arlty numb•r. 1064412 CLORE DUFFIELD FOUNDATION TRUSTEES. REPORT AND FINANCIAL 8TATEMENT8 FOR THE YEAR ENDED 31 DECEMBER 2024
CLORE OUFHELD FOUNDATION CONTEiir8 R•f•MTre• Admlnl•tr•• D•tsM• olth• FodlIOn, NB Tnth• and Advl••rn Tnt••s' R•port Ind•p•nd•nt Audltorf• R•port on Ih• Flnan¢hl St•t•ffl•nts 8-11 8tstsm•rt ol FInIll Athlll•• 12 Sh••t 13 St•trtrm•nt ol C••h Flow4 14 Nots• to th• FIMn¢l•l 8tst•m•nts 15-33 Sl•t•m•nt of Fln•n¢l•l AclMtI•• 13
CLORE DUFFIELD FOUIIDATION REFERENCE AND ADMIIIISTRATNE DETAILS OF THE FOVNDATIOII. ITS TRUSTEES AND ADVISERS FOR THE YEAR e14DED 31 DECEMBER 2024 Tru•l•o• Dama Vivien Louls• Duffleld DBE MB Melanlo Sarah Jane Clorg Mr Jam•8 Paul Hwding Mr Davld Teren¢e Dlgby Hafftil Mr Rlch8rd John Oldfield Mr Jeremy Voughan Sande180n Cth•rfty r•ght•r•d numb•r 1084412 Prfnclpal offlc• studlo 3 Chg18ea M*nor Studlos Flood Stre London SW3 5SR CN•l•x•¢ullv• offlc•r Kate Bdlamy Bank•rn C Hoore & Co 37 Fleet Str•at London EC4P 40Q Sollcltorn Moira Protanl 72 Woodboum• Avon Bfighton 8N18EJ Ind•p•nd•nt •udltor •nd Pelern Ewhy & Moo accDuntsJnt Sollsbury Houa• Slation Road Cambddgo C812LA Page 1
CLORE DUFFIELD FOUNDAT1014 TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEIABER 2024 Tho Tru8tee8 thelr rumual roport topther Thllh the ffinondal 8lat•rn•rts of the FouThlallon for tho year 1 January 2024 to 31 Oecemb•r 2024. Rthn¢e and admlnl$tr4tlw hrformallon s•t oui on pag8 1 f¢xms part of thh reporL Tho fffiandgl stat•m•nts o)mpty wlth wrrent slalutory requlrements, th8 Foundatlon trust deod and the Statemert of Recommended Practlr: ACCntIng qnd Rgporti•vJ by Charittes preparwig thelr accounts In accofdance wlth tho Flnandal ReportirvJ Standard applrcablo In th8 UK and Republlo of IrelaThl (FRS 102) (Second edi¥on Octob•r 2019 - eff•ctlv• 1 Jarwy 2019) and tho Char1tt08 Act 2011. Th18 mport covern the twenty thlrd full ar ol ¢)perallon for the CIoTe Duffield Foundallon. whh was loMd in DOc•mr 2000 fr(Hn the merger of th• Clore Foundollon arKI tho Vlvlen Dufflold Foundatknn. Tho Clore Founda11( was establshad In OGXober 1964 by tho lato Slr Charf•8 Clor•. HI• daughtsr, Darno VI0 Duffd, becamo Chalnnftn of th• Foundatlon In 1979 And mal•d her own in 1987. The priorltkn ol ftrnr Foundotths remain prlorfll•8 ol th• Clorn Duffl•ld Foundatlon. OBJECTIVES ANDACTMnE8 PuTroM• and alm• Tho object of th• Foundatian (1$ 8•t out kn th8 oovemlng Scheme 0122 Docomber 2000)1• lo bM•frt such eharlllos and uch charftobh purpo8•t a8 lh• TnMfee& nMydetem7hM'. The Found•tbn Iport• UK ¢harttles worklng In th• art8, educallon, •oclal w•ff8r• and h•ath. Th• Foundatlon enhances Jewlsh culiuial Ill• Ihrough 8UPPOrt for JW3, the Jewl8h art• and comunlty Centrn In London. Its work f6malns f¢oted In Iho charllobl8 comnlMénts of Slr Chart•s Cl(Ye and hls d•ught¢r. Dame Wn Wfield. Includlng: 0•W1n9 programme• and parlnof•hlP• lo ¢r•at• opportunlll•s for p•opl• Ihrough art, ¢uAuf• and herllago in the UK, Artlsllc lahnt 6houkl b• nurlured and supported whol0r h sts and &v••rn kn th• ¢uliurnl Sedor Should open to all. Supporllng new and 6x1611ng Clore Leamlng Spac•8 lo ensure ¢hlldron and >Ung p•oph In p8rtlcular have the chan¢• to bpngfft from art. ¢uttur• and h•ritag• and lh• Iniplratlon, knowl•dq•. Joy and w•lb•ln9 thèy brlThJ. En8wlng Iho knportart oroanllallons eml•d by th• FOUndOn conllnu• lo b• Strong. Impxlfvl and reslllert Taklng a th)U9hfful and strateglc approach to kyant-maklng In tho vAder charl•ble s¢dor, vAlh an emphasls on nimble. fr0rt4ne Charbtieg do11n ehonge to peopl8 mo81 need11. Thg Dlreclor Tw•teffi rev1 grit monitothg reports (submed ty gr•nt r•¢1p1ts) at •ach Tru•l•• maotiig. Thls alows progross to ch•d(éd agaln8t the planned ale* oulln¢d In the origiMI grnnt applI(lon and gnablas Ihem to monlior Ihe of publ1¢ b•nefft belng &hl•v•d through Iha donatlon. Tho Trusts•8 have refeThed lo the guklance (x)nl•ined In Ihe Charity Ct)mmlMlon'8 gon•ral wldanc• on publlc b•nefil when rovl•wing th• Foundatt,& alm$ ond oblethes arKI In plannlng Its firtU adlvMi8s. In partIhr, tho Tw8tses conslder h(MT plannod actlvllles wlll oonlrtbule lo the alms and obJodSves ihal have been Bel. The Tru6te•s ha consldered Ihls matter and nCluded.. That the aims of the Foundatlon conllnuo lo be ¢harStable: That Ihe aims and ts work done givè id•ntifiabl8 benefits to the dwrllabl8 s•¢lor aThl both Indlre¢tly and lo Indl¥ldual$ In need.. Thal th? benefils are for the publc, and not unrnasonabty restrlcted In any way and ¢ertalnly nol by abiltyto pay., and Thal Ihore Is no detrimert or hami arlsing from Iho alms or aclMtso$, Pap2
CLORE DUFFIELD FOUNDATION TRUSTEES, REPORT {COPrnNUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 The lollowiNJ section of th1$ report 'A¢hi8vements and perfoanCe, Bets out Ihe Clore Duffiald Foundatlon'$ obiectlvo8 and reports on Ihe activty and succe8808 in the year to 31 Dec4rnbef 2024, 88 well as explalning Iho plans lor the ¢uThent flnandal year. ACHIEVEMENTS AND PERFORMANCE 60th Annlv•rsary Tho Clore Ouffield Found8tion. orfglnally •stabli5h¢d 88 the Clore Foundation by &r Charfes Clore In 1984 ebrntsd Its 601h annlveFsary tn 2024. This miteston• w8$ marked ¥Alh a spedal event al the Royal Opera House on Monday, 3 June 2024. honourkng tho Foundallon's work and its many grante85 and programmes. Attendees Included leaders frorn the UK'S ¢ulturnl sector, artlsts, muslclan$. danrts, Clore Fellows. aTr d18tlngulshed figures from polMi¢s and dwc Ife. The •v¢nt provlded a unlquo opportunlty to rellecl on the F¢undatlon's Impact ovèr the p•$t $lx decades. To Commemorate the oc¢a$lon, Dame Vlvlen Duffleld annowKed a £30 mllllon donatlon to the Foundallon. Additionolly, major Inter¥iew$ wilh Dame Mvien Dufvld wore featwed In The Financlal Times and The 71mes to mark this signlflcant anniversary. Gran14dak*ig in 2024 The Foundallon awarded grants lotalKng £8.261,989 10 35 charltbes in 2024. Thi5 ropresents an IrKrea8e In fundlng lev91$ Compared lo recent yaaf8, r•floding addltlonal resources made available through Dame WNlen Duffiekl's donation. improv¢d investment perfornianco, and a focus on new strateglc priorltles. Nolabla Projects Funded in 2024". Clm Garden at Tat• 8rftaln In 2024, the Foundalron announcod its support for the ¢re8tion of a new publ1¢ garden al Tate Br6taln, The profvct,18d by the acclalmed Tom Stuart-smlth Studlo In collaboration wNh Feildon Fowles,18 belng dellvered In parfnerdhip ¥•ith the Royal Horticlural Soclety. Thi$ now green ypace on Mlllb•nk will bg accesslblg lo all. The Foundath)n's relalionship wSth Tato Brllaln dates back to 1987 with the openlng of Ihe Cl¢xe Gallery in memory ol Sir Chartes Clore. SetrK)ol Trlp$ Grants Latsr In Ihè year, the Foundation laundwl a new grant s¢hème to support SCA01 trlps and oducallonal experien¢•s. In pllot year (202>26). th¢ FwndatKJn will Invest up to £1 mlllton in th8 progfamme. bonefiting 10 $¢hoolg h Blackpool and Comwall, The fun¢Jng wlll support visits to museums. gallodos. thoalr•8, and herttage 8ites, 98 well as outdoor actlvldes such as hlklng. kayaking, and explorlng rural and vrban anronments. Ch)re Leamlng Spaces Sèveral new CIoTe Leamlng Space8 opened Ni 2024. offértng enhanced opportunities lor learnlng and engagement wlth the arts. culture. and herftage. These Include spaces 81 Kenslngion Palace, the Natural Hl8tory Museum. and Garslngton Opera. The FoundatSon also provrded fundlng lor Clore Leamlng Space$ at Engllsh Herltage'$ Stonehenge. the Royal Observatory Greem¥lch, the Barber Institute of Flno Art8. Nor4¥i¢h Castle, Chi$wl¢k House & Gardens, Ip$wl¢h Museum. Heroford Museum & Art Gallery. and Trowbridge Town Hall. braa8 re also expllcluy Included for Ihe flr8t tlme, with successful gppllcatlons from Exeter Library and Holborn Llbrary. Séveral exlsllng Clor• Leaming Spa$ recelved 'FIt for Ihe Future, funding for rofurbi8hm8nt. Indudlng Manche8ter Art Gallery, Watts Gallery, PK Porfhcumo. The Roundhouse. Zoological SOC London, Turner Contompofary, and Th• Etches Collection. Further openlngs are scheduled 101 2025. Includlng at the Nallonal Gallery, The Old Vic. vaA Easl Slorehou$o, Norwich Caslle, Palsley Mjseum. Theatr Clvryd, Ipswth Mus8um, Exetèr Llbrary. Trtrwbridge Town Hall. and Holbom Lknrary. The Ark Clore Duffield Cultural L8aming Programme In partnwship wilh Ark SGhools. tho Foundation is developlng a new approach to arts educallon in Mulli- Page 3
CLORE DUFFIELD FOUNDATION TRUSTEES. REPORT ICONTINUEO) FOR The YEAR eNDED 31 DEceMBER 2024 A¢adèmy TnJit8. The pllot y•ar1202M4) focu8ed on lour xhools In Hastlngs. ith lthe wogrammo expandln9 ttty Portsmouth s¢hool$ Sn 202M5. Th0 inlllatNè alms lo énsuré •v•ry child has m¢anlnghd acGe8$ 10 arts, Jllwe. and haiilage. By Juty %)27. Ihe goal18 lo •ngag• •ry Ark 8chool in al least two cullural partnershlps. Th• prografflme also In¢lude$ a blannual National Arts F•stlval celebrating sludonts, a¢hi•¥ment8. Art Fund T•ath•r Fdl¢Mshfps Lwnchod In 2024. thls partner8hlp l)glween the FoundatSon and Art Fund pmvkl•s i•(x)ndary 8thoc4 toachern with fijly lund•d 1o¢ondm•nts lo mus¢um5. These felhx8hlps alm Io 8trengthon engagam8nl be10n SCI01$ and mus•umB th Clor• Leamlng Spaces, •nrlchlnq ¢urTIcuM loamlng and fothrfn9 do8er couaboratlon between tho educatlon and culiwal sodorn. The InltlatSve lId8 on r•searth ts)nd In 2021-22. whl Id•nI1fi lo t•ath•r •ngAg•m•ntwllh mUum9. Perfomilw Art8 Notknn81 Satuth Club The F•)uftdation Mntlnu•d 118 partnef8h¥) wllh Ih Nalbnal SatLwd8y Club to swport expansion of a Pthlng Arts programme. Thls Inttlatlve provld•8 youry pgopl• aged 1>1e wth fr•0 opportunitf•8 to d•v•lop 8kllls In adlng, dance. wc81 trnIn9, and production do$ign, wllh dasses led by wof•sslonal lutor8 and Industy 6pedallit8. Parlw'ynts alw lake part kn ma8lerdaf8, mujeum and galhry 811$, •nd a r.•nd show? evont. Other Ch8rllabl8 Swort The Foundat5on provkl•d funding to wveral •rt• •du¢•tlon ch•rNle8. Indudlng Dlv•rn• DanrA4 MIX. Good ChaThx Theatre, and Art Hl8tory Llnk-up. Adolllonal giants 8upporfgd broador iniliative8, wch as the OXId Inslilule of Popukn Ag•ino Ro¥. Onty)Ing conllwed for Tho Royal Op•rn Hous•'8 '0p•n Up, Prca aThl Its 'Recory Fund lo mftlgate finar1 loM•i lo the Covld-19 pandomlc. The Foundatlon also malntakn•d lundlng for th• Kantor C•nlr¢ for ExCellrA at the Anna Fi•ud Cantr•. Smart Wofks (supportin9 women Inlo ¢mploym•nt), and The Blk¢ Prolod (a881ithng r•thJg•j. Found•lknn InMallv8• Clorn Leadornhlp E8labll8hed by1 Founthtlm In 2iJ)3, Clor• L•adew8hip i• r•cognlaed 88 onè ofth• worfd'8 l•adlng jnUr41 loadernNp pr+2gramm•s. In 2024, the Foundatlon ¢ommltt•d to IoDtrterm fundlng. ofKI Oame VIVI Ouffield was appotnted Lffo ProBldenl, ePpI down from the 8oard. Truil•e Davld now reprnsents1h6 Fourall0 on th• C Leader&h Board. JW3. a cro88-comnwnal hub for Jewl•h arti, ¢u#ure. famlty progwammlno, oo¢lal aGtlon. and 1oamln9, wa$ Inded by Dama Ouffleld wllh supp(¥t from th• Found•tlon. Since its openlng In 2013, JW3 hag eontinu•d lo pro¥klo a vlbrart w fpr communlty •ngJgoment, welc•)ffllng peoplo from 411 backgr(MJnth. Th18 report (wlline8 th• slgnlficant achSgvom•nl8 of the Clorn txrfffjld Fwndatlon In 2024. demon8tratln911$ ntwiued MnOnI lo ènrfdthng ¢uliwal and educallonal (yportuniii08 aw•1 tho UK. FINANCIAL REVIEW Flnan¢l•l p•rfomi•n¢• pmlllon For thg year onded 31 De¢ember 2024. Iho Foundation hod In(x)ming rnsources from voluntwy sourc•$ and Invo$tments of £670,229 12023: £31.839.987). Tha total •xpend8d was £e.712.701 (2023: £5,7.445>. At 31 Dac6mber 2024. not a8$d8 amowd to £84,$52,58212023: £62.888,575). Thr¢ughoul 2024, lh8 Foundatlon donaled a total 01 £6.261.988 (2023: £4.785.578) to 35 (2023: 40) 0rganlsall0. Th1$ tolol Indudes bolh amounts paid oul In th8 year and amount8 ¢offlmltted but unpaid at Ihe year end. The list of donatloni In 2024 1$ dls(*08•d in note 26 Of1 fin¢11 st•twn•nt8. Page 4
CLORE DUFFIELO FOUNDAT TRU8TEE8' REPORT ICONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 The grant liabthty has be•n restated lo reflect tho full liabmlty of Ihe grants awarded, both annual and MU1ar, demon8tratlng tha Foundation's ¢ommllment to ils granlees. Trustees continua lo und8rtaka an amual review ol mulliear grants to ensura that they are progrosslng satisfactorily. More dotail Is sel out In the Accounting pollciès. R•s•rvu poll The Trustees hav8 not adopt•d a quanllfiable r•sarves poll¢y In 2024 because of the high level of unr8slrlcted fvndg held. The flnanelal siluation Is reviewed at each Tru8tge meeling to ensure ttbal f0Thrd commitments and office costs can be met for Ihe for8se8able future. If Ihe level of unrestncted rn8•rves 6hthJld fall (x)nsl¢lèratty then Ihe Trustees would ¢onslder and Implement a quantifiable reserves policy. Golng conc•rn After maklng appropriate enquiries, tho Trust8•8 hav• a reasonable exportatknn thal Ihe Foundation has adequate wesources lo conllnue In operalional èxhtenL for the foreseeable fijture. For th18 reason, Ihey contlnue to adopt the golng concem basts In pr•paring the finandal $tatsmenls. Further detall8 r¢gardlng the adoption of the golng concam bas1$ can be lound In Iha a¢¢ouTrtry pollcles, Prlnclpal rb•k8 and une•rtalntt•• The Trustees have rwl8wed the major rl8k$ to which the Foundatlon18 ¢xp¢$ed, particulftrly Ihoge relaled lo Ils operatlons and finances, The TtU8te8s have giv•n conslderallon lo Ihe appmprlate policle$, prOcef and systems to mlllgale Ihe Foundallon's exp08ure lo the major dsks. The rnaln Ilnancial risk faclng the Foundatlon Is the potential for th¢ investments to decrease In value, Ihereby r•dudng Ihe lunds 8vallable ¢urrenl and future grant maklng. Thls 1$ miliolted by tho Inve8lmenl approach of Iho managers which is fo80 on awjldlng 1088e8 a8 muth as Is r•asonabl8 and ¢ompatiblo wlth •¢hievement of a satlslactory relurn and by Tru8te85 rec8Mng monthly rgporting on tho portlollo's performance. The rran1 portfollo Is dfver8e and is reviewed al eath Trustee meeting. Inv•stm•nt poNcy and p•rfomi•n¢• There ar8 no rèstrfthns on Ihe Foundatlon's power lo Invest. The Inv•itm•nt ilratagy18 t by lh¢ Trust00S ond reVIed on an annual basls, Th• Trustees con$lder the scale of lh• Foundalion's pro$pe¢llvo grants and Ihe Investment risk profilo, lththln an overall poliw Ihat takes a(xount ol tho period in whlch the 418elJ of Iho Foundallon may be fumy èxpended. The Trustè8s dècldèd. followlng a substantlal donation to the Foundation by Dama Vlvlen Duffleld In 2023, that the FourKlallon had sufflcl8nl 888ets to enable St lo18ke a longer tem view with a portlon of Its Portfollo and thus to Invest more In equities. The majorlty of the donation recelved In 2023 was invested in the Lansdowne Developed Marf(ets Fund, 8long8id• exlsllng Inve8tments In the Trojan Fund and the Laolude Horlzon Fund which take a more con$ep•allve 8tance. Duflng the year, In addltlon the malorlty of cajh held was invesled. Ihrough Cazenove, In a Llquldty Fund. The Trustees ensure thelr Inve$tm8nts are managed ro8ponsibly by worklng wlth Invéslment managemenl ¢ompanies whlch are slgnalorles lo tha Unlted Nallon's Prlnclple8 for RMpon5ible Inve8tlng and tha UK Slewardship Code. The Foundatlon seeks the b88t financial retum within an acceptable 18v81 of risk wen the tlmg horlzon of 10 years. The Investment obj¢¢tive1s lo athieve a total retum from income and ¢apitel growth. bul wlth moderote volatilty. The Tru8lee$ ensure Iheir investmfjnl$ are managed responsibly by worklng wllh Investment management companle$ which are slgnatorles to the United Notion's Prlnclples for R•spensible Investlng and the UK Stewardshlp Code. Overall. Ihe Foundatson'g investment portfolio made a 13.6% return in 2024. Page 5
CLORE DUFFffLD FOUNDA710N TRUSTEES. REPORT {CONTIMUED) FOR THE YEAR ENDED 31 oecEM8ER 2024 STRUCTUR4 13oveRNAMCE AND IA•JIAGEMENT ConlltIOn The ch8ntywas estabtlth¢d, and Is govorngd. by o thartt4blo tNst de•d f0m1alld on 22 D•(wnbef 2(KlO. Dom• Vivien OvfReld18 Chalmian of Ihe Clor• Dulfftald Foundatlon along8lde ¥0 othw Trustw8. Al the slart of 2024 Ihe Foundalkjn had Iwo memlJ¢r8 016laff. a Dlrodcrt (Kat• B•llamy. fUtIme} and an Offlca Asslstant {Carolh Rolf. part41me). kn N0Mb•r 2024 Ihey weré Jolned by Cara Wlllarns In tho now Post of S¢hods Programm• Manager. The Tnmteos meel at least l¢e a ar lo award grants, Ihe inve8lm•nt portlollo and ¢on8ld•r Ihe 8dmh561ralEon of the Foundatkjn. All gr4nl ward d•chloM w• tak•n by the Tru•t••s. All Inv•8tment d¢¢lslon$ ar• tskan by the TnMle88 upon th• adv1¢• ol Iholr Inv0ment m•n4•rn. M•thod• ol appolnthnt or •l•¢Oon ol Tht••• Tha Foundatlon Srth8mè all(& o)ntlnulTrJ Tru8lee8 to appolni addili¢nal Tru•lees wrfh th• mlnlvmm number of Tru8tee8 boin9 thrn• and lh• nMKlmum numb•r of Tru8t•os fow lh• Foundatlon lo nln•. TnMt•• Inellon and tralnlng TfU•teos would be supporled by Ihe expwknnced Trustees and synd tlmo wlth Ihe Dlrnctor and staff ofth• FoOI10n who w(yJld make avalable all Ihe file8 and Infommtion Aboui th• Found•tlon. Arrangem•nls would bo made for to VI w9inl¥•lion$ sUprted by th• Foundallon. R•muMrnU•n polbGy lor k•y m•nAg•m•nt p•rTh•1 Slaff ularfes are 801 by the TruJte¢$. The loval of r•wn8lblllty. lenglh of g•Nico of lh• po8t-holder, aThl ularl•i of comparablo rfA•s In m1•r orgonlMtknn8 ar• all l•ken i0 a¢nI whan consklerfn9 salary10¥oh. Qrnnt nmklni poll¢l The Foundatlon does not adopl a rlgld appmach In tsrm8 of the crfterla ftjf ll• grant maklng. It do•J nol a¢p1 or proc•ii uniolldl•d appllcatlon8. It doe8 not dlre( fund Indl¥klu4h. R•dplentB muit by UK reglstered and wllh orftalJl• 8tatU8. In 2024 It contlnued to fimd c8pStal redI10Pments a partkular empha8 on suppthng Cloro Loarnlng Spa• v4itrAn ¢ultur•l WWl8aJon8) a8 weN as projoct, programm• and r•v•rw• fvndng. Fundr•l•lng As an endowed loundallon. Clor¢ Duffield Foundatim dou nal gngag• in pth4J¢ fundral8kng and do88 not Use profeislonal lundrnli¢r8 or commer¢lal p4rt1dpatorn. R•lat•d p•rty rnl•llon•hlp• A number of related party tranMcllon$ look plKo durfrvJ Ihe year: lh ar• d•talled In full wtthln nol• 24 lo lh• amIl. Pknn• lor fulur• p•rlod• Plans for 202S Include ddvery ol Ihe first pllot yeaf ol Ihe 8Ghool trlps gr•rf$ pllot. worklng wlih schools In Blaw and Comwall. Dellvgry of the new Clowe Garden at Tate 8rltain wlll get underway. Th• Afk Clor• Duffield Cultural L8•mlrwJ Programme wlll extend to 6chocA$ In Blrmlngham. knd sovaral now Clorn Leamlng Spa$ WM opon. In(Jdlng at Ihe Nallonal Galiw, The Old Vlc, V&A East Storthou80. NobvAch Caltla. Pal81oy Museum. Theatr CPyd, Ipswi¢h Mus•Jm, Exeter Liblary, Trowbrldge Town Hall and Holborn Llbrary. STATEMEiif OF TftU8TEE8' Re8poN818ILITIES Th• Tru¥tegs are we¥pon$lblg for preparlng tho TNstee$' R•wt the financi statThnts In accordance w appllcoble Iw Un6ted Kkngdom Accounllng Standaril$ (Unlled Kingdom Genernlly Acc•pted A¢untIng Pradlce). The law appltGab to charlties in Entyand & Wales requires the Tru&tee8 to preparn Ilnanclal statoments lor •a¢h fjnandal y6¥ whKh glw a Iru8 and falr vlew of tho stato ol affairs of thg Foundatlon and of its in¢crfrdng Page 8
CLORE WFFIELD FOUMDATIOII TRU8TEES' REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEM8ER 2024 resowce8 appll¢allon of r•8ource8, IndlIng Its Income and ¢xpendlturo, for thal period. In pryrlng I•e financlal sta•ménts. the Tntht•68 are requlred to: 801•cl 8Ublab accountlng pollde8 and then appty thom Con$t¢n11, observe the methods and prfndples of the Charftles SORP (FRS 102): mako judgments and accountlng estimats$ that af¢ rnasonoble and prud•nl," state whether appllcable UK Ac¢ounting Standards IFRS 102) have been followad, wbJe¢t to ary material departUrn8 dS5th8•d and oxplalned In the Ilnanclol $tstement8,' prepare the finandal statom8nl8 on the golng concam basls unl•$$ tt l• Inapproprlale lo pre8umo that the Fo18t10n wlll conlinue In bu8inoss. The Trustees ar• r•sponsblo ft)r keeptng proper accountlng ra¢eKd$ that am sufficient to shtrw and expl4ln the Foundallon'8 tran88Ction8 and disdo8é wlth r•a8onable aCra¢Y at any tkna the ffinandal p081tlon ol th• Foundatlon and enable them to ensur8 that the flnandal statérn•nts comply wlth th• Charities A 2011, th• Chwlty (Accounls and Report$} Regulalion$ 2008 and the pmvl8lon8 of Ihe Trust deed. They are olso responslble for 8afeguardlNJ lh8 aisèts ol the Foundation and h8nc lor taklng reasonable 8leps for the evrtk>n and d•to¢1ion ol fraud and olhef I8r1116#. Dl•clo•ur• of Infomiatlon to •udltov• Each ol th• p•raty who are Trustee• al the Ilme when th18 TnJ81e•8' Report18 approvod h88 ¢onfimed thil: lo f •$ thal Tru8te• Is awaf•, thgrn Is no relevant wdrt Infornlatlon of whith the Chaiitl8 audtors are unaware, and Ihat Trusteo ha8 taken all the 8lep$ Ihat oughl lo have been laken as a Trustee In order to be aware of any r•l•v•nt audil Information ond to •JtablSJh that the charftyes audttors aro aware ol that Inforrnation. Audltov• Th• 8udttors, Palafs ELworth & Moor•, have indid their willngnos8 lo ¢onllnu• In olke. The deslgnatsd Tru8t••• wlll propoM a motlon reappolntlng tho audllorb at a meoting of Ihe Tru810•8. Apprevad by order of th• rnembgrj of tho board of Tnte¢S and slgned on thelr behalf by: Dam• Vlvhn Loulm Duffhld 08E Tru•l•• Date: IJ-I Lzf Pay7
CLORE DUFFIELD FOUNDATION INDEPENDENT AUDITOWS REPORT TO THE MEMBeRS OF CLORE DUFFIELD FOUNDATION OPINION Wè havo audlted tho financlal stal•ment8 ol Clor• Dufflold Foundatlon (the 'chaflty) for Ihe year end¢d 31 DKembgr 2024 which comprf8e the slatem•nt offlnanclal acllvili88. balance Sheet, ststement ol ¢a$h flow3 and noles to the financlal statemenls, Incluthng 8ignlff¢anl 8¢counllng policlos, Tho financlal reportlrKJ framework thal hai been applied in Ihelr preparati15 applicable18w and United Klwdom Accountlng Standards. Indudlng FRS 102 Thg Flnanclal Reporting Standard applrablo In the UK and R•publlc of Ireland (Unftad Klnodom Ggn•r41ty Aixeptod A¢coLn9 Practice). Th• finandal statements have been prnpared In accoidance with Aco)unllng and Reportlng by Chwitles prwrfng their o¢counts In accordancè wlth the Flnanelal R•portlng Standa$ appllcable In th8 UK and RePUbC of Ireland (FRS 102) In pr•fer8n¢e lo the Accounllng and R•portlng by Charfll•$: Statomenl of Récommendod PraGIIcè issugd on 1 April 2005 whith 1$ refeffad lo in the •xt8nt rngulations but h88 bean wlthdrAWn. Thls hos been done in ord•r lor Ihe accounls lo provkle a tru8 and falr eW h accordanc• wlth Ihe G•nernly Awapled AccounlSng Pracllce effectlw for r•portlng perfods beqlnnlng on or aft•r 1 January 2015. In oplnlon th• financlal 8latomenl8: Gfve a true and falr wow of Ihe st8te of the tharws affairs as It 31 Dec•mber 2024 and ol It8 Incornlng rn80urc8s and applullon ol re8our¢es for tho year then ended hav• been proporfy prepar8d In a¢cordan¢? vthh Untt¢d Kjngdom Gemralty Acc4Pted A¢counUng Practlce: and hav• boen prepared in ac¢ordanc• wlth the roquiremfjnts ol th• Charltlos Act 2011. BAS18 FOR OPIIIION We conduot•d our 8udt In accordan wilh Intsmallonal Standards on Audltlng (UK) {ISAs (UIQ) and applicabl• law. Ow rosponilbllltk88 under those standards aTe furth8r de8crlbed in t Aud6tor6' re¥pon8lbilltles for the audlt of Iha financlal statements se¢llon of our reporf. Wo ale Ind•pend8nt of Ihe charlty In accordan¢o wllh the ethlc41 requirements that are relevant to our audll of the flnan¢lo1 staloments In th• Unlled Klngdom, Includlng Ihe Flnandal Reporfng Coundl's Elhlcol Standard, and we have fulfiled our oth•r alhlcal r•$ponslbllltl¢s #i acmrdance wlth these requlrements. We boll•ve that tho aud5t evldenco we have obtalnod is iuffidgnt and apwopthate to provlde a bas18 for our oplnion. CONCLUSIONS ReLATINQ TO GOING CONCERII In audltkng Ihe fan¢[al 8tat•m•nli, we havo ¢oncJud•d that th6 trustats, ui• of the gokng concern ba818 01 accountlng In the preparallon of lh• finandal $lalernents 1$ appropriate. Ba8ed ¢n Ihe Wofk we hove performed, we have not Idenffied any malerlal uncertalntles relaling lo events or condltlons Ihal. Indlvidually or coflectlvely, may ca81 slgnlfjcant doubl on Ck)re Duffld Foundation's abllfy to conllnue a8 a golng con¢em for a perfod of al least month$ from vthen Ihe f•n8nclal statem8nts are aulhorfs•d for issue. Our responslbllitie6 and tho r•$pon8lbi11tt8G of the tN8tse8 wilh respect to golng conrtrn are desalbed In tho rel¢vant 8e¢tion8 of t15 repart. Pagq 8
CLORE DUFHELD FOUNDATI(XI IMD&VEIIDENT AUDrroR% REPORT TO THE MEIABERS OF CLORE DUFFIELD FOUMDATION (CONTINUED) OThER IMFORMATIOII The other Inlorniallon comfvg the Infornatlon Incknded In Iha truslées. annual report, other Ihan fmncial st8temonts and our aud05 report thereon. The trustees are re8ponslble for the other Infomiatlon conlalned wllhln tho annual rwrt. Our op0Th on Ihe fimnclal 6taternents d088 not cover the other Infomwtlon and. oxrApl to tho ox1ont olherwim •xpfi¢itly Stated In our rewt. wé do rK)l express any fofm of 098uranc6 concluskni theroon. Our responblty Is to road th• other Inft)rmgtlon and, In dolng so, congld•r whether the other infomiatlon Is maleriaHy In¢on$istsnt with tho llnondal statements or Ouf kno18d98 obtalnod In the coursè oflhe audit or olh8rn1188 app8ars to be mal¢rfally miMtaled. If we Identy sueh malerlal Incon8iStendeg or apparent malédal rnls8tatem8nts. wo aro requlrfrd to dalemiine whether this gives 1180 to a maierfal mlsstatemont In Ihe finondal statem8nl8 them8elvo$. If. baJ•d On lh6 woth we have perfomwd, w• concludg that there Is a materfal mlsslal•ment of Ihl$ olher Inlomiallon, w• are r•quired to r•port that facl. Wé ha nothing lo r•port In th18 ragard. MATfERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEpnoN We ha nolhlng lo rnport In rolpect ol Ihe fol1vla matterd whw• thg Charltl88 (AeLount8 and Report•> R•gulatIO 2008 w4ulr88 us to report to you If, In our oplnlon: Ihe Infonnatlon glven In the tru8l•u' anNal report IJ Incon818tenl In any malerlal resped wllh the Ilnand•l $tatwnont8,' or Sufficient aGcountl r•coftls ha not been knpt,. or lh• financlal slalements are not In agM•mènt wllh tho accounllNJ rocords and retum•,' or we h•v• not recelvod all th• inlormalion and •xplonatlon$ we requlm for our audit. RESPONSIBILITIES OF TRUSTEES As oxplalned more llY kn th• 8tstamant ol tw8t••s' respon81blKti9s set out In the Irustees. annual report, the trtea8 are responslble lor the preparation of the ftnanclal statement$ and for belng 8atlsfi8d th81 Ihey glvfr true and falr view, and for such Inlemal ts)ntrol as the Iru8t8a8 detemilne Is necassary to enable th• proparallon of finanal 8lal•m•nt6 that fro0 from fflatorlal ffllsstatement, wh•th•r due to fr8ud or fjrror. In Preparf lh• fdlanclal statemonts, the tru¥lee8 are rn8ponslble for 088e881ng Ihe thArW8 ablllty lo ¢onllnu• as a gokng nCn, dS$clo$lng. as appllcablè, matteT• Telated to golng concem and uslry Ihe going conc8m b08h of aCunts.n9 unle88 tho truslaes either Intend to Ilquidate tho tharty or to cea8e op8ratlons. or have no r•alstlc allernatlvo but to do 80. AUDrroR'8 RE8PONSIBIUTIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appolnted •8 audllor under geLllon 144 of Ihe Charltle8 Act 2011 and roport In accordance wtth regulatlon$ made under $6ctlan 154 of th•t knl. OUT otye¢t6ves arn to obt8ln roa8onabl• as8uranc8 oboul whelher the llnanaal $lalemenl8 a8 a whole are free from maleiial mlsslatement, thether due to fraud or ¢rror, and lo Issue an alit03 report that includes our opinion. Reasonable assurancé t8 a hlgh lthl of a$8urance. but13 not a guarant•• Ihat an audit o)nducied in a¢¢ordance with ISAS (UK) ahays detect a material misstatement when It ex18t8, Mlssiatoments can arise from fraud or eor and are considered matorial If. Indrvidualty or In the aggregate, they could reasonably be expected to Influence the e(x)nomlc dec181ons of users tak¢n on the bas1$ of Ihese financial slatement8. IrrngularM•$, Induthng froud, are InstanL5 of nOn.mplace wsth18W8 and rogulatlons. W• de#lgn wocedur•s Page 9
CLORE DUFFELD FOUMDATION IPIDEPENDENT AUtYroR'S REPORT TO THE MEMBERS OF CLORe DUFFIELD FOUNDATION IcoKnNUED) In In• wlth our itsponslbiKties. abow. to daLt mat•rlal m1861alements kn re4p8d of ffrngthitles, In(JdlNJ fraud. Th• exlent to whkkn our YodUre1 Jrn wabl8 of d•t0Ctlng In•gularllle8, InLKllng fraud are 1 oul b•l(w. Our apkyoxh to Idontifying and a$$1ng the rf$k8 of materlal misstal•m•nt In re¥pect of Irregularf1108. Indudlng fraud arKI rK>n compfAnce wilh laws and reguFatlon8. W88 as follows: . th• •ngagemert partnw ¢nsured that I engapm•nt tsam lI1Vety had lh• approprfata cofflpelenc4. capthlllles and 8kllls to Id8rth reMgnl8e non complia with appllcabla laws •)d re9thanl. . Idèntffied the I8 and régulatlon8 appllcable to th? charlty Ihrouqh d1•10 wfth Inmttti and h•r manogemml, gnd from kno4rt1o of (knarlty law and exp•rf•nce; ' wo ft)cua8d on 8p8cllk law8 and rogulotlong ttlch wo consklerod may hm a (•¢t mat•rfal effect on the financ4al statem•nts or th• operatlons ol the ¢harlty, Indudlng tho Charilles Aci 2011: . In Addlllon, we con8ldered provlslon8 of other lavA Ind regula11on$ thl¢h do not havo a ¢lroct effect on th• r¢181 stst•men18 bul compllanea wilh whlch n*ht bo ljndamental to the ¢hartys ablllty lo opernt• or to avold malwlal penaltt•8: • we aw8wd extent ol compNanc• wth the18w8 and wogulations kl•nlifi•d •bov• thnwgh fflaklng •nquMe8 ol rnanagement and In•p•dirvJ l•g•l ¢orre•pond•nc•; . Id•nllll•d IknTi and r•guWkrM Mmrnunlcat•d wdth th• •udli toam regularty and rnmalned alert lo Inithncrf of non cory)Ilanc• Ihroughout tho au¢lt; and ' w• r•vl•w¢d th• mknute8 of Tru8t•••' m8•llnoA lo Id•ntlfy any relarenc•8 to non e4)mpllanc• wkn laws and r•gulatlon8. W• a8808wd tha 1¢11ty of the charW8 fjnanclal 8taternonts lo mateii81 mls8laleffl•nt, includlng oblalnlng On und¢r•tandlw ol h1 fr81 mlght ooaw, by. maklng enqults8 of man8g•menl •8 to wh•r• th•y ¢•nd•Tod thern wai •uicWU)Ilty to fra1. thdr knowhdge of iclual, 8u8pecl6d and aleged traud: • nsIde Ihe Iniemal controls kn plaea lo rtlgat• rl#k• of fraud and non Compjan aftd regulallon& TO addre$s Iho rlik ol fraud through m4nagemont blas and ov•rride of controls, , ' p•rfomied analyllcal procodurol to Idenlfy any unus1 or un•xperted felatknnthpi. . wo evaluated Ihe assumoon$ and fvdgement8 U8od ty management withln 81gnlfk8nl accounllng elmOl and •58e$Jed whether these Indlcatod ovklonu Of managgment bl95: and . pertormed audlt work the ri8k of managwn•nt overrlde of controls, Indudlng testing ol adjustments for aprAoprfal•n•8s. evaluatlng the buslnes8 rationale ol sigThficant tran8actlons ¢Xrtsldo the nomal Courne of buslM$$. In ro8pon88 to the r18k ol Iwegularllles and non compllanc• whh Ind rngulallons. we dttlgnèd prOdureS whith ir4dud•d. bul wwe not MIled to: . agreeing finonclal statemert di$dowru to und•th4ng swortlng do¢umeniaiion; Page 10
CLORE DUFFIELD FOUNDATION INDEPENDENT AUCITOR'S REPORT TO THE MEMBER8 OF CLORE DUFFIELD FOUNDATIOII ICONTINUEOI • readlng Ihe mlnLrte8 of maètkngs of those chwqed wlth governanco: b enquithg ofmanag8ment 48 to a¢lual and pot¢ntial Iltigallon and dalms: and . rfftwlng any ¢airr•$pondenc• lth relev1 regulaloTr such as Charlty Comm558ion. There are inh8r•nl Mmitsllon8 In our audit proceduras d••crlbed abovg, Th• more r•mov•d that low8 and r•gulalions are from financlal Iransactlons, lh¢ less Ilkety It18 that we woukl beeom6 aware of Njn compliance. Audlllng stsndards a180 Ilmtt the audll pro¢odur•s iequlred to Idonllfy non compliance wlth laws and regulatlon to enqulry of the trustees and other mana9effnt and Ihe Inspectlon of re9910ry and lègal ¢orr•spondence, If Matarlal rn198lat8monl8 that arise duo to fraud can b• harder to delecl than those that arf¥• from orror ai th•y may Involve deliberato concalment or ¢ollu810n. A furthér degcrfptlon of our rnspon8lbllltle¥ lor th• authl of lh8 fina1 8tatements 1$ located on thè FinKlal Reporting Council'¥ webilt8 at: Y1[. . Th18 do81p10n forms pArt of our Aud*of8 ReporL USE OF OUR REPORT Thls report Is mado Bol•ly to the charitf8 trust••8 a8 a body, in accordance 88ction 144 of the Charftlei Aa 2011 and regulatlon8 made under 8edon 154 of thal Ad, Our dI1 work has been undertaken io that we mlghl jtalo to the charfttys truIt6 th0 matter8 we aré requlr¢d to state lo Ihem in an audllo¢$ raport and for olh•r purp080, To the fvllesl exlent pamilttad by law. we do nol accept QT as3uma respon8lbllrfy lo anyone oth•1 than the chaiity and the charivs trts$tees a8 8 boty, for ¢ur audlt wa, for th18 report, or for the opinlon$ w• formed. P•t•rn Ehmrthy & Moorn Charterèd Accountanlj Statutory audmo Sallsbury House Slatlon Road Cambrldge CB12LA Date,, P•l•r8 Elworthy & Moor• are ellgibl• lo act a8 auditor8 In t¢mi of sKtlon 1212 of Ihe ComptA•s Acl 20Li8. Page11
CLORE IXIFFIELD FOUNDATION STATEMENT OF FINANCIAL ACTivmES FOR THE YEAR ENDED 31 DECEMBER 2024 A? rostated Total funds 2023 Unr••trlct•d lund• INCOME FROM: Donaiionj and18gacl•s 31,480,4C In¥Mtments 670329 670,22• 379,581 TOTAL INCOME EXPENDITURE ON: CharfW)le othtt1•8 712,701 6.712,701 5,007.445 TOTAL EXPENIXTURE NET (EXPEIIIXTURE)nNCOME BEFORE NEf GAINS ON INVEBTMENTS 16,042A72) 16N2.4721 26,832,642 N•t galn8 on inv••tm•nl• 12 7,708N79 7,708All 3.387.455 NET MOVEMENT IN FUND8 RECONCILIATION OF FUND8: Total fvnd8 bIght lo0rd a¥ PreOY btated 18 69.S62.786 69M6ino 40,066.578 Re•tstefflent 18 IC676.210) (6.676,2101 (7.400.tMJOI Totsl fvnds brought loM•rd 18 81886,676 62.88WO 32,e88.578 Not movemonl ID lund8 1,668,1)07 1MM,1107 30219,997 TOTAL FUN08 CARRIED FORWARD The Slatom•nl of FlnBnclal Actiwties Irude5 all gah)8 and lo$ reGol$ed In the year. Th• notes on pages 15 to 33 form pat of these financlal $lalem•nts. Page 12
CLORE DUFFIELD FOVNDATION BALAMCE SHeET AS AT 31 DECEMBER 2024 As restated 2023 2024 FIXED A88ETS Tonga)18 8s80ts Investments 11 198M74 60.001,478 206.793 57.328,195 10300,152 57,534.988 CURRENT ASSET8 Deblars Investments Cash at bonk and in hand 14 13 105,198 2,S93.6fj2 13,174,071 112,153 5,352,91XI 10.825,131 10.872.919 16,090,184 CURRENT UABILMES Credilors: amounts falllng du• within one year 15 {SM43,918 (4,082.387) NET CURREIIT AsseTS 10,329.001 12,027,797 Credltor8', amounts falling due after moré than one •r 18 16,976,671) <6,676,210) TOTAL NEf ASSETS 6452,582 62,886,S76 CHARITY FUNDS Unra$lricled funds 64,562,582 62,886.575 TOTAL FUNDS 64.682,6B2 62.888.575 The financial 8tatemenl• wer• approved and autlK)rfsed for Issue by the Tru81••8 and Signed on Ihe5r bohalf by. D•m• Vlvlen Loukn• Dulfi•ld DBE Trust Date: I dULq lozr Tho n¢t•i on paggs 1510 33 forrn part of these Ilnanclal 8talements. P•98 13
CLORE DUFFIELD FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 AJ roitated 223 2024 Not• CASH FLOW8 FROM OPERATING ACTIVMES N•t cash (used InYprnded ty operndng actiNftI•i 19 10,917,7461 26,350.886 CASH FLOW8 FROIA INVESTING ACTMTIES Dhthlend8. Int6Mts and I18 from kwe•lments Purcha of tsnglble llx•d asseti Proce•d$ from ulo of IrN•ilm¢nts Pur¢h•ie ol Irw•8tmonts 678.266 14013) 117•4W 2,427,979 14000.0001 (20.000,n 278,425 NET CASH PROVIDED BYiiifdED IM) INVESTING ACTIVrnES 6,IM 117,293.603) CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR Z.541•40 9,057,083 10.624131 1,668,048 Cath and ¢oih equlvalenls at the boglnnlng ol th• year CASH AND CASH EQUIVALENTS AT ThE END OF THE YEAR 20 13.174071 10,825,131 The not•1 on pao41 1 S to 33 loffrt part of t8• Ilnanc4al •tal•m•nts Pag• 14
CLORE DUFFIELD FOUNDATION IIOTES TO ThE FINANCIAL STATEMENTS FOR IHE YEAR ENDED 31 DECEMBER 2024 GENERAL INFORMATIO Tha Clore Duffigld Foundallon Is an unlncorporal•d charity reglslered vAlh the Chaiiiy Commisston for England and Walas. The reg18tsred offTh addr•881s Unlt 3. Chel$•a Manor Studlo8. Flood Streol, London, SW3 5SR. The funcllonal and preaenlatlonal currwry18 GBP. ACCOUNnNG POUCIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMEPU8 The finandal ststement• havo bgen prepared In accordance wilh the Charltle8 SORP (FRS 102) - A{UntIng and Reportlng by Chaiiles: Statsmont of R•comThend8d Pradlc• appll¢ablo to charfti preparfng thelr a¢¢ount8 In acc¢ydanco wlth Ihé Flnandol Reportlng Standard appli¢ablo in Iho UK and Republlc of If6land {FRS 102> {offectlve 1 January 2019). th8 Flnanclal Roportln9 Standard appllcablè In lh• UK and RopLknJlc ol Ireland (FRS 102) and the Charilles Act 2011. The Iln8n¢ial Statements bo¢n prnpared Io glve a 'lNe and falrf wow and have doparted from thé Charlll88 IAttounl8 and Reports) Regulations 2008 orty to th8 8xtenl r8qulred lo wov8 a In and lal¢ vlew. Thls deparlure has Invow followlng the Charili•s SORP (FRS 102) publl$h8d In Odob8r 2019 ralhef than the Accounllng and Roportlng by Charllles: Slatem•nl of Rocommend•d Pradlce effectlve from 1 Awll 2rAIs vthlch has since be withdrawn, Clore Duffield Foundation meets the dèltnftion of a publ1¢ benefft enllty under FRS 102. Assels and Ilab1111108 are Inltlalty re(#)gni$ed at hlslorlcal tt18t or trania¢llon volue unless olhoThAse 81aled in the rel8vant accounting pollw. Th• Tru•teo• do not eonildér that thar• 8¢• any 8¢)urr41 of •ilimatknn unc4rtalnty 8t Ihe reporflno dale thal ha a sIgnSfinI risk of causing a materlal adjultmenl to th• carryhvd amounts ol a888ts and Ilabllll•$ wlthln the nexi reportlng p•rfod. Judgèments aw 8•t out In Iho aoun11n9 pollcle• In 2024 the policy for acu)untlng for grnnl Ilablltlos w88 revlowed. The pollty wai to r•¢ognlse grant liabllltlos to thè nexl eW date and a fvndlnp commllmenl following thal. However, on revlew of the pro$ Iru$ts•i ¢onJldorad thls dld not repr08ent thè Int•nt to provlde sec¥rlty to granlee8 over multl-yaar prol¢d grants. Although tmstees contlnue to r•vltrw tho progMSS of grants *UallY they r•main MMItted to engaglng wlth grnnl8es over long term proJe¢t d•livery. A8 a re8ult Iho prlor year funding commStments have been Mi•wed and whore th¢r• are no speofi¢ ecffidilions lo be met these have been restalod a8 grant Ilababtl88. Tha impact of ihe roslalernenl18 801 oul In note 18. 2.2 GOING CONCERN Tha Trustees cfjn$kl•r thal ther¢ are no material uncertalntlgs about the Foundalion'$ abllty to contlnue 88 a going ¢oncom. Page 15
CLORE DUFFIELD FOUWDATION NOTES TO THE FINANCIAL 8TATEMEIITS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIE8 ICONTINueD) 2.3 IICOME In¢m 1$ rerngnlsed th•n the Foundallon has enlllem•nt to the funds, ary p•rfomianc• condNk attached lo tha Income ha been fflet, A IJ probabh Ihal Iho Incomo wlll b• r¢cd¥ed thè amount can be n88ured rn&ably. Incom• from donafjon• and In&tonI Incom• •r• •c¢ount•d for on • r•¢alvaN8 bas18. 14 EXPENDITUftE Exp•ndlturn18 ratogled onca ther6 Is a legal or Constr1 obfigatknn to trgn6far economlc benefit lo a thlrd party. It18 probable that a transfer of erx)nomlc boneftts wll bè requlrnd In 8etthment and Ih? arnot of th• ab11t10n b• m•awr•d f8llably. ExpendMur•18 d888ffied by 8th1ty, Tho co811 of each acdvtty m•J• up of th• total of dr•Lt CO8ls and shw•d ¢081s, knC11ng support ¢08ts Involv In undortoklng each actlvlty. Dlr•ct Costs atIr1t1ab1Q to a 8lngl• aGIIW we alloc4tod dlro lo that act1. Shared co8t8 whlch contrlbuts to more than one adlNlty And support costs whith am rrf)t attrfbutabl8 to a SI10 •ctivlty are apportloned betwaon thoso acllvttles on a bas18 conslstenl with thè u88 of resou08. Central 8taff $18 are allocated on Iho ba65$ ol tlm• •p•nt, and d•w•dallon ckn4rg•8 alloc4t•d on lh• portlon of th• asMf UM. Expenthture on Ghwttabh adMU••18 Inauw•d on dir•¢lty undertakKrfJ th• o¢tfvthles which furthor tha F¢w)datlon'6 ¢)bJ¢th•, u well a8 ffj abio¢i•t•d •upport e4)8t ENpendlturn13 rocwls•d On th•M l• •1•9al or con$tructlv• cknllptkn to mako a pgymwrt lo 4 thlrd party, tt Is pYobatrAo that 88tt18ment wlll be rnqLlred and the amount of th obNgallon can b• m•a8ured rellably. Exwdlhff• is domlfied under Ihe fclltring actlty headlngs.. - Expendttum on ¢harflabl• 8¢11¥111o8 Inejudes the costs of maklng grortl undertakén to furthw th• purpo8ei of the Foundallon and th•tr a•$ociated 8UPPOrt CO8ts. Incxbvwabl• VAT18 chad a8 a cosl agaln•l the athlty for whlckn Ihe exporKlltw• wa8 InGtmd. 2.6 GRANTS PAYABLE Grant8 payable payments m4d• to Ihhd part[•• In th¢ furth•r8c8 of Ihè thIble 014•(th ol tho Foundatlon. Grants p•ygbl¢ are ctarged In Ihe yoarvthon tho oifer18 made exc•pt In those ca where the off•r 16 Cldttl0nal, Buth grants belng rncognSs•d as PandIlu vthén lh8 condltlons allachlng lfilled. Grants offered oubject to conditlon8 whlch have not be8n rnot al year end are noted ai a ¢orMiStmwrt, but not 8ccNed as expen(lur•. Tni•ta88 Condar that Ihè Impact of dl8countlw payablè In more than one >w 1$ not matedal to Iho Foundatlon. P48 16
CLORE DUFFIELD FOUNDATION NOTES TO THE FIIIAMCIAL 8TATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2024 ACCOUNTING POUCIES (CONTIMUEDI 2A ALLOCATION OF SUPPORT COSTS R080urco5 exp•nd•d ar• allocated to tho particulor 8CthAty wh8r8 thè eost rths dirocty to thal actty. H¢)wavef, the cosi of overnl dlrectlon and admlnlstratlon of eath arllvlty. comprlslng the Salary and ov•rhe•d ¢osl& of th• c•ntr41 lunctlon, [8 aPPOrttoned on tho bas18 of gr8nt expendliufe. Support and gov•man¢e Gosl8 aro r•llaHocated lo each of tho tharftable actlvitleg In proportlon to t IAtsd granl ¢xpendiur• In th• year. Govaman¢• e06t8 aro the Msti a880clated wlth tho govemane• 4rrnngemMts of the Foundatlon. Th8$8 M8ts ar6 a$sodatèd wlth ¢onslitulional and statutory r8qulrem8nts ¥nd Includ• any CtI asso¢lalod with the strateglc management ol the Foundallon's a(#lvllles, 2.7 IIITERE8T RECENA8LE Interest on fvnds h•kl on deposil li Induded wh•n rooelvablo and Ihe amount can bo meoiured rellabty by the Foundatlon.. thls18 nffla1ty UP( notifirAtion of Ihe Intereil pald lx payable by the Instllutlon wlth whom the funds ar• dep081ted. 11 FOREIGN CURRENCIES Monetary as8818 Ar IlablMie8 dènomlnotsd In foreign rrenc1•S are Iran•lated Into 8lorflng al rates of •x¢hange rullng al the reporting dat•. Trangacllons In foreign currencies are tran$lat•d Into 6t•rling at thè rnte rullng on th• date of tho IranufAion. Ex¢hange galnb and lo•$es recognlsed In th• Slal•m•nt of Flnanelil AGllvllle$. 2.• TAXATION The Foundatlon is nSIder4d lo pa¥3 the teBt8 Ut oul In Paragraph 1 Schedule 8 of ttt• Fknanca Act 2010 and lh8relor• It meet8 tho d¢finllion of o ¢harft8bl8 company UK corporation lox purpos0$. AcrdInglY, the Foundaiknn18 poientlally exempt from taxation In re¥pect of Incom8 or capital gau rec¢ed wlthln tegoo$ uver¢d by Chapter 3 Pwt 1101 tha C(wporation Tax Arl 2010 or Secwon 256 of tho Taxatlon ol Chargeable Galns Acl 1992. lo th? exlent that 8uch IncLwn• or galns afe appllod excluilv•ly to charltabl• purposei. 2.10 TANGIBLE FIXED A8SET8 AND DepRECIATIOM Tanglbl8 fixed assels ClIng £2.000 or moro ar• e4pItsISMd and recognised when fulure economlc benefft8 are probablo and thé emt or ¥46 of the a$8ot ¢an be measured reliabty. Tanglbl• ffixed a8sel8 grè *illlally rewnlsed at ¢08t. After reeognltlon, under tho cost model, tsngFble fixed assets are measur8d at cost l•$s accumulated depre¢latlon and any acoThulated impalrment losses. Al Costs incurred to bring a tanglble Ilxèd a88et inlo its inlended worklng condlllon are included In the measurement of ¢osl. Al eath reporUng date the Foundation assesses whether there 1$ any Indicalion of Impalmienl. If suth indi¢•1Son exlsts, the recoverable amount of the a8tI5 deteminod lo be Iho hlgher of Its lalr valu• less Costs to sell and Its value in use. An impaimient loss Is r•cognis8d wher• the carTr4ng amount exceedg the re¢overnble amount. Page 17
CLORE DUFFIELD FOUNDATION NOTES TO THE FIIIANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTIP¥J POUCIES (CONTINUED) 2.10 TANGIBLE FixeD A&8ET8 AND DEPREUATION ICONTINUEDI D•pr•elallon18 dbarged w a8 to allocate the colt of tangth fixed a88el$ I8 Ihelr rnsidual vakni over Iholf 08llmatad lu1 Ilve$, Ing tho •tralght4no malhod. Depre¢lalon Is wovld•d on th• followkno bams: Short4•rn) 1•ahOl proporty - 3% Stralghl Ilne Fixlum and Ilttngs - 20% Straigm li Office equlpm•nl 10 to 25% Strntyhl Iln• Tho a••els' r•8ldval valu04, uaelul Ilv•s d•pr•cIalh mothod8 ar• rovlew•d, and adjuthd pro8pedlv ff apwoprlalg, or11 th•rp IB an Indl(atlon ol • ilgnlknt ¢hang• •lnc• lh• lalt r•p Galni and losiei on d18poJal• we d•t•mlnod by eomparing th• pM¢a80$ wlth tho amount and arn r•COged In th• Stat•m•nt of Flnan¢lal A¢tlvlll•s. 111 INVÉ8TrAEMT8 Flx•d ••s•t Inv•itrMnts am • form of 11n8ncknl In•tNment and ¥r• trthlty T•cognl••d •t thok tr•nuctlon cost and ssequentty measured at falr valu• at th8 Balanc• Sheet d, unlgm Ihe valuo Gonnot be measurod relblY In whlch cos911 Is me8wr¢d ot cut less Impalm)enL Invostm?nl galng and 1086•8. wh•ther reall8od or unreallsed, arn comblned and projentod a$ 'G•In(Lo1$> on vulment8' In Ih Statern•nt of Flnanclal klfvifj•6. 112 CURRENT A8seT INVESTMEIITS Curnnt a••et hwe8lmenl8 am th086 whlch are h•ld for wlg or pdkn Ihdr lalo and ctsh on d•poill wtth a maturity dAt6 of than onè year hald lor 8hort4•nn Inv•8tmont PUlPOSe8 rathor than ¢o$h11. Currnnl a•••t 1ThM¢nts ar• valuod al lalr va0 unleis imy qualfy al ba•ic Ilnandal a$$ots, 2.13 DEBTORS Trade and other d•bl(n aro i•u>gnlsed at the setllement amounl after any Irth d18c01 offer. Prnpaynent8 are v4luod al lh• rnuN pred net of any trad6 d18c0 duo. .14CASH AT BANK AND IN HAIID C48h al bank and In nd Includ•8 cath and •hort-t•nn hlghty liquld Invtstmont8 wmh a Short maturlty of Ihf¢• months or loss from t dal• of acw19111on ¢x openlng oftr* d8posIt or iimllar account. Pag8 18
CLORE DUFFIELD FOUIIDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2014 ACCOUNTING POLICIE8 ICONllNUEOI 2.16 LIA8ILmE8 AMD PROVISIONS Llabi1tt88 Ofe re¢ognl86d when ther6 kn an obllgatlon ot the Balance Shel dale as a result of a past av8nt.11 Is probable that a transfer of economk nft w511 be requlred In 88ttloment, and th6 amount of the 8ottlamont can •sllmalgd rellably. Llabllltloi ar• rncognièed at the arnounl thal th• FO&tIon antldp•tes tt wlll p4y to settle Iho debt or tho amount li hag ro¢eW aB advano•d payrnents for the goods or 8eNlce8 It mu8t provld•. Prth48lon8 are measured at the b•$t e$timato of th• amounlo rgqulred to ••tth lh• obllgatlon. Whor• the effect of Ihe tlme valtse of monoy Is malerlal, pravlslon18 based on Ihe presenl valu¢ of tl)ose amounts. dis(x)unted at tho pr&tox (Iscount rate that r•llecl$ the r18k$ 8peclfic to the Ilabllmy. Tho un¥kndlDo of tho dl8count Is Mcognilod wi Ihe Statement ol Flnand•l A¢llvllles aj o finan¢• 81. ZI1 FINANCIAL INSTRUMENTS The Foundallon only has financbBI 8sget8 and llnandal labllltl•8 01 a ktnd thai quallfy a8 bail¢ llnanclal h8trumont8. Bask fancIal Instrumenis ar8 Inttlalty fecognhod at trnnsaclion value and iub$equentty measur¢d at Ihdr 8ettl¢menl value wlth the excepllon of bank k*an8 whth are lu•qUantfy mea$urnd at artISed colt uslng ihe effecli¥• inler•it rnelhod. 2.17 OPERATINO LEASES R•rrt•l8 pald und•r operalng lease8 we thgrged lo Slalomenl ol Flnancl81 Acll¥ltle8 on a 8traW41no ba818 ovar the l•aw t•rni. 2.18 PENSIOIIS The Foundatlon op•iat•$ 8 d•fmed contrbutlon pen¥lon scheme and Ihe pen8lon chaf9e rnpresents the amount8 payable by Iha Foundalion to the fund in rospact of th• year. 2.19 FUND ACCOUNTING Gmernl funds ar• unr8Btrlded funds whkh are avalable for ug8 at the dlscrellon of the Tru8t60$ In lurtherance ol the gonoral obctIVeS 01 I Foundalion and which ha not b•èn d•8lgnat•d for olh•r purySe6. Inv•itsnent Income, galns and losses are lOCated to the approprlato fund. Page 19
CLORE DUFFIELD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECER 2024 INCOME FROM DONATIOIIS Unr••trlctsd lund• 2024 T4>tAI fund• 2024 funds 2023 OONATKX48 MIM V L ¢loM'8 1967 Tnmt Dam• VlvleTh (kthld D8E 10,406 31,450,000 31,460,408 TOTAL 2W23 31,480,406 31.480,408 INVESTMENT INCOME Unr••lrkt•d lund• 2024 Tèlal fund• 2024 Total funds 2023 Dlvldond InrA)mo Int•r•st Ineom• 84,655 805.574 64,666 606.674 379.581 870,229 670,229 379,581 TOTAL 2023 379.581 379,581 Page 20
I"II!IE!z!E P
I{ 11 121 111
CLORE DUFFIELD FOUNDATION MOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2024 ANALYSIS OF GRANTS As reitated Total fund8 2(Y23 Grants to In8lllutlon• 2024 Total fund8 2024 Arts, heritage and educatlon Lead8r8hlp tralnlng Health and social cale Je44i$h support 4.459,971 1,750.000 20.CKIO 32.017 4A69,971 1,760,000 20,IWI 32.017 4.525,578 180,OOD 6,2e1.988 6,261,988 4,785,578 TOTAL 2023 AS RESTATED 4.785.578 4,785,578 Pl•a8• notè 26 for a full Illl of gran18 m•d6 lo Instltullons. All 9ronti In 2023 wera made to in81ilutioTr$. AUDITOR? REMUNERATION 2024 2023 Fa•1 paya>le to Ihe Foundatlon'A audlior In r••p•ct of., Aud* oftho fjnanclal 8tatements Preparollon of the statulory lknanclal statements 10,000 12.300 STAFF COSTS 2024 2023 Wagès and salaries So¢lal securfty ¢oBts Conlrlbutl¢)Tr lo defined conlrfbutlon penslon schames 117,92B 6,178 13,102 105.792 8.304 12,594 137,208 124,890 Page 23
CLORE DUFFIELD FOUNDATK)N NOTES TO THE FIMANCIAL STATEMENTS FOR ThE YEAR EIIDED 31 DECEMBER 2024 STAFF COSTS (CONTINUED Tho aver8g• numb•r of pewjns ernployad by th• Foundallon durlng t1 year was a8 follt)W8'. 2024 2023 The number of emplo>*85 whos• employee benefftj (•xdudlng •ffyloyer p•Mion Mst8) exco8d•d £80,000 wa8: 2024 2023 N¢. In thg band £90.001- £100.0ts) Key manag•mant pe180nnel comprl$o8 Ihe Tru8t••3. ar• nol remunernlod, Iho Chief Ex•¢uti Offic•T. The total •mploy•e bonefits (Induding pension conlrltMJtlons and naIklI InBurAn¢a> of tho kay management personnel were £114.903 (2023: £109,265). 10. TRUSTEES REMUNERATION AND EXPEN8ES rxfflng tho year, M TfU8lee$ rec4lveil any romuneratk)n QT Othqr b•n•fil• (2023- £NIL). rrfng the yw ended 31 Decemb•r 2024. £2.800 was r•lmburs•d or PAld dimctly lo 1 Tru8tee (2023: £2,631 to 1 Trust••). Th•8e •xpon8es rélat to mobl1• phon• charg•8. Pagè 24
CLORE DUFFIELD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. TANGIBLE FIXED SSETS 3hort4•nn l•a8•hold Flxiur•• •nd Offlco proporty Ilttlngs egulpm•nt Tot•1 COST At 1 January 2024 AddltsDns 381,637 60,692 36.690 4.013 461.•19 4,013 At 31 D•c•mb•r 2024 361,637 60.592 40,703 462.932 DEPRECIATION At 1 January 2024 Charge for the year 167,709 10,849 10*92 33,825 1383 282,126 12,132 At 31 Decomb•r 2024 168,6S8 10,692 36,108 NeT BOOK VALUE At 31 DecArti•r 2024 193,079 6,696 1•8,674 At 31 December 2023 203,928 2.885 208,793 Page 25
CLORE DUFFIELD FOUNDATION NOTe8 TO THE FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 DEC8dBER 2024 12. FIXED ASSET INVESTMENTS 2024 2023 Ll•t•d Inv••tsn•ni• Fak ¥88 al start of tho Addillon8 at C08t8 Dl$pwl pro(xds Totql pin8 67.328,198 33.940,733 6mO,000 20.OIX>.007 (10m6,1181 7,701A79 3,387.455 F*lr v•lu• atth• •nd of lh• y•ar 60,001h78 57.328.195 INVE8TMEiif R18K MANAOEIIENT All lTrve•lmonts are ¢arrrod at th•ir ljlr value. Inveslm•nt In equ83 and fixad SntoreBt socurtttes are all traded In quotod wblc markets. Hcldlngi In common Investmenl fundi. unll trusts and opanvended Inve8tm8nt companleB aro Indudod at the bld prf¢&. Tho ba818 of falr vabje for qu(thl Invo8lrn•nls li •qa11Th1 to th• market value. using Iho bid prfc•. A1 •alo1 and wrcha8e• arn rec¢gniwl al th• date of trade at CO8t (that h Ih•lr tran84Glian value). Tho sigrdfK8n¢• of Ilnanclal kn8tnThent8 to Ihe ongolng fin8n¢l81 iu8talnab115ty of Ihe thorlty18 conild&rnd In tho Ilnancial fO¥low and Investment pow and perfonnance 8ectlon8 of Iho TN8te08' Annual Report. Th• maln fljk to Ihe chorlty from Ilnandal kn8lrurnonls Ile¥ in th¢ co11natiOn of un¢ertaln inve8tm8nt market8 and volaOIIty. Llquidlty risk 16 onlklpatgd lo be low ai all as8¢1• are traded and tho commttmonl lo ifil•NffiUon by cantfal banks and m¥kel r8gulator8 ha8 conllnued lo provld8 foi ordgrfy tradlng in thé ma•t$ go the abluty lo arrfl eell quoted •quili•s and Sto Is an1iclpatéd lo conlinue. Tho ch8 Inve•lm•nts are malnly traded In mart•ts w4th good lIdIty and hlgh Iradng volumos. Th• chaflty has no materfal Invo8lment holdhgs In mAthts sutyect to •xthange controls or tradlng rn8trl¢tloM. The tharfty managu thoso In¥oitmwt rf•ks by r•tAlnlng •XP•rt thl•or4 And ap8ratlng an knv••tmeTrt poll¢y provlde$ kn a hloh degr¢• of dlvar8mcatlon of h¢)Idkng8 withlft Inve8tment asset da54 thot are quolod on w•¢ognlsed stock ex¢hange8. The chartty doe$ rKJt make us8 of darfvatlve8 and 8lmllar ¢omplex thand81 instrum8nl8 88 St takes the vlew that Investrnenl8 aro held for thelr longer lem) Jry?Id tolal rettwn and h18torf¢ btudi89 of quoled flnan(xal In8tNm•nl8 have 8htywn tlot volalllty partlcul S y•ar pgrlod wlll nom•lty b• cormcted. 13. CURReNT ASSET INVESTMENTS Z024 2023 Fixad4arni d•poAIts 2.$93,862 5,352.900 Page 26
CLORE DUFFIELD FOUNDATr)N NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. DEBTORS 2024 2023 DUE MTHIN ONE YEAR Other deblors PrepayTnents and accruéd Incoft 0.068 100.128 8.000 106.153 106.196 112,153 15. CREDITORS: AMOUNTS FALUNG DUE MTHIN ONE YEAR As r•stat•d 2tr23 2024 Trade crnthtorl other uedltors Awuals Acryued gfant8 payable to In$tltutlon8 942 3.972 20.683 6.610.321 4.590 21,955 4.1)32.198 6,643.918 4.062.387 1& CREDITORS: AMouKfs FALLING DUE AFTER MORE THAN ONE YEAR A8 r•8taled 2023 2024 Awued grants payabl• lo in8tiiuUon8 6.976.671 6.878,210 Pagg 27
CLORE DUFFELD FOUNDATION NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DEceMBER 2024 17. GRANTS PAYABLE The labl8 bolcm 8how8 a r8eeIalIon ol tho moveffl•nt kn lh• grants p•yabl• cr•dltor. 2024 2023 BalonGe al brylnnlng of Ih {a8 rHt4tgd) Arnount8 commlttod th tho y•ar Amounts wrbtt•n back Amounti ld in the 10,70W8 10.828,434 1,271,988 4.785.578 110.000) (Im7604) <4.905,eA)4) B•l•nrA at th• •nd ol th• y•ar 11M94M92 10,708,408 Il. PRIOR YEAR RESTATEMENT In previous y•ar8, tho Foundatlon ha8 onty r•Mgnlwd one ye•f8 worth of MultYear grant commllments at each y•ar gnd. The treatm•nl w88 ba$ad on the pr•miM Ihat th• TW8t0 W08•r¥ tho rlgm 1¢ wilhholdl¢anul fulure yaars of multi-year commltments. On rowlw thls troatrmnt do•8 not fulty réfiect tha awment8 and kntsnllon of th• TnAttts (•nd b£¢[a•S} whlch 19 that th• lull grant commStmont wil b• honoured whor• actlvltlos nI1u0 to Cont8 lo dwIThg the obledSve8 of the Foundallon, Th•r•kn, th• mParatIv•S have l)•en I•ted to Ihe ILAI commltmeDt. Tho knpad on e•¢h Ilne em ol the account6 Is summarlaed below £7,400.OLX) d•cr••M In thè value of funds as at 1 January 2023 £6.678.210 d•crn•u In thè vdué of fund8 at 31 D0mber 2023 £723.790 d•al9 to grant •xp•ndliuM kn 2023 (r••dllng in a de(xea8• In doslw funds •8 d•tsll•d al)0) £6.678.210 inwa8• In grant MMItmen15 crethtL¥ du• •ft•r cn8 (no Impact on want offlmllmont8 ¢f¢dltor du• In1085 thn Dno >WT) £723,Th1 h)¢reai• kn net m¢)vement in fvnd$ In 2023 a8 a of the decrea8ed 18vel of wont •xpenditure recogn18ed in year Pag• 28
CLORE DUFFELD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECalBER 2024 19. RECONCILIATION OF NET MOVEMEiif IN FUND3 TO NEf CASH FLOW FROM OPERATINO ACTMTIES As re¥l3tod 2023 2024 Nel Income for lh6 yéar (as p•r Slalement of Flnandal ActlvStle8) 1,686.007 30,219,997 ADJUSTMENTS FOR: D•prttiallon charg9$ Divld¢nd$. Interests and rents from I$1M•nI8 Gain on the sal8 of ftxéd •si•ls inv861menti Decrease10n8aSe> in debtcrfs Increasel(de¢reasè> In creditorn 12.132 12.252 (870,229) {379.5811 17,708,479) (3,387,455) 931 (5,980) 781,892 (108.54n NET CASH IUSED INVPROVIDEO BY OPERATING ACTIVITIES 16,917,746> 28.350.886 20. ANALY818 OF CASH AND CASH EQUIVALENT8 2024 2023 C08h In hand Nollco deposit8 (1888 than 3 months) 16.024 857.569 13,158,047 10,087.582 TOTAL CASH AND CASH EQUNALENTS 13,174,071 10,625,131 21. ANALY818 OF CHANGES IN NET DEBT At31 c•mb•r 2024 January 2024 C4•h floT*• Cash at bank and in hand Liquid Investments 10,626.131 2,548.940 13,174,071 6.362,900 12.769,248} 2,693,652 18.978,031 1210.3081 16,787.723 Ptye 29
CLORE DUFFIELD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DecBaBEft 2024 21 PEIISION COMMITMENTS The Foundatlon opofates a d•fined contrlbulon pension xheme. Th• assèts of Ihe $ch8ma arè hold 8eparntely frorn Iho¥é of Ihe FOundan in an ependenty admkn181•rod fund. Th• penslon cost charge represents contr#>utli)n8 payabl8 by th• Foundatlon to the nd and omounted to £13,10212023: £12.594). A bthce of £3.972 wa¥ pabIe lo th• pon41oTr schem• at Ihe b4•nc4 ¥haot dat• (2023: £3.6441. The p•n8lon 0xpen l• altrJ¢aled lo baled on the grant fundTrJ dlr•rt•d towwd8 Iho8e actlvltle•. OPERATING LeASE CQMMIThIEMT8 At 31 DKfjmbor 2LW the Foundatton had commllm•nl• to mok• lulure mlnlmurn loa8e payments WKl•r n¢xKancdl81)l• oper•tkng le•iM a* foll¢). L•aMhold bulldlng• and offle• •qulpm•nt Not later than 1 y•ar Lal•r than 1 year and not ljtsr than S y• Latsf Ihan 5 all 4114 4,100 18,000 3,93S 4,800 19,20D 26.114 27,935 Th• fthytng le880 pawn•nt8 have been rncogrfud as Jn expen•• kn th• Slal•m•nt of Flnanclol A¢14vNles: 2024 2023 Opwating I•u• f•ntal8 3.03$ 3,726
CLORE DUFFIELD FOUNDATION NOTES TO THE FIIIANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2024 RELATED PARTY TRANSACTIOMS Dame Wmen Duffield and Davld Harml are both Tru8te¢s of The Clore Leadershlp Progrnmme, reglst•r•d ch8rfty. Gr•nls made to Th8 Clofé L6ad8fship Progrnmm• this ar amounted to £1,750,OLKI (2023.. £nlD, of whlch £1,750,000 remains payablo at th6 year4nd (2023: £230,000). Dam8 Vlvlén Duffl•ld18 Chalr of the Royal Op6ra House Endowmenl Fund 20LN), a rgglsterod ¢harfly. No grant was made durfng tha year (2023.. £nl): £3.000.(#)0 (2023: £4,500.000) was outslandlng at tho end. Darne Vlth t*Jffleld and Mèlan1• Clor• are honofary m•mber9 of thé Tato Foundatton. During 2024, no now granls wero made to the Tale Foundatlon P023'. £30.OW}: no grant commltment wa8 oulstandiw at the yoar-ond (2023: £30.000). Dame Vmon Ouffield is a Trust•• of Race Agolnst Domontsa. t)uring 2024, no granl was made (2023.. £nl; £50,000 wa8 outstandlng at the year•nd (2023: £76.IXM)). D•m• Vlvlon Dufflold D8thd Haffel am both Tfu8teé$ of Mli# V L Clore's 1967 Charilabl8 Trugt. Durfng 2024, no wlu$ nne wa8 recelwd from th• TNst {2023: £10,406). Dam• Vivlon L)uffield18 Life Prnlidont of JW3, a rngl8lernd Charfty. Durfng th• 91, 8 £2,017 gront wa$ pald lo JW3 P023: £nlD, Geor90 Ouffield. son of Dame Vfvlon Ouffleld, l• Ihe founder ol tho Blue Marlne Foundatlon. During 2024, no granls w6r6 commltted to Blue M•rfne FourKlatlon (2023: £6.000). No b•lane• wa8 ou16tandlng ot th• y•ar-•nd (2023: £nlD. CorJly Engk (wh of Jor•my Sandolson) is on ?mployoe of Anna Freud Centre. During 2024, no grnnt8 were made (2023: £nll>: £50.(K)0 <2023: £75,000) ¢)ulstanding at the year-end. J•r•my S8ndo1gon l• a tru8180 of the Blke Prol•d. During 2024, no grafTrls were commltted durSng the year. wlth £10,000 belng wrltt•n back (2023: £35,1)OO> and no amounts were outstsnding al the year4nd (2023: £10.000). The Chlef Execullve Offlcer 18 a govemor al an S•condary School. Durfng 2024 granti wnounllng to £25.000 were made (2023: £300,QOO), wlth paymonts of £125,000 In the year., £125.000 out$tondlng at Ihe year end l%)23: £225,000). Durfng Ihe year, no donatlons wern receivod from trusté8s (2023,. £31.450.0(K)). TAXATION The Foundatlon Is •xémpt from ¢orporallon tax as all tts tncome Is charftable and 1$ oppli•d for ¢harftabi• purp¢)se¥. Page 31
CLORE DUFFIELO FOUIIDATION NOTES TO THE FINANCIAL STATeMeKrs FOR THE YEAR EMDED 31 DECEMBER 2024 2& SCHeDUL£ OF GRANTS PAADE Tho I1 of grarts below IncknJ•8 amounts pald in Ihg >•8r and amounts accrued birt unpald at Ihe y•ar •nd. 2024 2023 Grants lo In•fjtsAlon• Mknllng lo Art•, H•rtlg• and Educallon Almelda Theatre Arf( Schools Art FU•tory Llnk Up At The Bu• Blu• MarSn• Foundatk4n 8rts1ol zoolog11 So Chl•wlck Hou80 & Gardw Clore LrnIng Space- Trowbrldgo T(wn Hall Clore Leamlng Studlo . Holbom Library Clorn Studlo- Bartr Institute Clore Studio. H•f•fofd Musaum Courtauld In•lMut• DI0V•ry L•b al Stoneh•ngo Ella8 A8hmol• Tnl Exelei Lknary Game & Wlldlle Con8•rvatlon Tru8t Garden Museum Garslngton Opera Good Ch8fte Theatre Ip8wkh Mumuffl Kottlo'$ Yard London Llbrary London Syrnphony Or¢ho•tra Manchester Art Gallery Muslc Ma8t•r8 Natlonal Galerfgs of ScollBnd Natlonal G818ry National Mu8ethni Lh•rpool Nollonal Theatre Natural Hl$tory Museum NOl¢h Ca6 Oxford Inililute for PoMl•llon Agelng Palsley Musuem PK Porthcumo Museum of Global Communlcallon Royal Hort1lira1 SocAety 26.000 10MOO 300.(X)O 12,000 100,000 200,000 200,000 200,IJOO SC(I,OOD 100.ooo 2,500 21)O,QOO 6o.ooo 6,8IXI 50.000 20,000 200,000 37,267 6.000 37.600 5,000 150.000 24.811 10.000 50.000 i.oco,000 1(K),l)00 5(M).000 280.IJOO 51,162 176.718 2C(I,000 6,500 25,000 12100 Page 32
CLORE DUFFIELD FOUNDATION
NOTES TO THE FINANCIAL STATEMEiirs
FOR THE YEAR ENDED 31 DECEMBER 2024
Royal Observknry
SAS Academlc Programme
Soulh London Gallery
St Columbkille's School
Tat• Britain Garden
Art Fund
Tho Brftlsh Llbrnry
Elth08 Collecllon
The Glasshouse Inlemaft Canh Musk
Tho King'8 Foundatlon
The Roundhou
Trent Pafk
Tum•T Ct9mPorary
Unlc