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2022-03-31-accounts

Company number: 05083008 Charity Number: 1105210

The Clore Leadership Programme

Report and financial statements For the year ended 31 March 2022

The Clore Leadership Programme Contents For the year ended 31 March 2022

Reference and administrative information ...................................................................................... 1 Directors’ annual report ................................................................................................................. 2 Independent auditor’s report ....................................................................................................... 12 Statement of financial activities (incorporating an income and expenditure account) ................... 16 Balance sheet ............................................................................................................................... 17 Statement of cash flows ................................................................................................................ 18 Notes to the financial statements ................................................................................................. 19

The Clore Leadership Programme Reference and administrative information For the year ended 31 March 2022

Company number 5083008
Country of incorporation United Kingdom
Charity number 1105210
Country of registration (England & Wales)
Registered office South Building
and operational Somerset House
address Strand
LONDON WC2R 1LA
Directors Directors who served during the year and up to the date of this
report were as follows:
Maria Balshaw CBE (Resigned 29thJune 2022)
Dame Vivien Duffield DBE
Daisy Hale (Appointed 11thApril 2022)
David Harrel
Catherine Holden (Appointed 11thApril 2022)
Nichola Johnson OBE (Resigned 24thMarch 2022)
Roly Keating
David Kershaw
Carol Lake (Resigned 15thOctober 2021)
Kate McGrath
Wayne McGregor CBE (Resigned 19thJuly 2022)
Anisa Morridadi
Dhikshana Pering (Appointed 29thJune 2022)
Moira Sinclair OBE Chair
Sarah Weir OBE
Key management Hilary Carty OBE Executive Director
personnel
Bankers Lloyds Bank
39 Threadneedle Street
LONDON
EC2R 8AU
Auditor Sayer Vincent LLP
Chartered Accountants and Statutory Auditor
Invicta House
108-114 Golden Lane
LONDON EC1Y 0TL

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The Clore Leadership Programme Report of the Directors For the year ended 31 March 2022

The Directors present their report and the audited financial statements for the year ended 31[st] March 2022.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association, the Directors’ Report as required under company law, and the Statement of Recommended Practice – Accounting and Reporting by Charities: SORP applicable to charities preparing accounts in accordance with FRS 102.

Objectives and activities

The Clore Leadership Programme (Clore Leadership) was established in 2003 as an initiative of the Clore Duffield Foundation. The objects for which the charity has been established are the promotion for the public benefit of the arts (principally but not exclusively in the UK) by the provision of education, training, work experience and other assistance in any form to:

with a view to developing a new generation of leaders for arts organisations in order to preserve, secure and enhance the quality of cultural life in the United Kingdom.

Clore Leadership is a dynamic and inclusive resource for leaders and aspiring leaders in the arts, culture and creative sectors. Our aim is to inspire and equip leaders to have a positive impact on society through great leadership of culture. We offer a strong and supportive foundation from which leaders at all stages of their career can develop and strengthen their leadership skills, competencies and performance. We provide leadership development programmes, promote thought leadership and fresh ideas through debate and challenge, and offer access to an incredible network of leaders.

The Board of Directors has referred to the advice contained in the Charity Commission’s general guidance on public benefit when reviewing the programme’s aims and objectives and in planning future activities. In particular, the Board of Directors has considered how planned activities will contribute to the company’s aims and objectives. The strategies employed to achieve the charity’s aims and objectives range from a tailored Fellowship, through intensive residential courses, shortform leadership learning programmes, seminars, webinars, conferences and governance development activities. To offer the broadest spectrum of opinion, we commission and encourage research and provocation pieces from a rich variety of sources, keeping abreast of leadership knowledge and opinion.

We work to ensure that our activities attract the best leadership talent and that our beneficiaries are representative of the richness and diversity of the UK’s cultural sector. Our overarching strategy focuses on developing current and future generations of cultural leaders and promoting thought leadership, helping to position Clore Leadership as an authoritative, global voice on leadership development. Affordability and access are important to the Board and staff, and this is reflected in our proactive approach to widening reach, deepening engagement, pricing, and the

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The Clore Leadership Programme Report of the Directors For the year ended 31 March 2022

securing of bursaries to support inclusion. Clore Leadership is widely regarded as a world-class provider of leadership development, a source of expert advice and an inspirational example for other initiatives in the UK and beyond. Quality, breadth and accessibility underline the public benefit of our work.

We evaluate our work through regular feedback from participants, assessment by independent evaluators and impact studies on specific areas of work. We are pleased to work in partnership with a broad range of organisations, ensuring our activities meet the contemporary needs and evolving priorities of key sector leaders, agencies and employers.

Clore Leadership has built an extensive alumni network who remain strongly engaged with the programme and its activities, and continue to be an important resource for their organisations, the wider cultural sector and the general public. Clore Fellows and Clore Leaders value sharing their knowledge and skills within the sector and with other emerging leaders, as speakers, mentors, course facilitators and coaches. Articles, blogs and research that they produce are disseminated across the cultural sector, stimulating new thinking and wider engagement with the leadership of arts and culture.

Achievements and performance

Now in this eighteenth year of operation Clore Leadership continues to enhance the quality of cultural life in the UK through a Fellowship programme, intensive residential courses, short-form leadership learning programmes, seminars, webinars, conferences and governance development activities within the cultural and creative sectors.

During the period to 31[st] March 2022, despite the continuing impact of the Covid-19 pandemic, Clore Leadership succeeded in delivering a rich programme of work, including 107 days of leadership learning programmes, with over 1,600 people actively engaged in leadership training and connecting with a further 14,000 via our quarterly Newsletter, and over 8,000 accessing the Cultural Leadership resource pages on our website.

The Board and Executive recognised the need to maintain a proactive approach to programming, blending our established programmes with digital innovations to meet the demands for contemporary leadership priorities that addressed directly the crisis caused by the pandemic. Themes of personal resilience, new business models, managing staff, wellbeing, financial turbulence and responses to the longstanding inequalities further illuminated by Covid-19, all featured.

Covid-19

Since the advent of Covid-19, the UK cultural sector has operated in a context of unprecedented volatility, uncertainty and complexity. Cultural institutions, alongside other creative economy sectors, have taken a gradual approach to returning to full provision and the period continued to hold major uncertainties and hesitancy. In response, Clore Leadership maintained the Covid contingency, risk-assessment and operational measures, in order to provide continued reassurance against a backdrop of constant change. The Board remains grateful for the ongoing

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The Clore Leadership Programme Report of the Directors For the year ended 31 March 2022

support of key stakeholders, which enabled us to adapt and respond innovatively and strategically to support our alumni as well as organisations and individuals across the sector at large.

The resumption of residential training in Autumn 2021 provided opportunities to acknowledge contemporary issues and challenges, in refreshing our core curriculum. We tested new, blended formats of learning, prioritising access and making the most of the rich supply of video/online content developed in the preceding months.

We prioritised activity for early career leaders, freelancers, artists and curators in line with the priorities for our Transforming Leadership grant, as well as responding to issues of the Covid-19 recovery, race, disability and environmental sustainability.

We maintained the number and level of bursaries for our courses, ensuring that we delivered as much of our programming as possible at affordable levels, and free of charge where possible.

The impact of Covid-19 continues to evolve and Clore Leadership retains careful scrutiny, oversight and responsiveness at leadership, management and operational levels.

Fellowship programme

The Clore Fellowship Programme offers an extensive period of leadership learning for sector leaders. Its core format includes two residentials which combine leadership training with the opportunity to hear from and debate with a broad spectrum of industry leaders, who inspire and stimulate as exemplars of contemporary leadership practice. This encourages and challenges Fellows to think both creatively and strategically as they refine their tailored leadership programmes, which typically include mentoring; coaching; skills and professional development; work-based learning in different contexts; and national and international learning experiences. Core to each individual’s experience are learning and networking opportunities with a dynamic peer group of cultural leaders. Fellows also have the opportunity to undertake research, supervised by a Higher Education Institution and supported by the Arts and Humanities Research Council (AHRC).

We were pleased to observe a very strong response to our recruitment campaign and, noted the highly competitive field of candidates for the 2021 Fellowship Programme. The final cohort of 21 Fellows included artists, managers, producers, directors and policy makers; creative and dynamic individuals working across eleven different cultural disciplines, and based in eight regions across the UK. With the challenges of international travel it was agreed to defer the international Fellows for one year, ensuring the inclusion of international perspectives through sector speakers and themes.

With adjustments necessitated by the volatile environment, we were finally able to undertake a soft digital launch of the programme in March 2021, with adjustments to the first phases of activity for online delivery, whilst the national lockdown was still in place.

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The Clore Leadership Programme Report of the Directors For the year ended 31 March 2022

Core components of the Fellowship all featured, even whilst we adapted and revised the flow and format to better capture the particular leadership skillset needed to navigate the contemporary cultural landscapes of the Covid era. This included a 2-day ‘urban intensive’ in partnership with Coventry City of Culture, research supported through our collaboration with the AHRC, and access to a dynamic array of cultural organisations for secondments, study visits and observations. Responding as the national lockdowns were eased, we were pleased to bring the cohort together for their first face-to-face residential in September 2021 and then utilised a blend of hybrid and online learning formats to roll-out the tangible learning experiences and outcomes that are special to the Clore Fellowship.

A Revised Programme of Work

Clore Leadership courses are well established and highly valued within the sector, with places always in high demand and oversubscribed. Whilst the national lockdowns prevented the delivery of intensive courses in the first half of the year, we were delighted to return to residential courses in Autumn 2021, delivering one Leadership Pulse and two Emerging Leaders course in October/November, and completing the year with courses in Spring 2022.

In line with priorities for the Transforming Leadership Fund, we also delivered a range of targeted programmes including:

Partnership programmes included

Cultural sector governance development

We continued to convene meetings of the Cultural Governance Alliance (CGA), a light-touch network of agencies, organisations and advocates working strategically to champion and promote best practice in the governance of culture. The CGA has continued to build momentum and engagement across the sector, both through increased membership and through the wealth of information and resources made available on the CGA website.

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The Clore Leadership Programme Report of the Directors For the year ended 31 March 2022

The Governance Now conference, jointly delivered with the CGA proved another successful sell-out intervention in supporting good governance practice. Moved to an online format, the 2021 conference engaged 235 trustees and senior leaders from across the UK in collectively exploring the key issues, opportunities and challenges of governance development, including Race & Decolonisation; Sustainability & the Climate Emergency; and Ableism & Disability. We were pleased to partner with Arts Council England and Inc. Arts, and to secure Green Park Executive Search as the headline sponsor for the conference.

In addition we delivered two webinars; a Char/CEO Day; Governance Tomorrow, a programme targeting support for Young Trustees; and supported Coventry City of Culture Trust to successfully recruit and embed seven new Trustees to their Board.

Communications and advocacy

2021/22 saw the rationalisation and embedding of enhanced digital programmes across the cultural sector as a whole. Within Clore Leadership, we used our digital resources to further embrace new avenues for thought leadership and to maintain engagement with key sector debates. The publication of conference keynotes and enhanced sign-posting to commissioned research supported the curiosity of visitors to the Clore Leadership website, who explored for longer the broader range and volume of resources, discussions and tools made available for independent learning.

We increased subscribers to our mailing list from 13,048 in March 2021 to 14,248 (20%) in March 2022. A strengthened focus on social media has led to increased followers of 13,860 (7%) on Twitter; 2911 (28%) on LinkedIn; 2025 (5%) on Facebook; 249 (14%) on YouTube; and 1288 (34%) on Instagram, since March 2021.

Fundraising and partnerships

Fundraising is led by the Director and Head of Strategic Partnerships and Impact. Clore Leadership does not engage in public fundraising and does not use professional fundraisers or commercial participators. During the year there was no non-compliance of regulations and codes and we received no complaints relating to our fundraising practice.

We maintained our Fundraising Strategy in the year, noting our strategic priorities for fundraising and partnerships as:

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The Clore Leadership Programme Report of the Directors For the year ended 31 March 2022

The Board monitors progress in achieving its objectives and good progress was made in all strategic priority areas. We were pleased to be in receipt of significant funding of £1,000,000 from the Arts Council England Transforming Leadership Fund, underpinning the programme of work from April 2020 to March 2022. Our long term funder and founding organisation, the Clore Duffield Foundation provided £330,000 for the year and we are grateful to the Esmée Fairbairn Foundation for their grant of £80,000. In addition, £44,000 was raised in support of our partnership programmes; and £2,000 was raised in sponsorship for our governance programmes.

Structure, governance and management

Clore Leadership has a Board of Directors which is responsible for guiding the organisation’s strategy and ensuring it fulfils its governance and financial obligations.

The Board expressed its warm gratitude to Carol Lake and Nichola Johnson, who resigned as members of the Board.

The appointment of new members to the Board is led by a Nominations Committee and we were heartened to secure a significant response to the most recent Trustee recruitment campaign. New Trustees, Daisy Hale, Catherine Holden and Dhikshana Pering will join the Board in the year ahead. The appointment of new Trustees provides the opportunity to review and consider the operational practices of the Board, and a schedule of priority considerations is annually reviewed to ensure alignment with the Charity Governance Code.

The Board of Directors delegates the operational management of the Programme to the Director, Hilary Carty and the staff team who report to the Director. Salaries and benefits to key staff are reviewed on an annual basis by the Board’s HR & Remuneration Committee and Clore Leadership has an auto-enrolment workplace pensions’ scheme, compliant with current legislation. In setting pay levels, the Committee aims to balance consideration of the charity’s viability and sustainability with the need to attract, retain, motivate and reward appropriately qualified, skilled and experienced staff who will lead, manage, support and deliver the charity’s aims.

In line with government guidelines, all team members were supported to work remotely for part of the year and we endeavored to find creative ways to enable effective collaboration and strong systems to ensure efficient programme management. Operational, communication, financial and banking functions were all delivered effectively due to the cloud-based IT system in place.

The company’s policy on safeguarding affirms protection for vulnerable adults. There were no instances of non-compliance with regulation or codes; and no complaints were received.

The charity’s lease with Somerset House Trust had been renegotiated in autumn 2019 for a new five-year term to December 2024. We are grateful to Somerset House Trust for their clear and affirmative support to Clore Leadership during the national lockdowns.

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The Clore Leadership Programme Report of the Directors For the year ended 31 March 2022

Financial review

In 2021/22, Clore Leadership had incoming resources of £1,320,408 and expenditure of £1,473,203 resulting in a net deficit of £152,795. This outcome recognises the reversal of the £120K surplus for 2020-21, which was caused by extensive rescheduling of face-to-face programming activities as a result of Covid restrictions. In addition, we drew upon restricted and designated reserves to fund bursaries and access awards for course participants; and to support the Clore Fellowship, including Hardship Funds awarded to Clore 16s, whose programme was interrupted by the Covid-19 pandemic.

Clore Leadership is grateful to its funders and other supporters for enabling a broad range of activities to be offered. The organisation is funded by public funders, cultural institutions and charitable foundations, including in particular the Clore Duffield Foundation, the organisation’s founder, and Arts Council England, as part of its Transforming Leadership Funds.

The major funding partners for the 2021 Clore Fellowship Programme were the Clore Duffield Foundation; Arts Council England; a-n the Artists’ Information Company; the Arts and Humanities Research Council; Creative Scotland, Dancers’ Career Development; Gatsby Charitable Foundation; The Linbury Trust; National Lottery Heritage Fund, National Resources Wales, and the National Trust. International Fellowships were deferred.

The Cultural Governance Alliance received funding from Arts Council England and the Calouste Gulbenkian Foundation.

Clore Leadership is also grateful to the organisations and individuals, drawn from across the cultural sector and beyond, who have supported its work as mentors and coaches, hosts of secondments, academic supervisors, speakers, facilitators and tutors, and in many other ways.

Risk management

On a regular basis, the Board actively reviews the major risks the charity faces, such as

The Board ensures that it has systems and procedures in place to manage those risks,that it remains alert to changes in the operating environment which might impact on its work. With the advent of Covid-19 the Board instituted an additional layer of scrutiny and support in the form of a Risk and Opportunity Committee, comprising members of the Board and the Senior Leadership Team. The Risk and Opportunity Committee meets four times per annum (or more regularly, should the need arise) and actively considers any reforecasting of activities necessary between

8

The Clore Leadership Programme Report of the Directors For the year ended 31 March 2022

Board Meetings, so that risks and strategic priorities can be reviewed and actions taken in a timely fashion. Of particular concern were issues such as rising inflation, the escalating costs of living, and other impacts of the war in Ukraine. These have been incorporated into the company’s risk register to ensure timely reviews and adaptations take into account emergent external circumstances as well as the on-going risk factors.

The Board believes that maintaining reserves at an appropriate level, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse circumstances.

Reserves policy

The Board monitors and re-assesses its reserves policy on a regular basis, including a formal annual review. The Directors believe the charity should hold financial reserves because it is dependent for income on grants and fees, which are inevitably subject to fluctuation. This is particularly so at a time of significant volatility, economic change, challenges to public funding and increasing pressure on voluntary funding. The maintenance of the Fellowships Fund, Courses Fund and Programme Development and Strategic Projects Funds ensures that the organisation has some capacity to be responsive, and to innovate and remain relevant to the needs of the cultural sector over the next three to five years, underpinning and enabling the further implementation of strategic priorities.

The charity requires protection against (and the ability to continue to operate despite) any unexpected and damaging events. The general reserves are to cover investment and contingency needs, including provision to cover a minimum of six months’ staff salaries, related costs and essential overheads as well the ability to maintain our commitments to key programmes and stakeholders over that period - approximately £590,000. The Directors are confident that the present level of unrestricted general reserves (£658,033) complies with its policy.

Future plans

With the impact of Covid-19 still reverberating across the cultural sector nationally and internationally, it remains imperative that Clore Leadership stays alert to sector leadership needs and priorities.

Culture can play a vital part in helping people understand and overcome the current sense of uncertainty, and it is crucial that arts organisations, museums, libraries and the wider cultural and heritage sectors are well-led and find creative ways to meet the challenges of these times. Being well-led means nurturing cultural leaders of the highest calibre, who are innovative, resourceful and courageous, to develop new business models, create productive partnerships and respond to the opportunities of digital innovation to stimulate relationships with audiences and collaborators. In this respect, Clore Leadership, with its longevity and reputation for excellence in leadership learning, is well-placed. Covid-19 has forced change and it has created opportunity – to challenge for creativity and innovation in business operation as well as sector engagement.

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The Clore Leadership Programme Report of the Directors For the year ended 31 March 2022

We appreciate the critical imperative to maintain and develop partnerships, to ensure that our programming is responsive to the diverse needs of the sector, helping to catalyse meaningful recovery, sustainability & growth. We will continue to work with funders and organisations who share our vision for a society enriched through diverse and strong leadership as we look to ensure that we remain dedicated to delivering sustainable, dynamic & game-changing experiential learning for cultural leaders and organisations.

Strategic and scenario planning for 2023/2024 is also underway, with a range of options outlined and reviewed, and regular updates regarding sources of funding for core and optional operations being provided. The Arts Council has introduced the Transfer Programme in support of the Levelling Up agenda, and as a means of working practically towards rebalancing its National Portfolio to achieve more organisations based outside London. This is an important consideration for Clore Leadership in the time ahead, related to both funding and the consideration of future operating models for the organisation.

The Board and Senior Leadership Team continue to review and assess a range of contingency measures to create both adaptive and responsive measures for implementation as key variables are confirmed over time.

The Board has considered the going concern assumption, which is the basis on which the financial statements have been prepared. The Board is satisfied it has reasonable expectation that the charity is a going concern for at least 12 months from the date of approving the report and accounts, and that there are no material uncertainties that impact on this conclusion.

Statement of responsibilities of the Directors

The Directors are responsible for preparing the report of the Directors and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of the resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Directors are required to:

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The Clore Leadership Programme Report of the Directors For the year ended 31 March 2022

The Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Directors are aware:

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 March 2022 was 12 (2021:13). The Directors are members of the charity but this entitles them only to voting rights.

Auditors

Sayer Vincent are re-appointed as the charitable company’s auditors and have expressed their willingness to continue in that capacity.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Approved by the Directors on 20[th] October 2022 and signed on their behalf by

Moira Sinclair - Chair

11

Independent auditor’s report To the members of The Clore Leadership Programme

Opinion

We have audited the financial statements of The Clore Leadership Programme (the ‘charitable company’) for the year ended 31 March 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Clore Leadership Programme's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

12

Independent auditor’s report To the members of The Clore Leadership Programme

Other Information

The other information comprises the information included in the Report of the Directors, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the statement of directors’ responsibilities set out in the Report of the Directors, the directors are responsible for the preparation of the financial statements and for

13

Independent auditor’s report To the members of The Clore Leadership Programme

being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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Independent auditor’s report To the members of The Clore Leadership Programme

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Judith Miller (Senior statutory auditor) 28 October 2022

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

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The Clore Leadership Programme

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2022

For theyear ended 31 March 2022 For theyear ended 31 March 2022
Unrestricted
Note
£
Income from:
2
-
3
-
3
1,150
3
97,979
3
11,500
3
44,957
1,797
157,383
4
8,869
4
-
4
122,140
4
11,499
4
12,185
154,693
9
2,690
3,486
6,176
Reconciliation of funds:
909,356
915,532
Total funds carried forward
Transfers between funds
Net movement in funds
Total funds brought forward
Net income/(expenditure) for the year
Investments
Total income
Total expenditure
Charitable activities
Courses
Board Training programme
Events and projects
Fellowships
Programme Development
Expenditure on:
Donations and Legacies
Charitable activities
Board Training Programme
Fellowships
Programme Development
Courses
Events and projects		 Restricted
£
330,000
282,000
511,000
24,525
15,500
-
-		 2022
Total
£
330,000
282,000
512,150
122,504
27,000
44,957
1,797
1,320,408
809,700
156,578
414,175
80,565
12,185
1,473,203
(152,795)
-
(152,795)
1,613,286
1,460,491		 Unrestricted
£
3,958
-
44,500
15,181
12,846
56,091
8,301		 Restricted
£
330,000
84,778
580,000
500
-
-
-		 2021
Total
£
333,958
84,778
624,500
15,681
12,846
56,091
8,301
157,383 1,163,025 140,877 995,278 1,136,155
8,869
-
122,140
11,499
12,185		 800,831
156,578
292,035
69,066
-		 9,670
-
16,181
9,671
20,453		 469,100
386,843
92,892
11,135
-		 478,770
386,843
109,073
20,806
20,453
154,693 1,318,510 55,975 959,970 1,015,945
2,690
3,486		 (155,485)
(3,486)		 84,902
177,284		 35,308
(177,284)		 120,210
-
6,176
909,356		 (158,971)
703,930		 262,186
647,170		 (141,976)
845,906		 120,210
1,493,076
915,532 544,959 909,356 703,930 1,613,286

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 15

16

The Clore Leadership Programme

Company no. 5083008

Balance sheet

As at 31 March 2022

As at 31 March 2022 As at 31 March 2022
Note
£
Current assets:
11
130,362
779,000
907,078
1,816,440
Liabilities:
12
(355,949)
14
15
257,499
658,033
Total unrestricted funds
Restricted income funds
Unrestricted income funds:
Designated funds
The funds of the charity:
Total net assets
General funds
Debtors
Creditors: amounts falling due within one year
Net current assets
Cash at bank and in hand
Short term deposits
Total charity funds		 2022
£
1,460,491		 £
92,217
756,136
1,105,469		 2021
£
1,613,286
1,816,440
(355,949)		 1,953,822
(340,536)
257,499
658,033		 287,042
622,314
1,460,491 1,613,286
544,959
915,532		 703,930
909,356
1,460,491 1,613,286

Approved by the Directors on 20th October 2022 and signed on their behalf by:

Moira Sinclair Chair

17

The Clore Leadership Programme

Statement of cash flows

For the year ended 31 March 2022

For the year ended 31 March 2022
Note
Cash flows from operating activities
Net income / (expenditure) for the reporting period
(as per the statement of financial activities)
Dividends, interest and rent from investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by / (used in) operating activities
(Increase)/decrease in fixed term deposits
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Net cash provided by / (used in) investing activities
Cash flows from investing activities:
Dividends, interest and rents from investments		 £
£
(152,795)
(1,797)
(38,145)
15,413
(177,324)
1,797
(22,864)
(21,067)
(198,391)
1,105,469
907,078
2022		 £
£
120,210
(8,301)
170,705
154,628
437,242
8,301
-
8,301
445,543
659,926
1,105,469
2021
1,797
(22,864)		 8,301
-
(198,391)
1,105,469		 445,543
659,926
907,078 1,105,469

18

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2022

1 Accounting policies

a) Statutory information

The Clore Leadership Programme is a charity limited by guarantee and incorporated in England and Wales. The registered office is South Building, Somerset House, Strand, London, WC2R 1LA.

b) Basis of preparation

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Companies Act 2006.

The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the Charity's financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. (FRS 102) These financial statements are prepared on the going concern basis, under historical cost conversion.

The presentational currency used is the British pound, and balances are rounded to the nearest £1.

In applying the financial reporting framework, the Directors have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The Directors consider that there are no material uncertainties about the charity's ability to continue as a going concern.

The Directors do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Voluntary income is received by way of donations and gifts, including grants for core funding, and is included in full in the statement of financial activities when there is evidence of entitlement to the income, the receipt is probable and the amount can be measured reliably.

Revenue grants are credited to the statement of financial activities when received or receivable whichever is earlier, unless they relate to a specific future period, in which case they are deferred.

Where entitlement to grants receivable is dependent upon fulfilment of conditions within the charity's control, the incoming resources are recognised when there is sufficient evidence that conditions will be met. Where there is uncertainty as to whether the charity can meet such conditions the incoming resource is deferred.

19

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2022

e) Income (continued)

Where income has been received for Fellowships starting in the accounting period, it is recognised in full in the financial statements when received, and any amounts in respect of continuing Fellowships which are unspent at the period end are carried forward as restricted fund balances to be spent in future accounting periods. Where at the accounting year end Fellowships are continuing and income has not yet been received in respect of the uncompleted element of the Fellowship, the income is not recognised. Further income in respect of the uncompleted element will be recognised in the accounting period when it is received, or that in which the relevant parts of the Fellowship have been completed, whichever is earlier.

Fees for Courses and the Board Training Programme are recognised, net of VAT, in the period the course takes place. Grants received to fund a series of Courses or Board Training Programmes are recognised in proportion to the number of courses that have taken place in the period with the remainder deferred to future periods to support the remaining courses.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the Directors’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the Directors for particular purposes.

i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

20

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2022

j) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity.

Support costs are the costs of overall direction and administration, comprising the salary and overhead costs of the central function.

Governance costs, which are included within support costs, are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity's activities.

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity:

2022 2021
Fellowships 51% 49%
Courses and other activities 30% 31%
Board training programme 6% 5%
Programme and development 13% 15%
Events and projects 0% 0%

k) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

l) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Straight line over 3 years

m) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

n) Short term deposits

Short term deposits includes cash balances that are invested in accounts with a maturity date of between 3 and 12 months.

o) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

p) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

21

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2022

q) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2 Income from donations and legacies

Other donations
Clore Duffield Foundation-
core funding		 Unrestricted
£
-
-		 £
330,000
-
Restricted		 2022
Total
£
330,000
-		 Unrestricted
£
-
3,958		 £
330,000
-
Restricted		 2021
Total
£
330,000
3,958
- 330,000 330,000 3,958 330,000 333,958

3 Income from charitable activities

Fellowships
a-n Artists Company
Arts Council England
Arts Council of Ireland
Creative Scotland
Dancers Career Development
Gatsby Charitable Foundation
Heritage Lottery Fund
Linbury Trust
National Resources Wales
National Trust
Sub-total for Fellowships
Arts and Humanities Research
Council		 Unrestricted
£
-
-
-
-
-
-
-
-
-
-
-		 £
15,000
49,600
25,475
4,425
22,500
15,000
60,000
30,000
15,000
20,000
25,000
Restricted		 2022
Total
£
15,000
49,600
25,475
4,425
22,500
15,000
60,000
30,000
15,000
20,000
25,000		 Unrestricted
£
-
-
-
-
-
-
-
-
-
-
-		 £
-
84,778
-
-
-
-
-
-
-
-
-
Restricted		 2021
Total
£
-
84,778
-
-
-
-
-
-
-
-
-
- 282,000 282,000 - 84,778 84,778

22

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2022

Programme development
Arts Council England
Esmee Fairbairn
Other
Courses
Arts Council England
Course Fees
Board Training programme
Cultural Governance Alliance
Board Training Fees
Events and projects
Other
Total income from charitable
activities
Sub-total for programme
development
Sub-total for courses
Sub-total for board training
programme
Sub-total for events and
projects		 -
-
1,150		 400,000
80,000
31,000		 400,000
80,000
32,150		 -
40,000
4,500		 500,000
80,000
-		 500,000
120,000
4,500
1,150 511,000 512,150 44,500 580,000 624,500
-
97,979		 24,525
-		 24,525
97,979		 -
15,181		 -
500		 -
15,681
97,979 24,525 122,504 15,181 500 15,681
7,625
3,875		 15,500
-		 23,125
3,875		 6,928
5,918		 -
-		 6,928
5,918
11,500 15,500 27,000 12,846 - 12,846
44,957 - 44,957 56,091 - 56,091
44,957 - 44,957 56,091 - 56,091
155,586 833,025 988,611 128,618 665,278 793,896

23

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2022

Analysis of expenditure (current year)
Direct costs
Staff costs (Note 6)
Other Staff costs
Fellowship costs
Fellows' research costs
Fellows' residential leadership courses
Course speakers, facilitators, venue and materials
Board Development speakers, facilitators, venue and administration
Events & Projects
Support costs
Office costs
Programme development
Communications, PR and website
Governance
Audit and accountancy fees
Legal fees
Total expenditure 2022		 Raising funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Charitable activities 2022 Total
£
500,008
14,374
369,629
32,511
66,612
236,784
40,111
12,185
-
84,885
68,002
30,706
-
17,396
-
1,473,203		 2021 Total
£
450,660
10,518
220,058
63,994
-
68,779
20,806
20,453
-
83,536
51,522
15,380
-
10,239
-
Fellowships
£
265,169
7,392
369,629
32,511
66,612
-
-
-
43,651
-
15,790
8,946
-		 Courses
£
134,095
4,223
-
-
-
236,784
-
-
24,940
-
9,022
5,111
-		 Board
Training
Programme
£
31,330
890
-
-
-
-
40,111
-
5,256
-
1,901
1,077
-		 Programme
Development
£
69,414
1,869
-
-
-
-
-
-
11,038
68,002
3,993
2,262
-		 Events and
projects
£
-
-
-
-
-
-
-
12,185
-
-
-
-
-
- 809,700 414,175 80,565 156,578 12,185 1,015,945

24

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2022

Analysis of expenditure (prior year)
Direct costs
Staff costs (Note 6)
Other Staff costs
Fellowship costs
Fellows' research costs
Fellows' residential leadership courses
Course speakers, facilitators, venue and materials
Board Development speakers, facilitators, venue and administration
Events & Projects
Support costs
Office costs
Programme development
Communications, PR and website
Governance
Audit and accountancy fees
Legal fees
Total expenditure 2021		 Raising funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Charitable activities 2021 Total
£
450,660
10,518
220,058
63,994
-
68,779
20,806
20,453
-
83,536
51,522
15,380
-
10,239
-
Fellowships
£
172,606
2,630
203,764
63,994
-
-
-
-
20,884
8,487
3,845
2,560
-		 Courses
£
32,703
2,629
-
-
-
37,403
-
-
20,884
9,049
3,845
2,560
-		 Board
Training
Programme
£
-
-
-
-
-
-
20,806
-
-
-
-
-
-		 Programme
Development
£
245,351
5,259
16,294
-
-
31,376
-
-
41,768
33,986
7,690
5,119
-		 Events and
projects
£
-
-
-
-
-
-
-
20,453
-
-
-
-
-
- 478,770 109,073 20,806 386,843 20,453 1,015,945

25

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2022

5 Net income/(expenditure) for the year

This is stated after charging:

This is stated after charging:
2022 2021
£ £
Directors' expenses - -
Directors' remuneration (note 6) - -
Operating lease rentals payable:
Property 53,091 47,042
Auditor's remuneration (excluding VAT):
Audit - current year 8,800 8,400
Grant audit 4,920 -

Staff costs were as follows:

Staff costs were as follows:
Employer’s contribution to defined contribution pension schemes
Social security costs
Salaries and wages		 2022
£
422,511
39,471
38,026		 2021
£
380,615
35,519
34,526
500,008 450,660

The Company contributes 9% of gross salary to personal pension schemes for each employee.

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

2022 2021
No. No.
£60,000 - £69,999 - 1
£70,000 - £79,999 - -
£80,000 - £89,999 1 -

26

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2022

The key management personnel of the charity are considered to be the Executive Director plus the Directors of the charity. Hilary Carty is not a Director of the charity. Total staff costs relating to these employees are as follows:

Hilary Carty
Hilary Carty		 Salary
£
82,738		 Employers'NIC
£
10,197		 Pension
£
7,446		 2022
£
100,381
82,738 10,197 7,446 100,381
Salary
£
69,700		 Employers'NIC
8,406		 Pension
£
6,273		 2021
£
84,379
69,700 8,406 6,273 84,379

8 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 12 (2021: 11).

The average weekly number of employees (full-time equivalent) during the year was as follows:

Courses
Support costs & Governance
Fellowships
Programme Development		 2022
No.
5.5
3.2
2.1
-		 2021
No.
5.0
3.3
2.0
-
10.8 10.3

9 Related party transactions

Dame Vivien Duffield, founding patron and Board Director, is also the Chairman of the Clore Duffield Foundation. David Harrel is a Trustee of the Clore Duffield Foundation and a member of the Board of the Clore Leadership Programme. During the period ending 31 March 2022, the Clore Duffield Foundation provided a grant to the Clore Leadership Programme for operational costs totalling £330,000 (2021: £330,000).

During the year no (2021: Nil) Directors were reimbursed expenses (2021: £0) for the purpose of travel and meeting costs. No Directors (2021: four) received fees for mentoring a Fellow (2021: £1,000 each). Directors are selected to mentor Fellows on the basis of their sector expertise and acumen.

Directors also had indemnity insurance included in a combined insurance policy.

Other than those disclosed above, there are no other donations from related parties which are outside the normal course of business and no restricted donations from related parties.

27

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2022

10 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

11 Debtors

Debtors
Prepayments
Accrued income
Trade debtors
Accruals
Deferred income (note 14)
Trade creditors
Taxation and social security
Creditors: amounts falling due within one year
Other debtors
Other creditors		 2022
£
75,621
24,784
27,957
2,000		 2021
£
46,065
20,022
20,028
6,102
130,362 92,217
2022
£
117,065
11,463
6,891
94,228
126,302		 2021
£
48,579
23,727
6,849
67,704
193,677
355,949 340,536

12 Creditors: amounts falling due within one year

13 Deferred income

Deferred income comprises of income received for future fellowships and courses.

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year
14a
14b
Analysis of net assets between funds (prior year)
Net assets at 31 March 2022
Net current assets
Analysis of net assets between funds (current year)
Net current assets
Net assets at 31 March 2021		 General
unrestricted
£
658,033
Designated
£
257,499		 2022
£
193,677
(191,450)
124,075		 2021
£
75,752
(7,700)
125,625
126,302 193,677
Restricted
£
544,959		 Total funds
£
1,460,491
658,033 257,499 544,959 1,460,491
General
unrestricted
£
622,314
Designated
£
287,042		 Restricted
£
703,930		 Total funds
£
1,613,286
622,314 287,042 703,930 1,613,286

28

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2022

15a Movements in funds (current year)

Movements in funds (current year)
Creative Scotland
Dancers Career Development
Wellcome Trust
Courses
Arts Council England
Arts Council Wales
British Library
Disability Access Fund
Wellcome Trust
Board Training Programme
Cultural Governance Alliance
National Resources Wales
Art Fund
Restricted funds:
Core funding
Fellowship
Linbury Trust
National Trust
a-n Artists Company
Clore Duffield Foundation
Art and Humanities Research Council
Arts Council England Fellowships
Arts Council of Ireland
Association Commonwealth Universities
BBC
Gatsby Charitable Foundation
National Lottery Heritage Fund
Hong Kong Scholarships
British Library		 At 1 April
2021
£
309,794
Income &
gains
£
330,000
Expenditure &
losses
£
(299,397)
Transfers
£
-		 At 31 March
2022
£
340,397
-
15,401
22,375
(25,475)
(939)
44,123
32,885
3,341
-
-
29,829
34,665
3,701
12,417
-
(1,482)
11,483		 15,000
-
49,600
25,475
4,425
-
-
-
22,500
15,000
60,000
-
15,000
30,000
20,000
25,000
-		 (15,000)
(10,528)
(32,511)
-
-
-
-
-
(30,000)
(15,000)
(60,860)
(4,728)
(15,000)
(30,000)
(20,000)
(20,000)
(20,000)		 -
-
-
-
(3,486)
-
-
(3,341)
-
-
-
-
-
-
-
-		 -
4,873
39,464
-
-
44,123
32,885
-
(7,500)
-
28,969
29,937
3,701
12,417
-
3,518
(8,517)
182,324
(24,435)
10,327
-
28,132
110		 282,000
24,525
-
-
-
-		 (273,627)
-
(6,500)
-
(11,200)
-		 (6,827)
-
-
3,341
-
-		 183,870
90
3,827
3,341
16,932
110
14,134
4,021		 24,525
15,500		 (17,700)
(36,880)		 3,341
-		 24,300
(17,359)
4,021 15,500 (36,880) - (17,359)

29

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2022

15a Movements in funds (current year)

Programme Development
Arts Council England
Art Fund
Total restricted funds
Total designated funds
General funds
Esmee Fairbairn
Total funds
Programme Development & Strategic
Projects fund
Unrestricted funds:
Fellowship fund (including Hardship
Designated funds:
Courses Fund
Total unrestricted funds		 At 1 April
2021
£
172,304
21,353
-
Income &
gains
£
400,000
80,000
31,000
Expenditure &
losses
£
(576,497)
(99,169)
(15,240)
Transfers
£
-
-
-		 At 31 March
2022
£
(4,193)
2,184
15,760
193,657 511,000 (690,906) - 13,751
703,930 1,163,025 (1,318,510) (3,486) 544,959
125,992
120,791
40,259		 -
-
-		 (8,869)
-
(24,160)		 3,486
-		 120,609
120,791
16,099
287,042 - (33,029) 3,486 257,499
622,314 157,383 (121,664) - 658,033
909,356 157,383 (154,693) 3,486 915,532
1,613,286 1,320,408 (1,473,203) - 1,460,491

The narrative to explain the purpose of each fund is given at the foot of the note below.

30

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2022

15b Movements in funds (prior year)

Movements in funds (prior year)
Wellcome Trust
Courses
Arts Council England
Arts Council Wales
Disability Access Fund
Wellcome Trust
Board Training Programme
Cultural Governance Alliance
British Library
a-n Artists Company
Gatsby Charitable Foundation
National Lottery Heritage Fund
Hong Kong Scholarships
Linbury Trust
Clore Duffield Foundation
Arts Council England Fellowships
Arts Council of Ireland
Fellowship
Art and Humanities Research Council
Art Fund
National Trust
Core funding
Restricted funds:
Association Commonwealth Universities
BBC
Creative Scotland		 At 1 April
2020
£
304,639
4,500
15,401
1,592
57,870
5,485
44,123
44,542
3,341
11,028
54,695
22,295
33,225
23,111
3,597
20,486
Income &
gains
£
330,000
-
-
84,778
-
-
-
-
-
-
-
-
-
-
-
-
Expenditure &
losses
£
(324,845)
(4,500)
-
(63,995)
(83,345)
(6,424)
-
(11,657)
-
-
(24,866)
(9,878)
1,440
(8,910)
(5,079)
(9,003)
Transfers
£
-
-
-
-
-
-
-
-
-
(11,028)
-
-
-
(10,500)
-
-		 At 31 March
2021
£
309,794
-
15,401
22,375
(25,475)
(939)
44,123
32,885
3,341
-
29,829
12,417
34,665
3,701
(1,482)
11,483
345,291
142,251
10,327
28,132
110		 84,778
-
-
-
-		 (226,217)
(10,930)
-
-
-		 (21,528)
(155,756)
-
-
-		 182,324
(24,435)
10,327
28,132
110
180,820
15,156		 -
-		 (10,930)
(11,135)		 (155,756)
-		 14,134
4,021
15,156 - (11,135) - 4,021

31

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2022

15b Movements in funds (prior year) continued

Programme Development
Esmee Fairbairn
Arts Fund
Total restricted funds
Total designated funds
General funds
Total unrestricted funds
Total funds
Arts Council England
Unrestricted funds:
Designated funds:
Fellowship fund (including Hardship fund)
Programme Development & Strategic
Projects fund
Courses fund		 At 1 April
2020
-
-
-
Income &
gains
500,000
80,000
500
Expenditure &
losses
(327,696)
(58,647)
(500)
Transfers
-
-
-		 At 31 March
2021
172,304
21,353
-
- 580,500 (386,843) - 193,657
845,906 995,278 (959,970) (177,284) 703,930
117,084
119,041
40,259		 -
-
-		 (9,670)
-
-		 18,578
1,750
-		 125,992
120,791
40,259
276,384 - (9,670) 20,328 287,042
370,786 140,877 (46,305) 156,956 622,314
647,170 140,877 (55,975) 177,284 909,356
1,493,076 1,136,155 (1,015,945) - 1,613,286

Purposes of restricted funds

a-n Artists Company - Visual Artist Fellowship

Art Fund - Fellowship for curator

Arts and Humanities Research Council - in depth research projects supervised by Higher Education Institutes. Arts Council England - Fellowships for cultural leaders in England

Arts Council of Ireland - Jerome Hynes Fellowship

Association Commonwealth Universities (ACU) - Chevening scholarships funded by Foreign & Commonwealth Office

BBC - Fellowship and course places for BBC BAME and/or disabled senior leaders

Creative Scotland - Fellowship for cultural leader in Scotland

Dancers Career Development - Fellowship for professional dancer

Gatsby Charitable Foundation - Fellowships for cultural leaders working in theatre

Hong Kong Scholarships - Fellowships for cultural leaders in Hong Kong

Linbury Trust - Fellowship for professional dancer

National Lottery Heritage Fund - Fellowships for cultural leaders working in heritage

National Resources Wales - Fellowships for employee of National Resources Wales

National Trust - F ellowship for employee of National Trust

32

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2022

Wellcome Trust - Fellowship for leader developing links between arts and science

Courses

Arts Council England - Leadership Intensive, Pulse and Emerging Leaders courses

Arts Council Wales - Bursary fund for course participants from Wales

British Library - Bursary fund for course participants employed by British Library

Disability Access Fund - Bursary fund for individuals with access requirements

Wellcome Trust - B ursary fund for individuals developing links between arts and science

Board Training Programme

Cultural Governance Alliance - Cultural Sector Governance Development

Programme development

Arts Council England - development of ACE funded programme (Transforming Leadership)

Esmee Fairbairn - development of Esmee Fairbairn funded programme

Art Fund - development of Art Fund funded programme

Purposes of designated funds

The following funds will be spent over the next 3-5 years in line with programme strategy and development: Fellowship - fellowships not funded from other sources

Programme Development & Strategic Projects- funding for future projects

Courses - bursaries for courses and learning projects

Transfers between funds 2020/21 - these transfers related to under-allocation of expenditure in the previous financial year

33

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2022

16 Operating lease commitments payable as a lessee

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:

the following periods:
Less than one year
One to five years		 2022
2021
£
£
45,992
40,715
80,486
127,770
126,478
168,485
Property
126,478 168,485

17 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. Each member of the company has guaranteed to contribute up to £1 in the event of winding up.

34