THE CHANDRIS FOUNDATION TRUSTEE'S REPORT AND CONSOLIDATED FINANCIAL STA TEMENTS YEAR ENDED 31 DECEMBER 2024 CHARITY NUMBER 280559
The Chandrfs Foundation Indgx Page Trustee and adminislralive information Trustee's rgport Statement ol trustee's responsibilit$ Independent auditor's report 7-10 Consolidated statement (rf financial activities 11 Charty statement of financial activities 12 Group and charity statement of financial position 13 Group statement of cash flows 14 Notes to the financial statements 15-33
The Chandrls Foundatlon Trustee and Adminlstratlvo Informatlon Charty Registration Number 280559 Piincipal Address 17 Old Park Lane London W1 K 1QT Trustee Chandris Foundation Trustees Limited Auditor BDO UK LLP 55 Baker stet London W1 U 7EU
Th8 Chandris Foundatlon Tru8te&'8 Report forthe year ended 31 Dgctrmbor 2024 The Iruslee submits the report and the consolidated fi'nancial slalements of The Chandris Foundation I'the Charity'l for the year ended 31 December 2024. The financial slalemenls have been prepared in 8ccoidan¢e with curienl slalulory requirements, the Chaiity's governing document and the provisions of the Slalement of Recommended Practi ISORPI, applicable in charities preparing their accounts in accordance with the Financial Reportin9 Standard applicable in the UK and Republ of Ireland IFRS 1021. Structura, Govemancg and Manag&ment The Chandris Foundation was establBhed on 2nd April 1980 by the Late Mr. Anthony J. Chandris, as an irrevocable charitable seldemenl and is governed by ils Trust Deed. 11 is registered with the Charity Commission Central Register No. 280559 dated 19th August 1980. The management and decisions of the Charity are vested lo a Irusleg la limited company} and its directors. To the extent that the Charity is able, The Chandris Foundation provides charitable donations for the relief of hardship, $knesS and disability and other charitable purposes including education. The Charity obtains ils income for distributions from the trading of the Chandris (England) Limited group I Chandris England) as shipping and chartering agents and an insurance intermediary. Chandris England is a subsidiary of The Chandris Foundation through shares held by The Chandris Foundation Trustees Limited as nominee. Chandris England holds two defined 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 Chandri8 IEngl8ndl Limrted iemain calouS of their pension risks and obligations. Going fo3rd, The Chandris FoundalKJn will endeavour lo continue lo make donations lo the community al the current level. The Charity must have al all limes a minimum of individuals or one eorporalion as trustee. A sole Iruslee may act lo appoint a new Iruslee or trustees_ Any corporate body may at ?ny lime be appointed as a general trustee. The slalulory power of appointing new Iruslees is vested in any person appointed by the founder. The directors of the Iruslee company attend training development courses as appropriate lo Iheil needs. Remuneration for key management personnel ig set using comparative market rates. Risk mana emonl The Iruslee regularly monitors the opportunities available to the Charity and the risks to which il is exw)sed. A5 part of this Pro$$ Ihe trustee has implemented a risk management strategy which comprises.. The eslablYshm@nl of systems and controls lo manage the iisks identified. The implementatKJn of procedures designed to minimise any polentkgl impact on the Charity should any of those risks mateTialis&. An annual review of the risks which the Charity may face and the implemenlalion of any changes to the controls that might be deemed necessary.
The Chandris Foundation Tru8tee'$ Report for thg year endod 31 December 2024 {Continuod) Risk and uncertain Russia and Ukralne conflict: Strato and miti ation Chandris England has not suffered any adverse effects from the Russia-Ukr8ine conflict. an(J the directors do not anlicipale any significant impact on the business afising in the future. None of Chandris England's suppliers or customers are based in Russia. Chandris England has not suffered any adverse effects from the Middle east tensions, and the directors do not antFcipate any signifan1 impact on the business arising in the future. None of Chandris England's suppliers or customers are based in the iddle e88t There is a risk that the conflict could impact Chandris England's ability lo generate income due lo ils effect on the global economy. Tonslon in the Middlwast: There is a risk that the tensions could impact Chandris EngL4nd'8 ability to generate income due to ils effect on the global economy. ObJe¢tivo$ and ActlvltSes for the Publi¢ Benorrt The objective of the Chority is lo make charitable donations for the relief of hardship, sickness and disability, the advancement of education, and for other charitable purposes which help and benefit the community. The trustee acknowledges the duly in Section 4 of the Charities Act 201110 have due regard lo the Charity Commission's published general and relevant 8ub-sector guidance on public benefit. The Iruslee has referred lo this guidance when reviewing the aims. slr*egy and in planning future activities and selling the donation policy for the year. The Charitable Trust Deed slates.. "Charitable Objects" means such purposes, inslilulions and foundations throughout the world as are recognised lo be ch81ilable according to the law of England and Wales and "Chaiilable Object shall have a corresponding meaning. Thera have been no material changes in o14ect8 since the last report. As in the past, the Charity has allocated its re50vrces primarily lo support children's charities, cancer relief charitres, Greek charit$ and maritime charities. The Charity attains its objectives by reviewing iequesls from prospective donation recipients and ensuring that the requests merit ils support. Details of donations made are disclosed in note 5. Group Achiovements and Performancè The Chaiity aims to match ils incoming resources with donations made over the longer term. This depends lo an exlenl on the suitability of donation requosls reiVed and also the ability of the Charity to make donations in conjunction with similar charities or inslilulions. The Iruslee considers that this aim was achieved in the current year. Chandris (England) Limited has achieved commercial success. enabling us lo distribute dividends to the Charity. This financial support allows the Charity lo donate lo children's charities, cancer relief ch8rittes, Greek charities, and maritime charities. By concenlraling our resources on these areas, we gnsure the Charity can continue lo fulfil ils charitable objectives. This synergy between commercial sueeess and charitable support is key lo OUT mission. £100.000 was received from Chandris (England) Limited in 202412023- £25,000}, the Charity also received £50,000 {2023 - £50,000) in donations anrj continued lo make donations of £127,701 12023- £64.883).
The Chandrls Foundation Trusteè's Rgport lorthe year ended 31 December 2024 {Continuedl Subsequent lo the year end, the charrty made donations tolalling £82,61Xs lunauditedl12023- £23,500) in line with the objectives and activities for public benefit. Flnancial R&vlew Chandris England reports consolidated turnover of £3,304,915 {2023- £3,673,028} and total adminislralive expenses of £3,220,78912023 - £2,927,918) as Sel out on pages 11 10 33. The Charity reports inc<xne of £151.282 {2023- £75,835) and total expenditure of £127,70112023- £64,728). The Charity mainly derives its income from (*)nalions received, as well as dividends fn)m Chandris IEngLgnd} Limited. During the year a dividend of £100.000 was paid lo the Charity12023- £25.0001. Chandris {England} Limited, company number 00608546. incorporated in the UK, is a holding and co-ordinating company for ils wholly owned subsidiaries, Chandris {U.Kl Limited. company number OD607342 incorporated in the UK and Chandris Insurance Services IU.Kl Llmiled, company number 05321376, incorporated in the UK, whose a¢livilies are those of shipping and chartering agents and insuiance mediation. The Group headed by Chandris (England) Limtied reports a profil aftertsx for the year ended 31 December 2024 of£66,11212023- £581,873) snd nel assets at 31 Dember 2024 of£3,D32.51212023- £2,854.900). The financial statements of Chandris (England) Limited are available from Companies House. Expenditure for the year included charitable payments amounting to £127.701 {2023- £64.6831. Reser Polic The Chandris Foundation maintsins reserves al the entity level which the trustee deems appropriate for the efficient operation of the Charity and for the genetalion of addits'onal income on a prudent ba81S. There are minimal management and administration expenses at the entity level therefore a level of free ieserves of £100,000 is consKlered appropriate. Free resetves are calculated as unreslricted funds less investments. The actual free reserves exceeded the required level for the Charity and amounted to £148,221 12023 - £124,640). There is no requirement for the Charity lo pay any pension liabilty on behalf of Chandris England. Chandris England is a going concern and has maintained ils defined benefit pension sch8me at a surplus during the current period. Therefore, the ServeS policy is in reLg1ion lo the Charity's ability lo operate. The current free reserves of £148,221 will allow the Foundation to endeavour lo continue donations of at least its curienl level. Directors. Loans Induded in the debtors of The Chandris Foundation a amounts due to the Groltp by subsidiary 1CtorS and former directors. The balance outstanding al the year end, included in other debtors, was £145.379 12023- £109,640). The nature of these loans is for a(khoc expenses of individuals recognised in the trading enlilies. The balances are cleared down quarterly and the amounts are interest free. The lolal oulslanding balance was partially repaid in January 2025 and May 2025. Based on the guidance issued by The Charities Commission in March 2019 in relatn lo Charities with a connection lo a non-charity, the trustee and subsidiary diieclors wll aim lo clear down the remaining balance lo nil by 30 September 2025. Auditor BDO LLP have expressed their willingness lo continuo in office and a resolution to re-appoint them will be proposed al the annual general meeting.
The Chandri3 Foundation Trustee's Report for thè year ended 31 Dgcember 2024 Icontinugdl Plans for Future Per18 Within the available financial resources of the Charity, the trustee plans to continue to make donations lo charitable inslilulions and therefore meet ils objectwes in future years. The Iruslee's report was approved by the Iruslee on 2 4 OCT 2025 Chandris Foundation Trustees Limited R. HANKS Director
The Chandris Foundatlon ststemgnt of Tru8tee's R•sponslbllltles The trustee is rèsponsible for preparing the Trustee's Report and the financial slalemenls in accordance with applicable law and regulations. Charity law requires the Trustee lo prepare financial stslements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under charity law the Trustee musl not approve the financial slalemenls unless they are satisfied that they give a true and fair view of the slalg of affairs of the group and charity and of the incoming reSoUeS and application of resources, including the income and expendiluTe, of the group and charity for that period. In preparing these finanrAal slalements, the Trustee is required lo.. select suitsble accounting policles and then apply them consistenY', observe the methods and principles in the applicable Chanties SORP., make judgemonls and aceounting eslimales that are reasonable and prudent., stale whether applicable UK Accounting Standards have been followed. subject lo any material departures disclosed and explained in the financial statements-, and prepare the financial statements on the going concem basis unless it is inappropriate lo presume that the charity will continue in business. The Trustee is responsible for keeping adequate aGcounting records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy al any time the financial position of the charity and enable Ihgm to ensure that the financial slalemenls comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps foi the prevention and detection of fraud and other irregularities.
INDEPENDENT AUDITOR'S REPORT TO TRUSTEES OF THE CHANDRIS FOUNDATION Opinlon on the finan¢ial statement8 In OLtr opinion, the financial statements.. givo a tiue and fair view of the stalo of the Group's and of the Parent Charity's affairs as al 31 December 2024 and ol the Group's incoming resources and application of resources for the year then ended.. have been properFy prepared in accordance with Unitèd Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial Statements of The Chandris Foundation I'the Parent Charily'l and ils 8ubsidiarie8 ('Ihe Group'l for the y&ar ended 31 December 2024 which Comprise the Consolidated Slalemenl of Financial Aclivilies, the Chality Stalemenl of Financial Aclivilies, the Group and Charity Slalement of Financial Position, the Group Statement of Cashflows and notes lo the financial slalemenls, induding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial R8POrting Standard 102 The FAnan¢ial Reporting Standard applicsble in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. B*sis for oplnlon We conducted our audit in accordan with International Standards on Auditing (UK) IISAS IUKI} and applicable law. Our responsibilities under those standards are further described in the Audiloi's responsibilities for the audit of the financial slalements section of our report. We believe that the audit evidence we have oblainfjd is sufficient and appropriate lo provide a basis for our opinion. Independence We are independent of the Group and the Parent Charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accoidance with these requiremonls. Conclu8lon8 relatlng to golng concgrn Ill auditing thè financial slalements. we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial slalements is appropriat9. Based on the work we have performed. we have not idenlrfied any material Ltncertainlies relating lo evenl8 or conditions that, individually or colloclively. may cast significant doubt on the Group and the Parent Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Oui responsibilities and the responsibilit$ of the Trustees with respect lo going concern are described in the relevant sections of this report.
INDEPENDENT AUDrroR'S REPORT TO TRUSTEES OF THE CHANDRIS FOUNDATION (CONTINUED) other Infoimation The TTusleey are responsible for the other information. The other information comwises Ihe information included in the Trustee's report and consolidated financial statements, other than the financial statements and our auditor's report Ihereon. Our opinion on the financial slalemenls does not cover the other informalton and, except lo the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and. in doing so, consider whether the olh&r information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit or olhewise appears lo be materially misstated. If we identify such rnalerial inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise ID a material misstalemenl in the financial slalements themselves. If, based on the work we have perfomed, we conclude that there is a material misslalement of this other information. we aro required to report that fact. We have nothing to report in this regard. MattOTS on which wg are rnquired to report by exception We have nothing to report in respect of the following mallers in relation lo which the Companies Act 2006 requires us lo report to you if, in our opinion.. Ihg information contained in the financial statements is ineonsislenl in any material respect with the Trustees. Annual Report., or adequate accounting records have not been kept by the Parent Charity., or the Parent Charity financial slalements are not in agreement wilh the accounting records and returns., or we have not received all the information and explanations we require for our audit. Rosponslbllltle8 of Trust99S As explained more fully in the Ststemenl of Trustee's responsibilities. the Trustees are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of financial slalemenls that are free from material misststemenl, whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the Parent Charity's ability lo continue 8s a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the Group or the Parent Chaiity or lo cease operations, or have no re81istic allernalive bul lo do so.
INDEPENDENT AUDITOR'S REPORT TO TRUSTEES OF THE CHANDRIS FOUNDATION ICONTINUEDI Audltor's respon8lbllSt108 for the audit of the flnancial statement8 We have been appointed as auditor under Section 144 of the Charities Act 2011 and leport in accordance with the Act and ielevanl regulations madè or having effect Ihereunder. Our objectives are lo obtain reasonable assurance aboul whether the financial stslemenls as a whole are free from material misslalemenl, whether due lo fraud or error, and to Issuo an auditor's report that includes OUT opinion. Reasonable assurance is a hi9h level of assuran¢e. bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will aayS delect a material misslalement when il exists. Misslalemenls can arise from ffaud or error and are consided material if, individually or in the aggregate. they Could ieasonably be expected lo inftuence the economic decisions of users taken on the basis of these linancEal statements. Exlent lo which the audit was capabl& of delgcling IgUlarItS, including fraud Irregul8rilies, including fraud, are inslances of non-compliance with laws and regijlations. WÈ design piocedures in line with our re8ponsibililies, outlined above, lo detect material misstslemenls in respect of irregularities. including fraud. The extent to which our procedures are capable of detecling irre9ularities, including fraud is detailed below.. Non-compliance with laws and regulations The Group and Charily is also subject lo laws and reoulalions where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial stslemenls, for example through the imposition of fines or liligalions. We identified such laws and regulations lo be applicable accounting framework, Charities Act 2011, Corporate and Value added lax law. Our procedures in respect of the above included.. Making enquiries of management and those charged wth wvernance as to whether there was any wrrespondence from regulators in so far as the correspondence related to financial slalemenl.. Review of financial statement disclosures and agreeing lo supporting documenlalion., and Review of legal expenditure accounts to understand the nature of expendibjre incurred. Fraud Vve assessed the susceptibility of the financial statements tr) matorial misslatemgnt, including fraud. Our risk a55essmenl procedures included.. Enquiry with management and those charged wilh governance regarding any known or suspected instances of fraud., Obtaining an understanding ot the Group's policies and procedures relating to.. Detecting and responding lo the risks of fraud,. and Internal Controls established lo mitigate risks related lo fraud., and Discussion amongst the engagement team as lo how and where fraud might occur in the financial slalements. Based on our risk assessment. we considered the areas most susceptible lo ffaud lo be management bias in accounting eslimales and journals entries. Our procedures in respect of the above includèd.. Testing a sample of journal entries throughout the year, whh mel a defined Tisk criteria. by agreeing lo supporting documentation., and Challenging assumptions and judgements made by managemonl in areas involving significant eslimales, with key sources of estimation identified as the valuation of the pension asset and
INDEPENDENT AUDITOR'S REPORT TO TRUSTEES OF THE CHANDRIS FOUNDATION ICONTINUEDI Audltof8 r68ponsibilities fortho audit of th9 financial Statements Icontinuedl Our audit procedures were designed lo respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a maleTial misslalement due lo fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, foi example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures perforrned and the further removed non-compliance with laws and regulations is from the events and transactsons reflected in the financial statemen15, Ihg less likely we are lo become aware of it. A further descrlption of our responsibilities is available on the Financial Reports'ng Council's website al.. https'.Ilwww.frc.org.uklaudilorsresponsibililies. This description forms part of our auditor's report. Uso 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 might state lo the Charity's Iruslees those matters we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility lo anyone other than the Charity and the Charity'$ trustees as a body, for our 8udil work, for this report, or for the opinions we have formed. Do¢uSIgNd by.. ODEC2FFEiW634F5 Cassie Forman-Kotsapa Isenitsr Slatulory Audilorl Foi and on behalf of BDO LLP, slalulory auditor London, UK Dale.. 28 October 2025 BDO LLP is eligible for 8ppointment as auditor of the charrty by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. BDO LLP is a limited liability partnership registered in England and Wales Iwilh registered number OC305127). 10
The Chandris Foundation and its Subsidlary Compani8S Consolidatgd Statement of Flnancial Activitios Forthe yeargnded 31 December 2024 Unra$trlcted Fund$ 2024 Noto 2023 Incom8 from: Other trading activities Donations Investment income Other income 3,242,197 50,000 8,718 4.000 3,612,940 50,000 6,088 4,000 Total Income 3304915 3,673,028 Expenditure on: Charitable aclivilies.. Donations paid 1127,7011 {64.6831 Other expendilur8'. Adminislralive expenses Finance income of pension scheme Interest payable Total expfrndlturo 13.220,789) 97.000 1448} 13,251,938} {2,978,2351 115.000 (2,927,918) Net Incomo b•foro tax 52.977 745,110 United Kingdom corporation lax Deferred taxation 10 10 168.1501 6,710 1174.3481 Total tsxation on tradlng actlvit108 161,440) (174.3481 Net Income for the year boforo gaSns on inv98tmenls 18.463) 570,762 Net losses on investments 11 2,782 Net income 110,3071 567,980 Othor rocognlsed gain81110s$esl.' Actuarial gainlllossl on pension scheme Deferred tax on actuarial gainl(lossl 19 18 282.000 {70,500) 1261,000) 65,250 Net movgment in funds 201.193 372,230 Reconciliation of lundB Total funds brought forward 2 979,54 2,607,310 Total funds carried fotward 3.180.733 2,979,540 The notes on pages 15 10 33 form part i)f these financial slalemenls. All activities relate to continuing operations.
The Chandri8 Foundation and Its Subsidiary Companle8 Charify Statement of Financlal Actlvitles Forthe year end&d 31 Decemb8r2024 Unrgstrlctsd Funds Note 2024 2023 Income: Donations Investment inc¢)me Interest income so,000 100,000 50,000 25.000 835 151282 75.835 Expendlture on: Charitablè aclivilies.. Donations paid Sundry expenses {127.701) 164.6831 45 Total expendituro 127 701 Net income for th• year, bglng net mov•m•nt in fund8 23,581 11,107 Rgconolliation of fund8 Total funds brought foNard 613,533 Totsl funds earried fOnard 648,221 624,640 The noles on pages 15 to 33 form part of these financial stslemenls. All activities relate lo continuing operations. 12
The Chandrls Foundation and St8 Subsidiary Companies Group and Charty Statement of Financial Posltlon a8 at 31 De¢omber 2024 Grou 2024 Charit 2024 Note 2023 2023 Fixed a$set$ Tangible fixed assets Investments 14 15 69.213 45,263 500.000 500.000 83,905 61,799 soo.000 500.000 Current assets Debtors, falling due after one year 16 52.179 69,195 Debtors, falling due within one year Cash al bank and in hand 16 1,392,571 551,32S 1,832.825 303,701 25,000 99,640 148.221 1,996.075 2,205,721 148,221 124.640 Current liabilitle8 Creditors, amounts falling due within one year 17 689 497 873,020 Net Current assets 1,306.678 1,332,701 148.221 124,640 Total assets less curront liabilities 1.390.483 1,394.500 648.221 624 640 Deferred taxation 18 596.760 532,960 Net 48sets excluding pgnslon asset 793,733 861.540 648,221 624.640 Pension asset 19 2,387.000 2.118,000 Totsl net a88ets including pen8ion asset 3,180.733 2,979,540 648,221 624,640 Funds Unreslricled funds excluding pension asset Pension asset, nel of deferred tax 1,390.483 1,394,500 648,221 624.640 1790 250 1,585,040 Total charity funds 3.180 733 2,979.540 648.221 624,640 These financial Ststements were approved by the Trustees on Chandrig Four)dalion Trustees Limited 2 4 OCT 2025 A.M. CHANDRIS Dire¢lor D.J. CHANDRIS Director R.S. HANKS Oireclor The notes on pages 1510 33 foTm part of these financial slalements. 13
The Chandris Foundatlon and Its Subsldlary Companlos Group Statement of Cash Flow For the year ended 31 Oac8mbgr 2024 Grou 2024 Note 2023 Ca8h flows from operatlng actlvltles Nel income for the ye?r Adjuslmenls for.. Tax on ordinary activities Loss on investments Depreciation ol tangible fixed assets Loss on dispos81 of tsngible fixed assets Income taxes paid Cosvlincomelof defined benefit pension scheme Conlribulions lo defined benefit pension sch8me Interest and investment income received Increase in debtors Decrease in creditors 110.3071 567,980 10 11 14 61.440 1,844 24,362 174,348 2.782 17,259 929 13,651) 175,0001 {603,000) 15,625) 1509,502) 1207.166) 15,614} 175,000 165,000} (10S,2701 464,072 (252.8611 19 19 Cash gen•rat•d byllused in) operating aetivities 287.666 1640,646} Cash flows from invèsting a¢tivitio$ Purchase of tangible fixed assets Dividends received from fixed asset investment8 Interest received 14 {48,3121 185 8.533 117,7151 463 5,162 Cash used in inve8tlng actlvlties {39,5941 112,090} Cash flov from financing activities Interest paid 14481 Cash uséd in financing activities 1448) Change in cash al bank and in hand in the year 247,624 1652,7361 Cash at bank and in hand at 1 JarFuary 303,701 956.437 Cash at bankand In hand at 31 Dècembèr 551,325 303,701 rhe Charity has not disclosed an anatysis of nel debt note as they have no debt. The notes on pages 15 to 33 form part of these financial siatements. 14
The Chandris Foundation and Its Subsidlary Companle8 Notgs to tho Consolidated Financial Statemants For tha year ended 31 Oecember 2024 General Infomiation The Chandris Foundation is an unincorporated charity registered in England & Wales with th8 Charities Commission under the ChaTlties Act 2011. Accounting poll¢le8 (al Basis ol accounting The financial statements have been prepared under the historical cost convention with the exception of Investment assets whT¢h are carried al valuation where reliable eslimalion is possible. The financial stalemenis have been prepared in accordance with the Charities Act 2011, and the Charities SORP.. 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing Iheiraccounls iri accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The Chaiily constitutes a Public Benefit Entity as defined by FRS102. The presentation currency is GBP Sleding, being the functional and performance measurement currency of the Charity, rounded lo the nearest whole pound. The financial statements have been prepared to give a 'lrue and fair, view and have departed from the Charrties (Accounts and Reports) Regvlalions 2008 onty lo the gxlenl required to provide a 'true and fair, view. This departure has invohjed following Accounting and Reporting by Charities preparing their financial slalemenls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 Juty 2014 Talher than the AcuntIng and Reporting by Charities. Statement of Recommended Practi effective from 1 April 2005, which has since been withdrawn. The financial statements have begn prepared on a going concern basFS, which contemplates the re8lisalion of assets and the selllemenl of liabilities in the ordinary course of business. At th8 reporting dale the Group is in a nel asset position. The trustee has considered projected cash flows and stress tested going concern forecasts. Inflation and increases in interest rates have not had a negative impact on the ability of Chandris England and the Charity lo operate lo dale. Al the year end, Chandris England's defined benefit pension schemes were in a nel surplus posi(ion of £2,387,000 {2023 £2, 178,0001. The Iruslee is confident that Chandris England and the Charity can meet their liabilities as they fall due for a period of al least 12 months from the reporting date and therefore that thè going concern basis is appropriate. {b} Bas18 Of con801idation The financial statements are prepared on a consolKlaled bas as The Chandris Foundation holds an investment in Chandris England Limited, which heads a group operating ss shipping and chartering agents. together with an insurance intermediary. The Chandris England group is a trading group and provide funds, via dividends from its reserves lo The Chandris Founcjalion in order for the charity lo make dislribulions for the relief of hardship, skneSS and disabilty. the advancement of education, and for other chaiilable purposes which help and benefit the community. Chandris Foundation Trustees Limited owns the shares ol The Chandris (England) Group, which are held as nominee on behalf of the Charity, as is staled in its objects clause. The consolidated financial slalemenls include the results of the Charity. and ils subsidiaries as sel out in nolo 15 for the year ended 31 December 2024. 15
The Chandris Foundatlon and its Subsidiary Companies Notes to the Consolldated Financlal Statemgnts Forthe year ended 31 Decembor2024 2. Accountlng polici8s (contlnued) (cl Income Income is recognised when the Charity ha5 enlillement to the funds, any tErformance conditions attached lo the items of ineome hav& been met, it is probable that the income will be received and the amount can be measured reliably. The consolidated income Tepresents the nel amounts re1vable from customers fr)r agency and adminislralion fees {and any r8laled services) and donations on an accruals basis. exclusive of value added lax. Idl Inve$tments and investment income Investments in listed equities are slated al market value as measured al each peric)d end. The periodic gains and losses arising on revaluation are recognised in the slalemenl of financial aclivilies. Unlisted investments and the investment in the subsidiary entity are slated al cost less any accumulated impaimienl losses. Unlisted investments and the investment in the subsidiary enlity are assessed for wnpaiment al each reporting dale. Any impaimenls losses or reversals of impairment losses are recognised immediately in the statement of financial aclivilies. Interest income is recognised on an accruals basis. Dividend income is recognised when the Group's right lo re1ve payment has been established. lel Expenditure recognition Expendituie is included in the ststement of financpal activities on an accruals basis and comprise.. Charrtable expenditure ol donations mad8 to support the objects of the Charity. Donations payable are Charged to the slalemenl of financial activities on the dale of approval and when communicated lo the re¢ipienl. Administrative costs are costs associated with the operations of the Group. Governance costs are those costs associated with meeting the ¢onslitulional and slalulory requirements of the Charity, including costs incurred by the Irusle8 linked to the strategic management of the Charity. If) Fixed assets and d9preclatlon Depreciation r8 provided on all tangible fixed assets al annual rates cakulated to write off the cost of each asset over ils expected useful life as follows". Leasehold improvements Furniture and fittings Office and computer equipment Motor Vehicles over period of the lease 15% on the written down value 33113% on cost 200A on cost No depreciation has been provided on one motor vehicle owned by Chandris IUKI Limited, as in the opinion of the Iwslees the estimated residual value is such that any depreciation would be immaterial. 16
The Chandri5 Foundation and it$ Subsidiary Companl•s Notes to tho Con$olldated Flnan¢Sal Statements Forthe year ended 31 December 2024 2. Accountlng policie8 {contlnued} Ig) Taxatlon As a registered charty. The Chandris Foundation is not liable lo income tsx and corporation lax on income and gains derived from its charitable activities as il lalls within the various exemptions available lo registered charities. Its subsidiaries, Ch8ndris (Englandl Limfted, Chandris IUKI Limited and Chandris Insuran Services (UK) Limited are liable for corporalion tax. Current lax is provided al amounts expected lo be paid using the lax rates and laws that have been enacted or subslanlially enacted by the reporting date. Deferred laxalion ig provided on timing differences that have originated bul not reversed by the reporting date on a non4Jiscounled basis using lax rates that are expected lo apply based on lax rates and laws that have been enacted or gubslanlially enacted by the Teporting dale. Deferred laxalty)n assets are recognised only to the extent that il is considered more likety than not that there will be suitable trading profits from wht¢h future reversals of the underlying liming dffjferences Can be deducted. (h) Dobtors Short lemi debtors are measured at transaction price, less any impaimienl. Cash at bank and in hand Cash al bank and in hand includes cash and short term h¢ghty liquid inveslmgnts wfih a short malurily of three months or less from the dale of acquisition or opening of the deposit or similar account. The Chandris Foundation Trustees Limited legally holds cash of£148,22112023- £99,840) on behalf of the Charity. This cash has been Cognised in the finaneial statements of the Charity due lo having control of the asset through the Irustee-truslor relationship. u) Creditors and provislon8 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 the amount due to settle the obligalton can be measured or eslimaled reliabty. Creditors are measured initially al fair value, and are measured subsequently at amortised cost using the effective inleresl method, less any impairment. Financial instruments The charity only has the financial assets (expt for investments) and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments aro initially recognised at transaction value and sUbseqUenY measured al their settlement value. 17
The Chandri$ Foundatlon and Its Subsldlary Companios Notes to thg Consolldat¢d Financial Statemonts Forthe yearended 31 D8cemb&r 2024 l Accountlng pollcle8 IcontSnued> Ponslons Deflnad contribution ponsion plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate gnlity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expens& in the Consolidated Slalemenl of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the consolidat Slalemenl of Financial Position. The assets of the plan aTe held separately from the Group in independently administeied funds. oolingd benefit penslon plan The Group operates a defined benefit plan for rtain employees. A delined benefit plan defines the pension benefit that the employee will receive on retirement, usualty dependent upon several factors including bul not limited lo age, length of Servi and remuneration. A defined benefit plan is a pen8ion plan that is not a defined contribution plan. The liability recognised in the Consolidated Slalement of Financial Position in fespecl of the defined benefrt plan is the present value of the defined benefit obligation al tho end of the reporting date les5 the fair value of plan assets al the reporting dale lif any) out of which the obligath)ns are to be settled. The defined benefit obligation is calculated using the projected unil credit method. Annually the Group engages independent actuaries lo calculate the obligation. Thè present value is dglermined by discounting the estimated future payments using market yElds on high quality corporate bonds that are denominated in sterling and that have terms approximating lo the eslimaled period of the future payments I'discounl rate'l. The fair value Df plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Group's policy for similarty hekj assets. This includes the use of approprtale volualion techniques. Actuarial gains and losses arising from eXrienCe adjuslmenls and changes in actuarial assumptions are charged orcrediled loolher comprehensive income. These amounts together with the return on plan assets. less amounts included in net interest, are disclosed as 'Reme8surement of nel defined benefit liability.. The cost ol the defined benefit plan. recognised in the Consolidated Slalemenl of Comprehensive Income as employee Costs, except where included in the cost of an asset, ¢omprises'. al the increase in net pension benefit liability arising from empknyee serVe during the period., and bl the cost of plan introductions, benefrt changes, curtailments and settlements. The net interest cost is calculated by applying the discount rale lo th8 net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in the Consolidated statement of Comprehenswe Incom& as a'finance expense,. 18
The Chandris Foundatlon and its Subsidiary Companies Notes to the Consolidated Flnancial Statement5 Forth• year ended 31 December 2024 2. A¢countSng pollcles Icontlnuedl (m) Fornlgn currnnclos The functional and reporting curren¢y is Pound Sterling. Monetary assets and li4bililies denominated in foreign currencies are translated al the exchange rates iuling al the ieporling dale. Revenues, costs and non-mDnetary assets and liabilities are translated al the exchange rates ruling al the dales of Iransaclions. Foreign exchange gains and losses are included in the slalemenl of financial aclivilies. (nl Opèratin9 leases: lessoe Rentals paid under operating leases are charged lo prolil or Ios5 on a slraighl-line basi8 over the term of the tease. Benefits recewed and receivable as an incentive to sign an operating lease are recognised on slraighl-line basis over the lease term. unless another syslemalic basis is representative of the lirne pattern of the lessee's benefit from use of the leased asset. lo) Unrestrlcted fund8 These are funds which can be used in accordance with the charitable objects al the discretion of the Iruslees. Judgements in applying accounting policies and key sources of estimation unoortalnty In preparing the financial slalements, management is required lo mark the estimates and assumptions which affect reported income. expenses. assets and liabilities. The trustee considers the key judgements and estimates lo be in relation lo provisions for doubtful debts. prepayments and accruals. and the residual values and useful economic lives of fixed assets, bul does not Consider that they are likely to have a material impact on the results. Pension accounting requires certain assumptions lo be made in order to value the Company's obligations and to delemiine the charges lo be made to the Stslemenl of Comprehensive Income. These figures are particularly sensitive lo assumptions for the discount rates. mortality, inflation rates and expected long-lerm rates of return on assets. Details of these assumptsons are given in note 19. Investment Income-Group 2024 2023 Fixed asset investments {dividends} Inte81 ieceivable 185 8.533 463 5.625 8.718 6,088
The Chandrls Foundatlon and its Sub8idiary Companiès Note5 to the Consolidated Financial Statemonts Forthg year ended 31 Dgc&mber 2024 Exp8nditur& on donation$ The nature of the donations made during the year was as follows.. 2024 2023 Children's Charities Acorns Children's Charity Alder Hey Children's Charity Alex TLC Alexander Devine Children's Hospice Allchild Baby Umbrella Borne Foundation Bullercup Children's Trust Camphill Village Trust Campus Children's Holidays Carers Trust Child Bereavemer)t UK Child Brain Injury Trust Children's Burns Trust Children's Trust Crackerjack Children's Trust Dame Vera Lynn Children's Charity tlouglas Bader Foundation Ellenor Hospice Great Ormond Street H(Ispital Charity Go Kids Go Happy Days Jesse May Leeds Weekend Care association Little Hiccups Lullaby Trust Make 8 Wish Foundalton Make Them Smilè Children's Chaiity Mitchel's Mira¢l&s Charity Noah's Art( Children's Hospice OverThe Wall Champ Sands Save the Children Slarlighl Children's Foundation Slrongbones Children's Charitable Trust Sunny Days Children's Fund Tiny Tickers Two Hands PTe-School Willow 500 500 600 500 30,000 500 12,000 500 500 500 500 1,000 500 500 500 500 500 500 500 500 500 500 5,150 500 500 500 500 500 500 500 500 500 500 500 500 500 soo 500 500 1,000 500 500 500 500 500 500 soo 500 soo 500 500 500 sso 500 500 500 500 8,000 500 60,000 23,700 20
The Chandr1$ Foundatlon and its Subsldlary Companies Notes to the Con$olidated Flnancial Statem9nts For the year ended 31 December 2024 Expondlturg on donatlon8 (contlnued) 2024 2023 Can¢er Relief Charities Blood Cancer UK Bowel Cancer UK Bowel Research UK Brain Tumour Charity Breast Canoer Now InslilLJle of Cancel Research Kids Cancer Charity Lennox Children's Cancer Fund Leukaemia UK Look Good Feel Better Charity OPA Cancer Charity Proslale Cancer Research Centre Royal United Hospital Target Ovarian Cancer Teenage Cancer Trust Wessex Cancer Support WMUK Young Lives Vs Cancer 500 soo 500 500 500 500 500 500 500 500 500 500 500 500 1,000 500 500 500 1,000 500 500 500 500 500 500 500 500 500 7,500 2024 2023 Maritlme Charities Sailorfs Children's Society SeafaTers Charity soo 500 1,000 21
Tho Chandris Foundation and its Subsidiary Companlo$ Notgs to tha Consolidatgd Finan¢lal Statements For the year ended 31 December 2024 ExpandItU on donatlon8 Icontlnuedl 2024 2023 Other Charities ABF The SoSdiers Charity Action Medical Research Anti Slavery Collective Asthma & Lung UK Brain Research UK Brainwave British Asian Trust British Heart Foundation British Liver Trust Centre Point Cerebral Palsy Plus Changing Faces UK Classics for All Conla¢l Cranleigh Foundation Cranleigh Village Health Trust Crisis UK Cycladic Arl Foundation Dementia Support Trust Diabetes UK Encephalitis Society Essex & Herts AirAmbulance Facing the World Friends of the Elderly Guide Dogs for the Blind Havens Hospices Heroes Hope Church - Ukraine Relief Hospice Charity Partnership Hospi¢e UK Inleracl Stroke Support Liver Group Charity London's Air Ambulance Marie Curie Medicines Sans Frontiers Meningitis Now Mercy Ships Motor Neurone Disease Association NARA The Breathing Charity National Brain Appeal 500 500 2,000 500 500 500 500 500 5,150 500 500 500 500 500 500 500 10,000 500 500 500 500 9.801 500 500 500 500 500 500 500 500 500 500 500 833 900 500 500 500 500 500 500 10,000 500 500 500 soo 500 500 500 500 500 500 1.000 43.701 18,483 22
The Chandri8 Foundation and its Subsidiary Companigs Notes to the Consolidated Financial Statemonts Forthe year ended 31 December 2024 Expendlture on donatSon8 {contlnued) 2024 2023 Other Charitle8 Icontlnued) National Federation for the Blind North London Hospice Off the Streets Queen Elizabeth Foundation Race Again51 Dementia React RNIB Rowleys Centre for the Community Royal British Legion Royal Brompton & Harofield Hospitsl Royal Hospital for Neuro4fisability Salvation Army Seafarers Charity Sh8118r Shine Charity Single Homeless Project Spinal Muscular Atrophy UK Sl John's Hospice Sl Mungo's Stroke Association Support Dogs Unique Wesl London Zone Willshire Air Ambulance World Monuments Fund Young Vic Company 500 500 500 500 500 2.000 500 500 500 500 500 500 500 soo 500 500 soo 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 4.000 500 5,000 2.500 15.000 15,000 Tolol other charities donations Total donations 127701 64,S83 23
Tho Chandrls Foundation and its Subsidiary Companigs Notes to the Consolidated Financial Ststem¢nts For the year 9ndgd 31 December 2024 Total Exp&ndlturè other tradlng activiti9$ Charitabl actlvities Total 2024 Total 2023 Donatn8 Auditors, remuneration Bank charges CompuleT costs Depreciation DisF>osal of fixed assets Insurance Legal and professional Postage, telephone and cables Printing and slalionery Publications Rent, rates and services Repairs and renewa18 Staff costs (Note 9) Subscriptions Sundries Travel and entertaining Interest payable Finance income from pension scheme Bad debt expense 127,701 127,701 95.987 4,478 61.474 24,362 64,683 87,880 4,883 104,433 17,259 929 31,445 299,069 21,950 1,680 14,975 406,490 4,097 1,889,046 4,236 38,714 45,200 95,987 4,478 61,474 24.3S2 37,827 380, 134 21.121 3,448 72,504 382.934 7,515 1,979,847 4,549 30,551 114,060 448 197,0001 37,827 380.134 21,121 3.446 72,504 382.934 7,515 1.979,847 4,549 30,551 114,060 448 197,0001 1115,0001 3,949 2,927 918 127,701 3,124.237 3.251,938 Induded in nI, rates and services is £382,934 {2023- £408,490} in relation to expenditure paid under operating leases. 7. Trustee's Expen808 A total of £Nil12023 £Nill was reimbursed to the trustee in the year. Neither the trustee nor any per80n connected with il has received or is due lo receive any remunerats'on lorlhe year eilhei direcuy or indirectly from the Chartty funds. 8. Audltorfs remuneiatlon 2024 2023 Slalutory audit Tax advisory serVe$ Other non-audil 8eNices 95,987 22,950 21,600 87,880 17,675 21,875 127,430 24
The Chandri$ Foundatlon and its Subsidiary Companios Notes to tha Consolidated Flnanclal Statements Fortheyearended 31 December 2024 Employe&8' Remuneratlon The Charify does not employ any staff membeis. The Charity receives accountancy and administration ServIS from ils subsidiary company free of Charge. The staff costs amounting lo £1,979,84712023 - £1,889,046} are the ernOyee costs incurred by the Charity's subsidiary companies. These now include chauffeur costs and payments lo private medical plans. The amount consists of.. 2024 2023 Wages and salaries Social sècurity co815 Pension costs Other staff costs 1,649.461 192.457 112,672 25.257 1,979 847 1,583,765 139,677 138,141 27,463 1 889,046 The average monthly number of employees dvring the year wa5 as follows.. 2024 2023 Managerial Operations Administration Secretarial 15 15 During the year, the average number of employees paid within the following bands were.. 2024 2023 Less than £60.000 £60,000- £70,000 £70,000- £90,000 £90,000 - £120,000 £120,000- £140,000 £140.000- £150,000 £150,000- £200,000 £250.000- £280,000 15 15 Oflhe employees paid In excess of £60,ODD, 1 {2023- 1} was a¢¢ruing benefits under defined benefrt pension schemes. The Group also made contfibulion5 of £99,16012023- £87,039) towards defined contribution schemes in respect of employees paid in excess of £60,000. 25
The Chandrls Foundation and Its Subsidiary Companios Note8 to the Conyolidated Financial Statemgnts For the year endod 31 De¢emb•r 2024 Employees. Remuneration {contlnuedl The coiporale Iiuslee is not remunerated for their role as Iruslee by The Chandris Foundation. Emoluments (including benefits in kindl paid lo directors of the subsidiary companies amounted lo £364,005 12023 - £242,1211. Th@ number of directors accruing benefits under defirbed benefit schemes amounted to 112023 - 1}. The group also made contributions of £15,24912023 - £10,114) towards defined contribution schemes in respect of 112023- 11 directors of the subsidiary companies and £16,62912023- £10,183) towards defined benefit schemes in respect of 1 direclor12023 - 1). The directors of Chandris Foundation Trustees Limited, A.M Chandris, D.J. Chandris and R.S. Hanks, together received remuneratj'on of £2,030 during the year. This rernuneralion relates lo services Provided to Chandris England. No remuneration paid in respect of their roles as director8 of the Trustee. The key management personnel of the Charity are the directors of The Chandris Foundation Trustees Limited given the corporate Iruslee relationship. The key management personnel are not remunerated in their role of directing the operatKJn$ of the Charity. 10. Taxatlon The Chandris Foundation is a registered charity and is therefore exempt from laxalion on its charitable income and gains as il falls within the definition of a charity as defined in Part 1. Schedule 6 of the Finan Act 2010. No lax charge has arisen during the year. The taxation charge in the year is in respect of taxation in the Charity's subsKliary companres. The tsx charge comprises the following amounts.. 2024 2023 United Kingdom corporation lax Deferred tax (68.1501 6,710 14.8481 169,500 61,440 174,348 Net losses on Investment$ 2024 2023 Revaluation of listsd investments Inote 151 1.844 2,782 26
The Chandris Foundation and Its Subsldlary Companle¥ Notes to the Con8011dated Flnanclal Statements Forthe year ended 31 December 2024 13. Other flnan¢g {In¢omglloosts - Group 2024 2023 Interest expense on pension scheme Interest income on pension scheme 1639.000} 736,000 1677,000} 792,000 97,000 115.000 14. Tangible Fixed A$¥ets Group Motor Car, Furnltur and Fittings Computer and Offlcè Equipment Leasehold Improvgmgnts Total Cost Al 1 January 2024 Additions Disposals 75,990 89,142 33,286 2,331 94,380 15,026 10,429 259,512 48,312 12.760 Al 31 December 2024 75.990 120.097 98,977 295,064 Depreciation At 1 January 2024 Charge for the year Disposals 75,990 60,710 7.931 2,331 77,549 16,431 10.429 214,249 24,362 12,760 At 31 December 2024 75,990 66.310 83,551 225.851 Net book value At 31 December 2024 53,787 15,426 69,213 Al 31 December 2023 28,432 16,831 45,263 The Charity has no tangible fixed assets. 15. Investment6 Grou Charit 2024 2024 2023 2023 Subsidiary companies Listed investments 500.000 500.000 14.892 16,536 16,536 500 000 500,000 All investments aTe held primarily lo provide an investment return. The movement in the Group investment relates wholly lo the investment revaluation loss of £1.84412023- £2,782). The market value of listed investments al the year-end was £14.69212023 - £16,536). The change in valuation is recognised as a loss on investments in the ConSolated Statement of Financial Activities. 27
Th6 Chandr18 Foundatlon and Its Subsidiary Companies Notes to th• Consolidatgd Financial Statements For the year ended 31 December 2024 15. Investments (continued) The Charity holds the following investment at cost in a wholly owned subsidiary undertaking.. 2024 2023 Chandris (England) Limited 500,000 500,000 The investment represents the ownership of 500.000 OTdinary shares al a par value of £1 each. Chandris (England} Limited, company number 00608546, incorporated in the UK, is a holding and co-ordinating company for its two wholly owned subsidiarigs, Chandris IU.Kl Limited, company number 00607342 and incorporated in the UK and Chandris Insurance Services IU.Kl Limited, company numbeT 05321376 and incorporated in the UK, whose activities are those of shipping and chartering agents and insurance mediatson. The Group headed by Chandris (Englandl Limited reports a profil after lax for the year ended 31 December 2024 of £66,112 12023 - £581,873). which includes turnover of £3,242,197 12Q23 £3,612,940) and total adminislralive expenses of £3,220,789 {2023 £2,978.1901, and net assols al 31 December 2024 of £3,032,51212023- £2,854,900). The financial statements of Chandris (England) Limited are available from the following address.. 17 Old Park Lane, London W1 K 1aT. 16. Debtors Grou Charlt 2024 2024 2023 2023 Amounts falling due within one year: Amounts owed from related parties Other debtors Recoverable expenses Prepayments and accrued income 160.312 238,670 119.676 264,168 84B.515 140,302 266,884 1,186,969 25.000 1,392 571 1.832.825 25.000 Grou Charlt 2024 2024 2023 2023 Amounts falling due after one year.. Other debtors 52.179 69.195 28
The Chandrls Foundation and Its Sub8ldi*ry Companles Notgs to the Consolidated Flnanclal Ststements Forthe year endfjd 31 Decgmbor 2024 16. Debtors Icontinuedl During the year, the group advanced numerous small Inlerestfree 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 trading entities of the group. The amounts are cleared down quarterly and are interest free. Going forward. the directors will reduce these balances to nil in line the guidance L8sued by The Charities Commission in March 2019 in relation lo Charities with a connection lo a non-charity. The balances oulstsnding at the year end, included in other debtors were £24,69412023 - £30.7801 and £63,87212023- £78,8681 respectively. other debtors includes £Nil12023- £65,524) in Telalion lo cheques issued to subsidiarses upon closure of their bank accounts. 17. Credltors. amounts falling duo wlthln ong year Grou Chari 2024 2024 2023 2023 Corporation lax Other creditors Taxation and social security Accruals 63,370 22,200 44,216 659,711 9,933 626,109 53,438 208.540 689.497 898,020 18. Deferred taxatton The deferred laxalton asset al the end of the year comprises.. Grou 2024 Charit 2024 2023 2023 Deferred tax on net pension scheme surplus Accelerated capital allowances 1693,2901 {529.5001 3,460 596.750 532 960 The movement in deferred lax is as follows.. 2024 2023 Al 1 January 2024 Deferred lax chargg in relation lo income and expenditure Inole 101 Deferred lax cTediVlchaige} through other recognised gainsl{lossesl (532,960) 6,710 70.500 1428,7101 1169,5001 65,250 Al 31 December 2024 596 750 532.960 29
The Chandri5 Foundatlon and Its Subsidiary Compan168 Notes to the Consolldat9d Flnancial Stat&ment$ For the year ended 31 D&cembeT 2024 19. Penslons lal Dgfined boneflt schomes Chandris (England) Limited operates defined benefit pension salaries for eligible employees referred to as the plan and the fund. The assets of the schemes are held separately ffom those of th Group, being invested with an insuranee company. The following disclosures refer lo the plan and the fund combined Ilogelher'the Plan"). The movement in the defined benefft obligalicsn and assets over the year is as follows.. 2024 2023 Reconclllatlon of present value of plan liabllitigs: At 1 January Current service cost Interest cost Actuari81 gainslllo$ses1 Benefits paid Actual employee conlributions 13.988.000 31,000 639.000 1676,0001 11.046,0001 11,000 13.752,000 32,000 677,000 495,OLIO 1976,000) 8,000 At 31 De¢ember 12.947,000 13.988,000 2024 2023 Recon¢lllation of presont valu• ol plan assots: At 1 January Interest income on plan assets Acluar(al Ilossesllgains Ernployer contributions Employee contributions Benefits paid Adminislralive expensos paid from plan assets 16,106,000 736,000 1394,0001 65.000 15,453,000 792,000 234,000 595,000 8,000 (976.000} 11,046.0001 133 000 At 31 Decomber 15,334.000 16 106.000 Net dgflnod ben8flt pension schemo assot: 2024 2023 Fair value of plan assets Present value of plan li8bililies 15,334,000 112,947,000) 16,10S,000 113,988,000) Nat P8nsion 8¢h&mo asset 2 387.000 2,118,000 30
Th& Chandris Foundation and its Sub8ldlary Companlos Notes to the Consolldated Flnanclal Statemgnts For the year ended 31 December 2024 19. Pensions Icontinuedl The amount8 recognisad in the income Statemènt are as follows: 2024 2023 Current sefvice cost Interest cost Interest income on plan assets 31,000 639.000 736 000 32.000 677,000 792,000 Total Includgd in staff cost 83,000 The aggrègatè assets of thg dgflngd benefit penslon scheme are compri$gd as follows: 2024 2023 Equity instruments Debt instruments Insured pensions Other 23 33 37 21 18 39 22 100 100 The actuari81 return on plan assets was a loss of £394.00012023- gain of £234,000). Anolysls of actuarial galnlllossl rgcognl$gd in other compreh&nslvg Income 2024 2023 Return on plan assets Remeasuremenl of defined benefit obligation {394,000} 676,000 234,000 495.000 Remea8UTement of net defined beneflt a886t 282 000 261,000 The principal aclu8ri81 assumptions used in valuing the defined benefit pension scheme were as follows.. 2024 2023 Discount rate Inflation rale Future salary increases Future pension Irease5 Assumptions regarding fijlure mortality experience are set based on actuarial ac1ve in accordance with published slalislics and experience in the relevantjurisdiclions. Mortality assumptions are based on the following posl-reliremenl mortality tsbles". Plan- PNAOO and fund- S2PMA and S2PF 31
The Chandrls Foundation and its Subsidiary Companies Notes to the Consolldated Flnanclal Statgmgnts For the year ended 31 December 2024 19. Pensions Icontlnuedl These tsbles indicate an average life expectancy in yearg of 8 pensioner retiring at age 65 as follows.. 2024 2023 Retiring at the end of the reporting period Male Female 21.6 23.0 21.5 24.0 Retiring 20 years after the end of the reporting period Male Female 24.1 25.6 22.9 25.6 The plans are valued Iriennialty by independent external actuaries, and the next valuation is scheduled lo be undertaken on both schemes as at 30 November 2025. The last payment lo address the funding deficrt was made in January 2023, and following the lalesl triennial valuation. as al 31 December 2024, no further payments are required. The Foundation is aware of the UK High Court legal ruling in June 2023 b6een ViTgin Media Limited and NTL Pension Truslees11 Limited, which decided that certain historic rule amendments were invalid il they were not accompanied by acluarial certifi¢alions. The ruling was subject to appeal, and in July 2024 the Court of Appeal confinred the UK High Court ruling. The Foundation. together with the pension scheme Irvslees and their advisors have assessed the possible impact of th15 ruling lo be £40.000. In parallel. the UK Government has published a bill amendment proposal which, if enacted, would provide for retrospective validation of certain historic amendmenls where actuarial certification was not obtained al the lime. provided CertifallOn requirements are Subsequent satisfied. Given the ongoing legal and legislative developments, and as il is not currenlty possible lo determine the final outcome, no adjuslmonts have been made lo Ihe defined benefit obligation recognised in the financial stalemenls. Ib) Deflnod contribution ¥chgmgs The Group made contributions of £96,043 12023 - £106,869) in the year lo third party defined contribution schemes. Contributions of £Nil12023- £19,830) were outstanding al the year end. 20. Commitments under operatlng16a808 The Group has the following lotsl commitments under non-cancollable operating leaseswhich expire.. Land and Land and Bulldlngs Bulldlng8 2024 2023 Within one year Between 2- 5 years 232,389 639,070 871.459 193,658 801,742 995,400 32
The Chandri5 Foundation and its Subsidiary Companlg$ Notes to the Consolidated Flnanclal Statement8 Forthe yearended 31 December 2024 21. Relatsd party transactlons During the year The Chandris Foundation recewed dividends of £100.000 12023 £25,000} fiom Chandris (England) Limrted, ts wholly owned subsidiary. OuTir*g the year, the group advanced numerous SMBII interest free amounts lo A.M. Chandris, a director of Chandris Foundation Trustees Limited. 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 individuals recognised in the Irading entities of the group. The amounts are cleared down quarterly and are interest free. The balances oulslanding al the year end, included in amounts due from related parties, were £24,69412023 - £30.78018nd £63,87212023 - £78.868) respectively. 33