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• Fo￿d￿lIOn, NB Tnth• and Advl••rn
Tn*t••s' R•port
Ind•p•nd•nt Audltorf• R•port on Ih• Flnan¢hl St•t•ffl•nts
8-11
8tstsm•rt ol FIn*￿Ill 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$tr4tlw hrformallon s•t oui on pag8 1 f¢xms part of thh reporL Tho fffiandgl stat•m•nts
o)mpty wlth wrrent slalutory requlrements, th8 Foundatlon* trust deod and the Statemert of Recommended
Practlr*: ACC￿ntIng qnd Rgporti•vJ by Charittes preparwig thelr accounts In accofdance wlth tho Flnandal
ReportirvJ Standard applrcablo In th8 UK and Republlo of IrelaThl (FRS 102) (Second edi¥on Octob•r 2019 -
eff•ctlv• 1 Jarwy 2019) and tho Char1tt08 Act 2011.
Th18 mport covern the twenty thlrd full ￿ar ol ¢)perallon for the CIoTe Duffield Foundallon. wh*h was loM￿d in
DOc•m￿r 2000 fr(Hn the merger of th• Clore Foundollon arKI tho Vlvlen Dufflold Foundatknn. Tho Clore
Founda11(￿ was establshad In OGXober 1964 by tho lato Slr Charf•8 Clor•. HI• daughtsr, Darno VI￿0￿ Duff￿d,
becamo Chalnnftn of th• Foundatlon In 1979 And mal•d her own in 1987. The priorltkn ol ftrnr
Foundotths remain ￿ prlorfll•8 ol th• Clorn Duffl•ld Foundatlon.
OBJECTIVES ANDACTMnE8
PuTroM• and alm•
Tho object of th• Foundatian (1$ 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 I￿port• 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 comn￿lMénts of Slr Chart•s Cl(Ye and hls d•ught¢r. Dame W￿n Wfield.
Includlng:
0•W￿1n9 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 whol0￿r 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• FOUnd￿On 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 do11￿￿n￿ ehonge to peopl8 mo81 need11.
Thg Dlreclor Tw•teffi rev1￿ gr*it monitothg reports (subm￿ed ty gr•nt r•¢1p1￿ts) at •ach Tru•l••
maotiig. Thls alows progross to ￿ ch•d(éd agaln8t the planned a￿l￿e* 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 partI￿hr, 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 perfo￿anCe, 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$. dan￿rts, Clore Fellows. aTr
d18tlngulshed figures from polMi¢s and dwc Ife. The •v¢nt provlded a unlquo opportunlty to rellecl on the
F¢undatlon's Impact ovèr the p•$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 Hortic￿lural 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 SCA￿01 trlps and oducallonal
experien¢•s. In pllot year (202>26). th¢ FwndatKJn will Invest up to £1 mlllton in th8 progfamme. bonefiting
10 $¢hoolg h Blackpool and Comwall, The fun¢Jng wlll support visits to museums. gallodos. thoalr•8, and
herttage 8ites, 98 well as outdoor actlvldes such as hlklng. kayaking, and explorlng rural and vrban
an￿ronments.
Ch)re Leamlng Spaces
Sèveral new CIoTe Leamlng Space8 opened Ni 2024. offértng enhanced opportunities lor learnlng and
engagement wlth the arts. culture. and herftage. These Include spaces 81 Kenslngion Palace, the Natural Hl8tory
Museum. and Garslngton Opera. The FoundatSon also provrded fundlng lor Clore Leamlng Space$ 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. ￿bra￿a8 ￿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 be1￿0n SCI￿01$
and mus•umB th Clor• Leamlng Spaces, •nrlchlnq ¢urTIc￿uM 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 mU￿um9.
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 trnI￿n9, 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 OXI￿d Inslilule of
Popukn Ag•ino Ro￿¥￿.
Onty)Ing conllwed for Tho Royal Op•rn Hous•'8 '0p•n Up, Pr*ca aThl Its 'Reco￿ry Fund lo mftlgate
finar￿1 loM•i lo the Covld-19 pandomlc. The Foundatlon also malntakn•d lundlng for th• Kantor C•nlr¢ for
ExCell￿rA 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 Four￿all0￿ 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$
I￿nded 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 ￿Mn￿OnI 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 amow￿d 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￿¢1￿1 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 MU1￿￿ar,
demon8tratlng tha Foundation's ¢ommllment to ils granlees. Trustees continua lo und8rtaka an amual review ol
mulli*ear 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 f0Th￿rd 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¢$ed, particulftrly Ihoge relaled lo Ils
operatlons and finances, The TtU8te8s have giv•n conslderallon lo Ihe appmprlate policle$, prOce￿f￿ 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 fo￿80￿ 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
reVIe￿d 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
Con*ll￿tIOn
The ch8ntywas estabtlth¢d, and Is govorngd. by o thartt4blo tNst de•d f0m1all￿d 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. fU￿tIme} and an Offlca Asslstant
{Carolh Rolf. part41me). kn N0￿Mb•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 Inv0￿ment m•n4•rn.
M•thod• ol appolnth*nt or •l•¢Oon ol Th*t•••
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•• In￿ellon and tralnlng
TfU•teos would be supporled by Ihe expwknnced Trustees and synd tlmo wlth Ihe Dlrnctor and staff ofth•
Fo￿￿OI10n who w(yJld make avalable all Ihe file8 and Infommtion Aboui th• Found•tlon. Arrangem•nls would bo
made for to VI￿ w9inl¥•lion$ sUp￿rted by th• Foundallon.
R•muMrnU•n polbGy lor k•y m•nAg•m•nt p•r*￿Th•1
Slaff ularfes are 801 by the TruJte¢$. The loval of r•wn8lblllty. lenglh of g•Nico of lh• po8t-holder, aThl ularl•i
of comparablo rfA•s In ￿m1•r orgonlMtknn8 ar• all l•ken i￿0 a¢￿￿nI whan consklerfn9 salary10¥oh.
Qrnnt nmklni poll¢l
The Foundatlon does not adopl a rlgld appmach In tsrm8 of the crfterla ftjf ll• grant maklng. It do•J nol a¢￿p1 or
proc•ii uniolldl•d appllcatlon8. It doe8 not dlre(* fund Indl¥klu4h. R•dplentB muit by UK reglstered and wllh
orftalJl• 8tatU8. In 2024 It contlnued to fimd c8pStal redI￿10Pments a partkular empha￿8 on suppthng
Cloro Loarnlng Spa￿• v4itrAn ¢ultur•l WWl8aJon8) a8 weN as projoct, programm• and r•v•rw• fvndng.
Fundr•l•lng
As an endowed loundallon. Clor¢ Duffield Foundatim dou nal gngag• in pth4J¢ fundral8kng and do88 not Use
profeislonal lundrnli¢r8 or commer¢lal p4rt1dpatorn.
R•lat•d p•rty rnl•llon•hlp•
A number of related party tranMcllon$ look plKo durfrvJ Ihe year: lh￿ ar• d•talled In full wtthln nol• 24 lo lh•
a￿mIl.
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 CP*yd, 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, Ind￿lIng 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
Fo￿￿18t10n 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 aC￿ra¢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
ev*rtk>n and d•to¢1ion ol fraud and olhef I￿￿8r1116#.
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 indi*d 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 Tn￿te¢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$h flow3 and
noles to the financlal statemenls, Incluthng 8ignlff¢anl 8¢counllng policlos, Tho financlal reportlrKJ framework thal
hai been applied in Ihelr preparati￿15 applicable18w and United Klwdom Accountlng Standards. Indudlng FRS
102 Thg Flnanclal Reporting Standard applrablo In the UK and R•publlc of Ireland (Unftad Klnodom Ggn•r41ty
Aixeptod A¢coL￿￿n9 Practice).
Th• finandal statements have been prnpared In accoidance with Aco)unllng and Reportlng by Chwitles
prwrfng their o¢counts In accordancè wlth the Flnanelal R•portlng Standa￿$ appllcable In th8 UK and RePUb￿C
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 f￿an¢[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 Duff￿ld 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 t1￿5 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 aud￿0￿5 report thereon. The trustees are re8ponslble for the other Infomiatlon conlalned
wllhln tho annual rwrt. Our op￿0Th 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 respon￿bl￿ty Is to road th• other Inft)rmgtlon and, In dolng so, congld•r whether the other
infomiatlon Is maleriaHy In¢on$istsnt with tho llnondal statements or Ouf kno￿18d98 obtalnod In the coursè oflhe
audit or olh8rn1188 app8ars to be mal¢rfally miMtaled. If we Identy sueh malerlal Incon8iStendeg or apparent
malédal rnls8tatem8nts. wo aro requlrfrd to dalemiine whether this gives 1180 to a maierfal mlsstatemont In Ihe
finondal statem8nl8 them8elvo$. 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 fol1v￿l￿a 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
tr￿tea8 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 finan￿al 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 ￿nC￿n, dS$clo$lng. as appllcablè, matteT• Telated to golng concem and uslry Ihe going conc8m
b08h of aC￿unts.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 a￿lit0￿3 report that includes our
opinion. Reasonable assurancé t8 a hlgh lthl of a$8urance. but13 not a guarant•• Ihat an audit o)nducied in
a¢¢ordance with ISAS (UK) ahays detect a material misstatement when It ex18t8, Mlssiatoments can arise
from fraud or e￿or and are considered matorial If. Indrvidualty or In the aggregate, they could reasonably be
expected to Influence the e(x)nomlc dec181ons of users tak¢n on the bas1$ of Ihese financial slatement8.
IrrngularM•$, Induthng froud, are InstanL￿5 of nOn.￿mpla￿ce 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 d￿aLt mat•rlal m1861alements kn re4p8d of ffrngthitles,
In(*JdlNJ fraud. Th• exlent to whkkn our Yo￿dUre1 Jrn wabl8 of d•t0Ctlng In•gularllle8, InL*Kllng 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 ￿lI*￿1Vety had lh• approprfata cofflpelenc4.
capthlllles and 8kllls to Id8rth ￿ reMgnl8e non complia￿* with appllcabla laws •)d re9tha￿nl.
. Idèntffied the I￿8 and régulatlon8 appllcable to th? charlty Ihrouqh d1￿￿•1￿0 wfth Inmttti and ￿h•r
manogemml, gnd from kno*4rt1o 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￿¢￿1￿1ty of the charW8 fjnanclal 8taternonts lo mateii81 mls8laleffl•nt, includlng oblalnlng
On und¢r•tandlw ol h1￿ fr8￿1 mlght ooaw, by.
maklng enqults8 of man8g•menl •8 to wh•r• th•y ¢•n￿d•Tod thern wai •uicWU)Ilty to fra￿1. 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 unus￿1 or un•xperted felatknnthpi.
. wo evaluated Ihe assumoon$ and fvdgement8 U8od ty management withln 81gnlfk8nl accounllng e￿lmO￿l
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 prO￿dureS
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•$pondenc• *lth relev￿1 regulaloTr such as Charlty Comm558ion.
There are inh8r•nl Mmitsllon8 In our audit proceduras d••crlbed abovg, Th• more r•mov•d that low8 and
r•gulalions are from financlal Iransactlons, lh¢ less Ilkety It18 that we woukl beeom6 aware of Njn compliance.
Audlllng stsndards a180 Ilmtt the audll pro¢odur•s iequlred to Idonllfy non compliance wlth laws and regulatlon
to enqulry of the trustees and other mana9eff*nt and Ihe Inspectlon of re9￿910ry and lègal ¢orr•spondence, If
Matarlal rn198lat8monl8 that arise duo to fraud can b• harder to delecl than those that arf¥• from orror ai th•y
may Involve deliberato conc*alment or ¢ollu810n.
A furthér degcrfptlon of our rnspon8lbllltle¥ lor th• authl of lh8 fina￿￿1 8tatements 1$ located on thè Fin*Klal
Reporting Council'¥ webilt8 at: Y￿￿1[￿￿. . Th18 do8￿1p1￿0n 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 truIt￿6 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 bI￿ght lo￿0rd a¥ Pre￿O￿￿Y 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 Ir￿ude5 all gah)8 and lo￿$ reGo￿l$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
64￿52,582
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
2￿23
2024
Not•
CASH FLOW8 FROM OPERATING ACTIVMES
N•t cash (used InYprn￿ded ty operndng actiNftI•i
19
10,917,7461 26,350.886
CASH FLOW8 FROIA INVESTING ACTMTIES
Dhthlend8. Int6Mts and I￿18 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 t￿8• 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$•a Manor Studlo8. Flood Streol, London, SW3 5SR.
The funcllonal and preaenlatlonal currwry18 GBP.
ACCOUNnNG POUCIES
2.1 BASIS OF PREPARATION OF FINANCIAL STATEMEPU8
The finandal ststement• havo bgen prepared In accordance wilh the Charltle8 SORP (FRS 102) -
A{￿UntIng and Reportlng by Chaiiles: Statsmont of R•comThend8d Pradlc• appll¢ablo to charfti
preparfng thelr a¢¢ount8 In acc¢ydanco wlth Ihé Flnandol Reportlng Standard appli¢ablo in Iho UK
and Republlc of If6land {FRS 102> {offectlve 1 January 2019). th8 Flnanclal Roportln9 Standard
appllcablè In lh• UK and RopLknJlc ol Ireland (FRS 102) and the Charilles Act 2011.
The Iln8n¢ial Statements bo¢n prnpared Io glve a 'lNe and falrf wow and have doparted from
thé Charlll88 IAttounl8 and Reports) Regulations 2008 orty to th8 8xtenl r8qulred lo wov￿8 a In
and lal¢ vlew. Thls deparlure has Invow followlng the Charili•s SORP (FRS 102) publl$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$ed at hlslorlcal tt18t or trania¢llon volue unless olhoThAse 81aled in the
rel8vant accounting pollw.
Th• Tru•teo• do not eonildér that thar• 8¢• any 8¢)urr41 of •ilimatknn unc4rtalnty 8t Ihe reporflno
dale thal ha￿ a sIgnSfi￿nI risk of causing a materlal adjultmenl to th• carryhvd amounts ol a888ts
and Ilabllll•$ wlthln the nexi reportlng p•rfod. Judgèments aw 8•t out In Iho a￿oun11n9 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 t*h•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 n*88ured rn&ably.
Incom• from donafjon• and In￿&t￿onI Incom• •r• •c¢ount•d for on • r•¢alvaN8 bas18.
14 EXPENDITUftE
Exp•ndlturn18 ratog￿led onca ther6 Is a legal or Constr￿1￿ 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? arno￿t of th• ab1￿1t10n 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, knC1￿1ng support ¢08ts
Involv￿ In undortoklng each actlvlty. Dlr•ct Costs atIr1t￿1ab1Q 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 SI￿10 •ctivlty are apportloned betwaon thoso acllvttles on a bas18 conslstenl with
thè u88 of resou￿08. 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$tructlv• cknllptkn to mako a pgymwrt lo 4
thlrd party, tt Is pYobatrAo that 88tt18ment wlll be rnqLlred and the amount of th obNgallon can b•
m•a8ured rellably. Exwdlhff• is domlfied under Ihe fclltr*ing actl￿ty headlngs..
- Expendttum on ¢harflabl• 8¢11¥111o8 Inejudes the costs of maklng grortl undertakén to furthw th•
purpo8ei of the Foundallon and th•tr a•$ociated 8UPPOrt CO8ts.
Incxbvwabl• VAT18 cha￿d 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•r8￿c8 of Ihè thI￿ble 014•(th￿ ol
tho Foundatlon. Grants p•ygbl¢ are c*targed In Ihe yoarvthon tho oifer18 made exc•pt In those ca￿*
where the off•r 16 Cl￿dttl0nal, 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 Con￿dar 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
act￿ty. 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 C￿tI
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 n￿ffla1ty 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$.
2.• TAXATION
The Foundatlon is ￿nSIder4d lo pa¥3 the teBt8 Ut oul In Paragraph 1 Schedule 8 of ttt• Fknanca Act
2010 and lh8relor• It meet8 tho d¢finllion of o ¢harft8bl8 company UK corporation lox purpos0$.
Ac￿rdInglY, the Foundaiknn18 poientlally exempt from taxation In re¥pect of Incom8 or capital gau
rec¢￿ed wlthln ￿tego￿o$ 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 C￿lIng £2.000 or moro ar• e4pItsISMd and recognised when fulure economlc
benefft8 are probablo and thé emt or ¥4￿6 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 a8￿tI5 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$ I￿8 Ihelr rnsidual vakni
over Iholf 08llmatad ￿￿lu1 Ilve$, ￿Ing tho •tralght4no malhod.
Depre¢lalon Is wovld•d on th• followkno bams:
Short4•rn) 1•a￿hO￿l proporty - 3% Stralghl Ilne
Fixlum and Ilttngs
- 20% Straigm li
Office equlpm•nl
10 to 25% Strntyhl Iln•
Tho a••els' r•8ldval valu04, uaelul Ilv•s d•pr•cIalh￿ mothod8 ar• rovlew•d, and adjuthd
pro8pedlv* ff apwoprlalg, or11 th•rp IB an Indl(atlon ol • ilgnlknt ¢hang• •lnc• lh• lalt r•p
Galni and losiei on d18poJal• we d•t•mlnod by eomparing th• pM¢a80$ wlth tho amount
and arn r•COg￿ed 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 s￿sequentty measured at falr valu• at th8 Balanc• Sheet d*, unlgm Ihe valuo
Gonnot be measurod rel￿blY 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￿$> on
vulment8' In Ih Statern•nt of Flnanclal klfvifj•6.
112 CURRENT A8seT INVESTMEIITS
Curnnt a••et hwe8lmenl8 am th086 whlch are h•ld for wlg or p￿dkn￿ Ihdr lalo and ctsh on
d•poill wtth a maturity dAt6 of than onè year hald lor 8hort4•nn Inv•8tmont PUlPOSe8 rathor than
¢o$h11￿. Currnnl a•••t 1Th￿￿M¢nts ar• valuod al lalr va￿0 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 d18c0￿1 offer￿.
Prnpaynent8 are v4luod al lh• rnuN pre￿d 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 ￿n￿ft 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 f￿ancIal 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 a￿￿rtISed 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 ob￿ctIVeS 01 I￿ Foundalion and which ha￿ not b•èn d•8lgnat•d for olh•r
pury￿Se6.
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 DEC￿ER 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$o8 Ihe Tru8t••3. ￿ ar• nol remunernlod, Iho Chief Ex•¢uti
Offic•T.
The total •mploy•e bonefits (Induding pension conlrltMJtlons and naIk￿lI InBurAn¢a> of tho
kay management personnel were £114.903 (2023: £109,265).
10. TRUSTEES REMUNERATION AND EXPEN8ES
rxfflng tho year, M TfU8lee$ rec4lveil any romuneratk)n QT Othqr b•n•fil• (2023- £NIL).
r￿rfng 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 ¥8￿8 al start of tho
Addillon8 at C08t8
Dl$pwl pro(xds
Totql pin8
67.328,198 33.940,733
6mO,000 20.OIX>.007
(10m6,1181
7,701A79
3,387.455
F*lr v•lu• atth• •nd of lh• y•ar
60,001h78 57.328.195
INVE8TMEiif R18K MANAOEIIENT
All lTrve•lmonts are ¢arrrod at th•ir ljlr value. Inveslm•nt In equ￿83 and fixad SntoreBt socurtttes are all
traded In quotod wblc markets. Hcldlngi In common Investmenl fundi. unll trusts and opanvended
Inve8tm8nt companleB aro Indudod at the bld prf¢&. Tho ba818 of falr vabje for qu(thl Invo8lrn•nls li
•q￿a11Th1 to th• market value. using Iho bid prfc•. A￿1 •alo1 and wrcha8e• arn rec¢gniwl al th• date
of trade at CO8t (that h Ih•lr tran84Glian value).
Tho sigrdfK8n¢• of Ilnanclal kn8tnThent8 to Ihe ongolng fin8n¢l81 iu8talnab115ty of Ihe thorlty18 conild&rnd
In tho Ilnancial fO¥low and Investment pow and perfonnance 8ectlon8 of Iho TN8te08' Annual Report.
Th• maln fljk to Ihe chorlty from Ilnandal kn8lrurnonls Ile¥ in th¢ co1￿1natiOn of un¢ertaln inve8tm8nt
market8 and volaOIIty. Llquidlty risk 16 onlklpatgd lo be low ai all as8¢1• are traded and tho commttmonl
lo ifil•NffiUon by cantfal banks and m¥kel r8gulator8 ha8 conllnued lo provld8 foi ordgrfy tradlng in thé
ma￿•t$ go the abluty lo ￿ arrfl eell quoted •quili•s and Sto￿ Is an1iclpatéd lo conlinue. Tho
ch￿8 Inve•lm•nts are malnly traded In mart•ts w4th good lI￿dIty 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 da5￿4 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 r8e￿e￿I￿alIon 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)
(Im76￿04) <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 Mult￿Year grant commllments
at each y•ar gnd. The treatm•nl w88 ba$ad on the pr•miM Ihat th• TW8t0￿ W08•r¥￿ tho rlgm 1¢
wilhholdl¢anul fulure yaars of multi-year commltments.
On rowlw thls troatrmnt do•8 not fulty réfiect tha awment8 and kntsnllon of th• TnAttts (•nd
b￿£￿¢[a￿•S} whlch 19 that th• lull grant commStmont wil b• honoured whor• actlvltlos ￿nI1￿u0 to
Cont￿￿8 lo d￿wIThg the obledSve8 of the Foundallon,
Th•r•kn, th• ￿mParatIv•S have l)•en I•￿ted to Ihe ILAI commltmeDt. Tho knpad on e•¢h Ilne
em ol the account6 Is summarlaed below
£7,400.OLX) d•cr••M In thè value of funds as at 1 January 2023
£6.678.210 d•crn•u In thè vdué of fund8 at 31 D0￿mber 2023
£723.790 d•￿al9 to grant •xp•ndliuM kn 2023 (r••dllng in a de(xea8• In doslw funds •8 d•tsll•d
al)0￿)
£6.678.210 inwa8• In grant ￿MMItmen15 crethtL¥ du• •ft•r cn8 (no Impact on want
offlmllmont8 ¢f¢dltor du• In1085 thn Dno >WT)
£723,Th1 h)¢reai• kn net m¢)vement in fvnd$ 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
Decrease10n￿8aSe> 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 $ch8ma arè hold
8eparntely frorn Iho¥é of Ihe FOunda￿n in an ￿￿ependenty admkn181•rod fund. Th• penslon cost charge
represents contr#>utli)n8 payabl8 by th• Foundatlon to the ￿nd and omounted to £13,10212023: £12.594).
A bthce of £3.972 wa¥ pa￿bIe lo th• pon41oTr schem• at Ihe b4•nc4 ¥haot dat• (2023: £3.6441.
The p•n8lon 0xpen￿ l• altrJ¢aled lo baled on the grant fundTrJ dlr•rt•d towwd8 Iho8e actlvltle•.
OPERATING LeASE CQMMIThIEMT8
At 31 DKfjmbor 2LW the Foundatton had commllm•nl• to mok• lulure mlnlmurn loa8e payments WKl•r
n¢xKancdl81)l• oper•tkng le•iM a* foll¢)￿.
L•aMhold bulldlng• and offle• •qulpm•nt
Not later than 1 y•ar
Lal•r than 1 year and not ljtsr than S y•
Latsf Ihan 5 ￿all
4114
4,100
18,000
3,93S
4,800
19,20D
26.114
27,935
Th• fthytng le880 pawn•nt8 have been rncogrfud as Jn expen•• kn th• Slal•m•nt of Flnanclol
A¢14vNles:
2024
2023
Opwating I•u• f•ntal8
3.03$
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$ ￿n￿ne 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•rtl*g• and Educallon
Almelda Theatre
Arf( Schools
Art FU•tory Llnk Up
At The Bu•
Blu• MarSn• Foundatk4n
8rts1ol zoolog1￿1 So
Chl•wlck Hou80 & Gardw
Clore L￿rnIng Space- Trowbrldgo T(wn Hall
Clore Leamlng Studlo . Holbom Library
Clorn Studlo- Bart￿r Institute
Clore Studio. H•f•fofd Musaum
Courtauld In•lMut•
DI￿0V•ry L•b al Stoneh•ngo
Ella8 A8hmol• Tn￿l
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
NO￿l¢h Ca6
Oxford Inililute for PoMl•llon Agelng
Palsley Musuem
PK Porthcumo Museum of Global Communlcallon
Royal Hort1￿li￿ra1 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 Inlema￿ft￿ Canh Musk
Tho King'8 Foundatlon
The Roundhou
Trent Pafk
Tum•T C￿t9mPorary
Unlc<Kn Th8atr•
V&A East storehouse
Wallac• Call•cllon
Watts Gall•ry
W•81 London Zon•
Young Mu•kl4n$ S>Thphony Orthutra
ZSL RaknI0r￿t Cla$8roc*n
1.lJOO.DOO
aoo,000
15,iJ)O
96,C
42,100
922,099
420.890
5.000
6,000
20.000
180,OC
10,OQO
150.000
22.600
25.OCKI
250,000
22,570
9,500
20,000
45,(MX)
4000
18,070
66,69S
4h8•.•71
4.52S,578
Grnnts lo lTr•lltullon• r•l•llng to L••d•rnhlp Tralnlno
Clor• L•#d•rihip Programm•
1,780,000
Grnnts to In•lltullon• r•l•tkng to H•alth and soeld C•rn
Dlv•r8• Dance MIX
Jewlsh Ca
Smart Work6 Charlty
The Blk• ProJ•d
Turquol•¢ Mountain
30,000
25.CKIO
45,000
35.000
75,OlJO
110.0001
20,000
180,000
Grnnts to In•l1￿lIOnS v•lallnp to J•wlJh Support
Comrnunity Secunty Trust
JW3 Developmenl
30.000
1017
80.000
32.017
80,000
Totsl grant• mad•
1.261,988
4,785,578
Page 33