Charity numb•r. 1084412 CLORE DUFFIELD FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
CLORE DUFFIELD FOUNDATION coKrENTS Page Refernncè and Admknl•trnlfv• D•talkn olth• FOtIOn. Ind Ad¥l••v• Tru•t•••' R•port Ind•p•nd•nt Audmorn. R•port on th• Fln•n¢W StsLt•m•nts 9-12 Ststsm•nt of Fln•ncl•l ktlvltl 13 Balanc• Sh••t 14 stat•m•nt ol Ca•h Flo 15 Nol•• to th• Flnntknl Stl•m•nts 16-35
CLORE DUFFIELD FOUNDATIOM REFERENCE AND At)MINISTRATIVE DETAILS OF THE FOUIIDATION. tTS TRUSTEES AND ADVISERS FOR Th£ YEAR ENDED 31 OECEMBER 2023 TNitees Vmen Louise Duffi8bJ DBE Ms M81atN Sorth J•n¢ Cl)re r James Paul Hardirwj Mr Dawd T•Tence DbY HMJ Mr Richard John Oldfi8kl Mr Jèromy Vaullhan S8ThJBl8on Ch•rlty f•gknt•Y•d numb•r 1064412 prfncIp offl¢• Sbjdio 3 Flood Strwt Lorthn SW3 SSR Chl•l•x•culfv• oftlc•r Kale Innd•nt •udllorn sa Vinc•nl LLP Chartered Accountsnts 110 Gden La EC1Y OTG BAnk•r4 C Hoare & Co 37 Fleet Str8èt LoNlon EC4P 400 Soll¢ltov• Moira Protani 72 w(¥)dbrne A¥Bnu Brwjhlon BNI 8EJ A¢¢ountsnts P8t8rs Ek¥orthy & Moor• S811$try House station Road Cam C81 2LA Page 1
CLORE DUFFELD FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Tho Trustge$ present thew anrwjal rewt togetlw wilh thg flnarKial slatoments of th• Foundation for th• yeor 1 January 2023 to 31 Dacamber 2023. Rgfvron(x and a¢kninlslratr irrformthn sot oul M pagg 1 lorn part of thro r•port. The finandal slatement# compty with curr8nt statutory requweTnents, the Found•lh)n's twsl deed and the Statement of Recommended Practth.. A¢UnbrV4 8nd Repoitry by chareS preparing th8lr acwunts in xcordatKe the Finanual Reporting Standard applIcae kn the UK * R8publc ol Irend {FRS 102) Iseojnd edibon Ocaober 2019- efftive 1 January 2019) and thE Cherrtl•8 Act 2011. Thls loport Cove th• t•nty third lul of operatw)n for the Cbro Duffiekl Foundation, ¥&hich was formèd in DecerTthr 2000 from lh8 rnery•r of the Ch)f• Flmmdallon and the Vlvw DLrffield Foundatlon. The Cb)re Foundat was ostatAlshed In Odober 1964 by the181• Sir Char18s Clore. HI$ dwghter. Damtr vOn Duffd. be¢am• chairn of the Fwndation in 1979 and ueated h•r 1987. pdorlU98 of the fom FI)undatl remain the wlorilj'es of the Cb)re DulTd Ft)ufKlaticffj. OBJECTIVES AND ACTIE3 PurpoM• alm• The object of Iht Foundatl¢)n lag set out n th• go¥eming Scheme of 22 Dec8mb8r 2crf))I to b•n•ffl such chahtlgs and wch ch8nt8bl• puws as lh• Tnoloes may dotsm71ne'. Tho Dir•dor and Tru6ltse8 rew•w grant monitoring rport$ (submitied by grant roclwentsl at eh Trust•e meeting. This alows progr855 to b8 cheeked agaknsl lh8 planned pxtmb.eg Ihe ofv•n apF4icallon and •bI•S th•m to monKor Ihg lewl ol public benefft being xhi•bJ through th8 dwyon. The Tru8te08 have r•f•rrnd to th• guklaN cont4Oned In tho Clwlty CnMIofi,S g•n•ro1 gubJ•nc• on pubk ntfit wh•n (frn9 the FOdatIon'S aim$ and obieGves •nd in plannry Ns lulure a¢tivilkS. In partical, ihe Trust•es con8kler h( planned cb'7•ils will ¢ontyitArte lo th• abm8 and obAe¢tiw6 thal havè been 8fjL The Tru8teo8 havg rAlIdered matter and (1jed'. That tho akn8 of th• Fwrwjalkn wrtinue lo te Lilable.' Tho1 the aTh3 and Ihe wort done 9iw idable berb8fits to tl ¢hwil•bl# and both wKlrectty dlredty lo IndtrhJualB In ne•J,' That the b•nefft$ o1• for Iha public. and are not rthided #i any way and wt8inPy not by aknlty to poy, That there l# no d6trim•nt or fmm th• ahn8 ¢X xtvltsos. The folk)wing sectkn of Ihis Tepjrt A<ievefflent8 pIfornnC0. Sats out th• Clor? OLrffield Fovndalion'fj objecths and rew18 on th& adNtty WKI $ucc85sos In th• Jar to 31 D8Mr 2023, a8 vdl As explairmng thè plans for the umnl ffin•n¢ial r. The Found8li¢)n supports UK charflbèts wortin9 li the Wis. 8ducation. soc4al well•re and healih. The FouThJalknn enhancog Jowi8h ¢uttur4 lifg thrivah SUFVOrt for J3. the Jewlsh arts and cornm1 ntra In London.118 wo r•mains rooted li the ¢h8ril8ble ¢omm6tmonts of Slr Charfes Clor• #nd his daughter, Dame Vmen Duffield. 1J11n'. DevoloplThJ prowammes and partnershps to ¢>e•ts for people through art, KUre and heritsgo in th¢ UK. Artist talent shrAld b• nuthted aThJ suprthfjd whereNw it ets and c4reer8 in I cuNvral sector Sho be open lo al. Supportry oxi8tsng Ckxo LeaTh9 Sp•¢•s lo •nsure thildren and yOg people in parueAar hove Ihe Char to benefft from art. hovw gnd the inswrntion, knThWga, joy and wdlboSng they bring. Ensuriry the imrxtsnt N9&rs¥ (¥eatgd by the FouThlon nts"n9 to be Strong. impo(thl and r9slllgnt, induding Jm. the Cl(Ye Cdtural Leadership Programme and Eur•ka! Pagg 2
CLORE DUFFIELD FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR EIIDED 31 DECEPABER 2•23 Taking a thoughtful and strategK apwoath lo grnn14Nking wJer dwrtable sector. with emphasi5 t)n nwnbkn. frort.lne Ch165 d8104ffjring ge to ¥tho n8ed IL ACHIEVEMENTS AND PERFORMANCE Dne Vmen DLrfW. Chaimwh, m¥d• • generous lestr•ed donat ofov•r £30 millicm to the F¢)urthtion In re¢xgnittin of the upnIng 6Crth annl%wsary of the Cth Foundalknn. The Foundation conb'nued lo fflake and administer grants, with a focus on Clore Le119 Spact8 withon CLdtural organtsa11ons and swjport for art$ educalion prograrnm. A r•vl•w of 2023 The Foundalk made gr8nts of £5,$09.388 to 50 fjwiiies in 2023. Levels of funding • hlgh•r than th• pr¢vlou8 y8ar as nv8slm¥rrt perfe4man¢e iryrov88 8ThJ the Foundallw d8th.vws nwl 8lralegic priontles, A of funding pn>grAmm8s for cl L•amh¥ Spa1 w•r• SntrothJc•d in 2022. Exiiting Clorg L•oming Sp8CO8 can appty for a small wtal grant to relurtjish or reoqulp thelr $paGe lo bgltgr mgot thg nged8 of users. The FoUndatTh v•ll prfothlgo organisat9 whose ChJr• L•amM)g Spo¢• ar• ovtr fve ygars old, or, in the cose of more rent Ck)re Leaming Spac$. those who ¢an dWi0natts that the Nivostmenl will make a 81•p th•nge to their leamlng •ngapgm•nl offer. EXistg Clofe Leaming Spgces can o1$9 apply for a small grant to resp to immediate Opportunit aThl chthnges in daliyering their laaming and &ngagwnant programmes. These grants can be used to suppryt interyenlions related lo th6 co81 of ui$i8, for 6xarryle IransF)rl o)$ts for sthod8 arKI communtty grou o)uld otherwise come or 8xtended progrgmmlng or prov181on for pèople in need. Smo11 lo mi(kJiied arts and herltag8 organisatv8 can 8Fwty lor 9rnnl$ of up lo £200.C(Ki to develop Cloro Leamirq Space8. This Irthd both buildlng a new spac• or repurpong an exlsllng 8pac. N•w commllm•nts & •p•nlng• A numbar of n8w sp9$ fvndgj by the Foundat)n ¢)pgnod thelr dooTs for the first time in 2022, prowding n•w place8 and pro9ramme8 for p•• lo lèam to engage wilh ort. Cre Ind heritage. op&nings induded the Clor• Studio al the Nath'onal POr1r8 Galknry., Clxo LoAmlNJ Centrè at HRP KesIngtOn PalBc4 And th• Clor• LeomirwJ spa at The Nath'onal Artivtis. Funding was wwarded to several Cknv Lwmlw Sp8c8 prole(s kn 2023, I1Ing the Natronal Gallery, V&A East Storehouse. Paisloy Museum, thg court4d arNI Park Museum. A number of Clore Learning Spo6 w8rè awarded Fit lor t FthU fuThng to support the r8fixbl8hm8nl of •xi$try sp8, indLKling.' Kettbs Y•rd, NatK>nal Galleries Scotland, Naknnal Theatre, Tho Glasshouse. RHS Wisley, lh¢ Wortd Muwm Uvorpool, LSO Sl Lukès. th• Lh)i¢om The8lr•. Yol more rtr¥? Supwt throLh3h Ihe Chalwwe and Opportunity fund, $UPFthllng th• dolivory of ttoI rn&vd during a cost of IntlrTrg uSsl¥. IrKludty KglUe'8 Yard. th• South London Gallery, PK PorthcLrnQ. G•rfen Mu8• and Watts Galkny. The Foundalw)n agreed rknv fundlng lo a numbef of oth•r ¢harfli•s w19 the rId8 ol edUtIon, Indudlng.. Wesl London Zone wth Ihe Hammorsmith th• YouThJ Musician's Swnphony ord Turquo169 Mountain, to suppryt th• trainlng of women in tradibonal arts in Afghanistan. N•w Progrnmmm and Prlorltl•g Th• Ark Clor• Duffl•ld CultsK•l L••fnlng PrDgrnnwn•: The Ckxe Duffidd FoLWKlatlon Is $uprM)rtlng a plbt projeca in four Haslings S¢1)19. developing a new approach to arts •th. Over the next year, the 8chcol8 will work with W and nath)nal aitists and arts (Mwlsallons to gNe all pupilg the ¢h*¢e to devebp their e•tivty. The progrMe m$ to ensure th•t every Ch has real access to tho best thg arts, CLllurg and h8ritage séctors have to ohr. thrOh tréps. vL86ts arml resmlèrrfies. The pib)I propd is by •du¢81n tharity worng acTOSS I[ lour Hastings sthoo15'. Ark AJgxaTrJra A¢xdemy, Ark Blacklands Prfmary Academy, Ark Castledown Primary Ar¥demy aTrJ th Litue Rid9e Primary A¢ad•my. In the longer term the aim 15 10 impact Ark's whol6 01 39 schools. Bttend8d by c30,ocKI puwls. For the Hasb'ngs w'lot. 90 teacher5 will te r•a¢h¢d, irKreasuN to n8arly 50) tfja rfexp•nded lo the Who netsvork of Ark schools. Pag•3
CLORE OUFFELO FOUMOATION TRUSTEES REPORT (CONTINUED FOR THE YE1 EMDED 31 DECl8ER 2013 Buihng M th• IndItiOnS laKI kn th• Jvr (202&24). the prolect seeks to a)g•J& •very 8cPthl kn th8 Ajk netsyork in al two mèanknglul cuNur81 partnernhops by July 2027. ensuriThJ that ojttural 18amiThJ and Opportun9$ fomi a enbllemon( r•gardl8ss ofwhere they ¥rn m th• and their hom• ¢lr¢um$l8nces. Th• projed indudes a biannual Nalional Arts Festr44 Ihat (brnteB the &dthiem8nt of the tstud•nts taklng pgrt and th• Ark Ckxt PathIhl. Sl Columbkllle's School Trfps: SLool trfps are OPForlunity fc chld1 to enhaneè thèlf18amlng. d¥¥dc sodal #nd wltur•l ¥Waf•n•ss of th• plw th•y kn, and explore thè arts for vthiGh many chilJron in school rem•ns eluswe and. in many ¢•s•s. no¥181nI. Tho rue visicffi of thi5 proi?¢i is to giv8 each chikj 81 St Cdumbklle'g Prlmary SCI In Rutherglen. S(y)tl4nd #n expeiien¢¢ of being taught each of the Expr86$ivo by a highty experiencad. professional from thal soCtc. The Is lo cyon a culturalty ri oxp&rion¢¢ for every th"Id m tho xh, an experien( which du8 lo budgetwy restra1 Ihey are unable lo offer tho ch'thjren. Each chld vlill complete Ihe Royd ConsèNaldr• of S¢oll4ThI$ 4 Short CAxw8es in Art. Drama. Music and Dance dos¥ned and dalbred by the Royal ConBer¥atoire ol Scotland and do a rglatgd vlsit to a cullursl instilLrtlon or perfom)anc4 81 th• and 01ch modda. In iotsl oftha 4 couTres hA¥• 350 portio'pants por cour8•. Th• Found•tK>n ¥AI d¢¥tlop pkn8 to exlorMI tNs wlot wogramme )rJ St CclhnnbkJlh'$ In 2024. Art Fund T••¢h•r F•llow•hSp•: Th• T•athr FeIkYh1PS are an iMovatfr Fwr•mme dèsogned to bjlkl nd 81rengthtn eng8gement bètwe schcK4s aNJ rnLrf¢S wlth Ch)ro Leaming SpKo$ awiss tho UK. Through fully lunded 8econ(knents, the Teth Fellmhips programm• Secondary s¢hool teacheT8 th opw>rlunity to work part-time iihm a rnuseum, SUFVOrtlng thè mu8eum to de¥olop th•k lewnlNJ offer, Inryeg8• engagement wrth scfx48 In Ihelr area, and gnrlch ¢1ClUnl&arnw In sd)0¢4. The Te8choT FeMowsNp8 rngpond lo the IlndlkvJ8 ol a year-long ffject undertaken by Art Fd the Support of thg ChT8 Duffield FOdatiOn in 2021r22. Th• proi•d 1.CAX) 1oers enjoy th• b¥n•ffts of th& National Art Pass for ¥ y•af, ¥hst ra8earehing Iha bathers Ihat many le•ther8 face in e91ft9 and engaglng wbth museums. The Teather Felhship8 pl al the very canlr& of tN$ 8ngag&ment, utilising the rtlse to buikl e4jnnticts ith scths Or4 thg •xpOlco oftrk PL. P•rfomilng Art• N•tlonl S•tunly Club The Clore Duffield FcrtJndalp)n has partnored lth th• Natton81 Saturday Club to laLmch a P•rform0n & Thealre Nab'onal Saturday Club whKth launthed in 2023. The awn is to c¥eale OPFOrtunth"es for young p8opl6 to xplora. ¢re81e and engage wrth perf0mce unfvrsiii•s. fvrth•r oducation cc41ag•s and In portn8rship wlth I¥treS gnd orggnisatK>ns. momters have Il ¢h•nce lo dgvalop thew understanding and skilh In applefj th•¥tre. Fthysi¢al thth. darth. vocal tralthg, [lman¢•. and a¢llng tschniquè8, a8 wo11 as productlon 8mOnth Such a$ set and c¢n8tum¢ dKi3n. They wil also deNW Iholr leadernhip skim5, exploring roles thin the sector such as dire("ng and produong. The Natktnal Saturday Club programma Is Ir88 and open 10 1&1&y•ar-olds of all ablltkn. W88kty dasses are knl by professbon81 tutors from the unNorsiti&$, ¢olle99$ and ltural organisalion$ hosting Ihe Clubs. aLFb members will also lake part wi Masterckisses wth Indu81ry of$)nAl. 7iSrts to muswm$ galerfe$, an •n&oW Summer Sh, Graduation Ceremoniti$. Ongoln9 commllm•nts The Fo(Traalh)n continues lo fvnd the d•bknprnent of Clofe Learrlng SpaGg¥ 81 ts Okl Wc gnd The Clwyd. Support ntinO5 too for Th& Royal 03 H(se.8 'Open Up, Propcl and their 'Recovery Fund,, in response to inccffle lost due k> the Covi(k19 pand8mK. DurirvJ 2023 tr Found8llon corrtinued to make donaion8 to the Kantor Cenlre for Excellence al the knna Frwd Centre provides trainiThJ and support for chld mental heafth s0Th1. to Sm¥t Works, whith W¢n ir7 Inent and th• Propct, 3UPPQrtirvJ relws. Pag8 4
CLORE DUFFIELD FOUMDATIOM TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEIIBER 2023 Found•llon InlllatlY•¥ JW3 JW3 was •St•bIth by Dne lthieri Duffiekl, with furthg from the Fourbjation, and oponod in 2013. It IS vibr8nl. c¥oss-¢ommunal hub kn Jewish arts. ltUre. famitry programming. social aclion and learning 8r• everyne is wolcomo. Clorn L•adov•hlp Chr• LeaderSp was by th8 Ckne Duffi•kl Foundalbon In 2()3. rocogni60d as on• of th• worfd's best Djllural adershiP programmes, il conlinutt to debwknp leadership potential across the cultural and crealve S•¢to. Th• FndatIon contlnuos lo prov•Jo funding for the Prograrnme. Kthing sUPPOrt for Duffld Fellu4V8 wth Ihtr ambition lo ad large arts organisations and those tylh a aAiural1gamin9 SF4C4alism. Th8 Ckr• Dufvld Found8tbn b$ 1gPTgsenlgd on the Clor• Leadernlwp Board by Vwion Dirffiald and David Harrel. Clorn So¢thl L••d•rnhlp Clore Sockql Le8dor8hip. kd by fv FJr1IIb)n kn 2008. was baaod on leamlw from tho Clor8 Leadership wogr•nxn• and d•v•knp•d In Mpon¥è to Iho ladt of lead8rsNp devoknpmenl oppthinMieB In th8 charty sectc¥. Eur•k•l EUkol first 8rf8h cHdren'8 musèum. wam concé by Damè Vi4ryen Duffièld insplrèd by chlldron'8 museLwns ffi thè U.S. Wth fundThJ and support from tho Clorg Duffl8kJ FoundgtKin. Eurekgl Ond In Halmgx, Yorkshire In 1992. In 2022 Eurokal oparnd rts S¢C4)nd sile, Eur•ka! So•re * Dis¢overy, #i Wirral. M•rs•y8id•. FINANCIAL REVIEW Fln•Trclal p•rfornMnc• •nd wttlon For the year ended 31 Dtcombèr 2023. tho Fndation hJ inmm9 re8¢yms froTll wlunlary SOUfCts and nvestments of £31,839,987 12022. £33,723). The l¢Jl81 exper was £5.n1,235 12022.. £4.W,3011. AI 31 D&cemr 2023. Mt assets amourrtod lo £69.562,785 12022.. £40,088.5781. ThrghOut 2023, lh¢ FoundaJ(¥ dongt¢d ? to1 of £5.$09,368 12022: £3,745.724110 50 {2022'. 331 Ofganisalms. This lotal incl$ both amounle paid In the year and amounts c£Jmmittgd but unpgld 91 Ihe year end. The li¥1 of donations In 2023 11 disclosed in note 27 of Iha ffinala1 statThnts. R•••m• pollcy The Truslees have rK>t adopted a quanVfiabl8 reserv88 pdky Sn 2023 bocause of th8 hlgh Ve1 of unrastrlcted nds hekl. Thè fmancial situation iry reeWed al ea¢h Trultv m•elr@ lo ensure Ihal fopA¥rd ¢ommth8nl$ and offi¢8 costs can be mot for th& for86eoablè firture. If th• Jtvel of T•StrIded r•8w¥ès shcJld fall con8Sdera th• Twslees would con5wler and implement 8 re¥erves polry. Golng conc•rn Aftar maknng appropriat• •rth4Uiri•8. th• Twstee$ hab ¥ reasona14e eXpe(aln that the Foundalion ha8 adoqugle resourc¢s lo c¢ntinue In wiauonal èxistèncè for Ihe frKeseeabl& ftrture. For this reason. th continue to dopl the goirvJ cOnM basis in the finarKIg1 $l•tements. Furthgr del8il$ regarding tfr athjpbon go cc¥Kgm bg$1s fwr¥J In tr• aOtIr FK4th8. Pvln¢ty•l rf•• and un¢trtainlie The Truslees have reMved the major risk8 to whk thg Fgundatkjn h exp088d. p8rtku18rfy th080 relatgd to ft8 operalnS and finar&. The Twstees ha gfftn ¢oMthralion to the oppropri•le pol10$, pr¢)dyS •Thl ms lo mitigat• the Found8tth'8 eXre to the tsks. The m4ii nala1 risk fac4ng tha FOda1)n is the pen for th• invtsstments lo decrea in vakno, th6r•by rfjduang ihe funds availae for rwrr¢nl and future grant m8ktng. Th[3 Is mttlgaled by Ihe Investment approa¢h of Ihg managers wthkh 1$ foabsed on avciding kn65es a5 muth •5 is reason$ and compatitrA¥ with the 8¢hievtm¢nt of a satisfactory relum and by TrustW5 receMrvJ monthty rwbng on the [C410'S perfomiance. Thè current portfolki is dNtir86 and 15 rewwed at Tntstee maeting. Page S
CLORE DUFFELD FOUNDATION TRUSTEES. REPORT {COMTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 In¥Mtm•rt pollty and p•rfornxne• There are no re8trkM5 cn the FcwTrJation'$ po10 irNest. The invèstment strategy is sèt by the Tru$l80$ and le0w8 on annual basis and takes C¢unt of wcenl dorna lor fiJrKIs and th8 quality of the funding appli¢alK)ns. Th• Trust8•s con%d8r the income requirements, th• risk [Ofile and the inwslmenl manager8. vlw of the market prosFed5 in the medium term. Ths strategi is get wltNn an 0r011 F¥Jliry which 5tale5 Ihol fundi ar¢ lo be invested lo rnaximEe total retum wlh duo rpacI to rtsk and to t likdihc4Jd that th¢ a$sels of Ihe Foundalion may ba IY axporthd ovarthe (xjwm ofth• nexl 10 8[ In Summer 2022. Trusts•6 •)fe&J to mova in¥eslments from mwagamant by WHAM (Windmai Asset Manag8mentl and to appowrt rnanagerj whose inves¢ment phlosoptiy 13 to prot•X camal and to Inttea$o the real PUfth8sirrfJ power ahoad of inllation over the lont¢mi, Witliry the investment porffdio befv4een the Troy TToin Fthj and th8 Latlttyje Horizon Fund. Wrth Ihe don8n$ in 2023, TN818es agregd to hoNY part of the donation in ¢8sh, gNen the volatithty ol geopolitical BituatTh and m¥kat5. and to inv&61 th8 majorlty th Lfjnsdrn and Partn8rs kn th8 D8¥oknp•d Mwk•ls Furrtl. The Trustees ensure thw'r inv8stmenl$ gre manaed responsibty by wlth inv•stm•nl managomènl companies whk ar¢ 8Nn4tori to th• Unit8d Nation's IncIpl•s IN Responsitde Invè8ting and th9 UK Stew4cdship Cod•. c1, the Found•tion'• kn¥•$tment p¢llo> madè a 6.3% rnbjm In 2023. STRUCTUR4 GOVERNANCE AND MAIIAGEMEiir Con#tllutlon Tho tharlty wa$ e8trthed, and18 god. by a (•iilat40 Iruqt dd f¢m•lis•d on 22 D4Mber 2000. Dame Vtrlen D(rffi is Chwnnan of the Clore Cxfflleld Foundotkn five ofvr Twslfj8s. In 2023 1 Foundation had ts¥o members of staff, a Dlrodor (Kate Belarny, fulklinfjl and an Office A8w$lant IC•rollnè Roll, part-llmel. Th8 Trustees meet al le•sl t4¥K¢ a yoar lo awwd grants. ravlew th• inveslrnènt portlollo and ¢on$hler th• •dmlnl$lr•llon of Ihe FO)d#tM. Th• TTU8t••$ h•kl on• lit#ind mthlirwJ h12023. All granl Hward de¢1$ we tsken by Tru8t••#. Al knNslment d•¢lslon$ are lk•n by tho Tru¥lg•s upon tho 'c8 of Ihew invè8tmèrrt managw8. M•thod• of •ppOIntmrt or •l•ctlon of Tvu¥l• The Foundation Stheme ¥lhws witinuiThJ Tw6toès to appoknt •ddilional Trustsel wtth minimum numbèr of Tru6t••6 boiig Ilwee and the mn¥JM Nmber ofTrustees forthe Found•lth to b8 nkne. Tru•t•• Indu¢tton and trnlnlng New Trustees iuld be supporteil •XperThd Trust$ and SkYKI tkng wllh lh• Dirnctor and staff oftho FndalIon m•ke 8¥alabl8 al th8 fl95 and infoffnatK)n l>out ts FOdaon. Arwangwnts would bè m•d• lor them to ¥i8rt ofganisatKms swport•(I by th• FOUndn. R•mun•rntlon pdley for k•y mar4g•fit p•rnonn•l staff salaries are sel by the Trusl••s. Th• knl of re¥>onlty. W of wAc• ofthè po81-hohJgr. 9nd 1103 of MparatI rt4e8 In sTrnllar orgar+l8alknns ore al taken into a(xourt when ¢iNKskknwvJ S¥ry l•wl$. Gr•nt m•klng pollcl•• Broad 8Feaklng, Iho Found9kn's maln aiTns (both short ard lann} are to support a¢xess to ond gngagement with the art$, ¢dture 8nd rrta. Indjirv the creation of leaming spa¢eg vthin ¥1¥ and heritage organisalions and Wershlp Ir8YltvJ pth'¢Jlgty for the ojlhnl soctor, Lwt also for the $oc481 5gGlor. Th• Foun¢gllon o1$0 supp8 educalion. he¥llh and sodal and is cyjncemed wilh •nhanang Jewsh life. Tre Foundation th)88 r#)1 a riwl apwoxh Ai torn of ts rthia for ils grwit maktsyj. 11 dogs not ap1 c process un$1¢ed ¥P1¢aOn& 11 does not fund IndUS. R8(ipi•nts must by UK registered and wllh Pagè 6
CLORE DUFFIELD FOUNDATIOM
TRUSTEES. REPORT {COPfflMUEDI
FOR THE YEAR ENDED 31 DECEMBER 2023
Charitable ¥latus. In 2023 il c¢ntinued to fund ca&¥tal rlewlopments (with a particular emphasks on $upporUng
Ckre Leaming Spaces wthin ¢>Jtural
CLORE DUFFIELD FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Auditors
The auditors, Sayer Vincent LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Dame Vivien Louise Duffield DBE Trustee
Date: 17 July 2024
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CLORE DUFFIELD FOUIIDATIOPI TRUSTEES. REPORT {coMnNUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Auditorj The auditOTS. S8r Vmcent LLP. in¢1 th•'r lo con¢iiug In offKe. Th& dosignatsd Trustaas il prop)$8 g r•appowilbw tha audrtors at a mo01ing of the Tru8tee8. Apwo¥ed by ord¢r oflhe membtts ofthe board of Tntstèèts and sned on thelr bdwlfty. Dam• Vlvl•n Loul• Du thld DBE Tru•ts• 17 1gL P8ge 8
CLORE DUFFIELD FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLORE DUFFIELD FOUNDATION
OPINION
We have audited the financial statements of Clore Duffield Foundation (the ‘charity’) for the year ended 31 December 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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Give a true and fair view of the state of the charity’s affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
PRIOR YEAR UNAUDITED
The financial statements of Clore Duffield Foundation for the year ended 31 December 2022 were unaudited. An independent examination was performed which expressed an unmodified opinion on those statements
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Clore Duffield Foundation's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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CLORE DUFFIELD FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLORE DUFFIELD FOUNDATION (CONTINUED)
OTHER INFORMATION
The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the trustees' annual report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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CLORE DUFFIELD FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLORE DUFFIELD FOUNDATION (CONTINUED)
AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.
CAPABILITY OF THE AUDIT IN DETECTING IRREGULARITIES
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:
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We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:
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Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
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Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
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The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
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We inspected the minutes of meetings of those charged with governance.
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We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
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We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
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We reviewed any reports made to regulators.
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We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
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We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
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In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
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CLORE DUFFIELD FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLORE DUFFIELD FOUNDATION (CONTINUED)
intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
USE OF OUR REPORT
This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Sayer Vincent LLP Chartered Accountants Statutory Auditors 110 Golden Lane London EC1Y 0TG
Date: 23 July 2024
Sayer Vincent LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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CLORE DUFFIELD FOUNDATION STATEMENT OF FINANCIAL ACTivmES AS AT 31 DECEMBER 2023 Totsl 2023 Totsl 2022 INCOME FROM: D•t10n& Inve8lmenl8 31A60806 383 379,581 33.340 TOTAL 114COME 31,839.987 33.723 EXPENDThURE ON: Rjing fund8 Charita¢ a¢thMiti•s 88.240 731,236 3.978,1 TOTAL EXPENDITURE 5.731.236 4.C66.301 NEf EXPENDrruRE BEFORE NET ILOSSESVGAINS ON INVESTMENTS Not Ibsiosygain8 on Inwstm•nts 26,108,762 (4.032,5781 3,387AS6 {3,830,0831 13 NET MOVEMEMT IN FUNDS 29,496.207 {7,862,8811 RECOMCIUATION OF FUNOS: Total fvnd8 brought fO91d 40,061578 47.929.239 TOTAL FUNDS CARRIED FORWARD 69,S62,78S 40,C86.578 Slatemgn¢ of n4al AcJv#l&s ¥K4ude8 all gails 4nd recogrMs8d in tho yoar. Th• not•s on pages 1610 34 forffl part afthew fm¥o818thtem•nl8. Page 13
CLORE DUFFIELD FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2023 reslaled 2022 2023 Tanglbl& 8$8¢ts InStments 12 200.793 57.32J.195 219.045 33,940.733 13 57,534,981 34,159,778 CURRENT ASSEf8 Debto Inv981ffl8nt$ Cash al bank and in hond 15 14 112.163 8,352,900 10.625.131 5,017 7.780,879 1.568,048 1•.090.184 9.353,944 Cr•dltor8'. amounts ¢kn itPMn one yew 16 14.062,3871 (3.447.144) NET CURREMT ASSETS 12.027.797 5,906,8 TOTAL MET ASSETS 69,562,786 40,C68,578 CHARITY FU1408 UnrestrbGlod fwKI8 8•,H2,n5 4D,Ci16,578 TOTAL FUNDS 69,562,786 40,066,578 Tho ffiand81 stst•Thwnts were opwo%d auth lor i8•u• byth• Trtte9 s1gn8d on their behalf by.. Dm• Vlvl•n Loul• IXrfll•ld D8E Tvu•l•• 11 JULY Tho notos on p48$ 18 to 35 lon wt of thme fmnwl $l•terrwl& Pagg 14
CLORE DVFFIELD FOUMDATION STATEMENT OF CASH FLOWS FOR ThE YEAR ENDED J1 DECEMBER 2023 2023 Nol• CASH FLOWS FROM OPERATING ACIIVmE8 Net cash proNided by Iw•d inl athlties 20 20,249,530 {3,732,8431 H FLOWS FROM INVESTING ACTMTES Dl¥id•nds. interests and rents from Inents Pro¢dI from $818 of Purtha8• ol Inve8lm8nts 379,681 33,340 2h27,979 47,652,412 120,000,007) 142.7BO,8671 NET CASH IUSED IN)IPROVIOED BY IIIVESTIMG ACTMTIE8 (17.192A471 4904.815 CHANGE IN CASH AND CASH EQUIVALENTS111 THE YEAR 9,057,083 1,172,042 1108,048 393.QL Caoh and rA8h equlvg19nl¥ at ts b•glMlrwJ of J*ar CASH AND CASH EQUIVALEIITS AT THE END OF THE YEAR 21 10,626.131 1,588,018 note• on pggw 1610 35 fomi part o1th•8e fimnaal 8t&temwnts Pago 15
CLORE DUFFIELD FOUNDATION NOTES TO THE FINAMCIAL STATEIAENTS FOR THE YEAR ENOED 31 DECEMBER 2023 GENERAL INFORMATION The Cb)re Duffi•ld Found9tion is an unmryJpétsd r•gist•r•d with thè Chaiity Commisslon for Eryland and Ws. Th• rwst•r•d offic• adthe88 15 UINt 3. Chelsea Slud$. Fknd Street. London. SW3 5SR. Tho functal and rr•rY is GBP. ACCOUNMNG POUUES 11 BASIS OF PREPARATION OF FINANCIAL STATEMEIITS Tho finanGio1 ¥ts1orrnnts have been prep8rnd in ¥crda1 wlth the Charftl&s SORP IFRS 102) . Accountww and R•porbng by Charities.. Ststement of ReneI•d PractTh applkabl• to th8rTli08 pleng Ihèlr a¢¢ounts in a¢¢4rd•nc6 with the Fnanod dad awlble In the UK and RfjputliG of Ireland (FRS 102) l&ff¢¢tw 1 January 2019), the Fuianoal Roporting Slndard aPF4cabl• In fv UK and RoPUt)k ol Ireland (FRS 1021 Chaiib88 Act 2011. Th• fmndal st8t•menl8 hm been propwfjd to • In and f•1¢ vlth¥ and h•ve dop4rt•d from the Chadugs {A¢CnIS and R•ports} Re981$ 2(rfJ8 onty to the exttnt required lo provbde a true and fairf bryew. Thi• arture ha$ fcllrNAThJ the Charfts SORP IFRS 1021 publi$hed in Octobor 2019 ralhw than the A<uuntlrvJ and Reporting by Charit8.' Sl•tsment of R•¢ommended ProGIKg eff•di¥e frorn 1 Aprl 2C¢Js has ¥nce been withdrawn. Cknf• Duffiehl Fnd•thft me•ts the definitn of • publlc benfrfft entity undtsr FRS 102. As$•ts #nd 1xlit are inthlty recogN3ed at hlstOfk4 c1 or transaction Val unlw¥ Otherwi slated In tho +• rdevant aco)untlng polky. 12 GOING CONCERN The Trust••s nsid•r that no m•t•rial LrK8rtawiti88 about Foundatltsn's ablNty to ¢)ntlThJe as A golng c¥xK•m. Tho Tvustees Ih) not ojnsidèr that ltr•r• arg any sources ot asllmatlon Unrtainty 81 the repothg dat• that have a signfficant risk ol causiw a m8twwl adjustment to the grnourts of Hse411 and liabknlles ¥Athkn the rwl r•porfirvJ period.. 13 IMCOME h%om• 18 re¢o9nis•d th•n ts Foundavon onlitl•Mnt to the fund8. any performance condrtlon8 attached to the corne ha b••n met. it 15 wob8t)lè Ihat Ihe Ino)m• w• be INed and the amount ¢an b¢ measured relkglty. fmm donallon$ inNYslmert are aco)unted for on 8 T8caivat40 bath, Page 16
CLORE I)VFFIELD FOUNDATION NOTES TO THE FINAMCIAL STATEMEIITS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POUCIES ICOIITIMUEDI Expwthjre Is recowe orKe there is • legal ty ¢onStrUdi c4)Iylitin lo trèn8fer eC0MiC t•nefit to a tN"rd party. bt is prob8bk th8t a transfer of ec¢x)omS¢ banefits will be requirèd in 6etdement and the amcxml of tho Obl¥al ¢an measured relkibfy. Expendrfure 1$ dassifi8d by actl¥Aty. The (x)sts of 89ch 8thty afe made up of the total of il'recl cost$ and $hared $ts, induding support o)st8 Snvofved in undertaking each acbvity. DK•c costs attItable to a 81ngle actlvlty are alk)caled directy to that actiw. Shar&J o)sts whith ¢ontribute lo more than one actwity and support $ts whlch arè not attrittabkn lo a slngle acb¥ity are apwtbned b8ts¥een thosé 8thwti.es on a basis ¢onsistenl wfth the u8• of roscTCeS. Central slaff cost$ ar• alocatad on the bas18 of tlme spent, and depreciation ¢h8rges allocated on th• pNlkn of the 888ofs u86. ExpeThJitur• on raknkng funds iThaleS al exp•nditw• in¢urred by Foundation lo ral88 fund8 for A8 ch4ntabl& purposes and 1ndLwj rJ)sts of al a(aNits•8 thnts and noTrchaiitat48 trading. Expenditure on tharitth acO¥It8 is incurred on th'recty dertak1tvj athNl•s which further the Foundatlon's oty'eckns, as well as any a$$¥81ed 8UPWt $18. Eynditurn 18 r4coni8¢d orKe ItTe 18 a IW or con8tnK¥• oblwjation to m•k• • paym•nt to INrd party. tt Is probable ihal s•tU•m8nl be required and amount of the obllgauon can be measured relw. ExF4ndituro Is ¢la88ffj und•r tho foknity aCty headings.. - Costs of r¥181TrJ lund8 felale thè o>sts of th• Fourth¥on's inv•stm•nt portfolk). - &¥penditur8 on thaiitablè 8¢bth Ihe ¢osl$ ol making gr•nts undw1•k lo fvrthor Ihe purposes ofthe Fotsndatbon and a$80(aat supporl cosls. Irr•¥rat4e VAT 1$ th•rgod as a ¢osl 4ain8t th• adr¥lty for whkh the expèrHlthrn w8¥ InGuTh•d. 2A GRANTS PAYABLE These arè r•c4)wMod vthen approv4 fof payment h#5 beon gpnn by thfr Truslaes, subJ•ct to any IS ALLOCATION OF SUPPORT COSTS Resource8 expended arn olkoled lo the parti¢xAar adifft wh8r8 tha cost relates dlrth to thal •dMty. Hrywever. the o)51 0104r811 dir8ctKffl and administration of ea¢h ¥¢tiwty, comprising the lary obwrhoad co#s of th• (ntro1 furK4kn. b8 apportlon8d on IM bag18 of grant oxpondlturo. Support and 9ovemaThx ¢0818 are re&alocated to oath of Ihe cwtt•bkn actk4rt1•s In proport lo th• assocKqted grnnt OXFffithrt in the swar. Govemance costs arg th8 costs associ•t•d Vth the g)vernance affangements of Ihe Foundallon. These sts ar• 85%Kiated with Constitutial and statutory requirements and indude any ¢06ts a88oclaled w6th tr* 81rntegic nwyment of ts Found81kn'$ 17 IIITEREST RECEIVABLE Int•r•st on fvThJs held on deposrt whgn re(4v&lg Ihe amount ¢8n measured reliabty by the FrAmda. this is nommly w nDtyf¢•kn of the irrteost pawj or payable ty the Institution with whom fuThJs are detK)sKed. Page 17
CLORE DUFFIELD FOUNDATIOM NOTES TO THE FINAMCIAL STATEMEiirs FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNnNG POLE3 ICONnNUEOI 2A FOREIGN CURRENCIES Monfjtory WMI lthliliBS dèThxnlnabJ kn frKdgn ¢uThgfVi•S Wt tr•ndalod into stsding at r•l•s of ax¢harw• rufjng at Iha r8portwvJ date. TrnnsactionB in for•ign ¢ymnde6 aro trarffjknd knto 4t8thng at th• rats ruliry on th• dot• of lh8 Exchange gakns aThl1058os are rOwj in the stteml of Fywidal A(bryl. 19 TAXATIOM The Foundation 13 considered to pass the tests get out Paragrnph 1 Sthoduie 6 of th• FInan Act 2010 and Ihereknè K meèts t deffinlllon Ctf a chariiable company for UK eXrporatn tsx purwses. Ac¢ordingty. the Foundat)n is potenlialty exempl from taxation in resFG of income OT CBFit81 1n$ ceived wrthin ¢ategon. co¥wgd by Chapter 3 P#rt 11 of the Ccxp)rallon Tax Act 2010 or Secilon 258 of the Taxation of charrJ•8b Gains Ad 19V2, tts the •xtsnl th81 such iMe or gain8 or• 47pld to chwilablè PLwe•. 110 TANGIBLE FIXED ASSETS AND DEPRECIATIOM TwglA• fwl a>8twiq £2,0 (K mor• w• c4plW80d gnd renISed futur• •conomSc b•n•fils •r• prcthbl8 and Iho rthl or In ofthe ¥•1 b• measufed relIab. Tangible ffixtd 4s8tls aro inth.alty reCnIs¢ll al c051. After TOQ)gnitTron, under Ihe cost mod•l, tangibkry flxed ast9 are m8awJred al cost less ¥c¢uMlled deww'athjn and any 8ccumulated Impalm)enl 10$3e$. AJI ¢o$l$ inc¥rred to bn'rvj a t4b red 088•1 Into ts knlènd•d ¢gndi1Son knduded in lh• m•aswwnorf of cosL At each Yew¥ng dale thè Frndall0 8uesses whether there is any indlcatlon of Impaim•nl. V su¢h Indkatlon $t$, the re¢o¥w8bl8 am¢)wrt of th& ass•1 1$ d81gnnlned lo the hwJher of falr value le$$ Costs lo s•1 aThl its valL In ugè. An Implrnwrt Is r•ry4nliod th• c4n>lng wmount ox¢aeds thè r•r£¥•rnbl• amount. 08weclalon Is thargod so as to thcete the cofjl of tarybblè fth•d a88ets loss their residual value over their •slimal•d usefid lis. u6ry the slrnipM4in• method. Dewtion IB proyldwj on th• folknrtkng bas8S: kn•hold txoperty . 3% Str¥lght rin& Fixtur and 'n - 20% Sght I - 10 to 25% Strayhl Ine Th8 assets, resklua usefiA INes depr•(ialion methods are mvie. and adlu8ted PIDspethely il •ppropiigt•. or rf there is an I8tOn of a $ignfflcgnt chaw 8rnc4 Ihglost reportiroJ Gains and kjsses on thF4)sals are delemiinod by vjmpariry thè W8ed8 wlth affthinl d are rgcognlsod in ts Statem1 of Financaal Athilkns. Page 18
CLORE DUFFIELD FOUNDATION MOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES ICONTINUEDI 111 INVESTMENTS Fixed ass¢1 In48tsnents 8r8 o fwrn of financlal inslwment and are inibally rncJ)gnls•d at thek transa¢tion cost aNI thquenty mTed fwr value al Ihe Balance Sheel dato, urless the value cannot be measured ffjliabty whbch case it is measurèd al c<>st les5 implirment. Invoslm8nl gains and 10$sos, vthelh•T reali5ed or unre8ltse(l. are cnbind and preserrted as 'G8insl{Lo$$es) on 2.12 DEBTORS Trad8 and othef dèbtors are raccgnised al the seidement amount after any trad& dlKount Offttr, Prap8yTrent8 are waluod al the 8Pa ofwy trgde digcount8 d. 2.13 CASH AT BANK AND IM HAND Cash at bank and in hand in¢aJdes cash arbd 8hort49rn liqud •s¢mnI$ wth a short maturmy three months or less from th& date of acqui%tlI or 0Ing ofthe deposlt or sknilar 8ceounl. 2.14 LIABILinES AND PROMSIONS Liabilthes 8re r•cc3ni8•d when there 5$ •n ot4g8ilon at tho Balartè Sheet dale Bs a r8$ull of a pa81 ont, it18 probable that a transfef of MiC benefii wil be rgquirgd tn 8etllemgnt. and tt)a amrAnt of th• soloamenl can b• •8thm•ted rellth. Uabllitias ar• re¢ognised at Ihe amount thal th• Foundalion anticipato$ it wll pay lo $gttle the debt or th• amount11 has received as •dvwc4d paents for Iha goods or il musl provkle. Pro¥lslon5 ar8 m•a$ured al the best estimalo of the amounts reid lo Sett the obligglh)n. Whgre the eff9¢1 ol the rn0 ¥ae of money 1$ m8leri•l. tho pro¥ision Is based on th• pr•s•nl v•lu of Ih08e nounl$. th"sCoUnt at Ihe prfrtax th8{U1 ralt Ihat reflects the risks $peofi¢ lo the liablllly. Tho nding of the disrUTh1 * rwThsed in the Slatemenl of Flnandal Actrwtttrs as a firwice cosl. 116 NNANCIAL INsTruMeNTS Tho Foundation onPy has fmn¢lal assets and finandal lalylNS9s of a kind th¥t qualfy as ba8k flnanci81 in¥lruments. BasK financial instrumenls a initialky rocognised at transaction value And subsoquanty measured at ther 89tdomt v8lue wrth the excepti1 of bank knan$ wNch are subsequenlty measured at aMOrti o)st using Ihe efhctfva Intorest method. If6 OPERATIIIG LEASES Rent pahy under operating we charged to Ihe Slatemont of Finand81 Advltie8 on a $lr•igh14ine bash over th8 term. 2.17 PENSIONS Th• Foundaliefi operntes a d•fm•d I>)ntrIrt¥ pen8M schwn• charge rewesont5 the amounts pgy4)1g by the Foundalitin lo the fund in re¥¢l oftr year. Page 19
CLORE DUFFIELD FOUNDATION MOTES TO THE FIIIANCIAL STATEMENTS FOR THE YEAR EMDED 31 DECEMBER 2023 ACCOUIrnMG POUCIES ICONnNUEDI 2.18 FUND ACCOUNTING General Iwxls are ur¥e8trithd fvnds Thlwth are •vble u88 at of the Trusts In furtherarK8 olthe g¢n8r obiethes olthe Foundation and havo not Wn dè4iJnalad frx other purpose$. Investrnont Y*GOfM. gains and k>s8tt ah)c•l•d lo tho 8pwowith lund. P4ge 20
CLORE DUFFIELD FOUNDATION NOTES TO THE FINAIICIAL STATEMEPtrs FOR THE YEAR ENDED 310ECEMBER 20Z3 INCOME FROM DONATIOMS Unrn•trlctrd fund8 2023 Tot•1 fund• 2023 Tolol fund$ 2022 DONATIONS Miss V L Cbre'$ 1987 Trust Dame Illbitn Duffiehl DBE 10.4C6 10.406 31.450.000 31AS0.000 383 31,460.408 31A6OMO6 363 TOTAL 2022 383 383 INVESTMENT INCOME Totsl fundB 2023 Total fur8 2022 furrfl• 2023 idend Sncome 379,$81 379,S11 1,075 379,581 379,681 TOTAL 2022 33,340 INVESTMEKf MANAGEMENT COSTS 2023 2022 Investment Magement fees 88.240 88,240 Page 21
CLORE DUFFELD FOUNDATION NOTES TO THE FINANCIAL STATEMEPITS FOR THE YEAR EIIDED 31 DECEMBER 2023 ANALYSts OF expENixfuRE OM CHARrrABLE ACTMllES (CURRENT YEAR) •nd L••d•rnhlp H•ilth and •du¢Atlon tralnlng •ocl•l carn J•tsh •upport Gov•rn•n¢• ¢ts Support 2023 total 2022 total Staff ct>sts D•pr•u4Uon ond Irry•mgnt Grwrt fvnding of acll¥ll Ofk• admln18kntO Ronl and ConsultavKy Audm 9ccrxxAnCY Le9 and prof•$wonal 114.714 11.271 5.IJ)9.388 230,IXX) 1WJ.I 4.988 3.741 1247 123 124.690 12.252 $,609,368 .404 16,565 10,180 2S,111 2.5$0 110.702 11,380 3.745.724 35,104 10,624 49.370 13,384 1,152 821 29,404 18.555 10.680 25.111 826 5.136.363 235.471 1•4.109 81.J70 8,731,135 3,978,fA11 Support GoTrMnance co8ts 52,108 567 58.639 28.023 1.131 283 (28286) Tolll •xp•ndlkn• 2023 5.213A84 238,874 196.667 82.220 5.731.235 Total •xP•nthrn 2022 3,41XI.$34 264 248.939 32.324 3.978.061 Page 22
CLORE DUFFIELD FOUMDATh)N MOTES TO ThE FINANCIAL STATEMEMTS FOR THE YEAR ENDED J10ECEMBER 2023 APIALYSIS OF expENDrruRE ON CHARrrABLE ACTivmES (PRIOR YEAR) and L•4d•rnhlp H1th and •duc•tlo trninlng •ocl•l Jewhh •upport Go¥•rnanc• ¢osts Support costs 2022 totsl Staff o)8ts Oeprecjation and imprnnt Gr1 fuNJiw 0lacliviej Office and administratNO R1 and Pf8mw• cSu#neY Audtt and accountarKy Legal gnd wofeuional 95.204 9.788 3.2.724 7.749 797 280.(W 235.CKM) 6.842 1.107 110,702 11.380 3,7.724 35.104 10.624 49.370 13,384 1,152 621 35.104 10,624 49.370 13.384 1.152 621 MeeOng8 3.306,714 241320 31.221 10.1S7 96.1)•J 3,978.061 Support L¥xIs Gov•m•nc* ¢08ts 81.785 8.857 951 {95.C681 13.035 1.(n1 152 {15.157) Tot•1 •Xp•n&ff• 2022 3AOO.534 2•6264 248.93• 31324 3.gn.061 P4e 23
CLORE DUFFIELD FOUIIDATIOM NOTES TO THE FINAMCiAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Cr•nts to INlutIOn¥ 2023 T)tl fd 2023 Total fund8 2022 Art8. herflagfj orvj urli Leadwshlp trathln9 Health and d81 J•wlsh 8UPWt 5.009.368 230,000 1W,000 6.009,308 230.IJOO 190.IJOO 3,20D,T24 280,0 235.(O) s,$09.388 $.$09,368 3,745.724 TOTAL 2022 3,745.724 3,745.724 Pleas8 note 27 for • Isl of grrt8 made to In•tittthn8. All grant8 In 2022 w•rg mad8 to kn8dtuOons. AUDITORS, REMUNERATION 2023 2022 Fw payabl• lo th• F¢)undaOn'1 adtt In resp1 ol.. Audlt oflm flnand418tatemonts Ind•pendènl 8MI)lIK)n of t ffinarKld •lat•mw 12,3011 10. STAFF COSTS 2023 2022 Wagg8 and ¥lwlg8 soc1 se¢urtty costs 105,7•2 6.304 12.694 101.413 289 9.oc 124190 110,702 Page 24
CLORE DUFFIELD FOUNDATION NOTES TO THE FIIIAMCIAL STATEMENTS FOR ThE YEAR EMDED 31 DECEMBER 20Z3 11L STAFF COSTS ICONnNUED} The averaye number of pers employed bythe Foundgtion thying the yearw46 a5 folows." 2023 222 &aff The numbtr of empb>ws employee bengffts {exdudino pènslon costs) eX•ded £60,1)JO wg¥.' 2023 2022 No. In thg bwd £,l- £1LK),O(X) Key management p•rsonnel COM8 tho Tnt. remLKratfjd. •r¥J Execull D•cloT. The total empfv b•n•fits On¢k¥Jhg p•nsbJn Contrlbuljo 8nd n•th)nal Insuran) of the key management persomel were £109.26512022". £110,913). 11. TRLISTEES. REMUNERATM)N AND EXPENSES Durin9 th& no Tnrnto •ny or otlw b8nofi1612022. £NIL). During th& ond•d 31 D•c•nknr 2023, £2.531 w•6 relmbursèd LY pd dlr•aly lo 1 Tru8tse1£2,013 to 1 Trust•e). These relgled lo mobk phon• Page 25
CLORE DUFFLD FOUNDATIOM •IOTES TO THE FIMANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEIIJBER 2023 11 TANGIBLE FIXED ASSErs l••whold Flxtsm •nd Offic• prop•rty fittings •qulpm•nt Totsl At 1 j•#ry 2023 361.637 00,6•2 36.690 468,919 Al 31 Dmber %)23 361,637 60.S92 36,890 408.91• DEPRECNMON At 1 January 2023 Charye lor th• y••r 146.860 10.849 834 168 J2.680 1.246 239.874 12.262 At 31 D•cembèr 2023 1FI.70• 80,692 33.825 2S2,121 NET BOOK VALUE AI 31 DK•mbw 2Q3 203.921 2D6.79J Al 31 Dec4rntr 2022 214.777 15B 4.110 219,046 13. FIXED ASSET INVESTMEPITS As re8latfjd 2022 2023 U•l•d InvMlm•nts F•ir value al the start olthe y Addility18 at Dispo681 proceeds Totsl gairk J3.940.733 50,423.228 20.000,007 3S.000.000 (47,652.412) 3J17A66 (3,830.083) F*lrvalw at th• •nd of th• y 57J28.195 33,940,733 Page 28
CLORE DUFFIELD FOUNDATION NOTES TO THE FINANCIAL STATEMElfrs FOR THE YEAR ENDED 31 DECEMBER 2023 14. CURREKf ASSEf INVESTIIENTS A$ restated 2022 2023 Fixe&term deposits 352,900 7,780,879 1& DEBTORS 2023 2022 DUE wrrHIN ONE YEAR Oth•f dgbtors Prepayments and ac¢nd Inc¥m• 6.000 108,163 81 112,153 5,017 18. CREDrroRS: MIOUNfd FALUNG DUE wrrHIM ONE YEAR 2023 2022 Tr•Jo ueditorn Othgr taxatlw •rKI Socurlty Other creditL Accru01$ ru•d gran¢$ pwbb ¢0 w*btulons 3.382 3,458 1,155 10,715 3.428,434 21.965 4,032,198 4.062.307 3.447,144 Page 27
CLORE DUFFELD FOUNDATIOII NOTES TO THE FINAMCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2023 17. GRANTS PAYABLE Grants Payab r•we8•nts grarts (x¥nmilte(l (rij th• y. All grant8 are OXF¢ded to be paid vAlhin year of the balartt sheet date. in8tdm8nt8 of MU[ wants are roccqnisod follonI approv of the Trustees. 2023 B•l8nc¢ at begnN of thé Amounls ¢ommitt•d n the >wr Amolmls pohs rb th• ya•r 3A21hJ4 3.098.838 6.$0•,J88 3.745.724 14.90S,6241 {3,415,9261 B•lanv •t th• •nd ol th• y 4.032.198 3,428,434 10. CONT114GENT LIABIUTIES The Tru$l••$ haw madfj byant awards condNlon41 ¢)n 8atsfctW PWf•$$ of programm08 to fv valuo of £8.876.21012022.. £7.41XJ.000). These not yet be4n r•(wniBed 88 lbItIo$ du• to tho exISten ol conddions. 19. PRIOR YE RECLASSIFICATION Fixt&lwm deposits wrfh matuiili•$ bet8•n 6 aThl 12 rnontrA b•8n reda88ffi8d from f•d 488•t Investrnenll lo currant a$8•1 knv•8lments to rnfte¢l th• short-term naturè of In¥e$tmenl8. Thè Amount is £7,780.879. 20. RECONCIUATK)N OF IAOVEMEiif IN FUNDS TO NEf CASH FLOW FROM OPERATING ACTMnE3 2023 2022 Nel incomèl{expnd61uro) k¢ tho yew (81 pw Slatomant of Fin•noal 2•A•8,207 (7.882,681) ADJUSTMEIITS FOK. DeprecAalion drge$ Omdends. interest$ and ferrt8 InveStrts {Gain)llo on thè sale of Ted 4888ts Increa8• in deblors Increase in edit 12,252 11.380 1379,681} 133.340) 13,387A66I 3,830,083 {107,131) 1859) 816343 322,554 MET CASH PROVIDED BYIIUSED WI OPEIIATIIIG ACTMTIES 26.249.530 (3,732.843) Page 26
CLORE DUFFIELD FOUNDATION NOTES TO THE FINANCiAL STATEIIIENTS FOR THE YEAR E14DED 31 DECEMBER 2023 21. ANALYSIS OF CASH AND CASH EQUIVALENTS 2023 2022 Cash th hand Notice deposits iless than 3 557.569 1.568.048 10,067.562 TOTAL CASH JID CASH EQUNALEiirs 10,126,131 1.568.048 22. ANALYSIS OF CHAMGES IN NEf DEBT AtJ1 D•c•mb•r 2023 Jthu*ry 2023 C••h flow• Cash at bank and kn hand Ltyid iiveslmenls I,S88,Q48 9.067.013 10,125,131 7,780,879 {2,427.979) 6,362,900 9,348,•27 1.629,104 15,978,031 Page 29
CLORE DUFFELD FOUNDATIOII NOTES TO THE FIMANCIAL STATEMENTS FOR THE YEAR EMDED 31 DECEMBER 2023 23. PEIISION coAIMrrMENTS Foundation operates a d&fingd wtribulion penL schemo. The a8881¥ of thg 8¢hgme are held Separate from those ol t F¢yJr¥Jatiy) in an irthjependgnuy administe fund. Th& pgnskin co$1 charge represents titltN pay4ble ty the FrdatI)n lo th& fvnd amounted lo £12,59412022.. £9.1. A balanc• of £3.644 was payabb to th• pMIn schomo at tho balance ¥heèt dat• (2022: £1.1551. Thg ponoJn eXp8n IB 8loc41l to •&i4itses ld on the want fund¥J dhil t(Avard• thos• #di•$. OPERATING LWE COMPATMEirrs Al 31 Dmber 2023 Foundat had cornfr to make ftrtuf• nmrlmum l••w p•ym•n18 ur YMM4ancelbable Operan9 lea as fdbxs". 2023 2022 Not14tw than 1 year L•ltrr Ih8n 1 y and not latw th•n 5 yvrs Lal•r than 5 y 3.936 4,800 19,21KI 4.800 20.400 27,•36 28,928 The l•as• P8>Tn•rts bgon rgGognis•J u an •xp•nM In tho Stolgmgnt of Finandil 202J 2022 Cpofating ren 3,726 4.232 P89e 30
CLORE DUFFIELD FOUNDATION NOTES TO THE FINA14CIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 25. RELATED PARTY TRANSAcnoMS 08me Viwen Duffl&k4 and Oawd Harrel are both Ttee$ of Cbre Leadership. Dad Harrel 18 also Truste• of Cb)re Sodal Leadef5hy. Both ar• r•gist•r•d charitses. Grant expenth.luro to Cbre Leader6hip this Or was £230.1 (21Y22'. £280.(MJO). of whth £230.CI)O romam p8yable at the -On 12022.. £280,CO)I. Dame vN DUffi its a Truste8 ofthe Royal Opern HoLNe Covent Garden Foundatknn and Chalr oftho Royal Opera Hou$e EThJwnont Fund 2c, are bth r•gist8r8d CharItS. Included vAthin the grnnls ewnditw¢ this year 1$ £1.K1,c(j 12022.. £1.5CQ.IJOOI reknting lo thè Royal Olra Hou8&,' £1.500.000 {2022.. £1.5w,orKJi wa8 outs1dI)g at the r-and. Thls fom)s part of g MLAter mm6tmenL Dam8 VNi8n Duffleld 18 a180 a TNStee of ths Imrial War Museum Fc¥Jndallon. Dwing 2022, no new mmrtments 12022: £200,C) w¢r• mad• lo the Imperial War Museurn and no ¢ommitsnonts wgre pabIe 81 th• arr#I(2o22.' £200.(). D•n• Vivion Duffith and M•l8n6• Ch)m arn honor•ry members of the Tate FouDd4ts'on. Durfng 2023. £30.OCQ {2022'. £30,LIJOI wa¥ ¢frn6tt•d to th8 Tate FourKl•lkn: £30.LXKI 12022.. £30,000) wos landing al th• 4nd. Ogme Mvlgn Duffield 18 a Twstee of Roc• Ag#trrfl O•mentl•. t)urfng 2023. £25, ¢ommM8d 12022.. £25.CW>,' £25,CW was oulstandbng al tho y88fryend12022.. £25.000). OrAn• Duffield Dabryd aro both TnJsto9• ol Mi55 V L Ckr•'$ 1987 Chwllabl& Tru81. Drj 2023. £10.408 Inc4Th0 wa8 reco14Yd from th• Tnrnt12022'. £383). Dame Vwn Duffi•ld 18 a160 a InJ8teg ol Grarvjo Park Opern. During 2023, no grants werg fflado to Iho ¢hwty12022.' £80.0). balart• was tyJl$t•yn9 al th• y8ar4nd. George ffield. son ol Dame Duffield. ra ihe found•r of the 81u• Marlne Foundation, which rKeived grants in the of £S.C¥J)12022.' £5,Cth). F&) balance wa8 outstsTrJing 81 thg year-end. Arab•l8 eld. dAugPrt•r ol Oaffl• VTriDn Duffield, 1$ a Trusteg of Clor• SoL¥#l Leadership I Above ICK Iran88¢1iw in t y8ar} and V7c• Cholr of the Chldrwl. No grnnls wor• made lo Sa% the Chlldren durlng the year12022.. £35.c). Ceoly Engle (wlle of Jeremy Sdl30n 15 an OMF of Anna Freud Contro. Durfng 2023, £25.(1)O (2022.. £25,OCKJ) w•s ¢OMmrtt, ofwhth £25.OLKI121J22: was outstanding •1 78rnd. Jer•my Sandglsw is a trustoe ofth• &ke Pmi8¢1. 2023. £35.OCKI12022.. £25,OW> was c•mmthd during the yoor. £10,(KX) was CAA8laThng at the JYar-eTra (2022.. £NIL). Henry Wyndham is alw a thisle• of thg knpgrtal W¥ Mu50um (pknase see •btsve fc* transaction5 wilh th• Muwm). During the ye¥r, told donalion8 frryn truslws •m(ted to £31,,000. Tharn w8 no condthons attached to these donations. Page 31
CLORE DUFFIELD FOUMDATKIN NOTES TO THE FIIIANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIJBER 2023 26. TAXATION The FcdmdallC Is exempt from tsx as all its incnme is dwi18b and 18 apF4ied for charrt purpxes. Page 32
CLORE DUFFELD FOUNI)ATN)N NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 27. SCHEDULE OF GRA14TS IAADE The h'st of grants bkn rUd•S amounts paid and •Mnts bul W•11 ¥t th• y•ar 2023 2022 Grnnts to In•llttrtloM rnlOnp to Ath, •nd Educ•tion Almlda Theatr• OD 100.000 12.01 5.000 100.OOQ 200.1100 At The 8us Bluo Marin• Found8tknn Brf8tol Zoologkal Stt CoUrtaUj Instllu Elia$ Ashmd• TnAI Garden Mus•um Garsinglon Opw4 GIdebone Ath Tmst Grange Park Opera Hislort Royal Palxe8. Ki¥JI1)n Palx¥ Imp8rlal War IAus•um8 Kfjnslng P•l•c• K•ttl&'s Yard London Librory London Symphony Orthe8tra Monchgsler j$h Mus•L#n MU¢ M8Sters Nalional ArchNe$ TTU81 Nalional Gok$ of Scdand Nalonal G•hry Nats'onal Museum$ Lr4erpool National Pots¢ Gallwy Nglonal Thgatre Natural HlstLYy MLvum Orch05tras for Al Oxford Instilute for POpubl)n Ag•iNJ Paithy Musuern {OneRen) Porthrn0 Museum ol Gk)31 Con¥nwlGgtK$ Prince's Foundatm Royal College of Art Royal Dmwng &¢X Royal Pl)rtj11urd Sct*ty Royal OFera House 90,000 eo.000 11JQ.fjOO 200,000 200,000 37,600 5.000 150.000 5.000 100.000 10.000 100.OOD 60.000 S00.OOD 15.OOD so.00 f 00.ODO 200.ODD 1W.IJOD 25,0(K) 93,434 65.961 100.QIMI 6,SOO 25,OCQ ,oco 60,0 f,000 80.00 2&00fl 1.0170,000 1.1y)o.o Page 33
CLORE DUFFIELO FOUNDATKXI MOTES TO THE FINANCIAL STATEIIJEKTS FOR THE YEAR ENDED 31 DECEMBER 2023 Royal Opera House CoNTnt Gard Foundabon Royal Opern House ROH Devehwn•nt Tntst Satwday Club TNSt Soulh Lorthn Gakry St cumbkI'S S1 Tale Four¥Jation- Tate The Art Fund The 81iti.sh Library The Gla3shouse IntOma C•ntrg fcrf Thè Kkn8 Fthmdalkin IPrh)c•'s FwrWJalK> Theatr C Trent Park Tumer Cont•ffw•ry I1(?)M Theatr• V8A Eajl Stornh¢th• Wallacè Coledlon Watts GaIry W•8t London Zono Young Mlon$ Swnphony OrGh•stra 51KI.000 500.1 80.(K 15,000 30,000 1411.230 5,000 20.000 1211,000 60,000 100,000 So,0 lo,)0 26,000 200,000 22.570 20,OOQ 30.000 s,009,J68 3,200,724 ¢Jr•nts to In•titsrtlw r•latlng to L••d•rnhlp Trnknkng Clorn Lead•rshp Prowwnm 230,ODD 280.orL) 2JQ,DQO 280.000 larnnts to In•tsthrtloM to HMIth So¢l•l C•v• Anno Fr•ud Centre for ChJr•n & FarniliDs Jewi$h Cwe Mede¢ln$ Sons FronJ•r•s Pr18dla Bacon Hogpko Race Agalnsl Dgmgnllg Sa¥• th• chdrnn Fund 25.000 26.000 25,OCiI 75,OCiI 50,000 25,000 35.OC#) Is.000 SmArt wo Chartty Thè Biké Prqect Turquoise Mounthin 30,000 35,000 60,000 25,0(YJ I.000 235.000 Pag¢ 34
CLORE DUFFIELD FOUNDATIOII IIOTES TO THE FIIIAMCIAL STATEMEtr FOR THE YEAR ENDED JI DECEMBER 2013 Grnnts lo Institulknm rnlatin9 to Jewith Support Communty SgQbrity Twsl ,000 Total gTrnts mad• 6.$09,311 3.745.724 Page 35