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 st￿et 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 ca￿louS of their pension risks and obligations. Going fo￿￿3rd, 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 signif￿an1 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 re￿iVed 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 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 eX￿rienCe 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 serV￿e 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} Inte￿81 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 Donat￿n8 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 serV￿e$ 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 ServI￿S from ils subsidiary company free of Charge. The staff costs amounting lo £1,979,84712023 - £1,889,046} are the ern￿Oyee 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 ConSol￿ated 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 I￿rease5 Assumptions regarding fijlure mortality experience are set based on actuarial ac1v￿e 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 b6￿een 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 Certif￿allOn 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