Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 Charfty numbor: 1084412 CLORE DUFFIELD FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFFIELD FOUNDATION CONTEiirs R•f•renc• and Admlnlstratlvo Detalls of the Foundatlon, Its Tw$lo9s and AdVI￿rn Tru•loe•' R•w* IndO￿ndon¢ Audltofs Roport on the Flnanclal Ststsrn￿ts 8-11 Statement of Flnanclal Acliviti 12 Bolon￿ 8h••t 13 Statwnent af Cash Flows 14 Notes to tho Flnanclal Statements 15-33 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFFIELD FOUNDATION REFERENCE AND ADMINISTRATIVE DETAJLS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2025 Dame Vivi9n Loulse Duffleld DBE MS Melanle Sarah Jan9 Cbro Mr James Paul Hardlng Mr Davkl Terence Digby Harr81 Mr Rlchard John Oldfield Mr Jeremy Vaughan Sandelson Charlty rnglstsred number 1084412 PrlnGlp•l offlc• Studio 3 Chelsea Manor StudM)s Flood Str8et London SW3 5SR Chhf •x•cutiVo offic•r Kale Bellamy Ind•p•nd•nt audltor PEM Audit Llmltad Statutory auditors Sallsbury House stallon Road Cambridge C812LA 8ank•rs C Hoar8 & Co 37 Flegt Strget London EC4P 4DQ Solldlors Molra Protanl 72 Woodboume Avènue Brighton BN1 8EJ Petern Eknrthy & Moore Salisbury House Station Road Cambridg8 CB1 2LA Page 1 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFAÉLD FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The TYustee8 present their annual report together with tho thancial statèmènts of thè Foundallon for th8 >*ar 1 January 2025 10 31 December 2025. Referenca and administrdtive lnf0￿rbat￿ sat out on page 1 fom)s part crf thls roport. The fvban¢ial statements rnply with current statutory requirements. the FoundalN)n's trust deed and the Statemgnt of Recommgnded Practice.. Accounting and Reporting by Charflies prepar(ng their attounts in accordants with the Finandal Reporttng Stsndar(l appIl￿ble in ts UK and R8publlo of Ireland {FRS 102} (Second edluon October 2019- effective 1 January 2019) and the Chariti8s Act 2011. This report cover8 the ts¥enty fifth full year of operalon for the Chye Duffield Foundation, vthich was fornied in December 2000 from the merger of the clo￿ Foundallon and the Wwien Duffield Founddknn. The Clore Foundalbn was establlshed In October 1964 by the late Sir Charles Cloro. HIS daughter, Dame Vmen Dufflebj. became Ghalrrnan of thg Foundatlcffl In 1979 and Created her own In 1987. The priorities of Iho formgr Foundalions remain the priorlues of Ihe Cloro Dufflold Foundatton. Tho obioc* of the FoUnda￿on {os set out In the govemlng Scheme of 22 December 20001 is to I￿orrf such chanli8s and such charfl8b16 purposes as the Tn￿te&S may detomNn•'. OBJECTIVES AND ACTIVITIES Purpos0$ and alms The Foundation supports UK Charit￿s working in tho arts. educath)n, soclal weffare and health. Thg Foundation enhances Jewish cuttural lrfe through support for JW3. the Jewlsh arts and communlty eenlre In London. Ms work remalns rooted In Ihe charltable commllments of Slr Chath Cknre and his daughter, Dame VIv￿n Duffi8ld. Includlng.. Developlng prograrnrr￿ 8nd partnershlps to cr•ato opportunllle8 for pec¢*le through ar( c#Jllure and herftage In the UK. Funding rew and existing Clore Leaming Spaces to ensurè cNldmn and ￿Ung peopla, In parucular, hav8 the chance to ￿nafit from art. Cu￿Ure and heritagè and the Insplratlon. knowledgo and joy they brfng. Supporting sthools lo dglivgr high qualty arts educatlon and ￿bit￿l￿5 programmès of school trips for Ihose pupi15 that miqht otherwise miss OUL Ensurfng the imFXJrtant organisatlons creatsd by the Foundallon continug to bo Strong. Impaclful aThJ reslll8nt, Includlng JW3 and thb Clore Leadèrshlp Programme. Taklng a thoughthil and strateglc approach to grant-maklng In the wider charitable sector. an emphasis on nlmble. fron141ne tharhies delfverlng change to ￿0P1a who naed it most. The Oireclor and Truslees review grant monitorfng reForts (8ubmltted by grant reclplonls} at each Trusteg maellng. Thls allows progress to be ched(gd against the planned adivibes outlined in th8 orTginal grant applkallon and enables them to monltor level of public benefft being achi8ved through the donation. The Trustees have referred to the guldance contalned In the Charity CTrnmi$$ion's general guld8nte on publlc benefft when r￿ewIng the Foundallon's alms and oblecl￿es and In plannlnG Its future activitles. In parttular. e Trustee¥ rjjnslder how planned adfvlllgs w511 contrftth to the 8kns and objectives that have bean set The Trustees havè considorod th18 m8tt•r and eonclud8d.' 1. That the aims of the Fourvjation continue to be charItab￿- 2. Thal the aims and Ihe work don8 glve identffiablo beneffts to the charftsble Sector and both Indlrecty and direcuy to indlvlduals In need., 3. That the beneflls are for the publlc and are not unreas(Thbty r8Stdctgd In any way and Gfjrtaln￿ not by abilKy to pay. and 4. That Ih8r8 is no d8lrim8nt cf harm arising from th• alms or actNItEes. The followlng sectlon of Ihls report {'Achlevoments and performance,) Sets out the Ck)re DLrffield FoUndat￿n.8 oblecuves and report8 on the aclmty and SLKcesses in thè lo 31 Decembèr 2025, as w61188 explainlng the plans for the current Ilnandal year. Page 2 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DVFFIELD FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 ACHIEVEMEpifs AND PERFORMANCE Pollcy and best practlc• In January 2025 tho Foundation. long-time champlon aNJ fundar of cultural ￿rnIng. convened a group of leadars in education. cuKure, philanthropy and the creatNe industri&s wth Minlsters Catherlne McKinnell. Department for EdueAtion and Sir Chris Bryant. Department for Curture, Medla ond Sport for a roundtBblo at Tate Brftaln to explore how best lo cr8ale equal access to an exc6118nt arts educatlon. The meeting, chaired by Foundation Director Kate Belamy, shared pdicy and pracllce recomn*ndalion$ from the sector. discussed th6 dwnges needed for chiltlren, young p8opl8 and the workforcè ID th￿Ve, and the role the CurrKulum and Assessment Review wlll play In ertsuring children benefit from a rlch and (￿ttIng-edge urriGulum. Grnnt4l*klng In 2025 The Foundation awarded grdllts totalling £15,884,838 to 32 charib•$ or not for profrt organis8tions in 2025. This rep￿Sents an Increase In funding levels compared to recent years. refledng wJdlLlonal resource8 made avallable through Dame Mvlen Duffield'8 donallon. improved invastmenl performance, and 8 focu8 on new straloglc prloritlgs. Notable Projects Funded In 2025: Clor• Gard•n at Tats Brltaln In 2024. the Foundation announced its Support for the creelion of a new public oarden at Tate Britsln. The project. le(1 by the a(￿aIMed Tom Stuart-smtth Studlo In collaborallon vthh Fellden Fowles, is belng dellvered In partnership wllh the Royal Horticuttural Socw. This new gr88n spaca on Mlllbank will be accessible to all. The Foundatton's r8latronshlp Tatg Brftaln dats$ back to 1987 wlth the oponing of th8 Clor8 Gall8ry in momory of Sir Char* Clore. School Trfps Grants In 2025, the Foundafjon awarded grants tt) 12 schools in Blackp￿1 Cornwall and to one of MS ex1811ng schoo18 partner8 In Portsmouth. to undertake ambillous programmes of sch￿1 trfps. Pr(yJramme dellvery commenced in September wth schools vislllng a Ylde range of (￿ganI$S￿on3. Ir￿lUdIng museums, gallerias, theatres and heritage sites of regional and naoonal slgnificance. AppI1(a￿On$ for th8 Second round of funding Opgned In Septemb9T 2025 to selgGt a 5gwnd cohort of schools In Blackpool and Comwall for delivery of school trips in the 2026-27 academic year. Clor• L•arnlng Spa¢os Sever81 now Clore Leamlng Spaces opened in 2025. cAlering enhanced opportunltles for leamlng and engagemènt wlth thè arts, cutture. and herltage. These Include spaces at Norwlch Castle. V&A East Storehouse. the Old VK and Holbom and Exoter Llbrarfes. The Foundation also &Jreed funding for r￿W Clore Learning SpaGe$ at thg Tcwer of London. the National Centre for Muslc. Edinburgh. London Museum. Snape Malungs, Ipswich Library and Leach Pottgry Museum. Several existing Clor8 Leaming Spaces received 'Fit for the Futuré. funding for r&furbishment, including the Plit Rlvers and Dilchllng Museums. Further openings are scheduled for 2026, Incbjdlng at Stonehenge, Chiswick House and Gardens, Ipswlch Museum, Palsley Museum and Thaalr Clwyd. Th• Ark Cloro Dufllold Cultural L•arnlng Programme In partnership with Ark Schools. Ihe FoundalK)n Is developlng a new approath to arts education in Mulb,. Academy Trusts. Ark Culture. The pilot year (202>24) focused on four schools In Hastlngs. with the programme expanding to Portsmouth sthools In 2024-25 and Bimiiroham sdKwJls in 202¥25. The Initiallve aims to ensure every chlld has meaningful access to arts. eulture. and herftag8. By July 2027, the goal is to engage every school In at least tsvo cultur81 partnershlp5. The programme also Inciudgs a blannual Nafjonal Arts Fèstival c8lebrnlng students. achl8vements. Pago 3 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFFIELD FOUNDATION TRUSTEES. REPORT Ic0￿1NUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Art Fund T•a¢h•r F•llow8hlps Launched In 2024. thls partnershlp befyw the Foundotion and Art Fund provideg $8ts)nd8ry sclb)ol teacher8 wlth fullyfunded secondments lo museums. These fellowships aim to strengthen engagement betsveen schools and museums wlth Clore Leamlng sp￿0$. 8nrid)Ing currlculum 188mlng and fostering doser ￿llaborati( bets￿en the edu￿tion and Gullural sectors. The initiativo bullds on research condLSCted in 2021-22, Idenofied barrigrs to teachgr engagement wlh mu88ums. Oth•r Charftable Support The Foundallon p￿￿ded fundlng lo several arts education chadtlgs, Includlng thè Rordl Dra￿ng School. Glyndebourno and thè Almalda's s￿￿18 Programme$, St Marylebong School's Arts and Creativty in EducatNJn Prof8ssional Leaming Programme and Art Hlstory Llnk-up. Addib'onal grants supporte(I broader inibalives. Such as Turquoise Mountain, the National Year of Readlng, the West London Synogogue's organ resloratlon programme and the Blke Project. Ongoing support o)ntinued for The Royal Opera House's 'Open Up. Project and Its 'Ro(￿ry Fund, to mltlgate finandal1056es due to th8 Co¥ld-19 pandemic. Foundallon Inlllallvws Cloro Loadorshlp Establlshed by the Foundallon Sn 2003, Clore Lgadfrrship is now recognised as one of the wortd's leadlng Gultural lèadershlp programme8. In 2024, th8 Foundation committed to long-lerm fundlng. and Dame Vivien Duffleld was appointed Life President. stepping d(ywn from the Board. Trusteo Davkj HgTh81 now représènts tho Founda￿on tho Clor¢ Lgadershlp Board. JW3, a cross-communal f¢x Jewlsh arts. Gulture. family programming. Sodal actlon, antl leamlng, was foundetl by Dame VNien Duffield support from the Foundatiort. Sinc8 its openlng In 2013. JW3 has continued to provKle a vibrant spaca for communty engagement, welcoming people from all backgrounds. This report oulllnes the sSgntfic8nt achievements of the Clore Duffield Foundotlon in 2025. dgmonstsating ts onlinued ￿MMitMent to enriching cultural and educatiDnal opportunltles across the UK. FINANCIAL REVIEW Flnanclal porfomlanco and posltlon For the year ended 31 December 2025. tho Foundalk)n had Incomlng rosourcos from voluntary sources and investrnents of £1.289,079 12024.. £670,229). During Ihe year, the total cash ouoay on grants amounted to £7,265,00612024'. £5.475,5041. Support and govemanee costs were £150,36612024: £301,373). At 31 December 202S. net assets amounted to £61,965,207 (2024.. £64.552,582). Throughout 2025. the Foundatlon donated a total of £15.884.838 (2024.. £6.261.988} 10 32 12024.. 35} org8nlsaJons. Thls total Includes both amounts pald out In the year and amounts comnNtted but unpaid at the year gnd. The Ilst of donallons In 2025 Is dl8c108ed In note 26 of the financial ststsm6nts. . R•¥em8 pollcy Tha Trusleos havo fb)t adopt8d a quanYfiablo rwnies pollcy In 2025 because of thg high lovgl of unrestriGtsd fvnds hokl. Th8 financAal siluatK*n is reviewed at each Trustee meetlng to ensure Ihat forwar(I commilmgnts and offlce costs be met for the foresgeable future. If the level of unrestricted re8erve8 should fall conskjerably then the Truslee8 woukl conslder and Implement a quantifiable reserves pollcy. Golng conc•m Aft8r making appropriate enquirig$. the Trustees have a reasonable expectation that th8 Foundation ha$ adoquat• rasourtss to corrtinuo In oporational ex181encA for thg foreseeablg future. For this reason. they continue to adopt the going con￿rn basis in preparfng the flnandal statements. Futher detslls regardlng the adoptbn ofthe golng Goncem Ggn be I￿rKI in Ihe a￿OUnting polloe3. Pag8 4 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFFIELO FOUNDATION TRUSTEES. REpoKf (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Prfn¢ipal risks and uncortalnlles The Truste8s have review8d the major risks to vthlch the Ftyjndation is exposed. particularly those related to its OP8rations and finances. The TTUStees have g￿an consideration to th8 appropriate p)licie5, procedures and Systems to mthgate the Foundation's exposurè to the maftff risks. The main finan(yal risk facing the Foundation 1$ the potential for the investments to decrease in value. thgreby reductng the funds available for current and fuium grantmaking. This 18 mits'gated by the investment approach of the managers which 15 focused on avoidlng losses as much as is reasonable and c4)mpatible with the achievement of a satisfactory relum. The currènt p)rtfolio is diverse and is rgviewed at eo¢h Truste9 meeting. Investm•nl policy and p•rfornwnG• There are restrictions on the Foundation's power to invesL The investment strategy is *1 by the Trustees arKI reviewed on an annual basis. The Trust•￿ consider the scale of the Foundation'5 prospective grants th8 investment risk Fyofile, vrithin an overall policy that takes account of the period in whlch the assets of the F￿r￿atIOn may be fully expended. The Trustees decided, folEowing a substsntlal donation to the Foundation by Dame Vivlen Duffield in 2023. that the Foundation had sufficient assets to enabie il to take a longer temi wew wlh 8 porUon of Its portfolio aTr thus to invest more in equib'es. The majO￿ty of Ihe donation receNed in 2023 was Invested In the Lansdowne Developgd Markets Fund, alongsid8 gXi$tlng investments in the Trojan Fund and the Latitude Horizon FUTr which take a more conservative stsnGe. During the year. n addition the majority of Gash held wa5 Invested, through Cazenov8. in a Liquidity Fund. The Truste85 ensure their investments aré managed responsibly by working ￿th Investrnent management companies which are signatories to th& unit￿ Nation's Principles for Responslble Investlng and the UK stewardship Code. Overall, the Foundation's investrngnt portfollo made a 21.8% return in 2025. STRUCTURE. GOVERNANCE AND MANAGEMENT Constitution The Charity was established. Is gLMmed. by a charitable trust deed fomallsed on 22 De¢ember 2000. Dame VIvi8n Duffield 15 Chairman of thè Clore Duffield Fourmlation alongside flve other Trustees. At the $tsrt of 2025 the Foundation had thr80 mèmbèrs of staff. a Director (Kate Bellamy, fvll-time), an Office Manager (Caroline Roif, part-time, laft OCto￿r 2025 to be replaced by Maggie Kayl and a SGhools Programme Manager (Cara Williams. fijll-timè). Thè Trusteés meet at least t￿￿ce a >Ear to award grants. review the investment porttolio and conskkr thè admlnlstratton of th8 FoundatM)n. All grant award dèdsions arÈ taken by the Trustees. All investment deGlslons are taken by Ihe Trusta&s upc the advirA of thèlr Invèstrnènt managets. Methods of appolntm•nt or alactlon of Trustees The Foundatlon Scheme allows continulng Trustees to appoint addltlonal Tntstees wlth the minimum number of Trustees belng thréÈ and Ihè maxlmum number ofTrustees for the Foundation to b6 nlne. Tru8te• induetlon and tralnlng New Trust8es would be supported by the experienced Trustees and spend Ilme w￿h tha Dlrector and staff of Ihe Foundation who would make avallabla all the files aThJ infO￿natIOn about th8 Foundation. Arranpm6nts would b8 made for them to vlstt organi8ation8 SUPPOrted by the Foundation. R•muneratlon polley for kéy management pernonnol Stsff salaries are set by the Trustees. The level of responsibillty, length of seNlc8 of the postholder, and salari8S of comparable roles in similar organlsations are all taken into account when consid&rirKJ salary bavels. Pagè 5 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFFIELD FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Grant maklng poll¢lo$ The Foundab'on doe$ nol adopt a rfgld approach in tenns of the criteria for its grnntmaking. It does rv)t accept or pro¢es$ unsoliuted applications. It do8s nol diredy fvnd individuals. Recipients must by UK registered and with d)aritsble Slalus. In 2025 il ¢ontinu8d to fvnd ¢apitsl redevelopments Ibmth a partiujlar emphasis on supporti Ciore Leaming Spa¢es within cultural organisats'ons) as well as project. programme and revenue funding. Fundralslng As an endowed foundatlon. Clore Duffleld Foundatlon does not erya9e In public fundralskng and does not use professlonal fundralseryts or ￿mMercIal pa￿CIpal0rS. Related party relatlonshlps A number of related paty tr￿saCtIonS took place durfng the year., these ar8 detailed in full w6th1n noto 24 to the accounts. Plans for fvture perlods Throughout 2026 the Foundation expects to be fouJ88d on the delivery of the Clore G8rd8n at Tate Brttain. The second ￿IK)rt of schools in Comwall and Blackpool lo participate In the school trips programme wll bogin dellvery In September 2026. We hope to launch naw programmes of support for ujltural leamln9. including a dedlcated programme for Clore Leaming Spaces working with hard to reach schools. Clore Leamlng Spaces at Stonehenge, Chi8wd( HoL￿e and Gardens. Ipswich Museum, Palsley Museum and Theatr Clvryd ar8 expècted to opan in 2026. STATEMENT OF TRUSTEES. RESPONSIBILMES The Trustees are wswnsible for preparing th& Tru8te88' R8POrt and the financial statements in accord8nc8 appllcable law and Unlted lfjngdom Accounting Standards (Unitsd Kyigdom Generally Accepted Accountlng Practlce). Th8 law applicable to charltlas In England & Wale8 requires the Trustees to prepare fmancial 5tatsments for each flnancial year whlch glve a true and falr vl8w of th8 State of aff8irs Of the Foundation and of its incoming resources and applicati(￿ of resources, Includlng its income and expenditure. for that period. In preparing Ih958 financial statements, th8 Trustees aro requlred to.. select Suitable aco)unbng pollcles and then apply them conslstently,. observe Ihe methods and pdndp18s of thè Charilies SORP IFRS 1021; mak8 judgmants and accLKEnting estimates that ar8 reasonabl8 and prudent" stsla whether applicabl& UK Accounting Standards (FRS 102) have been followed, subJ8Ct to any materfal departures disclosed and explained in the financial statements., prepare the financial statements on th8 going concem basis unless it is inappropriate to prèsuma that Ihe Foundafjon ￿11 Gontlnue In buslnes8. Th& Trustees are responsible for keeping proper accounting records that are suffl¢lent to Show and explaln the Foundation's transactions and disdose wth reasonable accuTaCy al any tlme the financial posibon of the Foundation and enable them to ensure that the finanaal statements comply with the Charities 2011. the Charty (Accounts and Reports) Regulations 2008 and Ihe provislons of the Trust deed. They are also responslble for safeGuardng the assets of the Foundation and hence for laking reasonable 8tsps for the preventlon and detection of fraud and other I￿egUlarities. Dlsclosurè of Informatlon lo audltors Each of the persons who are TnJstee8 at the tim8 when thls Trusts8s' Report18 approved has LYJnfimiad thal: so far as that Tn￿tee Is aware. there Is no relevant audit information of whlth the tharitys auditors are unaware. artd that Trustee has taken all the steps thal ought to hav8 baen taken as a Trust88 In order lo be aware of any relevant audit information and to establish that th8 charl￿$ auditors are aware of that infom)aiion. P486 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFFIELD FOUNDATION TRUSTEES. REPORT (CONTINUEDI FOR THE YEAR ENDED 31 DECEhl8ER 202S Audltorn Our auditor. P8t8r5 Elworthy & Moore. transferred Its audr( registration and therefore that part of its business to nthvty incorporated limited company, PEM Audlt UM￿8d, on 1 September 2025. A￿ordInglY. Peters Elworthy and Moore fomially ceased to be tho Chwtys auditor wlh the Trustees duly appolntlng PEM Audll Llmlted to flll the vacancy adslng The audllors. PEM Audll Llmiled. have Indicateil their wllingness to continue kn offlce. The de8lgnat8d Tru8tse8 VAII propose a motion reappoinllng the audStor8 al a meetlng of the Trustees. Approved by order of the members d the lY)ard of Trustees and signed on Ihelr behalf ty. Darn• Vlvlfjn Loulsfj Ouffl•ld DBE TNsteo Data: Page 7 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFFIEU) FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLORE DUFFIEU) FOUNDATION OPINION We have audlted the Ilnand31 statements of Clore Duffield Foundallon {the 'chorlVI for the year 8nded 31 December 2025 whlch comprlse he Statement of Flnandal Aciivities. thè Balance SheeL tho Ststem8nt of Cash Flows and the related notes. induding a summary of signfficanl accounting pOI￿leS. The financial rgportlng framework that has b88n opplied in their preparatlon Is appllcable law and Unlled lQngdom Accounting Slandarés, Includlng Flnandal Reporting Stsndar(1102 Yh8 F￿ancIal Raporting Standard appI￿able in the UK and Republic of Ireland, IUnit8d Kingdom Generalw Acc£pted Accounting PraGtirE}. The financlgl statements have been prepared tn aco)rdance AccDunting and Re1X)￿ng by Chartues preparing thelr accgunts In accordan¢g with the Finandal Reportlng Standards appllcable in the UK and Republic of Ireland IFRS 102) In preference to the AccounlSng and Reporting by Char(tles.' Statemenl of Re￿mmended Practlce Issued on 1 April 2005 whlch is refèrred to In the extsnt regulatlons but has been wrthdrawn. This has been done in order for th8 acuunts to providg a true and fair view In accordance wrfh th8 Ggneralty A￿epted Accounting Practice effectNe for reportlng pei*)ds t•ginning on or after 1 January 2019. In our oplnlon the finanGlal Statements: gFV8 a true and fair vi8w of the slate of the charitys affairs as at 31 December 2025 #nd of Its Incomlng resource8 and applI￿￿on of resources for the year Ih8n ended; have been properfy prepar&J in accordanGe with Vnitgd Kkngdom Gengralty AcG8pt8d Accounting Practice; and have been prepared In accordance wKh Ihe requlrements of Iha Charflles Act 2011. BASIS FOR OPINION Wo conducted our audil In accordance wtth Inlgrnational Standard$ on AudI￿g (UK) (ISAS (UK)) arKI appllcable law. Our responsibilities under those standards are fvrther descrlbed In the Audttorfs re8ponslblllllg5 for thg audlt of the finandal statements section of our report. We are indopendènt of Ihe chadty In accordance the ethlcal requlrements that are r8lavant lo our audlt of the flnanclal statoments in the un￿ed Klngdom, indudlng the Fin8ncl81 Reportlng Counul's Eth1&4 Stsndard. and we have fiJlfill8d our other elhl¢al responslbS16tle8 In accordanf* wlth these requirements. Wa believe that the evidenca wg hove obtailled Is suffldent and approproatè to provbde a ba818 for our orAnion. CONCLUSIONS RELATING TO GOING CONCERN In auditing thè fin8nrAal $tstements, we have condud8d that thè trustees. use of the going Goncem basis of accountlng In the preparallon of the finandal statements Is approprlats. Based on the work we have performed, we have not identified any material un￿rtaIn￿8$ relating to eV8nts or condluons that. indlwdually or gjlleciivety. may cast slgnrficant doubt on the charftys 8bility to continu8 as a golng COr￿er￿ for a peric¥d of at laast t4¥elve months from 4then the finandal statements are authorfsed for Issue. Our r88pOr￿1bI1itle5 and the responslbillties of the Trustees respect lo going ￿ncern are des¢*bed in the rel8vant sections of this r0POrt. Page 8 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE OUFFIELD FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLORE DVFFIELD FOUNDATION (CONTINUED) OTHER INFORMATION The othèr Infomwtlon compr18es the Inform8Von Indudgd In th8 Annual Report other than th8 financial statements and our Auditorfs R8pMJrt thereon. The Trustees are rgsponsibfe for the other information ￿nts1￿ed within the Annual Report. Our opinion on the finan￿81 statements does not COV8r the other infomiatlon and, ex￿Pt to the gxtgnt oth8r￿Se expliC￿Y stated In our reporL we do not axpr8ss any forni of assurance conclusion th8r8on. Our responsibility is lo read the other Infomi8tlon and, in doing so, consider whether the other inlomiation is materially inrnnsistent wlth th8 flnanclal stalaments or our kn¢)wledge obtained in the course of the audlt, or otherwlsg appears to b8 materially misstated. If V•P Kjen1￿ such materfal inconsblencles or apparent matsdal misststements, we are r8quired to determine whether thls glves dse to a materfal mi55tatement in the finanoal statements themselves. If, based on the work we have p8rforn￿d, we condude that thère Os a Mate￿al mlsstalement of thls other informatK)n, we ar8 requlred to repJrt that fact. W8 havo nothlng lo report kn th18 regard. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION W& havo nothing to oport In respect of thè follovlrKJ matters where the Charities {A(xounts and Roports} Rogul8tions 2008 requires us to report to you W. In our O￿n[On. th8 infomialion given in the Trustee$. Report Is Inconslstenl in any material respect wlth the financlal statements: or suffldent aceounlng records havo not been kept. or th8 financlal statements are not In agreement wrth the account6ng re¢ord8 and returns,. or we have not ￿ceiVed 811 the irrfomiation and 8xplanalions we req￿re for our aud RESPONSIBILMES OF TRUSTEES As gxplained more fully in the Trustees, Responsbllltles StatemgnL the Trustees are responslble for the preparation of thè finartdal statements whoch gfve 8 true and fair vi8w, and for such Intemal contrd as the Trusta8s d8t8miin8 is necessary to enable the preparadon of flnan￿￿1 stalements that are free from materlal mlsstatement, whether due to fraud or error. In preparfrKJ the flnanclal stalemgnts. the Trustges are resportsible for assesslng the charltys ablllty to continue as a going concem, dlsdoslng, as applicable, matsrs relal8d lo going concem and using the going concem basls of aCcoun￿ng unless the Trustees either intend to IM4uidate the Gharty or to tsa88 operatk)ns. or hava no realistic alternat￿& bul to do 80. AUDITOR% RESPONSIBIUTIES FOR THE AUDIT OF ThE FINANCIAL STATEMENTS W8 have been appolnled as audllor under seCt￿n 144 of th8 Charibes A¢t 2011 and report In accordancè vthh the AGt and relevant regulallons made or h8￿ng effect Ihereunder. Our obl9Ctlves are to obtain reasonable assurance about whether th& flnanryal ststements as a whole are fr99 from materfal mlsstatsmenl, whether due to fraud or error. and to issue an Auditoffs Rgport that includgs our opinion. Reasonable assurance 1$ a hi￿ level of assurance. but Os not a guarant88 that an audit ￿)ndUctert in attordance with ISAS (UK) will a￿vaYS detect a material misstatement %then11 exlsts. Mlsstalements can arf88 Irom fraud or error and are consldered materf81 K, indNidually or in tho aggragate, thay could reasonably bo 8xpeGted to Infiuenc8 th8 economlc decL81ons of u8erJ taken on Ihe basis of these financial statements. Irregularities. induding fraud, are instan￿8 of non-compliance wlth laws and reguldons. We deslgn Page 9 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFFIELD FOUNDATION INDEPENDENT AUDtroR% REPORT TO THE MEMBERS OF CLORE DUFFIELD FOVNDATION {CONTINUED) procèdures In Ilne wtth our re8pon81bllltte8. Outlined above, tt) detect material mkstatements In respect of irregularities. Induding fraud. The extent lo whlch our FYocedure8 ara capable of detecting irregularllles. Indudlry fraud Is detalled below: Our approach to Idenwng and asses$lng the risks of matèrial misstatement In respect of irregul8rilles, IndudlrKJ fraud and non-compliance vAth18ws and ragL￿atiOnS, was as follow8.. lh8 gng8gamant partnar 8nsur8d that the engagement team collectlvety had the appropriate c#)mWence. ¢apablllties and skllls to identty or r8cognisè non-compllan¢e wlth appllcabl8 laws 8nd r8gulations; we Identlfigd the laws and rggulatKyns applicable lo the charlty through discussions with trustoes and other management, and from our commercral knovAedge and experierKe of the sector,. we focused on spocnlc laws and regulations whith we considered may have a direct material effect on th8 fingn¢lBI statements or the operations of the charity. induding the Charities Act 2011: In 8iklltton, we ￿nsidered provision5 of other laws and rBgulations which do not have a direct effect on tho ffinancial stalem8nts but compllanco ￿th whlch mlght ba fundamental to the charftys obilty lo operate or lo avoEd malerfal ￿nall19$. we obtalned an undevstsndlng of the legal and regulatory framework applicable to th8 charity and of Ihe charitys pollcles and procedures C￿ ts)mpllance wmh law8 and regulatlons. Includlng d￿Umentalj0n of any Trnstances of non-compliance". we made enquiries of management as to where they consldered there w8$ susceptlblllty to fraud. their knowledge of actual. suspected and alleged fraud,. we considered th8 internal contro15 in to mtt&at• flsks of fraud end nonwcompliance with laws and regulaUons- we a5s9ssgd the SU$r￿ptibl1ify of the flnancl81 statements to material misslateman( induding how fraud mlght o¢cur.' and laws and r8gulations Idenlfflad were ¢ommunlcated vAthin the audrt team regularty arKI thg tsam remalned alert to InstanGes of non-compliance throughout iha audSL A8 a result of Ihe above rfsk assessment proGeduros wg Identrfi9d the greatest risk of Mate￿al mlsstatement on the financlal statements arising from irregularitss and fraud to be within the potential for management to overrkle controls together wrth the risk of rx)mpleton8ss of grant commitment. In response to the88 Identffled rlsks. w8 deslgned procadurn8 whlch Induded, but were not Ilmlled to: perfomed anal￿¢81 procedur88 to tdenllfy any unusual or un9Xp￿ted relat￿nshipS. P8rfomied audlt work over the rl8k of manag￿￿onI overrhJ9 of controls. 1rKI￿lng te8Ung of loumal entrie5 and other adlustmnts for appropdateness, ev81uating the business ratlonal8 of slgnlflcant tMn3actson8 outside the nomial course of Ixjsiness. we evaluated the assumptlon8 and judg8m8nts usgd by managemènt wfjthln 8tgnfflc8nt accountlng estimatss and assessed whetherthese Indicated evid8nco of man4ement blas; Page 10 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFFIELD FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLORE DUFFIELD FOUNDATION (CONTINUED perforn8d substantive testing for a sampl8 of transactlons from grant applicalions to approval records 8nd subsequent payrnent to ensure that all Ilabl1￿e5 were reoJgnis8d in tho corr8ct perfod and the correct r6cipSgnt poid. In response to the risk of irregularilies and non-complianc8 ￿ laws and regulath)n8. we de￿gned procedures whlch Indud&J. but wem not Ilmfted to: we agreed the financlal statement di8clo8ures tt) Under￿ng supportlng documenlauon; we a88essed the extont of (x)mpliarKe the laws aTrJ r¢gulalton8 klenlmled above through maklng enquirle8 of management,. and we read the minutes of meetings of th08e charged wSth g0veman￿. There are Inhergnl Ilmltalbns In our audit procedures descdbed above. Thg more r8mov8d that laws and regulatlons are from financial transaclKJn$, t￿loSS likely it is that we W￿ld become aware of non-compliance. Audillng 8tandards a180 Ilmit the audit procedures required lo idendfy non-compllance whh laws and regulattons to erNulry of the tnjstses and othar managemènt arKI th8 In$FeCtlon of regulatory and legal correspondenco, any. Materfal mlsslatements that 8rl8e due to fraud can be harder to detect than those that arfse from error as they may invO￿e deliberats concealment or colluslon. A furthar d8SCriPtion of our respon81bllllle8 for the audlt of the financial statements Is kicatèd on the Flnanclal Reporting Council's website at: wvM.frc.or .Uklaud￿or8res Thls descriptlon forms part of our Audlknfs ReporL USE OF OUR REPORT Th1$ report Is made 8c48ty 10 tha trustees, as a body, In aceordanca ￿ Part 4 of tho Charfllgs Accounts and Reports) Regulatlons 2008. Our audlt work has been undertaken so that we might state to the charW$ trustses those matters we are required to stata lo them in an Auditorfs Report and for no other purpose. To thg fullest oxt8nt permrtted by law. we do not aLxept or assume responsibility to anyone other than the charlty and trustees. as a body, for our audit work. kn thls report, orfor Ihe opinlons we have fo￿ed. PEM Audlt Llmlt•d ststutory auditors Salisbury House Stat￿n Road Cambrldge CB12LA Date.. 02 July 2026 PEM Audit Llmlted are ellglble to act as aud￿0[5 In te￿5 of section 1212 of the Companles Ad 2006. Page11 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFFIELD FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YE*A ENDED 310ECEMBER 2025 Unmtrlct•d fund¥ 202S Total funds 2025 Total funds 2024 INCOME FROM: Inveslm8nts 1.289,079 1289,079 670.229 TOTAL INCOME 1.289.079 1,289,079 670,229 EXPENDITURE ON: Ralslng funds.. Inv*slm8nt managèment fees Charitablo actlvities 19.443 16.230.807 19N43 11230.807 6,712,701 TOTAL EXPENDrrvRE 16.2SO.250 11250.250 6.712,701 NET EXPENDiniRE BEFORE NET GAINS ON INVESTMENTS Net gains on investments (14.961.171> {14,961,171I (6.042,472) 12,373.796 12,373,796 7.708,479 11 NEf MOVEMENT IN FUNDS {2,587,375> {2,587,375) 1,666.007 RECONCILIATION OF FUNDS: Total lund8 brought foThvard Net movement In funds 64,552,582 64552.$82 11587,375) (2.587.37• 62.886.575 1.666.(M)7 TOTAL FUNDS CARRIED FORWARD 61.965.207 61,965,207 64.552.582 The Statement of Financial Activitigs indudg5 all gain$ and *)sses rewgnlsed in the Jpar. The not8s on pages 1 S to 33 form part oflhese finanrAal statements. Page 12 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFFIELD FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2025 2025 2024 Notfr FIXED ASSETS Tanglble assets Investment8 10 11 185,706 72.406.246 198.674 60,001,478 72,$91,952 60.200.152 CURRENT ASSErs Dgblors Inv&stmgntS Cash at bank and In hand 13 12 4525 105,196 2,593.652 13,174,071 9,514459 9.518,984 15,872,919 CURRENT LIABILITIES Creditors: amounts falling due wiihin year 14 112.070,807) (5.543.918) NEf CURRENT u￿ILrrIEs 11351.6231 10,329,001 Creditors: amounts fallkng due after moro than one year 1S 18,075,122} {S.976.571) TOTAL NET ASSETS 61,905,207 84.552,582 CHARITY FUNDS Unrestricted funds 61,965,207 64,552.582 TOTAL FUNDS 61,965,207 64,552.582 The finandal 8tatsmgnts ware approved and authorlsed for Issue by the Trustoe8 and slgnad on thelr bohaw ty. Darn• Vlvl•n Loul8• Dufflold DBe Tfu¥tee The notes on pagas 15 to 33 fomi part ofthesa flnanclal statements. Page 13 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFFIELD FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Not• CASH FLOWS FROM OPERATING ACTIVITIES Net cash Iusod Inypmvlded by operatlng actmlles 18 {7.606.501) {5,917,746) CASH FLOWS FROM INVESTING ACTNMES Dividends,. interests and rents from invostrnents purcha￿ oftsngible fixed assets Proceeds from 5a18 of investments Purchas8 of investments 1.384.209 676.255 (4.0131 2,606,6B1 12,794.444 {44,IJ01} 15,01)0,0￿)> NET CASH PROVIDED BY INVESTING ACTIVITIES 3.946.889 8M66.686 CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR (3,6S9.6121 2,548,940 13,174,071 10,625,131 Cash and cash equlva￿nts at the beglnnkng of the year CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 19 9.514.459 13,174.071 The no10s on pages 15 to 33 fomi part of the80 financial statements Page 14 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFFIELD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 GENERAL INFORMATION The Clor8 Duffl8ld FouThJallon Is an unlncorporated charfty reglsteTed with th8 Charfty Commlsslon for En￿and and Wales. Tho rggisterad Offi￿ address is Unit 3, Chelsea MarKJr Sludlos. Flood Street, London. SW3 5SR. The funcllonal and pra8entatlonal ujrrency Is GBP. ACCOUNTING POLICIES 11 BASIS OF PREPARATK)N OF FINANCIAL STATEMENTS Thg f*)anclal stateryenls have bgen prapar8d in accordance wlth tho Charitses SORP IFRS 102) - A￿)untIng and Reportlng by Chorili&s: Statement of Recommended Practlc8 applicabl& to chariti8s preparfng thelr accounts In accordance with the FIn￿cIal Reportlng Standard applicable In Ihe UK and Republic of Irèland IFRS 102) {effectNe 1 January 2019). the Flnancial Reporilng Stsndard 8i>plie4bl8 In the UK and Republlc of Ire18nd (FRS 102) and the Charities Ad 2011. The financi41 slat8m8nts have b88n prepared to glve a knie and fairf view and have departed from Ihe Charities (Acwunts and R8POrtsl Regulatkjns 2008 only to the extent r8qulred to provkle a Irue and falrf vlew. Th18 d&parture has Invo￿ed folhmng the Charities SORP IFRS 102) published In October 2019 rathar than th6 Accounllng and Reporling by Charitss.. Statement of Recommended Pradi¢e gfloctive from 1 April 2006 which has slnce been wf(hdrawn. Clore LhJffi8kJ Foundation meets the definRlon of a publlc benefft ￿ under FRS 102. Assets and Ilabl1￿leS are Inltl81ty recognlsed at historical ￿st or transadon value unl88S OtheN41se statgd In the relèvant accoUn￿ng pdlcy. The Trustees do not consider that there are any sources of estimatlon uncertalnty at the reportlng d8t8 that have a slgnlncant rfsk irf causing a materfal &dJustment to the catyng amounts of 88sets and Ilabl1￿05 wllhln th? next reportlng perlod. Judgements are set In the aGcounUng pollclg below. 12 GOING CONCERN The Trustees consider that there are no materfal uncertalntles about Ihg Foundatwjn's ability to ¢x>ntinua as a wlng 0)nr￿m. 13 INCOME Income Is r8cognis8d vthèn the Foundatlon has entluemgnt to the funds. any perf0rrnan￿ conditions ottathed to th? income have been meL il is probable that the Income wll be received and the amount can be measured reliably. Inc￿Me from donalbn8 aThJ Investrnent Income are account￿ for on o recelvat4e ba818. Page 15 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFFIELD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECE￿ER 2025 ACCOUNTING POLICIES (CONTINUED) 2.4 EXPENDITURE Expèndituré Is reeconw once there 18 8 leg81 or conslructfv• obllgatlon to Iransfer economlc benefit to a thlrd party, M Is probable that a Iransfor of economic beneffts wll be required in settsemgnt and the amount of the obligation can be measured reliabty. Expendiiure is classified by actlvlty. Th& costs of each aclwity are made up of the total of direct costs and shared costs, Includlng support costs invofvèd in undertaklng each Bctsvty. D￿￿t costs attrbbutable to a $Sngle acbvity are allacat8d diTOCtty lo that actlwty. Shared costs which contribute to more than one actlvty and support costs whlch are not attrtbutable lo a slrKJle aclfvlty are apportloned belween those activltles on a ba8ls consL81ent wllh thg use of resources. Central stsff costs are albcaled on th9 basis of time spent, arml depredation Charges allocated on the portion of tho asseys use. Expgnditurg on raising funds Includes al expenditur8 ir￿Urred by the Foundatlon to ralse funds for its charitabl8 purposes and comprlses Investment management fees. Exp8ndhure on charltable acllvRles Is IncU￿0d on directy undertaklru the actwrtigs whith fvthgr the Foundation'8 obiectlvas, as well as ony assocthd support c%>sts. Eynditure Is recognI￿d once there is a 18g81 or uJnstrudv8 obllgath)n lo make a payment to a thSrd party. It Is probable that settlement ￿11 be requlred and the amount of tho obllgalon can b8 measured rellably. ExpendlbJre18 ¢la8sMlad under the following activity headings.. - Expendlture on charrtablg adivib8s indude5 the costs of maknng grants undertaken to furlher the purwses of the Foundation and their assoctated SUPkX)rt costs. Irrecoverable VAT Is char￿d as a cost against tho acdvlty for wNch the expendlturg Was Incurrwj. IS GRANTS PAYABLE Grants payable ar8 payThents made to thlrd parties In th8 knrth8rancé of the charttable obJ8cUv63 of the Foundation. Grants payabl8 charged In the year when the offer is made except In thoso cases where the offer is ojndlllonal, such grants bolng recc#3nised as expenditure when th8 condmons attachlng are fumlled. Grants offered subject to ￿ndItIOnS whlch have not been met at the year end ara notsd as a commltmenl. but not acctued as expendrture. Trustees conslder the Impact of dLwunthng grarts payable In mor8 than one year 18 not mat8ri81 to the Foundath)n. 2.6 ALLOCATION OF SUPPORT COSTS Resourc*s expended alk)cated to ts partlcLlar actmty ￿ere the r8latss dir8Ctty to that 8CtMty. However, the cost of overall diredion and admlnéstrnlon of each eclfvlty, comprislrrfJ the Salary and overhead costs of the central functron, is apportlon8d on the basls of grant expendlture. Support and governance are rB4llocatwJ to each of th8 tharitable aclivilies In proportlon to tha asso¢iatsd grant exp8ndrbJre in the year. GovemaneA costs ar8 th8 Costs assocIa￿ %*llh the governance arrangem8nts of the Foundatlon. These costs are assoclated oMstilullonal and statutory requlremgnts and in¢lude any Gosts as8oclatsd tho strateglc manag8m9nl of tho Foundalion's advllles. Page 16 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFFIELD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES ICONTINUEDI Z7 INTEREST RECEIVABLE Inl8rest on fvnds hald on daposlt Is Included recefvabb and thg amount b8 moasur8d rellably by the Foundation; this is normally upon notificatk*n of the Interest paid or payable by the Inslrtulon wmh whom the funds are deposited. 2.8 FOREIGN CURRENCIES Monetary awts and liabilthes denomlnated In forewJn ￿rrenC18S arn translated Into sterllng at rates of exchang8 rulin9 at th8 raporting date. Transacllons In forelgn currenctes are translatsd into 8teding at the rate nllng on the dats of the transacL￿n. Exthango gains and 108se$ are recognlsed in th8 Statem8nl of Finanaal Act￿11183. 2J TAXATION The Foundatlon18 consldered Io p88S th8 tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and Ih&r8fore it meels the definrtion of a charitable company for UK corporation tax purposes. Aceordlngty, the Founda￿On Is potsntially oxempt from taxation In re8pect of income or capital gains recelved wlthln categorl68 covared by Chopter 3 Part 11 of the Corporallon Tax Act 2010 or Sectton 256 of the Taxation of Chargeable Galns Act 1992. to the gxtent that such income or galns are 8Wlgd 0X￿S￿21Yt0 charltable purposes. 2.10 TANGIBLE FIXED ASSETS AND DEPRECIATION TangIb￿ fLYed a8sets ¢osllng £2.000 or mcwe are Gapitalised and recognlsed when fiAure o￿nOMIC beneflls are probable and the t>Jst or value of the asset can be measured reliably. Tanglbkn flxod assets aro Inltlalty rgcognised at cost. After recognltbn, uNJer th8 cost mtslel. tangible fixed assets aro mgasured at cost less accumulated dapreciation and any accumulated paimienl losses. PJI costs incurr8d to brtng a tangible fixed asset into ils intended W￿kIng condltlon are Sncluded In the measurement of cost. At each reporting date tho Foundauon assosses whother there is any indicatin of impairment. such indication exists. the recoverable amount of the asset Is dgtermined to be the hlgher of Its falr valug less costs lo sell and its value In use. An impairment loss is r8cognised where the catyng amount exc88ds tha rgcov8rabl8 amounl. Page 17 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFFIELD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUTrrnNG POLICIES (CONTINUED 2.10 TANGIBLE FIXED ASSETS AND DEPRECIATION (CONTINUED) Deprgoralion is chargod so as to allocate thg cost of ta￿jIble fixed assets less thelr resldu81 valug over thoir estimated usofrJl lives. uslng the Stra￿ht-1Ine m8thod. Deprec￿￿On Is kyovided on the folbwing bases: Short-tem leasehold propgrty Fixtures and fftbngs Office equlpment 3% Straight line 20% Straight Ilne 10 to 25% Stralght Iln¢ The assets, residual valu8s, useful IIv08 and deprecigoon m?thc#Js are reV￿wed. and adjusted prospectivdy if appropriate, or if ther8 is an indicallon of a slgnificant chang8 since the last reporting Galns 8nd108se8 on disposals are detemlned by ccrfnparfng the proceeds th8 cafrylng amount and 8r6 recogn18&J In th8 Statement of Fknanclal Athhles. 2.11 INVESTMENTS Flxed asset Investments are a form of finandal In8trument and are In6Yalty rets)gnls8d at thelr transactlon cost and subsequenlly measurèd al falr value at the Balan¢% She8t datg. unle$$ the value cannot be measured rglkqbly In whlch caso It k% M￿￿red al cost less Impaimient. Inv8slment gains and losses. whether reallsed or unrealisod, are combtned and presented a$ 'Gainsl(Losses} on inv8stm8nts' in th• Statement of Flnanclal A￿vitIeS. 2.12 CURRENT ASSET INVESTMEpirs Current asset Snvestrnents those whKh arg hohj for resal8 LY pending Ihoir sa18 and cash on deposlt vAth a matuthy date of less than on8 year held for short-term Investment purposes rather than cashflow. Current asset Investments are valued at fak value unle88 they quallfy as baslo flnartdal a838ts. 2.13 DE3TQRS Trade and olhgr d&btors arg rocogni38d at thè settlement aMo￿t after 8ny trade dtscount offered. Prepaym8nts are valued at thg amount rryakl net of anytrade dI8￿Unts duo. 2.14 CA8H AT BANK AND IN H￿ID Cash at bank and in hond Indudes cash and short-temi highly l*]uid Inve8tments vAth a short maturity of thra8 monlhs or 18ss from the dats of acqulshion or openirg of the deposlt or slmllar account. Pog• 18 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFFIELD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES (CONTINUED) 115 LIABIUTIES AND PROVISIONS Llabllld6s are rec4)gnlsad when there Is an obllgallon al the Balarth Sheet date as a result of a past event. it 1$ probablg that a transfer of economic benafit will b8 required In sewemenl, and the amount of th• s&tUemenl b8 estimated rellat4y. Llabilmes are re￿nISed at the amount that the Foundalon anfjcbpotas 5t will pay lo settle the dobt or the amount It has rgcelved as advanced payments for the goods or sgrvlces it provide. Provfslons are measured at the best estimalg of the amounts requlred lo setue the obligation. Where the effect of the Ilme value of money is material. the provisiDn is based on the pres8nl valuo of those amounts, discA>unted at the pre-tsx dlscounl rate that refieds the risks spectfic to tho Ilabllty. The unwlnthng of the dlscount is reorynised in the Statsment of Flnanclal Activities as a finance cost. 116 FINANCIAL INSTRUMENTS The Foundatron onty has financial assets and financial liabllltles of a klnd that quallfy 0$ b8sIc financlal Instruments. Baslc flnanclal Instruments ore Inlttally recognised al Irdnsactlon value and subsequenty measured at their settlement value with thg exception of bank bjans which are subsgqLbgntty mga$ured at amorti8ed (xist uslng th& effoctivo interest methtsj. 117 OPERATING LEASES Renta18 pald under operalng leases ore charged to the Statemonl of Flnanclal Acuvllgs straight-1￿0 basis over th8 l&ase tsm). 118 PENSION3 The Foundalk)n operates a defined contribution penshjn Stheme and the penston charge represents the amounts payabl8 by the Found8J¢)n to the fund in respect of tha year. 119 FUND ACCOUNTING G8n8ral funds are unrestr￿ed funds whlth are avallable for use al the dlscrètlon of the Trustees In furtherance of the general obffiectlves of thè Foundalon and whlch have not b8en designated for other purposes. There are no d9slgnated funds and Ihat all lunds are unr8stri¢ted in the current and prior year. Investment Income. galns and108ses we allocated to tho approprf8t8 fund. Page 19 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFFIELD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 INVESTMENT INCOME Unrnstrlcted lund$ 2025 Total funds 202S Totsl funds 2024 0Svldend inc(yne Interest kncom 1.236.942 52.137 1.236.942 52.137 64,655 605,574 1289.079 1,289,079 670,229 TOTAL 2024 670.229 670.229 Page 20 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CQ * p ¥J • tVI r o ￿ vj co Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 v*c o o * 16,024 16.024 9,498,435 13,158,047 TOTAL CASH AND CASH EQUIVALENTS 9.514.459 13,174,071 Pago 28 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFFIELD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ANALYSIS OF CHANGES IN NET DEBT At31 D•t￿bb 2025 January 202S CaBh flo Cash at bank and in hand L￿Uld Investments 13,174071 {3,659,8121 9,514459 2,593,652 {2,593,6521 15.767.723 (Q253.2641 9.5144S9 21. GRANT COMMITMENTS The followng grant furKling commitments do not appear In the Balar￿? SheeL The Natural HlstaryMus•um The Twstses have pledged grant funding to support th8 now Chlldr8n'8 GaI￿ry at the Nalural Hlstory Museum. The exact amount and Ilmlng of the fundlng are ygt to be agreed., the Trustees hav8 deferred their final d8cision about the funding until detalled plans and proposals are presented and discussed at their summer 2026 meeting. School Trlps Programm• The TnJ8tee8 have pledged a fvndlng target of £4,190,523 over the ngxt four years to support prirnary and y8￿ndary sthool trips. The exact nature, amount end timing of th8se grants. induding the r8cipient SI*￿018. wlll be confimed annualty. Pago 29 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFFIELD FOUNDATION NOTES TO ThE FINANCIAL sTATEME￿r5 FOR THE YEAR ENDED 31 DECEMBER 2025 PENSION COMMrrMEpirs The Fountjatlon operates a defined contribution pension scheme. The assots of the scheme are held separatetyfrom those of the Foundatbn In an indgp8nd8nty administered fund. The pen81on cost charge rèpresents contributions payablè by the Foundation to th8 fvnd and amounted to £17,405 12024.. £13.102). A balance of £4.114 was payabla to tho penslon scheme at the balanrn Sheèt dats 12024: £3,9721- The penskjn expense is allocated to aclffiIrt￿ basèd on thè gmt fundlng dlrected towards those acdvrtles. OPERATING LEASE COMMITMENTS Al 31 December 2025 th8 FouTrJalon had commltments to mako future mlnlmum Igasg p￿ents under nOn￿ncelIable oFerdtlng leases as follo￿.. 2025 2024 L•a•ehold buildings and office equipmenl Not laterthan 1 year Later than 1 year and not later than S years Latsr than 5 year¥ 4241 16.203 16.800 4,184 4,800 18,000 37.244 26,984 The folh)wwig lea3e payvnents have been recognlsed as an 8xpen88 in the Stslement of Flnand81 A￿V￿e5.. 2025 2024 Operatlng lease rent818 4184 3,935 Page 30 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFFIELD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 RELATED PARTY TRANSACTIONS The Truslees are w8llw¢oMe¢ted indNiduals and hold named rolas in sev&ral organisations to which th8 Trusl awards grants. Trustees do not participate in grant-maklng decislons involvlng organisation8 with whld) they have a ￿nnectiOn. For transparency, the d8tail$ bèlow sèt out these connects'ons, induding instsnces where Truslees al80 serve a8 trustees of connect8d antltles. Dame VNlen Duffield is a Lrfe President ￿119 DaMd Harr81 is a Trust88 of The Clore Leadership Programme, a reglslered Chartty. No new grants were Gommitt8d lo Tho Clore Leadership Programme this year (2024: £1.750.0001- £1.400.000 remains pay8bl8 at th8 yearw8nd12024: £1.750.000). Dame Vivien DLrflleld 1$ Chalr of Ihe Royal Opera House Endowffl8nt Fund 200Q. a registared charity. No grant was made during the year (2024.. £nlll' £1.500.000 {2024.. £3.000.000) was outstanding at the year- ènd. Damè Vfvien Duffiald and Melan16 Clore are honorary rnernb8rs of the Tala Foundalion. During 2025, new grants lotalling £8.512.306 were made to the Tats Foundatlon {2024'. £nil)' outstsnding grant commitments at the year-ervj amounted 19 £8.313,02612024: £nil). Dame Vivien Duffield is a Truslee of Race Agalnst D8mentia. During 2025, £10,000 wag granted {2024'. £nill', £25,000 was outstsnding at the year*nd (2024.. £50,000). Dame Wivien Duffield is Lifv Pre¥idenl of JW3, 8 registered charity. Dufing the year. no grant was paid to JW3 (2024: £2,017). Jeremy Sandelson was a IT￿1￿0 of the Blke Project until Aprll 2025. During 2025. £45.000 was committed12024: £nil) and £30,1)00 was outstanding at the year-end (2024.. £nil). The Chief Executive Officer is a govemor at an Ark Secondary Sehtr)l that is part of the L)verarthing multi-academy t￿St, Arks School. During 2025. 8 grant ￿5t of £75.000 was Included {2024: £25.0￿). £100,000 was outstanding at th8 year*nd {2024: £125,000). Dame Wivien Duffield is a Trustee of The Imperlal War Museum. Durlng the year. grants amountlng to £319,400 were committed (2024.. £nil). Al the year end. £239,550 was outstsnding {2024'. £nlll. Arabella Duffield was a Trustee of Save the Children until Febru8ry 2025. Durfng 2025. £10.000 w88 committed {2024'. £nill. No balance was outstanding in th& current or previous year5. Melanie Clore is a Truste8 of the Royal Academy Trust. During the year, £45.000 was ¢ommltted (2024.. £nil). £30,C￿0 wa5 oulstandir¥J at the year4nd {2024: £nil). 25. TAXATION The Foundation is exempt frorn ￿rpOralIan tsx as all income 15 charitable and is applled for charitable purp)se8. P•J8 31 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFFIELD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 SCHEDULE OF GRANTS MADE The list of grants below indudes amounts paid in the y8ar and amounts acwed bul unpald at thè 2025 2024 Grants Its Instltutlons r•latlw to Arts, Herltage and Educatlon Almelda Theatre Ark Schools Art History LSnk Up Britten Pears Arts Chiswick House & Gardens Clor& L&aming Spac*- Holbom Ubrary Clore Leaming Spac8- Trowbridge Town Hall Clore Sludio - Barber Institutti Clore Studio - Hereford Museum Discovery Lab at stonahengo D￿chlIng Muséum of Art & Craft Elias Ashrnole Trust Exeter Library Francis Crick Institute 10,000 75,000 105,000 fjoo,000 25,000 10,000 200,000 13,863 51,444 200.000 21xI,ofJ) 15,000 200.000 1.002,000 50,000 135,01)0 Game & Wildllfe ConseNalb)n Twst Glyndeboume Good Chane& Th8atre Historic Royal Palace , Tower of Londc Imperial War Mu8eum Ipswlch Mus&um Kettle's Yard Leach Pottery London Library London Mus8um 50.C 25.CiXI 1,500,000 319,400 200.￿0 37.257 47,000 S.CQO 1,000,000 Manchester Art Gallery Notional Archives Trust National Literacy Trust Castle Oxford Insltute for Populalion Ageing Pltt R￿eT5 Museum, Unlverslty of Oxford PK Porthajrno Museum of Global Communications Ro￿1 Academy of Arts Royal Drawing School Royal High School PreSerVat￿n Trust (Nalonal Centre for Mu81c) Royal Horticultural SoGI@ty Royal Observatory 24,881 (100.000) 100,01)0 250,000 58,662 19,515 12,500 45,000 70,000 500,000 1,463,723 1,000,000 Py32 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8 CLORE DUFHEU) FOUNDATION NOTES TO THE FINANCIAL STATEPAENTS FOR THE YEAR ENDED 31 DECEMBER 2025 SAS Academlc Programme Schools Trips Programme st Columbkllle's Schcw)I St Marylabono Hlgh Schcol Sufftjlk County Counal (Ipswich LSbraryl Tate Britain Gard8n Thg British Library Th8 Etch8s Coll8(*on Th8 Roundhouse Turner Contemporary Wallace Comection Wlatts Gallery ZSL Ralnforast CLassroom 300.000 09,477 42,100 200.000 250.000 7.065.050 922,599 10,000 22,500 18.070 55,595 15,188.599 4,459,971 Grants to Instftutlons relatlng to Leadershlp Tralnlng Cbre Leadatshlp Programmo I.7￿.01X1 Grants to Instithtlons r•latlng to H•alth and Soclal Carn Child Ber8avom8llt UK Div8r58 Dance Mix Raco Against Dementia Royal Osteoporosis Society Save the Childron The Blke Project Turquotse Mountain 10.ty)0 30.000 10.1)00 16,239 10,000 4S,000 150,WO (10,OC#)> 241.239 20,000 Grants to institution# r•l•tlng to J•wl#h Support C¢)mmunty Securtty Trust Jewsh Caro JW3 Develop￿ent We8t Lond￿ Synagogue 30.000 25.000 30,000 2.017 400,000 455.000 32,017 Total grants mado 15.884838 6,261,988 Page 33 Docusign EnvelopÈ ID." EC889C19-1EEC-8076421C482DE33F25E8