th8y are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps ft)r the prevention and delecl¢on of fraud and other irregularities. INDEPENDENT AUDITOR'S REPORT TO TRUSTEES OF THE CHANDRIS FOUNDATION Oplnlon on the financial statem•nts In our opinion, the financial stalemenls.. give a true and fair view of the state of the Group's and of the Parent Charity's affaiTS as al 31 D8￿mber 2023 and of the Group's ineoming resources and application of resources for the year then ended., have been proper￿ prepared in accordance with United Kingdom Generally Accepted knounting Praclico., and have been prepared in accordance with the requirements of the Charities kt 2011. We have audilod the financial statements of The Chandris Foundation I'the Parent Ch8rity"l and its subsidiaries I'the Group } for the year ended 31 December 2023 which comprise the consolidated statement of financial activities. the Charity slalernenl of financial aclivilies, the Group and Charity statement of financial position, the Group and Charity statement of cashflows and notes lo the financial slaloments. including a summary of significant accounting policies. The fi'nanryal reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandaids, including Financial Reporting Standard 102 The Financial Reporting Standard appI￿able in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Piactice). 8a818 for oplnion We conducted Dur audit in accordance with International Standards on Auditing IUKI IISAS {UKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalemenls section of our report. We believe that the audit evidence we have oblain8d is sufficient and 8ppropriale to provide a basis for our opinion. Independence We remain indep&ndent of the Group an(J the Parent Charity in accordanc8 with the ethical requiromenls that are relevant lo our 8udil of the financial slalemenls in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Concluslon¥ related to uolng concern In auditing the financial slalemenls, we have ¢on¢luded that the Trustees. uso of the going concem basis of accounting in the preparation of the financial statements is appropTiate. Based on the work we have perfomed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the GroLJP and the Parent Charity's ability lo continue as a going concem for a period of at least ￿e1ve months ffom when the financial statements are authorised for issue. Our ￿SponSIbl1111eS and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this ieport. INDEPENDENT AUDITOR'S REPORT TO TRUSTEES OF THE CHANDRIS FOUNDATION ICONTINUEDI other Informatlon The Truste8s are responsible for the other information. The other information ¢omprise5 the infoTmalion included in the Trustees report and consolidated financial slalements, other than the financial slalemenls and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly slated in our report, we do not express any fomi of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so. consider whether the other infoTmalion is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit, OT Othen￿lSe appears lo be materially misslaled. If we identify such material inconsistenc￿$ or apparent material misslalemenls. we are required lo delermino whether this gives TlSe lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we ¢onGlude that there is a material misslalement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Matters on which we are Tequlred to report by oxcoption We have nothing lo report in respect of the following matters in relation to which the Charities Ael 2011 requires us to report lo you if, in our opinion.. the information contained in the flnancial gtatemenls is inconsistent in any material respeel with the Trustees, Annual Report.. or adequate accounting records have not been kept by the Parent Charty., or the Parent Charty financial slalements are not in agreement with the accounting records and returns., or we have not received all the infomalion and explanations we require for our audit. Rgsponsibilities of Trust89$ As explained MO￿ lully in the Trustees, responsibilities Statement, the Trusteos are responsible for the PTeparalion of the financial statements and for being satisfied that they give a true and fair view, and lor such internal control as the Trustees determine is necessary lo enable the prgpafalion of financial s121emenls that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial slalements, the Trustees are responsible for assessing the Group's and the Parent Charity's ability lo conts'nue as a going concern, disclosing, as applicable, mallers related lo going con￿rn and using the going concern basis of accounting unless the Tru51ees either intend lo liquidate the Group or the Parent Charity or to cease operations, or have no realistic alternative bul to do so. Auditorfs re8pon81bllltle8 for thg audlt of the flnanclal statgments We have been appointèd as auditor under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant ¥egulalions made or having eff¢cl Ihereunder. Our objectives are lo obtain reasonable assuran￿ about whether the financial statements as a whole are free from material misstslement. whether due lo fraud OT error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a gijaranlee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalement when il &xisls. Miss181emenls Can arise from fraud or error and are considered material rf. individually or in the aggregate. they could reasonably be expected lo infiuence the eGonomic decisions of users taken on the basis of these financial stalemenls. INDEPENDENT AUDITOR'S REPORT TO TRUSTEES OF THE CHANDRIS FOUNDATION {CONTINUED} Audltorfs respon8ibilitl88 for the audlt of the flnanclal statements (Contlnued) Extent lo which the audit was capable of delecling irr8gulanties, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We dosign procedures in line with our responsibilities, outlined above. to detect material misslatemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregulari118S, including fraud is detailed below- Non-compliance wilh laws and regulations The Group and Charity is also subject lo laws and regulations where the consequgnce of non-compliance could have a material effect on the amount or disclosures in the financial slalemenls, for examplo through the imposition of fines or lilig81ions. We identified such laws and regulations to be the applicable accounting framework, Ch8riles Act 2011. Corporate and Value added tax law. Our prctedures in respect of the above included-. Making enquiries of Management, those charged wilh governance as to whether there was any correspondence from Tegulalors in so far as the COTf6spondence related to financial slalemonts. Review of financial Statement disclosures and agreeing to supporting documentation., Review of legal expenditure accounts to understand the nature of expenditure incurred. Fraud We assessed the susceplibilily of the financial statements to material misslalemenl, including fraud. OUT risk assessment prO￿dureS includod.. Enquiry with management and those charged w((h governance regarding any known or suspected instances of fraud., Obtaining an understanding of the Group's policies and piocedures relating lo.. Delecling and responding to the risks of fraud., and Internal controls eslablishgd to mitigate risks related to fraud. Discussion amongst the angagement team as lo how and where fraud might occur In the linancial slalgments., Based on our nsk assessment. we eonsidered the are?$ mo51 susceptible lo fraud lo be management bias in accounting estimates and journal entries. Our procedures in respect of the above included.. Testing a sample of journal entries throughout the year, which mel a defined risk criteria, by agreeing lo supporting document81ion', Challenging assumptions and judgement made by management in areas involving significant estimates, with the key sources of estimation identified as the valuation of the pension ass&t and liability- Our audit procedures were designed lo respond to risks of material misslatemenl in the financial statements, re¢ognising that the risk of not delecling a material misslalemenl due lo fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example. forgery, misrepresenlalions or through collusion. There are inherent limitations in the audit procèdures performed and the further removed non-compliance with laws and regulations is from the events and transactions rellecled in the financial slalemenls, the less likely we are to become aware of it. INDEPENDENT AUDITOR'S REPORT TO TRUSTEES OF THE CHANDRIS FOUNDATION (CONTINUED) Audltorf8 re8pon81bllltles for the audlt of the flnanclal statements (continued) A further description of our responsibilities for the audit of the financlal statements is located al the Financial Reporting Council's I"FRC's"I website al., https-l￿.Irc.Org.uk1audIlorS￿eSponslblliIle8. This description forms part of our auditor's report. Use of our report This report is made solely lo the Charity's Iruslees, as a body. in accordance with the Charities Act 2011. Our audit work has been undertaken so that we mHJht state lo the Charity's trustees those mallers we are required lo state lo them in an auditor's report and for no other puipo8e. To the fullest exlenl pefmitled by law, we do not ac￿p1 or assume responsibility lo anyone other than the Charity and the Charity's trusle8s as a body, for our audit work, for this report, or for the opinions we have formed. Do¢u81gnDd by.. OD2C2FFE84634F5 Cassie Forman-Kotsapa (Senior Statutory Audilorl For and on behalf of BDO LLP, slalulory audilor London, UK 26 September 2024 BDO LLP is eligible for appointment as auditor of the charity by virtue of ils eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. BDO LLP is a limrted liability partnership registered in England and Wales {wilh registored number OC3051271. 10 The Chandrls Foundation and Its Subsldlary Companies Consolidated Statement of Financial Activities Fortha year ended 31 December 2023 Unrestrlctèd Fund8 2023 Note 2022 Income from: other trading aclivili8s Donations Investment income Other income 3.612,940 50,000 6.088 4.000 3.313,851 50,DOO 2.594 4,000 Total Income 3,673,028 3,370,445 Expenditure on.. Charitable aclivilie5'. Donations paid 164.6831 164,6271 Other eXpendi￿re.. Administrative expenses Finance incomel{coslsl of pen$ion scheme Total expondlturg {2,978.2351 11 5.000 12.927.918) 12,685,525) 119,000} 12,769.1521 Not Incomg beforo tax 745,110 601.293 Uniled Kingdom corporation tax Dof8Tred taxal￿n 10 10 1174,348) 1241,3301 Totsl taxation on trading activltle8 {174,3481 1241,3301 Net income for the year beforè galns on Investments 570.762 359,963 Nel losses on investments 11 4.050 Net Income 567,980 355.913 other rocogni5ed galn: Actuarial Ilossllgain on pension scheme Deferred lax on actuarial lossllgainl 19 18 {261.000) 65,250 2,462,000 1467,7801 Net movement in funds 372.230 2.350,133 Reconciliatlon of funds Total funds brought forward 2607310 257,177 Total funds carried forward 2.979.540 2,607.310 The notes on pages 15 10 30 fomi part of these financial stslem8nts. All activities relate lo contsnuing operations. 11 The Chandris Foundation and its Subsidiary Companlès Charlty Statement of Financial Activities For the year ended 31 December 2023 Unrestrict8d Funds Noto 2023 2022 Income: Donations Investment income Interest income 50,000 25,000 835 50,000 98 Expendlture on: Charilable activities.. Donations paid Sundry expenses 64,683> 45 (64,627} Total expendlture 64,627 Net incom¢llexpgndlturel forlhg yoar 11.107 114,529} Recon¢illatlon of funds Total funds brought foNard 613,533 628,062 Total funds carried forward 624,620 613,533 The notes on pages 15 to 30 form part of these financial statements. All aGlivilies Telats to continuing opgralions. 12 The Chandris Foundation and its Subsidiary Companies Group and Charity Statement of Financial Position as at 3109¢ombor 2023 Grou 2023 Charit 2023 Note 2022 2022 Fixed assets Tangible fixed assets Investments 14 15 45.263 45,736 19,318 500.000 500,000 61,799 65,054 500.000 500.000 Current asset$ Debtors, falling due after on8 year 16 69.195 74,661 Debtors. falling due within one year Cash at bank and in hand 16 1,832.825 303.701 1,317,857 956,437 25.000 99,640 113.533 2,205.721 2,274,294 124640 113.533 Current Ilabilitle8 Creditors, amounts falling due within one year 17 873 020 1.078.989 Net current a880ts 1.329.092 1,195.305 124.640 113.533 Total assets1088 currènt liabilitigs 1394 500 1335,020 613 533 Deferred taxation 18 532 960 428,710 Net assets excluding penslon asset 861,540 906,310 Pension asset 19 2.118.000 1,701,000 Total n9t a¥sgt$ including pen8ion a88èt 2.979.540 2.607.310 624.640 613.533 Funds Unrestricted funds excluding pension asset Pension asset, net of deferred tsx 1,394.500 1.335.020 624,640 613,533 1.585.040 1.272,290 Total charity funds 3.045.126 2,607,310 624.640 613,533 These financial Stslemenls were approved by the Trustees on Chandris Foundation Trustees Limited A.M. CHANDRIS D.J. CHANDRIS Director R.S. HANKS Dire¢lor Director The notes on pages 15 to 30 fomi part of these financial Slalements. 13 The ChandTls Foundation and Its Subsldlary Companio6 Group Statomgnt of Cash Flows Forthe year ended 31 December 2023 Grou 2023 2022 Cash flow8 from oporatlng actlvlti98 Nel income for the yèar Adjustments for.. Tax on ordinary activities Loss on investments Depreciation of tangible fixed assets Loss on disposal of tangible fixed assets Income taxes paid Ilncomellcosl of defined benefit pension scheme Conlribulions lo defined benefrt pension scheme Interest received Increase in debtors Decrease in creditors 567.980 355,913 174,348 2,782 17,259 929 13.6611 175,0001 (603.000) IS,6251 {509,5021 1207,1661 241,33D 4,050 16,016 83,000 1594,000} 12,5941 12,5271 400,741 Cash lusod In)Igoneratod by operating a¢tlvitle$ 1640,6461 501,929 Cash Ilows from Investing activitles Pufchase of tangible fixed assets Dividends received from fixed asset investments Interest received {17.7161 463 5,162 125,557) 441 2,153 Ca8h u80d In Invo¥tSng actlvities {12.090} 122,963} Change in cash at bank and in hand in the year (6S2,736} 478.966 Cash at bank and in hand at 1 January 956,437 477.471 Cash al bankand in hand at 31 Decembar 303 701 956.437 The Charity has not disclosed an anaEysis of nel debt note as they have no debt. The notes on pages 15 10 30 forni part of these financial stalemenls. 14 The Chandrls Foundatlon and its Subsidiary Companies Notes to tho Consolidated Financial Statements For the y•ar ended 31 December 2023 Genèral Infomiatlon The charity Ch8ndris Foundation is an unincorporated charity registered in England & Wales with the Charities Commyssion under the Charities Act 2011. Accountlng pollclg$ lal Ba81$ of accounting The financial stslemenls have been prepar￿ under the historical cost convention with the exception of investment assets which are Carried at valuation where reliable eslimalion Is possible. The financial statements have been prepared in accordance with the Charities Act 2011, and the Charities SORP IFRS 102}; "Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectw& 1 January 20191.. The Charity eonslitules a Public Benefit Entity as defined by FRS102. The pre8enlation currency GBP Sterling, being the functional and performance measurement currency of the charity, roLtnded lo the neaTesl whole pound. The financial slalements have been prepared to gNe a 'lrue and fairf vsew and havg departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'lruo and fair, view. This departure has involved following Accounting and Reporting by Charities preparing their financial slalements in accordan￿ with the Financial Reporting standard applicable in the UK and Republ￿ of Ireland IFRS 102} issued on 16 July 2014 rather than the Aceounling and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005, which has since been wrthdrawn. The financial slalements have IMn prepared on a going conc8Tn basis, which Gontemplales the realisalton of assets and the selllement of liabilities in the ordinary course of business. Al the reporting dale the Group is in a net asset position. The Iruslee has considered projected cash flows and stress lesled going concern forecasts. Inflation and inereases in interest rates have not had a negative impact on the ability of the Group and Charity to operate lo dale. At the year end, the Group'g defined benefit pension schemes were in a net surplus position of £2,118,000. The Iruslee is confident that the Group and Charity can meet its liabilities as they fall due for a period of al least 12 months from the reporting dale and therefore that the going concern basis is appropriate. Ib) Basls of con$olldation The financial slalements are prepared on a consolidated basis as the Chandris Foundation holds an investment in Chandris England Limited, which he￿9 a group operating as shipping and chartering agents, together with an insurance intermediary. The Chandris England group is 8 trading group and provide fijnds, via dividends from its reserves lo The Chandris Foundation in order for the charity lo make d￿strIbUtIOnS for the relief of hardship, sickness and disability, the advancement of education. and for other chari18ble purposes which help and benefit the eommunity. Chandris Foundalion Trustees Limited owns the shares of The Ch8ndris (England) Group, wh￿h are held as nominee on behalf of the Charity, as is stsled in ils objects clause. The consolidated financial statements include the resuts of the Charty, and ils subsidiaries as set oui in note 13 for the year ended 31 De￿mber 2023. 15 The Chandris Foundatlon and Its Subsidiary Companies Notes to tho Consolidat•d Financial Statements Forthe year ended 31 December 2023 2. Accounting policies (contlnued Ic) Income Incomo is recognised when the charity has entrtlement lo Ihg funds, any performanc Conditions attached to the items of income have been mel, il is probable that the income will be received and the amount can be measured reliably. The consolidated income represents agency and 8dminislralivo fees re￿1Vable, exclusive of value added tax. Income is recognised on an accrua15 basis as the se￿ice is provided. {dl Invo8tments and Investmènt Income Investments in listed equit￿5 are staled at market value as measured al each period end. The periodic gains and losses arising on revaluation are recognised in the slalemenl of financial activities. Unlisted investrnenls and the investment in the subsidiary entity are slated al cost less any accumulated impairment losses. Unlisted investments and the investment in the subsidiary entity are assessed for impairment at each reporting date. Any impairments losses or reversals of impairment losses are reeognL8ed immediately in the slalemenl of financial activities. Inleresl income is recognised on an accruals basys. DivKlend income Is recognised when the Group's right lo re￿1ve payment ha8 been established. 19) Expendlture recognStlon Expendtture is included in the statement of financ¢al actwities on an accruals basis and ompris¢.' Charitable expenditure of donattons made to support the obj-ects of the Charity. Donat￿nS payable are charged to the statement of financial activities on the d8k of approval and when communithd to the recipient Adminislralive costs are costs associated with the operations of the Group. Governance costs are those costs assocrated Wbth meeting the consliluknonal and ststulory requirements of the Charity, including costs incurred by the trustee linked to the strateg management of the Charity. ifj Fixed assets and deproclatlon Depreciation provided on all tangible fixed assets at annual rates calcu5ated to write off the cost of each ass81 over ils expected useful life as follows.. Leasehold improvements Furniture and fillings Office and computer equipment Over P8Tiod of the lease 15% on the wrillen down value 33113% on cost No depre¢i81ion has been provided on the motor vehicle owned by Chandris IUKI Limiltrd, as in the opinion of the Iruslees the estimated residual value is 8Lth that any depreciation would e immaterial. 16 Th8 Chandris Foundation and Its Sub$idiary Companies Notes to the Con801idat•d Financial Statements Forthe yearended 31 Decembèr 2023 2. Accountlng pollcle8 {contlnued Igl Taxatlon As a registered charity, The Chandris Foundation is not liable to income tax and corporation tax on income and gains derwed from ils charitable aclThiilies as il falls within the various exemptions available to registered eharrties. It's subsidiar￿. Chandris (England) Limited. Chandris (UK) Limited and Chandris Insurance SeTvices IUKI Limited are liable for corporation lax. Current lax is provided at amounts expected lo be paid using the lax rates and laws that have en enacted or subslantialty enacted by the reporting dale. Deferred laxalion is provided on timing drfferences that have OTiginaled bul not reversed by the reporting date on a non-discounled basis using lax rates that are expected lo apply based on tax rates and laws that have been enacted or subslanlially enacted by the raporting dale. Deferred taxation assets are recognised only to the extent that il is considered more likely than not that there will be suitable Ir8ding profits from which future reversals of the underlying timing dIfferen￿S can bè deductsd. {hl Debtors Shorttgmi debtors are measured at Iransaction prtce, less any impaimient. Ca$h at bank and In hand Cash at bank and in hand includes cash and short term hlghly liquid investments wrth a short malurty of three months or lessfrom the date of 8cquisilign or opening of the deposit or similar 8ccounl. The Chandris Foundation Trustees Limited legally holds cash of£99,64012022- £113.5331 on beha5f ol the Charity- This cash has been recognised in the financial statements of the Charity duo to having control of the asset through the Iruslee-truslor relationship. ui Crèditors and provlslons Creditors and provisions are recognised where the charity has a present obligation resulting from a past event Ihatwill probably result in the transfer of funds lo a third party and th$ amount due lo settle the ot￿lgatIOn can bs measured or eslimaled reliably. Creditors are measured initially al fail value, and are measured subsequendy al amortised cost using the effedive interest melhod,18ss any impairmènt. {kl Financial Instrumonts The charity only has the financial assets lexcepl for inveslmenlsl and financial liabilities of a kind that qualrfy as basic financial instruments. Basic financial instruments are initially recognised al IransaGlion value and subsequenlly measured al their selllemenl valu8. 17 The Chandris Foundatlon and its Subsidiary Companie8 Notos to the Consolidated Financial Ststements For the year ended 31 December 2023 Accountlng ptsllcles Icontlnuodl Penslons The Group operates iwo defined benefit pension schgmes. Pension ￿heme assets are measured using market values. Pension scheme liabilities are measured on an accruals basis using the projected unit method and are discounted al the current rate of return on a high quality corporate bond of equivalent term and eurrency lo the liabilty. Any increase in the present value of the liabilities of the defined benefit pension schemes expected lo arise from employee service in the year is charged to adminislralive expenses. The expected return on the schemes, assets and the increase during the year in the present value of the schemes. liabilities arising from the passage of time are included in other finance costs. Actuarial gains and losses are racognised in the stslemenl of financial activities nel of deferred tax. Pension scheme surpluses, lo the extent that they are recoverable, or defi¢its are recognised on the slalement of financi81 position net of related deferred tax. The Group also contributes lo (lefined contribution pension schemes and payments are charged as an expense, as they fall due. {m) Forelgn ¢urrencle8 The functional and reporting currency is P￿nd Sterling. Mon¢lary assets and liabilities denominated in foreign currencies are translated at the exchange rates ruling at the reporting dale. Revenugs, costs and r￿n-MOnelary assets and liabilities are translated al the exchange rates ruling al the dales of transactions. Foreign exch8nge gains and losses are included in the statement of financial activiiies. (n) Oporatlng lfja¥es: léstsee R8ntsls paid under operating lease8 are charged to profil or loss on a 51raighl-line basis over the lem of the lease. Benefits recewed and receivable as an incentive lo sign an operating lease are recognised on a slraighl-line bask8 over the lease term. unless another syslemalic basis is representative of the lime pattern of the lessee's benefit from use of the leased 888el. lol Unrestrlcted funds These ale funds which can be used in accordance with the charitable objects al the discretion of the Iruslees. Judgement$ in apptying accountlng policios and key SOUTce$ of estlmatlon uncertalnty In preparing the financial slalemenls. management is required to mark the esllmales and assumptions which affect reported income, expenses, assets and liabilities. The trustee considers the key judgements and eslimales to be in relation lo provisions for doubtful debts, prepayments and a¢cruals, and the residual value5 of fixed assets, bul doos not consider that they ara likely lo have a material impact on the results. The key assumptions made in determining the value of the pension scheme liability are disclosed in note 19. 18 Th& Chandrls Found*tion and Its Subsldlary Compani66 Notes to tho Consolldated Financial Statements For the year ended 31 December 2023 Investment Incomo 2023 2022 Fixed asset inveslmenl8 (dividends) Interest receivable 441 Expenditure on donations The nature of Ihe donaions made during Ihe year was as follows.. 2023 2022 Children's Charities Acorns Children'8 Charity Alder Hey Children's ChaTity exander Devine Children's Hosp Borne Foundation Child Bereavement UK Child Brain Injury Trust Children's Trust Crackerjack Children's Trust Crrtical Care Nephrology in Children Dame Vera Lynn Children's Charity Douglas Bader Foundation Ellenor Hospice Great Omiond Street Hospital Charty Happy Days Jenlle Childbirth Foundation Jess& May Joss Search Light Little Hiccups Make Them Smile Children's Charity Network for Children's Rights Noah's Ark Children's Hospice Sands Save the Children Sunny Days Children's Fund Tiny Tickers Two Hands Pr&School soo 500 500 5.1 SO 500 500 1.500 500 600 500 soo 500 2,000 500 500 500 500 500 500 500 500 500 500 500 soo 500 8.627 soo 550 500 500 500 500 22,700 17.627 The Chandrls Foundotlo and its Subsldlary Companlgs Notes to the Consolldated FSnanclal Ststgmgnts For the year ended 31 December 2023 Expendlture on donallons {contlnuedl 2023 2022 Cancer Rellef Charltles 81ood Cancer UK 8owel Cancer UK Bowel Research UK Brain Tumour Charity Breast Cancer Now Inslilule of Cancer Research Lennox Childien's Cancer Fund Leukaemia UK Look Good Feel Better Charity Proslale Cancer Research Centre Royal United Hospital Slrongbones Children's Charitable Trust Target Ovarian Cancor Teenage Cancer Trust Young Lives v's Cancer 500 600 500 500 500 500 500 500 1.000 500 500 soo 500 500 500 500 500 500 500 500 2,500 Othèr CharSt108 ABF The Soldiers Chafity Acb'on Medical Research Anti Slavery Collectsve Asthma & Lung UK Brain Research UK Brainwave British Asian Trust British Heart Foundation British Liver Trust British Red Cross- Ukraine Cerebral Palsy Plus Classics for All Cranleigh Foundation Cranleigh Heallh Trust Crisis UK Dad's House Diabetes UK Facing the World Friends of the Elderly Go Kids Go GuKle Dogs for the Bllnd Havens Hospices Heroes Hospice Charity Partnership Hospice UK Liver Group Charity soo 500 2.000 500 soo 1,000 500 500 5,150 500 500 7,000 500 5,000 500 soo 5,000 500 500 500 500 500 500 833 500 soo 500 500 21,000 15.983 20 The Chandrls Foundatlon and its Subsidiary Companles Not¢s to the Consolidated Financial Statements Forthe year ended 31 09¢gmber 2023 Expenditur8 on donations Icontlnuedl 2023 2022 othgr Charities Icontlnuedl London's Air Ambulance Medicines Sans Frontiers Meningitis Now Mercy Ships Motor Neurone Disease Association NARA The Breathing Charity National Federation for the Blind Off the Streets Queen Elizabeth Foundation Race Against Dementia React RNIB Rowleys Centre for the Community Royal British Legion Royal Brompton & Harefield Hospital Seafarers Charity Shine Spinal Muscular Atrophy UK Stroke Association Support Dogs Young Vic Company Wesl London Zone 600 500 500 500 500 500 500 500 500 2,000 600 500 500 500 500 500 500 500 500 500 2,500 500 500 500 500 500 500 500 20.000 44.500 33.983 Totsl Donations 64.683 64.627 21 The Chandr18 Foundation and its Subsidiary Companios Notes to the Consolidated Financial Statgmgnts Forthg year •nded 31 December 2023 Total Expenditure Other tradlng activiti9$ Charltablg activitieB Total 2023 Total 2022 Donations Auditors. remuneration Bank charges Computer costs Depreciation Disposal of fixed asselg Insuran Legal and proftrssional Postag8, telephone and cables Printing and stationery Publications Rent, rates and services Repairs and renewals Staff costs (Nol& 91 Subscriptions Sundries Travel and entertaining Finance cost of pension scheme Bad debt expense 64.683 64,683 87,880 4.883 104,433 17.259 929 31.44S 299,069 21.950 1,680 14.975 408,490 4.097 1,889,046 4,236 38,714 45.200 1115,0001 64,627 74,664 5,678 107,720 16.128 87,880 4883 104,433 17.259 929 31.445 299.069 21.950 1,680 14.975 408,490 4.097 1,889,046 4,236 38.714 45.200 {115,000) 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 2 863.236 2 927.918 Included in rent, rates and services is £408.49012022 - £441,920) in relat￿n lo expenditure paid undei operating leases. 7. Trustee's Expenses A total of £Nil12022 £Nill was reimbursed to the trustee in the year. Neither the Iruslee nor any person connected with il has received or is due lo receive any remuneration forlhe year eilherdirectly or indirectly from the Charty funds. 8. Auditor's remuneratlon 2023 2022 Slatulory 8udil Tax advisory services Olhgr non-audil servi 87,880 17.675 74,664 15,930 127.430 110,844 22 The Chandris Foundation and Its Subsidiary Companios Notes to th• Consolidatod Financial Stat6ments For the year ended 31 December 2023 Employee8. Remuneration The Charity does not employ any staff members. The Charity receives accounlanw and 4dminislrallon ServI￿S from ils subsidiary company free of charge. The stsff costs amounting lo £1,889,04812022 - £1,603,905) are the employee costs incurred by the Charity's subsidiary Companies. These now include chauffeur costs and payments lo private medical plans. The amount consists of.. 2023 2022 Wages and salaries Social security costs Pension costs Other staff costs 1.583.765 139,677 138.141 791,379 115,784 675,331 21,411 1603,905 1889 046 The average monthly number of employees during the year was as follows.. 2023 2022 Managèrial Operations Adminislralion Secrelaiial 15 15 During the year. the average number of employees paid within the following bands were.. 2023 2022 Less than £60,000 £60,000- £70,000 £70,000- £90.000 £90,000 - £120,000 £120,000- £140,000 £140.000- £1 $0,000 £150,000- £200.000 £250,000-£280.000 15 15 Of the employees paxl in excess of £6D.00012022 - £60,00011 12022 - 11 was accruing benefits under defined benefit pension schemes. The Group also made contributions of £87,039 12022 £88,527> towards defined contribution schemes in respect of employees paid in excess of £60,000. 23 Th8 Chandris Foundation and Its Subsidiary Companie8 Notss to tho Consolidatgd Financial Statements Forthe yearended 31 December2023 Employees, R•mungration (contlnuedl The eorporale trustee is not remunerated for their role as trustee by The Chandris Foundation. Emoluments (including bener￿ts in kindl paid lo direct(￿ of the subsidiary companies amounted to £242,121 12022 - £216,682). The number of directors. accruing benefits under defined benef schemes amounted to 112022 - 11. The group also made contributions of £10,11412022- £18.5671 towards defined contribution schemes in respect of 112022- 21 directors of the subsidiary companios and £10.18312022 - £Nill towards defined benefit schemes in respect of 1 director12022- Nill. The directors of Chandris Foundation Trustees Limited, A.M Chandris and D.J. Chandris, received remuneralk)n of £74,656 and £80,392 respectively. R.S. Hanks, director of Chandri5 Foundation Trustees Limrted. received remuneration of £80.836 in the year. The key management personnel of the Charity are the directors ofTho Chandris Foundation Trustees Limited given the corporate trustee relationship. The key management personnel are not remunerated in their role of directing the operations of the Charity. 10. Taxatlon The Chandris Foundation is a registered charity and 18 therefo￿ exempl from taxation on its charitable income and gains as il falls within the definition of a charity as defined in Part 1, Schedule 6 of the Finance Act 2010. No tsx charge has arisen dLtring the year. The taxation charge in the year is in respect of tsxalion in the Charity's sub$Kliary companies. The tax charge comprises Ihe following amounts". 2023 2022 United Kingdom corporation tax Deferred lax 4.848) 169 500 241.330 241,330 11. Net losses on Invgstments 2023 2022 Revaluation of listed investments (Note 151 4,050 12. Inter•st roceivable and similar income- Group 2023 2022 Other interest rgceivable 2,055 13. Othorfin8nce {Incomellcosts- Group 2023 2022 Interest expense on pension scheme Interest income on pension scheme 677.000 1792,0001 369,000 1350,000) 115,000 19,000 24 The Chandrls Foundation and its Subsidiary Companies Notes to the Consolidated Flnanclal Statgmonts For the year •nded 31 December 2023 14. Tangible Fixed Assets Group Motor Car, Fumiture and Fittings Office and Computer Equlpment Leasehold Improvements Total Cost At 1 January 2023 Additions Oisposals 75,989 93.616 1,000 5.473 99,718 16.715 269,323 17,715 27.526 At 31 December2023 89.142 259 512 Depreciation Al 1 January 2023 Charge for the year Disposals 75,989 63,740 83,868 14,815 21.124 223,587 17,259 At 31 December 2023 214249 Net book value At 31 December 2023 16.831 Al 31 December 2022 29.876 15.860 45,736 The Charity has no tangible fixed ass8ts. 15. Investments Grou Charl 2023 2023 2022 2022 Subsidiary companies Listed inve81ments 500.000 500,000 19,318 500.000 500,000 All investments are held primarily to provide an investment return. The mov8menl in the Group investment relates wholly lo the investment revaluation loss of £2,78212022 - £4,050}. The market value of listed investments al the year-end was £16,53612022 - £19,318). The change in valuation is recognised as a gainllloss} on investments in the Consolidated Slalemenl of Financial Activities. 25 Tho Chandris Foundation and its Subsldiary Compan￿$ Not•$ to the Con$olidated Financial Statement8 For the year ended 31 December 2023 15. Investments Icontlnuedl The Charity holds the following investment al cost in a wholly owned subsidiary undertaking.. 2023 2022 Chandris (England) Limited 500,000 500,000 The invoslmenl represents the OW￿[ShiP of 500,000 ordinary shares at a par value of £1 each. Chandris (England) Limited, company number 00608546, incorporated in the UK, is a holding and Co-ordinating company for ils wholty owned subsidiaries, Chandri8 IU.K) 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 activities are those of shipping and ehartering agents and insurance medlation. The Group hgaded by Chandris (England) Limited reports a profit after lax for Ihe year ended 31 December 2023 of £647,459 12022 £370,441) represenling turnover of £3,873,678 12022 £3,313,851) and total expenditure of £2,978,19012022 - £2,685,526) and nel assets al 31 December 2023 of £2,920,48612022 - £2,493,777}. The financial statements of Chandris (England) Limited are available from the following addres8.' 17 Okl Park Lane. London W1 K 1QT. 16. Debtor8 Grou Charl 2023 2023 2022 2022 Amounts falling dye wilhin one year.. Other debtors Propaymenls and a￿r￿ad income 645.856 241,911 1.186 969 1075,946 1.832,825 1.317.857 25,000 Grou Charit 2023 2023 2022 2022 Amounts falling due after one year.. Other debtors 69,195 74,661 69,195 74,661 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 2016. These amounts are in relation to ad- hoc expenses of individuals recognised in the Irading enlilies of the group. The amounts are cleared down quarterly and are interest free. Going fonNard. the directors will reduce these balances to nil in line the guidance issued by The Charities Commission in March 2019 in relation lo Charities with a connection lo a non-charity. The balances outstanding al the year end. included in other debtors were £30,78012022 - £Nil} and £78,86812022 - £64,940> respeclivety. Other Debtors includes £42,939 {2022- Nil) in relation lo a cheque issued to a subsidiary upon closure of ils bank a¢counl. Since the year end these funds have been deposited into the subsidiaries new bank account. 26 Th8 Chandrls Foundatlon and Its Subsldiary Companies Notes to tha Consolidated Financial Statwnents Forthe year ended 310eeember 2023 17. Credltors. amounts falling due wlthln one year Grou Charlt 2023 2023 2022 2022 Corporation tax Other credilots Taxation and social security Accruals 9,933 601,109 53,438 208 540 8,736 138,436 45,440 886,377 873 020 1,078,989 18. Deferred taxation The deferred laxalion assel at the end of the year comprises.. Grou 2023 Charl 2023 2022 2022 Deferred tax on net pension scheme deficit Accelerated capital all¢)w8nces 1529,500> 60 1425,2501 3,460 532,980 428.710 The movement in deferred tsx is as follows- 2023 2022 Al 1 January 2023 Deferred lax charge in relation lo income and expenditure (note 101 Deferred lax crediV{chargel through other recognised gainslllossesl 1428,7101 1169,5001 280,400 (241,3301 467,780 At 31 December 2023 532 960 428,710 27 The Chandrls Foundation and its Subsldlary Companle$ Notes to thg Consolidated Financial Statements Forthe year ended 31 December 2023 19. Pen81on8 la) Nined b&nollt 8ch8me8 Chandris {Englandl Limited operates ￿ defined benefit pension salaries foi eligiblè emptoyees referred to as the plan and the fund. The assets of Ihg schemes are hokj sepaT?lely from those of the Group., being invested with an insurance company. The movement in the defined benefit obligation and av3ets over the year is as follows.. 2023 2022 Obligatlon: Al 1 January Current service cost Interest cost Actuarial lossesllgains} Benefits paid Actual employee contributions 13,752.000 32.000 677.000 495.000 1976,000) 8,000 20.341,000 57,000 369,000 16,113,ODOI 1909.0001 7,000 At 31 Decembgr 13,988,000 13.752,000 2023 2022 As$ets: At 1 January Interest income on plan assets Actuarial gainslllossesl Employer contributions Employee contributions Benefits paid 15,453,000 792.000 234,000 595.000 8.000 976 000 19.069,000 350,000 13,651.0001 587,000 7,000 909,000 At 31 December 16 106 000 15453000 Not definod benefit pension scheme asset: 2023 2022 Fair valuo of plan assets Present value of plan liabilities 16,106,000 113,988.0001 15,453,000 113.752,0001 Net penslon Scheme asset 2.118,000 1,701,000 28 The Chandrls Foundatlon and its Subsidiary Companles Notgs to the Consolidated Financlal Statements For the year ended 31 December 2023 19. Pen81on8 Icontlnuèdl Tho amount8 recognl8ed In the Income 8tat&ment are a8 follow8: 2023 2022 Current service cost Interest eosl Interest income on plan assets 32,000 677,000 792.000 57,000 369,000 350,000 Total Included In staff c08t 83.000 76.000 The aggregate assets of the defined beneflt penslon scheme are comprised a5 follows: 2023 2022 Equity instruments Debt instruments Insured pensions Other 21 18 39 22 29 20 42 Closing deflned beneflt obllgatEon 100 100 The actual relurn on plan assets was £234,000 {2022 - £3,651.0001. Analy$i$ of actuarial loss rBcognised in other comprohensive incom 2023 2022 Return on plan assets Remeasurement of defified benefit obligation 234,000 495.000 13,651,000) 6.113.000 Ramgasuremgnt of net definèd bon•flt obllgatlon 261.000 2,462.000 The principal actuarial assumption8 used in valuing the dèfined benelil pension Scheme were a8 follow8.' 2023 2022 Discount rate Inflation rate Future salary increases Future pension increases Assumptions regarding fuluie mort81ty expefience are sel based on actuarial advice in accordance with published stalislics and experience in the relevanljurisdiclions. Mortality assumptions are based on the following post-retiremanl mortality tables." Plan- PNAOO and fund- S2PMA and S2PFA. 29 The Chandris Foundation and its Subsidiary Companies Notos to the Consolidated Financial Statements Forthe year ended 31 Decomber 2023 19. Pèn8ion6 {contlnued) These tables indicate an average lrfe expectancy in years ofa pensiongr retiring at agg 65 as follows.. 2023 2022 Retlring al the end of the reporting period Male - Female 21.5 24.0 21.9 24.3 Retiring 20 years after the end of the reportin9 period Male Female 22.9 25.6 23.4 25.9 The plans aTe valued lriennialFy by independent extemal actuaries, and ihe next valuation is seheduled to b& undertakon on both schemes as at 30 November 2025. Thè last payment lo address the funding deficit was made in January 2023, and following the latest triennial valuation, as al 31 December 2023. no furtheT payments are required. {bl Deflned ¢ontribution schemes The Group made contributions of £106,869 12022 £100.3201 in the year lo third paty defined onlribution schemes. Conlriblrtions of £19,83012022- £19,488) were oulslanding at the ye8r end. 20. Commltments under opèratlng leasos The Group has Ihe following total commitments under non