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2020-07-31-accounts

Trustees’ Annual Report for the period

From 1[st] August 2019 To 31[st] July 2020

Charity name: The Keble Association

Charity registration number: 309688

Objectives and Activities

SORP reference
Summary of the purposes of the
charity as set out in its
governing document		 Para 1.17 To help, by means of grant or loans, past and
present members of Keble College, Oxford
University who are in financial need. To be of
general support and assistance to the College.
Summary of the main activities
in relation to those purposes for
the public benefit, in particular,
the activities, projects or
services identified in the
accounts.		 Para 1.17 and 1.19 The Keble Association is a charity whose
members include current members and alumni of
Keble College Oxford University. The charity’s
income comprises investment income, charitable
donations and legacies from alumni collected
either directly or via Keble College’s Talbot
Fund. During the period, the main activities have
related to providing grants to students either for
study related activities including travel,
humanitarian travel, support for student arts and
support for students who wish to undertake
internships.
Statement confirming whether
the trustees have had regard to
the guidance issued by the
Charity Commission on public
benefit		 Para 1.18 The trustees have had regard to the Charity
Commission’s public benefit guidance when
exercising any powers or duties to which the
guidance is relevant.

Additional information (optional) You may choose to include further statements where relevant about:

SORP reference Para 1.38 Policy on grant making Para 1.38 Policy on social investment including program related investment Para 1.38 Contribution made by

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volunteers Other

Achievements and Performance

SORP reference Please refer to the Charitable Giving Report at the end of the return form. Summary of the main Para 1.20 achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole.

Additional information (optional)

You may choose to include further statements where relevant about:

Achievements against
objectives set		 Para 1.41
Performance of fundraising
activities against objectives set		 Para 1.41
Investment performance against
objectives		 Para 1.41
Other

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Financial Review

Financial Review
Review of the charity’s
financial position at the end of
the period		 Para 1.21 See accounts
Statement explaining the policy
for holding reserves stating why
they areheld		 Para 1.22 See accounts
Amount of reserves held Para 1.22 See accounts
Reasons for holding zero
reserves		 Para 1.22 N/A
Details of fund materially in
deficit		 Para 1.24 None
Explanation of any uncertainties
about the charity continuing as
a going concern		 Para 1.23 None

Additional information (optional)

Additional information (optional) Additional information (optional) Additional information (optional)
You may choose to include further statements where relevant about:
The charity’s principal sources
of funds (including any
fundraising)		 Para 1.47
Investment policy and
objectives including any social
investment policy adopted		 Para 1.46
A description of the principal
risks facing the charity		 Para 1.46
Other

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Structure, Governance and Management

Descriptionofcharity’s trusts:
Type of governing document
(trust deed, royal charter)		 Para 1.25 The Keble Association is governed by its
Constitution which has been registered with the
Charity Commission.
How is the charity constituted?
(e.g unincorporated association,
CIO)		 Para 1.25 Unincorporated Association
Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of any
person or body entitled to
appoint one or more trustees		 Para 1.25 Trustees are selected from alumni and current
members of Keble College Oxford University.
The Trustees delegate day-to-day running of the
Charity to an Executive Committee. Please see
page 5 for details. All Trustees meet twice a year
and the Executive Committee meet an additional
three tofourtimes peryear.

Additional information (optional)

You may choose to include further statements where relevant about:

Policies and procedures adopted
for the induction and training of
trustees		 Para 1.51
The charity’s organisational
structure and any wider network
with which the charity works		 Para 1.51
Relationship with any related
parties		 Para 1.51
Other

Reference and Administrative details

Charity name THE KEBLE ASSOCIATION
Other name the charity uses
Registered charitynumber 309688
Charity’s principal address C/O DEVELOPMENT OFFICE
KEBLE COLLEGE
PARKS ROAD
OXFORD
OX13PG

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Names of the charity trustees who manage the charity

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2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
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18		 Trustee name Office (if any) Dates acted if not
for whole year		 Name of person (or
body) entitled to appoint
trustee (ifany)
Brigadier JeremyMooney Chair of Trustees
Victor Smart Secretary
Simon Paul Emary Treasurer
Vivek Srivastava Grants Committee Chair
Scott Barnes
Nicola Wintle Executive Committee
John Edward Dant Executive Committee
JennyTudge Executive Committee
Sir Jonathan Philips
Vivek Sharma Executive Committee
Nela Scholma-Mason Executive Committee
Daniel James Wilson Executive Committee

Corporate trustees – names of the directors at the date the report was approved Director name

Name of trustees holding title to property belonging to the charity

Trustee name Dates acted if not for whole year

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Funds held as custodian trustees on behalf of others

Description of the assets held in N/A this capacity Name and objects of the charity N/A on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe N/A custody and segregation of such assets from the charity’s own assets

Additional information (optional)

Names and addresses of advisers (Optional information)

Type of Name Address adviser

Name of chief executive or names of senior staff members (Optional information)

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

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Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s)
Full name(s)
Position (eg Secretary,
Chair, etc)
Date
Victor Smart

Secretary
25thFebruary 2022
25thFebruary 2022

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Keble Association Annual Report on Charitable Giving 2019/20

Introduction

This year’s grant activity was heavily impacted by the global COVID-19 pandemic, which hit the UK and Europe between our Hilary and Trinity Term meetings. It caused several projects for which the committee approved grants in Hilary Term to be cancelled, particularly those that involved travel and/or conferences, and reduced demand for grants in Trinity Term, which is usually the busiest term. The Executive Committee had maintained the budget at last year’s level of £48,500, but as it became clear we were greatly undershooting it, it agreed to a request from the College for an extraordinary donation of £15,000 towards its COVID-19 relief fund.

This is not included in the table below, which shows the usual grant programme, comprising Study, Humanitarian Travel, Arts and Internship grants. An extra column shows the number and amount of cancelled grants so far, due to the pandemic. The status of several grants is still pending, so cancelled grants are likely to rise. There were also several cases where either the recipient had bought non-refundable travel and / or accommodation or the conference or project was postponed to a later date rather than cancelled outright. In these cases, I thought it fair to allow the recipients to keep their grants.

KA grants as at 8 September 2020

2017/18 2017/18 2018-2019 2018-2019 2019-2020 2019-2020
Initially Approved …of which cancelled Net
No of No of No of No of No of
Category Grants Spend Grants Spend Grants Spend Grants Spend Grants Spend
Study 78 £33,655 76 £34,400 58 £20,816 20 £7,515 38 £13,301
Travel 11 £5,550 7 £3,530 7 £3,985 5 £2,735 2 £1,250
Arts 2 £1,200 7 £3,330 4 £1,920 3 £420 1 £1,500
Internships 9 £5,600 9 £4,425 7 £4,405 1 £1,405 6 £3,000
Total 100 £46,005 99 £45,685 76 £31,126 29 £12,075 47 £19,051

Summary

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Study

Demand for study grants continues at just under four fifths of the total. These are some selected highlights:

Travel

A strong humanitarian focus is required for these grants. We initially awarded 7 grants.

Arts

We initially made four grants. We were pleased to continue our support for Arts Week, as every year, with a £1,500 grant.

Internships

We initially awarded 7 grants, only one of which was for an overseas internship. We supported internships in:

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The last one was the first alumna to approach us for a grant in many years, during which our constitution and charitable purpose have both been rewritten to focus on current students. However, after consulting with ExCo and given we had plenty of remaining budget, I felt it was in line with our historic purpose, if not our current one, and so allowed it. She wrote to me expressing thanks. She is evidently from a less privileged background and it seems this is a life changing grant.

Griffiths, Gordon Smith, Jack Lane Awards and Dick Fawcett Awards

Griffiths awards were given to

A Dick Fawcett award was given to

We did not award any Gordon Smith (geography) or Jack Lane (performing arts) awards this academic year.

Rejections

The sub-committee has sought to be rigorous in applying its grant criteria and, as a result, 11 applications were rejected this year (7 were for study grants, 1 was travel, 2 were for arts and 1 was for an internship). Applications were rejected if they did not sufficiently relate to the charitable purposes of the KA, or the grants’ criteria. The overall standard of applications remains extremely high.

Audit Arrangements

The final figure for grant recipients in the previous academic year (2019/20) to have reported back to us on the use of their grants is not yet available. I will update this report when it becomes available. Daniel Wilson received all the reports this year, which were also copied to Trish Long for record purposes. The College archivist also archives a selection.

Size of the Grants Sub-Committee

Two years ago, we tried to run the committee with one less person and, after reviewing at year end, George Southcombe (the former Chair) and I agreed this did not work, as each of the three terms had seen one committee member absent for one reason or another. After recruiting Nicola and Daniel to the committee last year (one of whom replaced Angela Fox), this year, we lost Nela and

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George. Nela, who was based in York then London, has now moved to Edinburgh and is unable to commit the time. George wrote to me, Jeremy and Victor expressing dissatisfaction over the College’s actions over the pandemic. He felt unable to administer funds for the College in good conscience, however indirectly. Hence, we need to recruit two more members to the Grants Committee.

Appreciation

My predecessor, George Southcombe, was an invaluable source of guidance and support to me. Nela Scholma-Mason was Student Liaison Officer and was exceptionally proficient at fielding emails from students about the application process. Both will be sorely missed. Daniel Wilson has kindly agreed to take over this latter role going forward.

The administration of the KA grants programme is made possible by the support of Trish Long, the Warden’s PA and College Welfare and Disability Officer. The committee is also indebted to Ali Rogers, the Senior Tutor, for invaluable advice and hospitality in times when we can physically meet.

Conclusions

In conclusion, this year has been turbulent. As a committee, we have not survived unscathed. But we remain committed to the charitable purpose of the Keble Association, which in these stricken times may yet necessitate more extraordinary demands on our budget outside the normal grants programme. We look forward to the passing of this pandemic and things returning to normal.

Sub-Committee Members 2019/20:

Vivek Srivastava

Grants Sub-Committee Chair

8 September 2020

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UNAUDITED ANNUAL ACCOUNTS FOR THE YEAR ENDED 31 JULY 2020

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THE KEBLE ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES
For the Year Ended 31 July2020
£ £
31July 2019 31July 2020
INCOMING RESOURCES
Donations and Legacies 0 0
Subscriptions through CAF 743 754
Subscriptions received directlybyKeble Association 15,487 15,140
Subscriptions received via Keble College Talbot Fund 1,200 2,887
Gift Aid Tax Recovery 6,555 3,359
Other income 0 0
Income from UK investments 12,482 12,933
Gilt interest 882 441
Bank interest 32 44
Total Incoming Resources 37,383 35,559
RESOURCES EXPENDED
Charitable Activities
Study (34,400) (13,301)
Music and Drama (3,330) (1,500)
Humanitarian Travel (3,530) (1,250)
Internship (4,425) (3,000)
Covid relatedgrants 0 (15,000)
Grants repaid or unused 2,970
(42,715) (34,051)
Other
Independent Examiner fees (400) (400)
Trustee Travel Expenses (83)
Other costs IT, postingandprinting (290) (678)
(773) (1,078)
Total Resources Expended (43,488) (35,129)
Net Incoming/(Outgoing) Resources (6,105) 430
Unrealisedgains/(losses)on investments (9,039) (84,584)
NET MOVEMENT IN FUNDS (15,144) (84,153)

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----- Start of picture text -----
THE KEBLE ASSOCIATION
BALANCE SHEET
As at 31 July 2020 £ £
31 July 2019 31 July 2020
FIXED ASSET INVESTMENTS
3¾% Treasury 2019 23,605
M&G Charifund Income units 219,250 171,373
M&G Charifund Accumulation units 148,712 122,916
Invesco Perpetual UK Equity Income 37,379 26,544
Total Fixed Asset Investments 428,946 320,833
CURRENT ASSETS
NatWest Current Account 1,000 1,000
NatWest Reserve Account 17,323 33,997
Scottish Widows Bank 40,000 40,000
Keble College Debtor 873 3,288
Gift Aid Debtor 6,330 9,330
Other Debtors 24,029
Total Current Assets 65,527 111,645
CREDITORS falling due within one year
Unpresented cheques
Independent Examiner Creditor (400) (1,300)
Trustee Creditor (23,618) (44,877)
Total Current Liabilities (24,018) (46,177)
Net Current Assets 41,508 65,467
TOTAL NET ASSETS 470,454 386,300
Unrestricted Funds 470,453 386,300
Other Funds
TOTAL FUNDS 470,453 386,300
----- End of picture text -----

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Notes to the Accounts

Accounting Policies

1. Basis of Preparation

The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

The trustees considers that there are no material uncertainties about the Keble Association’s ability to continue as a going concern. There are no material uncertainties affecting the current year’s accounts. In future years, the key risks to the Keble Association are a fall in income from donations or investment income but the trustee has arrangements in place to mitigate those risks.

2. Fund Structure

The Keble Association has one unrestricted fund and is managed by the trustees on a total return basis. This means that the funds are invested to maximise the return on investment without regard as to whether that return is in the form of income from dividends or interest or capital appreciation (where the market value of the investment increases). The trustees decide how much of that return is released to income for spending and how much is retained for investment. The allocation is made on an equitable basis to balance the need to fund current grant giving as well as to invest returns for the future.

3. Incoming Resources

All incoming resources are recognised once the charity has entitlement to the resources, it is probable (more likely than not) that the resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability.

4. Incoming Resources from Legacies

Legacies are accounted for as incoming resources either upon receipt or where the receipt of the legacy is probable.

5. Resources Expended and VAT

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to each category of expense shown in the Statement of Financial Activities. Expenditure is recognised when the following criteria are met:

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6. Fixed Asset Investments

Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. Unrealised gains and losses are calculated as the difference between the market value at the year end and the opening market value.

7. Related Party Transactions and Trustee Remuneration

Trustees receive no remuneration. Expenses in the year totalled Nil (2019: £83).

In the period, a Trustee, Simon Emary assisted the Keble Association by making grant payments from a company, Chancery Investment Partners Limited, of which he is the sole director. This was due to difficulties in obtaining cheque books and payments needed to be made for grants. Neither Simon Emary or Chancery Investment Partners Limited received any remuneration or interest for providing this facility. The Trustee Creditor of £44,877 is solely attributable to Chancery Investment Partners Limited.

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INDEPENDENf EXAMINER'S REPORT to the trntees of The Keble A880¢iation Trn8t Registered Charity number 309688 I report on the accounts of th¢ Tnjst for the year ended 31 July 2020, which atr set out on pa8¢ 3. Respective responsibilitie8 of trustees aDd examiner The charitys trustees are responsible for the preparation of the accounts. Th¢ charitys trnst¢¢s consider that an audit is not required for this year (under section 144(2} of the Charities Act 201 (the 2011 Ac t)) and that an ind¢pend¢nt examinatkon is n¢ed¢d. It 18 my r¢5pollsibility to: examine the accounts under section 145 of th¢ 2011 Act" to follow the pr￿￿ureS laid dowi in the general Directions (see page 2) giv¢n by the Charity Commission under section 145(5Xb) of the 2011 Act. and to stste whether particular mat¢¢rs have come to my attention B4si$ of llldepelldent ex4miner'8 ststement My examination was carried out in awordance with the general Directions given by the Charity Commission. An examination includes a revi¢w of th¢ accounting records kept by the charity and a comparison of the accounts pr¢s¢nt¢d with those records. It also includ¢s consid¢ration of any unusual items or disclosures in the accounts, and seeking cxpl8nations from you as trnstees concerning any such matters. The procedures undettsk¢n do not provide all the evidence that would be required in an audtt and ci)nsequently no opinion is given as to whether the accounts pr¢s¢nt a Xrue and fair view, and th¢ report l5 limited to those matters set in th¢ statement below. Independent examiner's Staiement In connection with my examination, no matter h&8 come to my att¢ntion'. (l) which gives me reasonable caus¢ to believe that in any material r¢spect the requirements to keep a￿OUntIng records in accordance with section 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and Comply with the accounting requirements of the 2011 Act have not been met. or (2) to Whi¢￿ in my opinion, attention should be draThm in order to ¢nable a proper understanding of the acwunts to be reached. Signed Nam¢ P P G Aspinall R¢l¢vant Professional Qualification Associate of the Chartered Instituts of Management Accountsnts Add￿sS 4 Millway London NW7 3RE

'eci,:OllS The Charity Commission's Directions provide the procedural basis or framework to define how the reporting duties ofthe examiner must be met. The Directions are made by the Charity Commission under powers given in the 2011 A¢t and set out the areas of work that must be covered in any examination. There are 10 specifi¢ Directions that the examiner must address in carrying out an examination of accrual accounts and 7 Directions applying to the examination of receipts and payments accounts. In addition, a11 examiners should consider if matters of material significance have come lo their attention which give rise to a legal duly to report to the Commission Applicable to accruals aCCo￿ntS Directio l. Examination and accounting thresholds 2. Documentation 3. Understanding the charity 4. Accounting records 5. Comparison with accounting records 6. Analytical procedures 7. Form and contents of accounts 8. Accounting policies, estimates and judgments 9. Trustees, Annual Report 10. Examiner's report Statutory duty to report certain matters of material Significance to the Charity Commission Although only examiners of accounts prepared on an accruals basis are required to review the Trustees, Annual Report forconsistency with the accounts, examiners of receipts and payments accounts may still find theTrustees' Annual Report helpful in undertaking theirexamination.

THE KEBLE A¢iSOCL4TtONI BALANC:L SHEET As ai .3 l July ?020 31 Julv 2019 31 Juty 2020 FIXED ￿>￿ET INN'F.4>TML.NT¢¥ 3 140/0 Trcasury 2019 M&(i Lhon, fLuKI hiLonE units M&CI Chari furKrf Accumulaiion uniL% JnN'csiu I'#rpelwl LK Eqillty Total Fixed A%set InweStll￿ntS 219.250 14R,71? 37.379 42&946 171.373 122.916 26.544 32Q833 LIIRRE,YT AS6LTS Natll ¢sl Cwrcrf Accowa N4ltWest Reserve .4ccounl Scotti.%h 11 idow.s tjank KLblc CollLge DL'bior Ciirt .4id Debtor ()thL'r t)L"hlors I'otal Curreut As'5¢ts i.i)uu 40.¢XMI 873 6.33U 3.?88 '),330 24,029 111.645 0S527 CREDrroRS falli￿ due. within 4)ne .ve#r lJnpre5¢nted cheq IndLPL ThILn¢ F.Aami ncr CfL￿1￿1 'IrLLStee Lreditor l otal Current LiAIMlities 1400) 123.6181 (24,018) 144.8771 (4@177) Nel C.'wtettl Asget$ 4AJOII 65.467 TOTAI. NF,T ASSF.TS 470,444 386,31KI Ihwestrieted FUNIS Odk'r Fwxjs TUTAL TrW,I%DS 47(),4S3 .186..ItK) 3116JlXI

THE hEBLE ASSOCIATION ST.ATEIIEJT OF FIlL￿NCIlL ACT￿￿llE5 Fot Y¢ar Ended J l Juli )020 31 Juli. 21J19 31 Juh. 21120 IYC..n￿IlN(' Rl.'¥•ni, KC.'fr. [￿nI1170￿￿ L¥'bSlLIL' Siibs¥ripiions i1w.0￿ C'AI- S111)scripii4ins reetii'ed directl￿ l)y KLl¢ As8ociii lion qth%¢ripti&n% r¢c¢i%'ed via K¢ble C(b11ege'l'alhnt l-.wd Cjill .4id Tax Recovery 743 15,487 2,887 6,555 L'unL" IromLK invL%ttJL"llts Ciilt intere%t Ballk inL'rLSt -1'&141 Inconli￿ Kc.Joyrtts 12,48? 822 37a83 RF_SQItRCES EXPENWED ChttritalAE..irth,Itle$ Siwlv MLblC arml Dran Hutwwniwian Tr4vcI (34.4(rf)) 13.330) 13.530) {4:4?5) <13,3011 (1.5W) {3.OlXII 11 S.U(N)I C'ovid rLIui¢.d ￿an (iraiiLS I'epaid ot uftused 2.47(1 (42.715) 1311151) Other I[K1¢pende￿ ￿.¥￿￿￿r fees .1 iibie¢ I rafv'el I'.xpenses oll￿'r costs IT. wstin¥ prillting 1400) (990) 1773 167SI 11.078) Totsl Res0￿% EX￿￿]￿d 143,488) 135.129) T4et Re5OPrt¢s 430 I Imrealised 8aiffjii I￿￿e%> on ini'esu7Ents {9,1)39) 184..$84) NET FIJNtAS

Notes to the A¢counts Accountin Polieies l. Basis of Prepsration The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market valu¢. The accounts (financial statements) have been prepoTed in accordance with th¢ Stat¢ment of Recomm¢nd¢d Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from l January 2019. Th¢ trustees considers that there are no material uncertainties about the Keble Association's ability to continue as a going concern. There are no material uncertainties affecting the current year's accounts. In future years, the key risks to the Keble Association are a fall in incom¢ from donations or investment income but the trustee h&8 anangements in place to mitigate thos¢ risks. 2. Fund Structure The Keble Association has one unrestricted fimd and is managed by the trustees on a total return b&sis. This means that th¢ funds are invested to n￿xin￿Se the return on investment without regard as to whether that return is in the forni of income from dividends or interest or capitsl appreciation (where the market value of the inveslment increases). The trustees decide how much of that retum is rele&sed to income for spending and how much is retain¢d for investment. Th¢ allocation is made on an equitable basis to balance the n¢¢d to fund current grant giving as well as to invest returns for the future. 3. Incoming Resourees All incoming resources are Tecognised once the charity has entitlement to the resources, it is probable (more likely than not) that the resources will be received, and the monetary Wdlue of incoming resources Can be measured with sufficient reliability. 4. Ineoming Resources from Legacies Legacies 8Tr accounted for as incoming resources either upon receipt or where the receipt of the legacy is probable. 5. Resoureu Expended And VAT All expenditure is accounted for on an accTuals basis and h&s been classlfied under headings that aggTegate all Costs related to each category of expense shown in the Statement of Financial Activities. Expenditure is recognised when the following criteria are met: there is a pr¢s¢nt legal or constructive obligation resulting from a past event it is more likely than not that a transfer of benefits (usually a cash payment) will be r¢quired in settlement the amount of the obligation can b¢ measured or estIn￿ted reliably. Irrecoverable VAT is charged against the category of resources expended for which it was incurr¢d.

  1. Fixed Asset IDvestments Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on r¢valuation alld disposals throughout the year. Unrealised gains and losses are calculated as the difference between the market value at the year end and the opening market value.
  2. Related Party Transa¢tions and Trustse Remuneration Trustees receive no Temun¢ration. Expenses in the year totalled Nil (2019: £83). In the period, a Trustee, Simon Emary assisted the Keble Association by making grant payments from a company, Chancery Investment Partners Limited, of which he is the sole director. This was due to dityiculties in obtaining cheque books and payments ned¢d to b¢ nMd¢ for grants. N¢ith¢r Simon Emary OT cl￿nCery Investment Partners Limited received any remuneration or interest for providing this facility. The Tntstee Creditor of £44,877 is solely attiibutable to Chancery Inv¢siment Partners Limited.