Ch•rfty numb•r. 1084412 CLORE DUFFIELD FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 CLORE OUFFIELD FOUNDATIOM R•f•r•n¢• and *Aknlnkntsatlv• D•tAll• of th• Founthlk+n, Its TnMtM• and AdVI￿ra Tnwtw•' R•port Ind•p•nd•nl Ex*mln•¢• R•wrt Ststsm•nt of FIn*￿Ill A¢tlvN B•l•nM Shwt 10 Not•• to th• Flnanclal 8t•t•m• 11-27 CLORE DUFFIELD FOUNDATION IIEFEREMCE AND ADMINIsTRA￿E DETAILS OF THE FOUMDATIOM. ITS TRUSTEES AND ADVISERS FOR THE YEAR EIIDED 31 DECEMBER 2022 TnMt••4 Dame Vi¥ien Lo￿e Duffielj D8E Ms Melanfe Sarah Jant Chir8 Mr James Paul Harding Mr David TerevTh Thgby Hwrel Mr Rlthard John Oldfiekl Mr Jeremy Vaughan Sondd8on Charlty v•gl•tsr•d numb•r 1(184412 Prlnclpal offlc• Sludv) 3 Chelsea Manor Slud Slr•gt London SW3 5SR Chl•f •x•¢uth offlc•r K•te Bdlamy Ind•p•nd•nt •x•mln•rn SaJ*r Vincant LLP Chartered Accounlants 1￿114 Golden L Lf*Klon EC1Y OTL Oanl¢•rn C Hoar• & Co 37 Flèet Strttt London EC4P 40Q SoH¢llor• Moirn PTOtani 72 Woodboum• A¥•nu8 8rwJhlon 8N18EJ A￿9￿￿11￿1• Petws EF•￿￿Y & Moty• S8llsbury House StatpJn Road Cambn'dge C812LA Page 1 CLORE DUFFIELD FOUMDATIOM TRUSTEEY REPORT FOR THE YEAR EMDED 31 OECEMBER 2022 The Trustees present thsir annual feport lopthgr the fMKial stst8n￿nts ol the F￿Jnd￿tIOn for th• y￿r 1 January 2022 to 31 December 2022. Relgrgncg aNJ admlnlstraI￿ Infrym*kTrn sgt cxrt page 1 fonns pwt of thi6 Th• financial stal•m•nt8 comply with ￿rrant stalutory reguir•ments. the FoLThJal￿n'S trust deed and the Statement ol Recommended PrpLli¢6'. Al%￿nting and Re￿￿lI¥j by Charkn prnpanng thwr acyxunts in gccordanL* With the Finand81 Reporting Standard apF4'cable in the UK and R•pubk tsf Ir•tsnd IFRS 1021 {S8cond October 2019 - effeth'w 1 J•nu8ry 2019) and the Chaiilies Ad 2011. This report covers the Iw•nty s•(x>nd fill ￿•r ol cwtrjn for tho Cl(wo Duffidd Foundation, whth was formed In Decembor 20C(l frorn tho meTgeT of the Clore Foundakn and the ITMen DLtffigld FOl￿d0¢10n. Tho Clor8 FouThJatKsn was ¢S￿lEha￿ in October 1£%34 by the ￿te Sir Charfes Clore. HIS dawhlor, Dame Vivi8n Duffi81d. bwme Chaiman of th• FO￿￿0t￿ in 1979 and woted hgr wi fft 1987. The priNths of th& former Four￿#1￿)n$ remain tho priorTli$ of thè Clort Duff￿ Fwbdalion. OBJECTIVES AMO ACTMTES *nd •lm• Th• obl8Ct of tho Foundalon {a8 S•t rmjt In the govomlng Scheme of 22 D￿Mb•r 2W Is lo bgnofft such chahties and $¢Kh Ch8h18￿ puooses as tho Tntst86s may d&18mw￿.. Th• Dir0￿01 and Tnjgto￿ revkw grant monttortng report8 (SUbn￿Od by grant fetyplents) at saL* Trustee me8Ury. This alh)w8 progr•8B to be chocked against the planned ￿11}86 0uU¥￿1 in thts Orwaln￿ gr•)t •PF4￿b￿ 8nabkn thom to monr(or Iho 18vol of publc b•n￿t ￿n9 •Ch*￿d Ihrough the donalion. Th• Tru$l•os hav• r•f•fftd to th• guid¥n¢• cOntaY￿ in th& Cknty Ccrfnrnbsslon's general guWAan￿ on publk bènofft wh•n thè Foundatknn'8 ￿m$ and oble¢b￿ and kn planning its fut￿0 athitl88. In partKular, tho Trustees consider how pfanned a(*vities *vll conlribulè lo the aims and obie¢b¥es that have boen 80t. That Iho aims of the Fo￿￿1￿ti￿ (xKrtinue to b• ¢h•dl•bl•', That the aims and the work th)ne gNe Klentffiablb bènoffts to IM I￿￿114b1? wtor and both Indirecty and dlroclty to indniiduals in n8ed', That lh* bwffts are for th• pume, and ar• nol unTaaBonabty rnBtrlded kn anyway 4nd certairty ￿t by ablllty lo pay.. That Ihere li no detrimenl or h¥m fmm the akn$ or A¢hl•v•m•nts and p•rforn)•n¢• The folkn￿ng sel*K￿ of thi8 rewt 'Athievements and p?rloffnon¢¢' W$ eArt th• CkiT• Duffi8ld Foundatkn)'8 obieciNes and Teports on the actimty sur%65￿ in the )tar to 31 DKembgr 2022, •$ as •xplaining the pknn8 for th• current flnwKJal yw. The Foundation suppyts UK thanties worknng in th• *ts, edLK•tIL￿. %Kial welfare and healh. The Ftyjndation enhances Jewish ojmural life throw 81WIrt kn JW3. the Jv*Osh arts and communty Ggntrg in London. Its wc¥k remalns rootgj In th8 tharltaL4e cornfflitmerts of Sir Ch•Tlos Ckye and his daught•r. Dam• VTrii8n Duffiekl. Indudry: Deveknp￿g programmes and partnershps to cr•at• Opportunit￿ for P8OFle thnjugh art, culiuTe and heiitage in the UK Arlisllc talent slthld be nurtured and suFwrtgd wPwever li exists and careers in th Lwmural se(aor st￿￿1d ￿ Op￿ to ￿. Support#l9 and oxistirvj Cloro L8aming Spaces lo ènsure thiklren and young1)8opb In p8rtlcular have the th8n¢¢ to ber*fit Irom art. ¢uliure and Iwrilagg inwtath)n, knuwkdge, py and wel￿1 they bMg. Pag?2 CLORE DUFFIELD FOUIIDATION TRUSTEES. REPORT ICONnNUEDI FOR THE YEAR ENDED 31 DEc￿lBER 2022 En8url)g t￿ nnportant ￿ganisat￿M Lyealed by lh& Foundalion to be stroNd, IMp￿t￿l arml osiknt. in¢kKllng JW3. the Clm Cthwal Leodernhip Programme and Eweka! Ta￿n9 a Ilwhtlul and strategic ¥Jwoach to grant-makn'ng in th• chwt8ble 8è¢Aor, wlth an efflpha5iB on nirrt)kn, fronl-uno d8lMrény ¢h8ngo to people who most need M•ln a¢hl•v•m•nts of th• Found•llon In 2022 the Foundat￿￿ [￿lI1￿¢d lo make and administer gr8nls. wth a focus on Ckjre Leamiro Sp8c8s *rythln cullural orgonisokn8. Tru6t••s rè¥iv4ved In￿Stment policy and pr9¢tic*. Tru$l•o$ *0 o)n*dered future strategy and prforties. in(*Jdin9 a retsiew of the Ck*re Leaming Spa¢* ProgRNwne and d8d$kn)s ab)ut fut￿• p8rtn¢rnhipJ. A rnvl•w of 2012 The Foundation made grants of £3.745.724 10 33 i*arities in 2022. Levals of grants warè Ihan In Some previous years glven thé imp8cI ol geo￿￿￿ on In¥￿Ir￿nts and o foojs on $tr•t•gk ro￿•W. N•w comrnltrn•nts & op•nln A numb•r ol new spaces fijnded by the Foundathon thelr doLVS for the fir81 Ilmo kn 2022, pro￿dIng now placès and Pfogramrnes for p8opl8 to leam and lo •ngag• with •rt. ¢￿tUr8 and heritag•. New opening8 includod the Roman Baths Clor• L¢¥mry Centre vthkh brlngs Roman &dIa￿3Y alNe on this workj heritage site. The Cgntrg alows s¢1￿1 and community groups lo have a go at twng an arthaeoKiqist, ¥th11818urrounded by real Rom8n remalns. lo handle Teal artefacis 8nd to walk on Ihe pAvèmanls wh•re Rom•n$ w8lk•d 2.000 yèbrs ago. Hay Castlo opened the third Clofe Le¥rriNJ Space In Wales. offerlng arts athhl8B, work8hop8. talks and dasses to the local ￿MM￿￿ty. wlth knvs arxoss Ihe Black mo￿taIlS. Aftar Cowd related delayT. tho Clor• L•4mlng Space al the Br￿'Sh Arademy of Flm and Tel8￿¥th Arts opened In Wing 2022. Thg Clore Innovallon Contre at ihè Royal Cd10￿ of Art's Battorsea Campus op8n8d #i Summor 2022, prowding sp￿. r•8ourceB and 8UPPOrt lo staff. students and alumni lo tran$fe4m innovatwe and ￿mpelli￿a ideas into suc&ryssfiJl businessas. The Foundalbn's Icffl*standing rekniorbBhip wilh N•￿￿19a10 Hammerwn w9$ rAmented wtth the openlng ol the Cbr• Library #l H¥mmerson House. FundSng W￿8￿ to S9￿ra1 rw Chx• Leamlng sp￿• projeth In 2022. a nffiy edwtion ￿nIfe al Kensington P8lw IHi$lor¢ Palaces).. a Clye Leamknj Studkn and Kitch8n at tha M8nchasl•r Jwsh Museum. A Clore L6amlng Sithyio in tht ¢Mrtdoor leaming cen￿ al the Natural History mu￿um and a Clore Studio as part of the rede¥8kw9nl of Theatr CN¥yd In NLyth Wal88. Thè Fourthlion h•8 al80 agrted contr1t￿t10Th towanl8 th• now Arts Hub al Gar￿ngton Opera. In addttion. the FOundath￿ agreed support for programmgs Supportlng a¢￿88 and skn118 In th8 arts and htrrrt4ge Sector8. inthding". The Prtn￿'S F(￿ffida￿n for its 8uldiThJ Cr•ft ApprentKes Scheme., The Royal c1￿1ng School's Young Pgopb's pwramma aThJ the Glfftebom Schoof$ Programm•. Support for the Blk• Proje(# was once awn approved. Onooing commllmonts Tho FOundatiC￿ eontinues lo fvTrY the de¥*ent ofnew Cknre L&amlng SpaGes at the Naknal Portraw Gallery and the Old Vi& Support conbnues too for The Royal Opera House's 'Open Up. Projtcl and thoir 'Re¢overy Funrf, in T￿pOnSe lo income lost due to the CoM&19 p8ndemk. Dudng 2021 Ihe Foundation conllnued to make donations to tho Kantor Cgntro for Ex(*lw al the Anna Freud Cenire whth provides training and SUFVOrt for child mental health sèrvI￿s, lo Smart Work5. which helps women into and towards th• constructKin of o Maggle'8 Contro al thè Royat Free Ho8￿1a1 London. Pag8 3 CLORE DUFFIELD FOUNDATIOM TRIPSTEES REPORT {coiillMUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 N•w prngr•mmM •nd wlorhl•• TTu8lees miewed Ihe Strategy, irnp8ct and woribes of the F￿ndation. Tru$l¢es agre¢d that the Foundation should cothnuo to support th• arts, •th￿*10n welfare n thè UK wthh a partl¢ular fo¢us on engagement gnd excollerKe kn 8rt, ￿1￿jr8 heritsge. A roth ofth• Ck)re LeIn￿n9 Spxe was (*n¥nlssknned. whkkn that demand remain$ for ngw Clore Leaming Spws, t￿lugh nol 81 ts same kvel of investment wrth a p&ts'cular Med In smangr 8 and h8ritsg• organisat￿s., that •xisling Laaming Spac•s ara in n88d of support, kn refuTbishmènl and in response lo budget oJt5 and the new needs ol visitors #nd that there 1$ 8 need to stren9then the W0￿810n of Jltural leaming in 8chool8 communit￿. Le8ming from the recommend¥tSon$ In the flnal Tgport. Trustees agr8ed to introduce support for ￿lsting Cloro Loaming Spaces to target 8UPPOrt for Clor• Lè•ming Sp8ce$ 81 $m8ll*r org8nl$8t￿nS. Tru$lee$ 81$0 8pprov•d to SLVPOrt arts educabon in school8. workw with Ath Sthools lo develop and plknl 4 ntrw pro9iamm&. and th& pro￿$10n of arts oducation ¢xrt8ide %*oc45, in partnornhy *ilh the NalK>nal Salurday c￿b. F¢)undatlon knIUatlv•• JW3 JW3 wa8 •8tsbl8W ty D¥m• lthvon Wfi•bJ. whh frorn fv FOWtht￿n. and opened In 2013. 1118 4 br8rrt. cr￿￿•¢0￿mun￿1 hub for Jv*l8h arts. ￿ttur*. famfy pwrammlng. sooal act￿￿ and 18aming where veryone 1$ wekome. JW3 cont1u￿1 ils Cthryd récovw ioumey In 2022, wlth the apwntmont of a Senior Load•rthlp T•wn and a from Ch•r*811 to mark Chanukah. Clov• L••d•rnhlp Cknr• Lth*l8rshlp wai ￿￿*1•￿ by thè Ckn• Dulldd FouNlation *12(K13. N¢xv rwnis•d 4$ on• of worfd'8 b¢st ¢ullurg118adership progrommes. it ¢onlinue$ lo d•velop le•JershiJ potenlkgl acro88 the cullural and cr&atlve 88¢lors. 11 was announ¢•J In Aut¢Jnn 2022 that The Clorg Leadership Pn)grammo join thtr ArtB CounrAI Porlfc4io lor 202￿￿ and lundiTr3 Ir)vestmenl Prin*• Support or9anlsatic￿. The Foundation conts'nues to prov#le bjnding lor the Prografflme. induding support DUW Felknvs wlth the 8rnbllknn lo lead largg arts org￿ls•tiOnS Ilw Wbth a wllur811oaming spe(¥al￿rn. Clov• Socl•l L••d•v•hlp Cknre Sodal L•*lèrshlp, dèwlts￿ by th• Foundallon In 2008, ba••d on 10ornlng from the Cky• Loadership progf•mm• d￿lOp9d ￿ rosFaMe to the l** of kn•Jerthp ￿￿1•nI opportunMbb8 kn lh• ch8rity sedor. Eurekal Eurekal Ihg fiT¥t British thldren's Mus8￿1, was conc•ived by Damo Vfr41￿ Duffl6hJ and In8pir•d by thildren'6 mu8eum8 kn Ihe U.S. Wrth fvnding arKI swport from the Cknre Duffold Foundalion. ELKokal opened in Halifax, York8hlre in 1992. In 2022 Eur*al Open￿ rts 8•¢0r#J stte. Eur￿¥1 Sdenr* + 0￿￿ery. kn Wirrol. Mer¥eygkle. FIIIANCIAL REVEW Fln•n¢lal p•rf¢rn¥nu •nd po•ttloft For the ye8r ¢nded 31 DeL*m￿r 2022, th8 F¢Xmdatl￿ had In￿MI)g Wwur￿5 from %￿lUntary sourc8s and investments of £33,723 12021.. £27.838}. The total expended was £4.066,301 12021.. £3.396,789}. At 31 Dec•mb8r 2022, net assets amounted to £40,066.578 (2021.. £47.929.239). Throughout 2022. t￿ Foundation donatad a total of £3.745.724 12021.. £3.027.19n to 33 12021.. 331 orgaThsabons. This total indudes both 8mounl$ poid out in the year •nd 8mounts oyrwnrttsd but unpad at th• er￿. The list ofdonètions in 2022 is dlsc4osed in notè 24 ofth8 statem￿18. Paga 4 CLORE DUFFIELD FOUNDATK)N TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2022 RwTh•s poW¢y The Trust•o8 have not adopted a wantrfiabl• res￿￿ fft 2022 bttau5• of th8 hi9h 18vd of unr•strict•d funds held. The finan¢ial sitvation is ffjwewed at eath Trustee meeb'ng to ensure that forwafd comrnilmenls and office ￿$ts can be met lor the th&eeab￿ fijture. If the level of unreBtriLaed To￿8￿ Sh(￿￿j 1411 con#ldernbty then the TnJ8tees would conshjer and Nnplwngnt a quantrfiat48 rwaarvos policy. Golno ¢orKAm After making appropriate enquiries. th• Tnths ha￿ • rna8on8bl* exped41￿ tho1 the Foundation h88 ad8quatè rfjsour￿ lo ¢ontirwe in opwatlonal eXI￿enCe for thè fore￿a￿le ftrturè. Foi thls rèason, they conb'nue to adopt Ihe going COr￿ern basis in preparing the financaal statements. Further detaih regarding the adoptlon ofthe 9cdng concam basis be lound in lh• acc￿￿tirVJ p￿CloS. Prln¢lp•l tsk• Ind un￿rt•In111¥ The Tnjslees miewed the m•p)r rtsks to th• Fwndatbn18 •xpo8•d, partkul•fy thw r•lgted lo ils operatlons and flnances. The Truslees hav& gNon consklèratkn lo the appropri8t• polkOe8. procaduros and $y8t•n* to mithg•to the Found•tion'8 expowro lo th8 rtBk& Th• mgln flnandal ￿sk fadng the Found8tlon18 the pot•nllal fof Inv&sth)enl8 lo decrea8e In value, thereby r•du￿n9 th• fund$ 4V•l￿ble for ￿TTent and lutur• grnnt maknng. This is mitigated by the investment approach of the managors whkh Is lo￿9¢d on I¥￿d￿j losses as much as is reasonabk and compallbl8 with thè aehi¢vemont ol 8 satisfartory retyrn ar￿ by Truslees rKerwng monthty 10F￿n9 on thg portlollo'G porfornan￿, Tho ¢UTfgN porffolio is •nd rs wew•d al •xh Tftjslee meeting. Inv••lm•nt polbcy *nd p•rfornwnc• Th•re w8 r￿ r•strldlon$ on the Foundatkn'i pow•r to In¥•￿ Th• in￿$1M￿rt $tr•t•gy 1$ s•t by the Trust•08 •nd r￿eWed on an annual basig lakès account ol Tecant demands for frjnds and Ihe qualty Of thé lunding applications. The TrUSt￿S considor the incomg rgquirements, the rfgk wofilg and th8 investment man8prs' vlow of tha mark81 prospacts in tha madium tsfm. Thi$ $tral¥gy is sol vrithin •n 0￿ra11 poh¢y which $ts¢¥6 that fvnds 4r¢ ID be inb*8ted to lotsl rtlum wAh du• 16sp8ct to risk and lo th• Ikellhood that tho a880t8 of I Foundalbon may bo luly txpended o￿T the cour6e olthe nexl 10 years. For the firnt part of 2022. the Foundati￿.• pcKlfr40 m￿￿0¢￿ on o dll¢r¢1ion￿ bw'$ by Windmll Hlll As••t Managemenl (WHAM} who pursuod a multi asset inv86tmènt apwoach alkxats'ng Ihtr majority of ptrrfdios lo specialist investment lunds, incI￿￿1ng hedge fvnds p￿te equtty funds. In Summer 2022, Trustees delegated the management of the financial in￿StMent FQrtfolio to Iwo profes*onal investment monagement fimis gpproved by the Financial Conduct Aulhorly IFCAI and selecled for th￿1 8xperti80 In achl&vlNJ long-lerm r•tums ah•8d of infiation whih folw'ng • conser¥ati* irwestsnent aFvroac* vlilh attenlpJn to volatility. Trusleei agreed lo splt th• Inbfjslment porttdlo bètw••n th• Troy Trw Ful￿ and th• Latttudo H¢xEon Fund. Tru$lfje$ approvgd a ngw IrNg$trngnt Polty 2022 whith dartfies that the Trustees to mak• grants so that al as8ets arg &xpwd•d witfrun t￿ nexl 10 )Trarn Ihat the annual rate of Spend is in the region of £5 rn￿1￿)n bul ¢oukJ be greèter in one or n￿e years. 11 indudes Ihe fdlowng investment c+4'e¢kn'. Tho Founda11￿ $8•ks th• bast ffinanc4al within an a•Ne18vel of risk gNen lh• tim• horizon. Th8 investment Is to achleve a tolal relwn from *rtome e4thl growth. bul w6th moderale volatilty. Given the spending profde. IiqLllthty of all assets is im[￿ant The Foundalion's Sp￿￿lIng is in Sterf￿9 4rKI th¢ Twsl¢e$ monknr exposin lo Sterf*o, 8lthou9h they have a gbbal oulook for Investn￿l. Page S CLORE DUFFIELD FOUMDATIOM TRUSTEES REPORT ICONTIMUED FOR THE YEAR ENDED 31 DECEMBER 2022 Ccnsistent wrth ￿ FowxJalK)n's lirne ￿￿k10n. th& Trustees have *￿￿nted manager5 whose Investment philosophy is to proted Caprt￿ and to thè r&¥1 pufthasin9 khyNgr ghgad of infiation over the bng- term. Th• Tmstsés •n8ur6 thdr Inve8lmènts ¥e managed ￿spon$t￿Y by vhth inv6slmenl managem￿1 companies are signatoiios to the Unrted Na11¢￿.* PrirK¥lo8 fc* Rosponsiblg In￿SlIng and the UK St8W8rdship Codo. OV￿￿1. the FowKlaknn'* trmithent p￿0 whh WFWa 1081 5.3% between and J￿Y 2022 and Irwoslmonts10812.6% betr*¢en Augusl aThJ December 2022. fokythng tho In invastm8nl managemenL STRUCTURE, GOVER14ANCE AMD IIAIIAGEMEMT Th• was •6tabl*hod, ¥wJ 18 go¥•rrnd, by • th￿[tab￿ trust dwj fr￿Ma￿sed on 22 D•*Trber 2000. Dome Vl¥*n DUffi￿ l• Chairman of th• Cklre Duffiehj F0￿mI?t￿￿ alMgskJe five Qthgr TnJst••8. In 2022 the Found¥b"on had mombgls of staff, 8 Dlroctor (Kate Belamy. fulktirno) and an Offi¢• As$i$tanl (Carolin& Rolf, part-limel. The Tru8tees meot #t lèast twKe • y*8rto thY&rd gr•nt$, revie4¥ the inveslmtnt portlollo and rA*n$id•r the administralkjn of Ihé Foundation. Thè Tfustèes ￿ld t•0 addrtwal M￿ting$ in 2022. induding lo discu$8 Strategy. Al grant award d•¢lslon6 are laken by th• TnJsl••s. AH In￿$tr(￿nI dg¢i$wffj pn l&*on by the Tru81•08 up)n the 8dvic• 011￿1r in¥eslrn•nt managern. M•thods ol ippolnlm•nt or ￿•¢I11)n olTN*l• rhe Foundalkjn Stheme allry￿ r*nt¥yJing Trusloos lo appinl gddlion4 Tru$1889 ¥￿th th8 mknMYKm nLmb8r of Trustees beirvJ thre8 and the maxinwn numbèr olTru8lees for the FoundatsM lo bo nin•. Tru•ts• Indu¢tlon *nd tr•lnlng New TnJ$tee8 would be sUp￿•d by Iho experiènced Trust•e8 and gpwd Umg wth tho Dweclor •nd staff oft Foundation WOLthI make avallable all Ihe fle5 and •bout tr* F￿ndatIon. Arrangamenls wouhj b& m•de f￿theM lo Miwl Org•ra￿1rrf by the Foundth. St8ff salaries gre $91 by th• Tnmtees. The leb*l ol responsiblty. kngth of serb*e of the poll holdor. and salari•& ol comp¥raUe roles in Sknilw orgwiwhyffj 8r• all acco￿t th oJn8hJeriny salwy19￿1$. Grnnt m•klng pollcl•• Broadly $pe8kin9. t￿ Folmd8t￿'s main aims (both shcrft arKI tomi) are to support access Io and engagement with the 8rt8. CLIlU￿ aTrJ henlage. Ind￿11￿g tho croa11￿ of k8mThJ 8p8¢es wrfhln art8 and hgrbtgge organisalions aThJ leadership Iramiing p¥b"Lwlaty for the ￿ttural sador. bLrt a150 for Ihtt $wal ￿et0￿. Th F￿ndation akn supwis educatii>n. I￿aNh and sociul cwe •Thl i• ￿n￿Me￿ 4Mth ￿h0n[lng Jthvish Ille. The Foundallon doès not adopt a [19￿￿ appro￿ in of the uileria (Dr its grant makiry. It does not accept OT process urvJc4cited appkalion¥. It doe$ not directy fimd recipients must by UK regl$tered and with chaiitable ststus. In 2022 to fijnd cap6ts1 r8de¥dopm8rrts {wth a part￿￿￿9T 0mphas￿ on $upporWng Clore Leaming Spaces within ￿ttUral or9ani5pti¢)nsl as Y￿1 ¥$ proJ•et, pwrnmm8 and revenue fvnding. In light of the Changw￿ context and impact on ￿￿tMentS (due to Cowd and geopo￿￿($) Ihe anphas18 on do¥eh)pkng new stramy and pri￿11￿88. thern t￿￿0 c4Jfflmlrnents. Page 6 CLORE DUFFIELD FOUNDATr)N TRUSTEES. REPORT {CQIfflNUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Fundrnknlng A$ an endowod fO￿datIOn. Cbre Dulfiebj FoundatN)n not ￿aga in w*)1￿ fundrnlslng and doo8 not u•9 ofessional fundraisers or corT¥n&rcMI partirAPators. R•l•tsd I•￿￿on¥hIp• A numbor of rolgted porty trarw•c*Kw twAE pl￿ duri￿ thè the￿ arn d*algd In ful vAthkn notg 22 to th• a¢¢ounts. H•n• fw fvtur• pwlodl The Tru31ees hab* revlmd slralègy and priorlties. lh• CIN8 Le•mivJ Spa(x progrnmme. and wll be ￿UnC￿ng B￿ne changes ntr4V PartwshlpG Sn 2023. STATEMEMT OF TRU8TEES' RESPONSIBILrnES The Tw¥lee¥ ore responsiblw ts prgpwing tho Tru8t•es' Report and the 8tthm•nts kn 8c¢ordonc• wlh app¢Koble law ond United Kirw>kn A¢￿￿nting Starthrds {untt￿ GO￿ralty Acceptsd ACCOUn￿n9 Prac41co1. Igw applicabk• to thaths In Er￿and & Wales roqulr88 the Trust￿8 lo prepare finona81 slal•m•nls for eath Ilnancial year whK* gfft ¥ f¥ir vw of th• stab of affairs of the Foundation and of its Incon￿n9 resourcos and 8pplic&lion ol re8tyJrte8, induding tts Income and ex￿lIU￿, for that In proparing th•8• flnwKlal 8lat•m•nts. tho TruBlg98 arg req￿r0d to.. lect 8uhable gcc¢unllng polk*8 aThl then ap*y them consl$tenty.' obsor¥0 lh8 methods and winrApleB of the Charilios SORP {FRS 102).. make judgmwlts and auounting e8ts'mates thal pn reaso￿1￿• aThJ pwdènt: Slate whether applk8bl8 UK A¢¢wnknng Skndwd$ IFRS 102) hove been folkyH•d, wbj•ct to any malwlal departures di5doMd and eXp￿Ined in the finanu4 slat￿nIs., prgparn tho ffinanaal statsm•nt8 on I￿ golng c￿n￿M bash rt18 knappmprlate to w••um• thol the Foundatknn wlll ¢ontknug Sn bu￿ne￿. TruBl888 are reSPTh￿1B for keewng aoxAmlirwd r￿rdS that are $uffid•nl lo $h(M and gxtlain Iho Foundation'$ trar￿cl￿n8 and disLkne with reawnablo accuracy at any lim the finandal p)8ltlon of lh• FoundaJon and enable them to ensure Ihat th• fmancial ststements compty with the Charities Act 2011, iha Charity {AccountB and ReF4)rts) Rewlalions 2(K* 8nd th• wovisions of the Trusl d88d. They are also r•sponsible for Safeguarding the assets of Ihe Ftsundalion and h•n¢• for th￿ing rnasonoblg steps for lh• evfjntion 8nd deloolion ol fraud gnd other Irregdarbtss. roved by ordgr of Ihg Mem￿￿3 of IX￿ of Tru8188B and siBnod en thèir behaff ty. D•m• Vlvl•n Loul¥• Dullwd OBE Page 7 CLORE IXIFRELD FOUNOATION 14DEPENDEpif EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 INDEPENDENT EXAMINE￿ REPORT TO THE TRUSTEES OF CLORE DUFFIELD FOUNDArnW rth• Fowdatlon) We report to the ¢harbty Trusl¢•s on our •xwnThtson of Ihe a(%￿￿nts of the Foundallon for the year ended 31 Decomb8r 2022. Thls f8port is made to th• FowthllonS Tnths, as 8 bL¥ty. In ￿C4)rdance wlth Part 4 of the Ch8ritle8 ￿¥ 2008. Our has bwn Undertok￿ $0 that w• might state to the Foundation's Trustees Ihose matters we art requwtd to stal• to them in an Ir4Jependenl Examiners Report wd for no olhof pufFQ89. To the fiJ19818xionl pgrmliigd by18w. ￿ do not or a56ume reSp￿￿1b11[fy lo anyom oth•r than th• F¢xwbJation lh• Fwndab￿'S Tn41￿$ ￿ a body. for OurW￿ or for th1$ r•port RESPOMSIBILMES AND BASIS OF REPORT As thè Tru6tee$ of the F￿nd4th￿ •r6 fo8FAJ)8blè for Iha piwradon olth• aff4)unls In acairdoncg with th quir&m•rts of Charit*¥ Act 2011 fthe 2011 A￿. We r•F¥xI ￿ roy¢t of ow •x•fflonai￿ of thg Funts do nol comply w*h the applKaile rewirèm•nts w￿rnIng the forn) and o)nt•nl of counts In Ihe Chafttles {A￿Dunts orKI Rgportsl R•gulathgns 2008 other than any requlremenl that the a¢u)unts gr￿ a ar•J falt viv* whK* h not ¥ m•tt•r c¢rrfthr￿l as part of an 1Th￿p￿dent •xaminalkM. We havo no and ho￿ comg matt•rs i>Jnn8ction wilh the examinaliM lo whith attention bp dr•wn in thii repxl ffi O￿tr lo wble • proper LYthr¥tanding of lh• accwnts to bo reath8d. gign•d.. Joanna Pittrnan Dated.. 13 July 202 3 FCA SAYER MNCEIIT LLP Chartered Ac¢ountan18 1￿114 Gdden Lane London EC1Y OTL Page 8 CLORE DUFFIELD FOUNDATION STATrAEirf OF FINANCIAL ACTMTIES AS AT 31 DECEMBER 2022 Totsl 2D22 Total 2021 IIICOME FROM: Donations 383 22,796 Inve8tments 5.042 TOTAL INCOME 33,723 27.838 EXPENDTfuRÉ ON: Raisinq funds Chwitable acahi11•5 88,240 3,978,011 163,915 3.232.874 TOTAL EXPEMDITURE 4.066,301 3,398,789 NET EXPENDITURE BEFORE NEf ILOSSESVGAIMS ON INvesTMENTS Nèl 0088esygain8 on in%wlm•nts 14032.5711 13.388.951) 13.830.OBJI 3,086.183 13 NETMOVEMENT IN FUNDS 17.812.611) (282,788) RECONCILIATION OF FUNDS: Totsl lund8 brought lo￿￿4 47.929.239 48,212,027 40.066.578 47,929,239 TOTAL FUNOS CARRIED FORWARD The Stalemonl of Fin¥wid 41 golrA and10sJes recowM¥gd in the year. Tho notes on pages 8 10 20 fwm pwt ofthase fin*Kial 8tat*n8nts. Page 9 CLORE OUFFELD FOUMDATIOM BALAPKE SHEET 8 AT 310EGEMBER 2022 2022 FIXED ASSETS Tangible assèts Investments 12 13 219.045 41,721,612 230.425 50.423.240 41,940,057 50.053.805 CURRENT ASSETS Debtor8 Cash at b￿k and in haThl 14 017 1,610,041 4.158 398.006 1.$7J.1165 4(KJ.184 Crothlorn.. wnounts WlThJ due vthhln on• year 15 13A47.144} {3.117.5901 NET CURRENT LIABlUtIE5 TOTAL ASSEfs LESS CURREMT LIABILrriES 11I740791 12,717,426) 40M6,$78 47,938,239 PrO￿li0n& for 17.000) TOTAL NEf ASSErs 40,086,578 47.929,239 CHARITY FUNOS Unreslrtthd fvnd8 47,929,239 TOTAL FUNDS 47,929,238 Th• fin•rthl slal•ments wwe 8pproN*l and for bylhè Tru&lats ligned on bohalf by: D•me Vlvl•n Loul•• IXfflb•ld DBE D•t•'. qJL3 The Mles on pago8 11 to 27 fonn part ofthw f￿￿1 5tatwngnts. Page 10 CLORE DUFFIELD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2022 GENERAL INFORMATION Th• CIoT• DLrffidd F￿nda￿n is ￿ unYK¥)rp(xated i*arity reg181ered *Thlh the Chwrty Comm1881￿ for England and W*$. Th• rOg￿ter0d office addrp5s is Unit 3. Chdsea Manor Studth, Flood Stree( Loth. SW3 5SR. The bIJ￿￿OnAl and pl￿ntaI￿oI ¢wrrw i¥ GBP. ACCOUIrnNG14)UCIES 11 BASIS OF PREPARATIOM OF F114AMCIAL STATEMENTS The fnan(aal Sthtemants haw& begn prgpared in accordan¢e with thè Charttks SORP IFRS 1021- Accounting and R8portlng by chaii16e$.' Statement of Rocommonded Prn¢tK• opphcablè lo charlti•8 preparkng th•ir ac¢ounts in xcordancé the Fnancial Reporting Stsndard applicable in the UK and Republ￿ of Irdand {FRS 102) {8ffeCIi￿ 1 J￿￿ory 2019}. the Finan￿￿1 ReF*•r. Governance c￿sts are the costs aS￿￿ja1ed wilh goN*mancè arrangements ol the FoLmdo110n. costs are 8ssod8ted wtth consbt4rti(mal and sl8lulory rnquirements indude any costs ¥88OU¥t•d w*h th• Strategic Man•g•n￿nI of th• Foundatknn's ad1￿08. 17 IIITEREST RECEIVABLE Intef•8t on fvnds h*1 on +J•po*l is in¢￿•d whem r&wv•bl• aTrJ the ￿oUnt can bo mea8wod r•llabty by the Foundalion., thls normalty upon r￿lICa￿on of th• Int•rn81 pahj or payable by the 6tibJbon wilh fwhom the funds we dtrposited. I• FOREIGN CURRENCIES Monetsry 8$8et$ 8rnl liatilthg in fry•lgn arnn¢i•s ￿ translated Snto slertbng al Tatss of exchange ruling èt the reporting dale. Trnnsaclrons n foreign ￿llen￿•S we trarwlated wrto stethg èt the rats nlng on the date of the tran¥aLthn. Exc*8nge gang and h>sseg are In the Statemnl of Flw¢lg1 Athttb•J. Page 12 CLORE DUFFIELD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEPJIBER 2022 ACCOUNTIMG POUCIES IcoimNUEDI 11 TAXATION The Foundatlon is ￿nsIdered to the tests set tyjt In P8f•mh 1 Schedule 6 oftho Fknan￿ Acl 2010 and IherefiKe it meets the definrtion of a tharitable company lor UK corporallon tax wrpos•s. Accordlngty, the Foundatk)n 08 potenb"81try exempl from taxat￿ ￿ resp￿ of income or c•al gawbB rtrceived within categories covered by Chapter 3 Parl 11 of the Cryration Tax A¢1 2010 or Sod'on 256 of the Taxation of Chargeabbe Gains Ad 19Y2. ts thè 6xtant Ihat Such Ino)m• or gakns w• 4ppW exdu8fvety to ch9ntsbJe PUTpo8es. 110 TANGIBLE FIXED ASSETS AMD DEPRECIATK)N Tongt*l8 fixad assats tsjstkng £2,OCKJ or mor& ¥• capltaNs4d r8cognb5ed fu￿re oconcfflic benefi15 are probable and the (xjst OT ofthe ajjet can be mèasured ￿119bly. Tawe f￿0d a880ts Jr• Inllgty recyJgn18od at crnL Aft•r recognthw, undgr th• colt model, l#n&ible fl%￿ asul$ we measured at ¢ost185s 0￿mulated deV¢¢ial￿ft and any accumulated impalrmènl sses. All costs incurred lo briw a r￿ld a6s&t 6nlo its knlerthd wortlng c4ndllon a uded in Ihe m&osur8mwrt of cosL At frath rwrung dat• tm FO￿dalO0n a88•1808 *ffifrther Imre 1$ any IndlM14on of knpawm•nt. If¥uth ical￿￿ exists, Ihe Mcoverabl8 •mount ol the assel 18 delemined lo bg Ihe hlgher of rt3 falr valug S8 C0818 to $811 and tts valu• In u80. An Impairment 1088 18 reDJgn188d where the Ca￿n9 amount Depredat￿ IB tharged so 48 lo akncate thè cost of t4ryiblts •6$0ts 10$$ their refjidual valu over th•ir estwn•t¢d us•fvl liws. using the str*4no method. D•pf•d4ti¢)n 18 th• fckn*ing bams: SIM>rt.temi leasehold Propthy - 3% Straigm line F￿lur•S and fith'nos - 20% Straydht lin• Offic* equipment - 10 to 25% Straight The ￿9$￿. r8¥klual Va￿9. ujeful ond 11gygcJthn m•lhod5 arè rev￿0d, And adjustsd pmsycl¥•ty11 apprwknt•. or If ther• Is w Ind￿a￿on of a s￿Jn￿C￿nI Skneè thè188t r•p)rtl G8kn5 and 1088e8 on dispos815 are by comp•riThJ th• proc•ed8 wlth the carr￿9 amount and are recognised in the Slalement of FinarKi4 Aebvbb8$. 111 INVESTMENTS Flxed a8801 In￿ents ￿ a forni of fIn￿￿￿1 Instrum￿1 and are 0rwtra1￿ recogni8trd 81 ihdr transadion ts)sl and subSe￿nIty n*aMx•d at faw value al the Balanch Sheet date, unless the value cannot te measured reliatty In *hffii¢h case M L8 measured al o)8t less Impaim)8nt. Investment gAins nd losses. whelhw realrsed or unreali5ed. are (y)mbined arHI pre¥ented as 'Gainsl(LossgsI on inveslments, in th• Slat•m•nt irf Fvlancwl Actmtm. 112 DEBTORS Trade and other debtOTS are recognised al Ihe s81118ment amount after any tradg d18count offered. Prepayments are valued at ts an¥￿nI prepakl net of any trade discounts due. Page 13 CLORE DVFFIELD FOUNDATION MOTES TO THE FIIIAMCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POUCIES ICOMTIIIUED 113 CASH AT BANK AND IN HAMD Cash at bank and in hand indudes c88h 4nd 8hort4emi h*ty14￿d *fftSIm￿I8 wlth a short mgturtv olthra• m¢)nlhs or frrxn the dato of acquisition or opening of the deposit or similar actfjunt 114 UA8ILmE8 AND PROVISM)NS •tslrfi•s ar• r•cffjnis•d when th•r• 18 an otlyakn al th8 Bal￿ Sheot date a• a rejutt ol g past ovenl,11 Is prowo that a transler of eo)nomk bOn•fftw￿ ￿ r8quked in ￿tt￿Ment, tho omounl of the setllwnent can be estsnotod r•liatity. u0￿1th$ ar• at Iho amount that the FoUnd￿lL￿ il wll pay to tho d•bl LY Ihe amount it h8$ re¢¢wd ¥s thanc¢d paym￿th for tho gc4)ds or se1￿C&S h mult prowde. ProNi￿onI are m&gBured al th• ￿t 08tim•t• of an￿Tr￿ r•qulr•d to 8•tt1o thg otligation. Whgro the effect of the time valu• of rni￿eY Is material. the prowsion 16 basèd on the prewt walue of those emounl8. dksrg)unl•d 81 ts prn4ax diswunl raie Ihal refflects the Tisks spedlk lo the Ilablltty. Th• unwkndlng ofthe disc¢unt Is lo￿nIS•d kn tho St•temerrt of Finar¥i￿ ActMtkl8 as • finèn￿ ¢￿t. 115 FINANCIAL INSTRUMENTS Th• Four¥Jatlon onty has fw¢i81 •8881s Wlti•8 of a ￿nd that qualty ￿ bail¢ flnanclal Instruments. 88slc flnwclal instruments ￿ Inrtlalty I￿)9n1$•d at transaction ￿lue and subsequently measured at Ihew 80tU•mènl ￿￿Je with lh• •x￿p110n of bank h)ans whlth are #ub88qu•nty maa8ur￿ at amort18ed co81 uslng the effeLtho Int•r•$l method. 111 OPERATING LEASES Rentah pAid under opwatiThJ l•atrf Arn diwg•d to tho Statement of Fin•nwl Activbts¢• on stralgh¢.In• baJ51 th• ￿•se levm. 117 PENSIONS Thè Foundatlon OP8fale8 a d8fln8d contrftxthn pènith sch•mo th• p•n$ion charge reprn8enl8 th• amounts payabkn by th• FO￿lati￿ to the fvnd In resped ofthè Ill FUND ACCOUNTING Goner81 fijnds are WWeStr￿ luThJs wluch are a¥a1￿ble for us• at the diserntKJn of Ihe Trust898 In furtherance of tho gonoral obpthes of th8 FowKlakn and whith have not b••n d￿•Bnatsd for oth•r InveS1n￿ ￿￿e, gawys wnd bJs8e• art 4lo¢aled to I￿ •ppropri•t• fund. Page 14 CLORE DUFFIELD FOUNDATK)N NOTES TO THE FIMANCIAL STATEMEMrs FOR THE YEAR ENDED 31 DECEMBER 2022 INCOME FROhl DONATIONS UnTrstrlct•d nd8 2022 Total nd• 2022 fvnd8 2021 Mlss V L Clore's 1￿7 Twst 383 22.7 TOTAL 2021 22,7 INVESTMENT INCOME Total fvnd• 2022 fund• 2022 furKI8 2021 DNidend irK¢)me Inlergst In￿Me 32.265 1.075 32.28fj 1,071 33.340 5,042 TOTAL 2021 5.042 5,042 114VESTMENT IdANAGEMENT COSTS 2022 2021 Investment m￿ageMeNt fees 88340 163.915 88,240 163,91S Pag8 15 ¢71 o aj Wwo li ¢> lti *) •) ) IX) on CLORE DUFFIELD FOUNDATION NOTES TO THE FINANCIAL STATEMEIITS FOR THE YEAR ENDED 31 DECEMBER 2022 A14ALYSIS OF GRAI Grnnts to Tot*1 fund• 2021 funds 2021 2022 Arts. herftage and educaifjon L•*J•r8hlp tralnlng ￿￿81th and social care Jth¥ish support 3.200,724 280.rxXS 235,IKXS 3200,724 280,000 236,000 30,000 2.351,996 330,000 285.￿0 80.201 3.745.n4 3,745,724 3,027.197 TOTAL 2021 3.027.197 3,027.197 Pleas• not• 24 for • ftrfl list of ￿nIS m•de lo inslilubmi. AJI In 2021 wgrg rnadg t91￿￿￿￿8. INDepeMOENT EXUIINews R￿juNERATIoN The independerrt exam￿¢¢$ remunerAlion arno￿8 to an ind•p8ndent •xamin•r fo• 01£3,5￿. 10. STAFF COSTS 2022 2021 Wage8 and 101A13 209 63.376 1.933 4.088 •.000 110,702 69,397 The a¥erayJ number of pwsons byth? FoundotNJn durY4 the year WIB u folow8'. 2022 2021 No. Pagg 18 CLORE DUFFIELD FOUNDATION NOTES TO THE FINANCIAL STATEMEP FOR THE YEAR ENDED 31 DEC&IBER 2022 10. STAFF COSTS (CONTINUED The n￿n￿r of wnpl0￿3 t*th08e eMp￿￿te benefits (exduding empbjw Pens￿ txists) WAcèthJod 2022 2021 No. In the band £90,(K11- £1￿,( K•y managemfjrt PorK￿ne1 r￿pris￿ lh• T￿￿te*s. not romuneratod. and the Ex8cul Lyreclor. Tho totsl emplo￿ knefrts c￿bU1￿$ aT¥J •M￿0Y•rfS nat￿n￿l Insuranc•l of tho k•y mrnèm&nt wrsonn81 wu• £110.913 {2021.. £77,8W. Key manaoem¢nt perwrnel dlsdosur• h hlghor thon th• staff costs thsdoswo as It Indudos tt•dhG for P•yToI ttedilLY wrlts off, •nwWr8 rb8l*J￿I ￿l￿Tan1* aTrJ tho revernal ofth• P110 w0￿b)n 11. TrUSTEES' REMUNERATION AND EXPENSES Durfro tho ￿[. no Tru810•8 rn¢•r4*d any renwn•ratx￿ or other ben8fft312021- £NIL). During Ihe ye8r ended 31 D￿rnb9r 2022. oxpenses lotslng ￿,013 warè rèimbur8•d or pgid dlraL*ty to 1 Trust••12021- £1,330 10 l Tru8te•l. expensès r&￿•d lo mthl8 phono chbrga8. Pago 19 CLORE DUFFIELD FOUMOATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 1Z. TANGIBLE FIXED ASSETS Short4•mi l•*uhold Fltsrn$ and Offlce •qulpm•nt Total COST At 1 j￿vary 2022 311,037 36.690 468.919 At 31 Dec•fflb8r 2022 361.637 36,690 458.919 DEPRECIATION At 1 j￿u•ry 2022 Char9• for IhB )*ar 138.011 10.849 80374 160 Juog 371 228N94 11.J80 At 31 D•c•mb•r 2022 141,860 31580 239.874 NEf BOOK VALUE Al 31 Decemb•r 2022 214,777 158 4110 21•.041 At 31 D•c•mb•r 2021 225.626 318 4,481 230,425 13. FIXED ASSET INVESThIEMTS 2022 2021 U•t•d InvMtm•nts Fair vakn at the $twl ofthe y••r Additv)n3 at costs Digp0881 pToc•edi Tot419 10,423228 51,797.065 34000.OOD 147,152,412) 14,460.CQOI 11830.083) 3.08e.163 31940.733 50,423,228 Inv••tm•nt ￿*h Cash on d•wil 7,700.879 12 F•lrvth• at th• •nd 011h• y••r 41,721,112 50,423,240 Page 20 CLORE OUFFELD FOUNDATION MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 1& DEBTORS 2022 2W21 OUE ￿THIN OME YEAR Other debtors Prtspayments 61 4.956 4,158 5.017 4.158 1& CREDITORS: AMOUNTS FALUNG DUE IhTfHIN ONE YEAR 2022 2021 Tradg creditor¥ 0th8118xatlon and 80dal Other Lyeditors Accru#18 ACC￿ed 9rant* ￿y#ble to W￿l11U110n$ 3.382 JA58 1.155 10.71S 3A28A34 4.487 14,467 3,0￿,636 3A47.144 3.117,590 11. GRAiifs PAYABLe Grant8 payablo Mpre8•nt8 un8ettl8d grwts Lxfflmitied du￿n9 the wr. All qr8nt8 are expèctad lo be pakl wlthln one y•4r of the balance sheet dat•. Future In¥t•knfjnts of m￿￿1*¥r grants are recognhied lolkA¥ing apprtsv41 of the Twstsgs. 2022 2021 Balance al bwning oltho Amwnls (xJmnMtted paKI in the year 3.098,636 4,177.14S 3,745.724 3,077,197 13,415,926) 14,155.708> B•l•nu al th• •nd alth• y• 3,42V34 3.098,636 17. CONTINGENT LIABIUTIES The Tnjslees have made grant awards condi1￿81 on s8b"sf8Ctory progress of programmes lo tho value of £7.400,00012021.. £9,738,434). These halv nol been recogrised as li*'lth8s due to the ex[￿8￿¢9 of conditions. Page 21 CLORE DUFFELD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2022 11. FIIANCIAL IWSTRUMEKrs 2022 2021 FINANCIAL ASSETS Finan¢ig1 a880ts m&a8Ufed at fw'r Va￿￿ ttmugh eX￿ndlIuro 41,199.3S7 50.423.240 Flnandal a$￿ts at ￿lue through kncixr• and 0xpond￿r0 Invethents k1116￿J secuiities. Invèltmnts ￿ Isted securilies are rmaswed at the quoted mathl pric•. 19. PROVISIONS P110 T*xabl• b•n•lll• Al 1 January 2022 Amourrts r•vers•d 7,000 17.0001 The yovlslon repr•sent•d th• Trustees, b￿¢ •sYmot• of the maxknum c4a88 1 nath)nal Insuran contri￿￿K*h¥ paJ*blè to frMRC in reipoct olt•xablo b•neffts proviled to the fomier Ex•pJ*ve Oir•¢tor. As the Tru¥loH Tr> lry bolow ts pa>miont of ttls Il•blMy l• wobgblg. thw prgvr4K>n h•B beon 20. PENSION COMhWTMENTS Thè Fowhlallon o￿Ta￿l 8 do11n￿ o)ntiitAitM p￿IK)n ￿￿￿1•. Th• 488•ts 01 sC￿me we held parat•ly from thosg of the FThMdaf￿n In ￿ indepgndenty lund. Tho pfrns￿ co81 charge repres&nls cont￿￿￿.0￿6 pay0￿ by the Foundation to the fvnd and amounlgd lo £9.00012021'. £4.0881. A balance of£1.155 wa5 payable lo the pensK)n 3theme at the balance ¥heBt d¥le R021'. £nSD. Thg P9nsion 9y4wse is 8&)colod to ?¢thrfb￿ bgwd on ts grant fvndirvJ dY•c*ed l(wards thoB8 adpiits8s. P40 22 CLORE DUFFIELD FOUNDATION NOTES TO ThE FIIIANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2022 21. OPERAnNG LEASE COAIMrrMEpif3 At 31 D8combèr 2022 thè Founda11￿) had ￿MM￿rn￿rtS to make futwe miiimum lèase payments under nO￿￿nCe110b1e operalww leases a8 f￿1￿8. 2022 2W21 Not th￿ 1 Jpar Lattr than 1 ￿01 and f￿1 laterthan S yw8 Laier than S yoars 1728 4.800 20NOO 4,232 7,326 21.6C 28.92• 33.158 Tolal I￿e payrn•nts rwiised as thJrkng 2Q2 10 £4,23212021.. £3,632). Th8 fdlwlng 19489 po￿On￿ b•en r•cowM's•d as an expense in th• Sthl•m•rrt of Fin•na*l 2022 Opwaling b•80 renlals 4,232 3.632 Page 23 CLORE DUFFIELD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DEc￿￿BER 2022 22. RELATED PARTY TRANSACTIONS Oamè Mvièn Duffiékj and DabThY Harrel arè both TnMt86s 01 Chxe L8ader8hrp. D8vbJ Haffel is also 0 TTu$lw of Cloffr Lo*ership. Both aro rogistered chariiws. Granl expenditurg lo Cbr• Lèad&rship this y*•r w•s £280.fyX) (2021.. £330,OW, of t*hith £280,000 remains at ￿•r￿N1 (2021.. É330.0001. Oama Vl¥i8n Duffiehj is a Tntste8 ofth• Roya Owa ￿￿8• Co4wnl Garden FOUnd￿lOn •nd Chair oflhe Opera H￿$¢ EThJtrkn)ent Fund 2000, whA* aT8 rogi$t&rnd charibes. Inthded within the gr•nts èxpondiluro y￿r 1$ £1,5￿.￿ (2021." £1,500.IXQI roWing to the Royal Opera Housts,. £1,500,c￿ 12021.. £1,500.￿K)I was outstandlThJ at the year4nd. Thi8 fomis pgrt of o multi-yg Oame Vmen Duffield 18 dso 8 Tru￿te of the Imperial War Museum Fomdation. Durlng 2022, £200,000 J21.' £2￿.(M)0} was c4Jmmirfed to thè Impèrtal War Museurn. of whlch £200.C(X) {2021." £2W.0001 was (xrt8landng. Damè v￿en #nd M•lAnl• cl￿ •rn honwy mwnlxrn of th• T•lg Foundati￿. During 2022. £30,0￿ {2021.. £30.{IC￿) waa cornmiltod to th8 Tate F(￿dItion.. £30,000 12021: £30.W)I w88 outstandkng at th• ￿r-end. Oamo VI¥￿ Dtslfithj Is a Tnmlee of I4•lrAt C)Thnlla. Durlw 2022. £25,IXKI w•F commltted; £25,000 wa8 OUtstAndiThJ 81 tho )￿￿￿nd. Dam• VIMl•n Cxfflold and Da¥ld Hwrnl •r• both TruBte85 of Mlss V L Ck>re'8 1967 Chathble Tru￿. 2022, 8wplus In￿ *n￿l•l9 10 £383 rx•wl from th8 Tru8t. Dame w￿en Duffiekl ts a180 a trustee of Grange Parft C*•ra. Cknwig 2022. £80,000 was grantod to th18 artty. No bakn¢e wa$ (Mrtstsndkng at Ihe year-end. G￿8 Duffiehj. Ion of Dame VNi•n Duffiehl, Is th• founder of M•rkno Foundation, which received grnnts kn the y￿1 01 £5.c￿12021: £500). No bal•n¢• w85 cwl8l•nthng at th8 y￿r-￿d. Arohllg Duffi•k4. d•(thtsr ol Dwne lthian Duffi￿, is alw a Twsloe of Ch)rt so￿1 L￿tle￿h￿p Ise• 8bow for transg¢bon8 In th• year) arwj Vk• Chalr of Save th• Chikhn. Sav8 the Chlrfjren re(xfvod want 01 £35,00012021.. £15,￿￿). No b¥lorK¢ w¥s outst*Aig •t th• ￿¥1-￿Ad. Engl8 {wKo of Jeremy Sw*J8150n) 18 on employee ol Anna Fre￿1 Centrn. r￿lIng 2022, £25,¢XM) (2021.. £25,000) was CLJnmitt•d, ofwhich £nd121r21.' £25,000} was rxrtstanding at tho year4nd. Hoffy ￿dhaM (bAineM ossocith of M•l8ni8 Chy•l Is on the Dw•knpmonl Board of Anna Freud Centr8 (please see above for t￿$8¢￿￿9 with Anna FreLwJ Centrel. HeNy wYr￿h•M is •l$o a trust•• of Ihe Imperial War Mvseum trlease see abo￿ for transxa•)n8 with thts Mu6èuml. Jeremy SBndelJon N a tw$lee of the Bthe Prop¢t. f￿ring 2022. £25.LYM) committed during the yew. No b8kgnce wa6 othstsndIr￿ al the Jwr-end. Her￿ff W￿harn 1$ a Iw$tse of GlJryKle￿me Arts TrusL ￿lIng 2￿￿2, É90.(Krfl was grnnt•d. No balgncg was 0￿$1•￿J￿g atthg ￿r-￿d. There are no donations from ￿ted t*hk* ¥• outsld• the r￿MIal course of bu6irte&s no restrKted donation5 from rdated partEs. Page 24 CLORE DUFFIELD FOUNDATK>N MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2022 23. TAXATION The FoUrKI￿onI8 exempt from tsx ￿ all Is irK¢rM is dwrilat48 L8 oppw for thartlat4e puryJos•s. Page 25 CLORE DUFFIELD FOUMDATIOM NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2022 SCHEtXlLE OF GRANTS MADE Tho list ofgr*nts beltraf 4mtyJnts p4ld kn the amounts LxYftmitt•d but uryld at tho year 2022 2021 Gr•nts to Imllttrtlom rnl•tlng to Arts, Ikrltsg• and Edu¢atbon AThinJffntyJ8 Aknelda Th68tr• Blue Marine Foundallon E￿•$ AshmoJ• Tnjst Grnngo Peth Optsra ynd•bown8 Arti TN8t HISto￿ Royal Palac•$- K•n￿n91¢￿ PalgC• Imwrial War MU￿1M1 London Lbrary Lakeland Alls (Abbot Haifi M4n¢hg$t•r J•wl8h Mu8•wn Nalional Arca¥¥￿ Truil N81ional Portrart Galknry Orcho8tras for Al Oxlord Instbtute for PO￿￿￿￿)n AgelThJ Paul Hamlyn FourKlalion {Cukn￿ L•affli￿ Akn¢•) Pnnce's FolK￿•t￿)n Roy81 Acaderny of D4n¢e Royal Cdlectknn Trust (Wind80r CASI￿) Royal Cc41ep ofArt Royal [tra¥￿n9 School Royl Opera Holwe Royal Opera Hous8 Covent Garden Foundation Royal Opera House ROH De¥•krf￿ Trust Saturday Club Trust Tate FoUTh1ab¢￿. Tate Li¥wwl Theatr C The Br￿Sh L￿)rary The Theatre Tumer Corrtenwr¥ry Art Wall￿* ColeQ Young Musldans SyThphony Ordw 11XI.tx)o 5.000 2.000 .000 90.000 200.000 200.000 6.000 200,rx)o s.￿0 11W,C¥)01 11JO.000 11JO.000 so,000 25,000 93834 S0.LYJO 25,￿0 93,435 31.C61 70,C( 20,WO 100,rJ 500.000 100,C 60.000 1.000.000 000.000 29D .000 30,000 ,000 5,000 1.500.CQO 100.OCQ 10,000 10,OC 3.21JO,724 2,351.996 Page 20 CLORE DUFFELD FOUNDATION NOTES TO THE FINANCIAL STATEMEMTS FOR ThE YEAR ENDED 31 DECEMBER 2022 Ornnts to In*tltullon* rnlaling to LMderJhip Trnlnlwj Clore Leader¥hip1¥4grnN4 2￿,000 330,OLX) 210,000 3￿,0c Grnnts to Imtitsrtlo￿ v•l•llng lo H￿1th •nd So¢W Carn Anna Fr•ud Cantr• for CP4klren & Farn Hampshlre MedKal Fund mag9￿ Keswkk JenGks Conw Cth Cwkn. ma￿.% Roy41 F ModrAns Sans Fronl18r Nightingal• Hammwson Pro¢ila Boeon Howce Rac• Against D8m•ntia Save th• Chiklr•n FurKI Smwt Works Charity Th• 8ik8 Prole¢t 25,OCQ 10.OCQ 50.OCQ 70.IXKI 100,OCKs 25,000 25,000 15,000 15.000 26.000 36.0110 Z6.OIKI 265,000 Gr•nts to ID•11t￿n• Y•latlng to J•wlBh Support Cornn￿nIty st￿rtty Trust JW3 DevelopmMI M8c¢abi Mitvah Dy UK Chwilth Tn*t 30,OIXI 80,000 5.201 5,000 10.000 30.000 80,201 Totsl grnnts m•d• 3,745.724 3.027,197 Pag8 27