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← The Clore Leadership Programme

2024-03-31-accounts

Company number: 05083008 Charity Number: 1105210

The Clore Leadership Programme

Report and financial statements For the year ended 31 March 2024

The Clore Leadership Programme Contents For the year ended 31 March 2024

Reference and administrative information ...................................................................................... 1 Directors’ annual report ................................................................................................................. 2 Independent auditor’s report ....................................................................................................... 11 Statement of financial activities (incorporating an income and expenditure account) ................... 15 Balance sheet ............................................................................................................................... 16 Statement of cash flows ................................................................................................................ 17 Notes to the financial statements ................................................................................................. 18

The Clore Leadership Programme Reference and administrative information For the year ended 31 March 2024

Company number 5083008 Country of incorporation United Kingdom Charity number 1105210 Country of registration (England & Wales) Registered office Hat House and operational 32 Guildford Street address Luton LU1 2NR Directors Directors who served during the year and up to the date of this report were as follows: Dame Vivien Duffield DBE Daisy Hale David Harrel Catherine Holden Roly Keating David Kershaw Kate McGrath Suzann McLean (Appointed 26 June 2024) Anisa Morridadi (Resigned 20 March 2024) Dhikshana Pering Jonathan Reekie (Appointed 26 June 2024) Moira Sinclair Chair Sarah Weir (Resigned 19 December 2023) Key management Hilary Carty Executive Director personnel Bankers Lloyds Bank 39 Threadneedle Street LONDON EC2R 8AU Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane LONDON EC1Y 0TG

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The Clore Leadership Programme Report of the Directors For the year ended 31 March 2024

Directors’ report for period ending 31[st] March 2024: The Clore Leadership Programme

The Directors present their report and the audited financial statements for the year ended 31[st] March 2024.

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, short-form 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 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, Associates, contributors and partners as well as impact studies on specific areas of work. We are pleased to work in partnership with a broad conference keynotes and enhanced sign-posting to commissioned research supported the curiosity of key sector leaders, agencies and employers.

Directors Report 2023-24

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The Clore Leadership Programme Report of the Directors For the year ended 31 March 2024

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 twentieth 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 (including online), seminars, webinars, conferences and governance development activities within the cultural and creative sectors.

During the period to 31[st] March 2024 Clore Leadership succeeded in delivering a wide programme of work, including 1,142 days of leadership learning programmes (including 1010 days for the Fellowship Programme), with over 1,541 active participants engaged in leadership training, connecting with a further 13,900 via our quarterly Newsletter, and over 6,000 accessing the Cultural Leadership resource pages on our website.

The Board and Executive maintained a proactive approach to programming, blending our established programmes with digital and other innovations devised to meet the demands for contemporary leadership priorities. Themes of personal resilience, new business models, leading change, managing staff, wellbeing, financial turbulence, the Climate Emergency and responses to longstanding inequalities, all featured.

Wider context

The context in which the cultural sector is operating is a challenging one, with external and internal forces creating much unpredictability. In the 20 years since Clore Leadership appointed its first fellow the cultural sector and the landscape it operates in has changed dramatically. More than a decade of austerity has impacted all public services, reducing the funding available for the cultural sector. New technologies have changed how we work, communicate and engage with culture and cultural leaders. Attitudes towards work and norms in the workplace have changed, with an enhanced focus on wellbeing and work-life balance, as well as increasing workforce diversity.

Responding to these circumstances, it will be essential to address people-related challenges in multiple ways, including increasing access to training. An investment in accessible resources, best practice case studies and frameworks are vital. Critical too is the need to strengthen peer networks to facilitate knowledge sharing, capacity building, and collective problem-solving. This will be a major part of enabling leaders to make informed decisions and implement effective strategies.

Fellowship Programme

The Clore Fellowship Programme offers an extensive period of leadership learning for sector leaders. Its core format includes two residentials and a series of face-to-face workshops 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; workbased learning in different contexts; and national and international learning experiences. Core to each individual's professional development programmes are learning and networking opportunities a

Directors Report 2023-24

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The Clore Leadership Programme Report of the Directors For the year ended 31 March 2024

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), with four such projects having been funded in the financial year.

Once again, we had a very strong response to our recruitment campaign. 23 Fellows were recruited in Spring 2023, mirroring the dynamism of the cultural sector and capturing the breadth of experiences and aspirations of sector leaders looking ahead after a period of exceptional challenge. The 2023/24 cohort represents the breadth and depth of the sector, representing ten cultural disciplines, from solo practitioners to those in large-scale national organisations and are based in eight regions across the UK. 39% of the cohort are from Black, Asian and ethnically diverse backgrounds and 30% identify as D/deaf or disabled. The total of 1,010 days of activity for the programme incorporated in-person engagement, and an online Climate Assembly, as well as self-led training and professional development through secondments, mentoring and coaching.

This 19[th] cohort also includes Chevening Scholars, funded by the Foreign and Commonwealth Office from Brazil; as well as two Fellows from Hong Kong, funded by the Home Affairs Bureau of the Government of Hong Kong Special Administrative Region and managed by the Hong Kong Arts Development Council. The participation of international Fellows in the programme helps build international relations and enriches the learning of UK-based cultural leaders through networks, continuing exchange and shared examples of best practice.

A Dynamic Programme of Work

Clore Leadership provides core leadership learning targeting mid and early career leaders. Our Courses are well established and highly valued within the sector, with places always in high demand and often oversubscribed, and we were delighted to continue our provision of Leadership Pulse and Emerging Leaders courses across the year. In addition, we delivered a range of targeted programmes including:

World of Work

In collaboration with Arts Council England and the Arts and Humanities Research Council, we rapidly developed a new programme that explicitly responded to the complex set of challenges being faced by sector leaders in the context of an unpredictable post-pandemic working environment. The World of Work programme incorporated sector consultation and research that explored the evolving nature of work and leadership in the cultural domain asking what it demands of cultural leaders today.

Directors Report 2023-24

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The Clore Leadership Programme Report of the Directors For the year ended 31 March 2024

These responsive and time-limited interventions included: ‘Leadership Now Assemblies in London, Birmingham and Leeds as well as online, engaging 356 leaders; a detailed research project including cross-sector interviews; an in-depth sector-facing survey which received 426 responses. These strands of activity have helped us to canvas a huge diversity of thinking and amass a rich collection collaborative solutions to contemporary issues, helping to foster a more connected, resilient, and thriving cultural leadership. Publication and wider sharing of findings is scheduled for Autumn 2024/25, alongside the next phase of the project – ‘Imagine it Different’, which will see learning translated into tangible outputs and actions.

Tees Valley Programme

We were delighted to deliver a full year of training as part of our 3-year place-based partnership with Tees Valley Combined Authority, incorporating activities across the five local authorities in the region. Following consultations and project initiation, the spectrum of programming covering leadership skills, facilitator development, experiential workshops and mentoring saw us make significant progress against the project KPIs, surpassing some targets including reaching 158 participants and 31 organisations across 17 separate interventions.

A range of different access points into the programme were developed to offer space to connect and learn from peers, as well as formal learning opportunities focused on building confidence and leadership skills. Programming has been carefully curated to enhance and amplify the skills and talent within the region, as well as include voices and specialisms from across Clore Leadership’s wider national network.

This place-based pilot complements our existing work to train, nurture and support cultural leaders and leadership nationally. We have begun to proactively use the learning from this pilot to inform our wider range of work and the potential for future geographically specific programmes across the country in response to needs as identified through our networks.

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, including the regularly updated Practical Guide to Governance.

As we did not have our regular Governance Now conference within the financial year, we took the opportunity to host a networking breakfast in collaboration with the Charity Commission, welcoming nearly 100 cultural leaders, chairs and trustees to the British Library for an opportunity to hear from and engage with the Commission’s Chair, Orlando Fraser.

In addition we delivered a series of webinars in support of governance development for cultural organisations, exploring a range of themes including: governance basics (January 2024); socioeconomic diversity and governance (February 2024); and restitution, repatriation & colonial heritage (March 2024). The series was well supported, demonstrating continued need for this vital provision.

Communications and advocacy

2023/24 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

Directors Report 2023-24

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The Clore Leadership Programme Report of the Directors For the year ended 31 March 2024

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 14,248 in March 2022 to 15,366 (an increase of 8%) in March 2023. The continued focus on social media has led to increased followers of 14,508 (5%) on Twitter; 4191 (36%) on LinkedIn; 2125 (5%) on Facebook; 291 (16%) on YouTube; and 1877 (37%) on Instagram, since March 2022.

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:

The Board monitors progress in achieving its objectives and good progress was made in all strategic priority areas. We were pleased to commence the first year of our multi-year funding from Arts Council England’s NPO/IPSO programme (£500,000 per annum) underpinning the programme of work from April 2023 to March 2024. Our long term funder and founding organisation, the Clore Duffield Foundation provided £280,000 for the year and we are grateful to the Esmée Fairbairn Foundation for a new multiyear agreement, providing £90,000 of support for our 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 Anisa Morridadi who stepped down from the Board, and to Sarah Weir OBE who sadly passed away, after several years of valued service.

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 Trustee recruitment campaign. New Trustees will be appointed in the year ahead. Trustees continued to review a range of priority considerations to ensure alignment with the Charity Governance Code and continued to review and take forward its Action Plan to chart and monitor progress.

The Board of Directors delegates the operational management of the Programme to the Director, Hilary

Directors Report 2023-24

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The Clore Leadership Programme Report of the Directors For the year ended 31 March 2024

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 practice and expectations post the pandemic shutdowns, all team members were supported to work remotely for up to two days per week, should they wish. We continued to review systems and process to secure and embed 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 strong and affirmative support to Clore Leadership during the national lockdowns.

As part of the Arts Council Transfer Programme, designed to increase the spread of National Portfolio Organisations and Investment Principles Support Organisations across the Country, Clore Leadership conducted a feasibility study exploring the potential for a move and, following careful deliberation and discussion, the Hat District in Luton emerged as the best choice for Clore Leadership. The establishment of the Head Office in Luton supports the Levelling Up agenda and ensures Clore Leadership move into an Arts Council Priority Place. Clore Leadership has a strong link to Somerset House, having had administrative offices at the venue for 21 years. By joining the Somerset House Exchange co-working space, we will also ensure there is a flexible and cost-effective London base for the current team to operate from when necessary, and will continue to run a majority of our face-to-face programming at venues across England.

Financial review

In 2023/24, Clore Leadership had incoming resources of £1,716,089 and expenditure of £1,806,633 resulting in a net deficit of £90,544. This outcome was a largely as a result of programming and other expenditure being funded through accumulated surpluses on restricted and designated funds.

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 an Investment Principles Support Organisation.

The major funding partners for the 2023/4 Clore Fellowship Programme were the Clore Duffield Foundation; Arts Council England; Arts Council of Ireland; a-n the Artists’ Information Company; the Arts and Humanities Research Council; Dancers’ Career Development; Gatsby Charitable Foundation; The Linbury Trust; National Lottery Heritage Fund; and the National Trust.

International Fellowships were supported by the Association of Commonwealth Universities and the Home Affairs Bureau of the Government of Hong Kong Special Administrative Region through the Hong Kong Arts Development Council.

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.

Directors Report 2023-24

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The Clore Leadership Programme Report of the Directors For the year ended 31 March 2024

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, and that it remains alert to changes in the operating environment that 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 three to four times per annum (or more regularly, should the need arise) and actively considers any reforecasting of activities necessary between 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 wars in Ukraine and Gaza. 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.

Conflicts of Interest

Conflicts of Interest are recorded at each meeting of the Board and the following were noted:

There were no other conflicts of interest recorded in the course of the year.

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 (£686,070) complies with its policy.

Directors Report 2023-24

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The Clore Leadership Programme Report of the Directors For the year ended 31 March 2024

Future plans

With a continuing level of volatility and unpredictability still present within the cultural sector, and society at large, 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 forced change and has created opportunity – to challenge for creativity and innovation in business operation as well as sector engagement.

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 and sustain 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 and game-changing experiential learning for cultural leaders and organisations.

Strategic and scenario planning for 2025/2026 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 Board and Senior Leadership Team continue to review and assess a range of contingency measures to create both adaptive and responsive actions for implementation as key variables are confirmed over time.

The relocation of the Clore Leadership Headquarters to the Hat District in Luton affords a rich opportunity for developing new alliances and further strengthening our priority for place-based leadership.

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:

Directors Report 2023-24

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The Clore Leadership Programme Report of the Directors For the year ended 31 March 2024

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 2024 was 9 (2023:11). 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 17[th] October 2024 and signed on their behalf by

Moira Sinclair - Chair

Directors Report 2023-24

Page 10

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 2024 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.

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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 being satisfied that they give a true and fair view, and for such internal control as the directors

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

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

appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves 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) 8 November 2024.

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Page 14

The Clore Leadership Programme

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

For the year ended 31 March 2024

Note
Income from:
2
3
3
3
3
3
4
4
4
4
4
5
Reconciliation of funds:
Board Training Programme
Fellowships
Programme Development
Courses
Events and projects
Donations and Legacies
Charitable activities
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:
Total funds carried forward
Transfers between funds
Net movement in funds
Total funds brought forward		 Unrestricted
£
-
-
16,500
112,945
2,501
8,380
13,704		 Restricted
£
280,000
429,710
833,149
-
19,200
-
-		 2024
Total
£
280,000
429,710
849,649
112,945
21,701
8,380
13,704
1,716,089
951,826
404,098
378,754
71,955
-
1,806,633
(90,544)
-
(90,544)
1,444,907
1,354,363		 Unrestricted
£
-
-
11,600
131,158
18,548
18,540
3,595		 Restricted
£
220,000
461,895
776,200
-
25,000
-
-		 2023
Total
£
220,000
461,895
787,800
131,158
43,548
18,540
3,595
154,030 1,562,059 183,441 1,483,095 1,666,536
33,979
20,118
136,304
7,889
-		 917,847
383,980
242,450
64,066
-		 41,695
2,370
107,922
19,683
9,340		 920,654
202,510
311,580
66,366
-		 962,349
204,880
419,502
86,049
9,340
198,290 1,608,343 181,010 1,501,110 1,682,120
(44,260)
-		 (46,284)
-		 2,431
-		 (18,015)
-		 (15,584)
-
(44,260)
917,963		 (46,284)
526,944		 2,431
915,532		 (18,015)
544,959		 (15,584)
1,460,491
873,703 480,660 917,963 526,944 1,444,907

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 16

Page 15

The Clore Leadership Programme

Company no. 5083008

Balance sheet

As at 31 March 2024

Note
£
Fixed assets:
11
Current assets:
12
96,850
779,000
949,778
1,825,628
Liabilities:
13
(547,926)
15
16
191,980
681,723
Total unrestricted funds
Total charity funds
Cash at bank and in hand
Short term deposits
Intangible fixed assets
Debtors
Creditors: amounts falling due within one year
Net current assets
Restricted income funds
Unrestricted income funds:
Designated funds
The funds of the charity:
Total net assets
General funds		 Note
£
Fixed assets:
11
Current assets:
12
96,850
779,000
949,778
1,825,628
Liabilities:
13
(547,926)
15
16
191,980
681,723
Total unrestricted funds
Total charity funds
Cash at bank and in hand
Short term deposits
Intangible fixed assets
Debtors
Creditors: amounts falling due within one year
Net current assets
Restricted income funds
Unrestricted income funds:
Designated funds
The funds of the charity:
Total net assets
General funds		 2024
£
76,661
1,354,363		 £
111,868
779,000
939,150		 2023
£
41,916
1,402,991
1,825,628
(547,926)		 1,830,018
(427,027)
191,980
681,723		 218,488
699,475
1,354,363 1,444,907
480,660
873,703		 526,944
917,963
1,354,363 1,444,907

Approved by the Directors on 17th October 2024 and signed on their behalf by:

Moira Sinclair Chair

Page 16

The Clore Leadership Programme

Statement of cash flows

For the year ended 31 March 2024

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 assets
(Increase)/decrease in fixed term deposits
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
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year		 £
£
(90,544)
(13,704)
15,018
120,899
31,669
13,704
(34,745)
-
(21,041)
10,628
939,150
949,778
2024		 £
£
(90,544)
(13,704)
15,018
120,899
31,669
13,704
(34,745)
-
(21,041)
10,628
939,150
949,778
2024		 £
£
(15,584)
(3,595)
18,494
71,078
70,393
3,595
(41,916)
-
(38,321)
32,072
907,078
939,150
2023		 £
£
(15,584)
(3,595)
18,494
71,078
70,393
3,595
(41,916)
-
(38,321)
32,072
907,078
939,150
2023
13,704
(34,745)
-		 3,595
(41,916)
-
10,628
939,150		 32,072
907,078
949,778 939,150

Page 17

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2024

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 Hat House, 32 Guildford Street, Luton LU1 2NR.

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 Charitites 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.

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.

Page 18

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2024

f) Donations of gifts, services and facilities

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.

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:

2024 2023
Fellowships 42% 51%
Courses and other activities 25% 30%
Board training programme 8% 6%
Programme and development 26% 13%
Events and projects 0% 0%

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

Page 19

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2024

1 Accounting policies (continued)

l) Fixed assets

- 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

- Intangible fixed assets

Intangible Fixed assets include development costs of the website. Amortisation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expecxted useful life. The amortisation rates are as follows:

Straight line over 3 years

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.

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

Income from donations and legacies
Other donations
Clore Duffield Foundation-core funding		 Unrestricted
£
-
-		 £
280,000
-
Restricted		 2024
Total
£
280,000
-		 Unrestricted
£
-
-		 £
220,000
-
Restricted		 2023
Total
£
220,000
-
- 280,000 280,000 - 220,000 220,000

Page 20

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2024

3 Income from charitable activities

Fellowships
a-n Artists Company
Art Fund
Arts Council of Ireland
Creative Scotland
Dancers Career Development
Doc Society
Gatsby Charitable Foundation
Hong Kong Scholarships
Linbury Trust
National Lottery Heritage Fund
National Trust
Take A Part
Wellcome Trust
Sub-total for Fellowships
Programme development
Arts Council England (2020-22)
Arts Council England (2022-23)
Arts Council England - IPSO
Arts Council England - Feasibility
Arts Council England - Leadership Now Assemblies
British Council MicroP(il)ots
Esmee Fairbairn
Tees Valley Combined Authority
Other
Courses
Course Fees
Board Training programme
Cultural Governance Alliance
Board Training Fees
Events and projects
Various Events & Project income
Sub-total for programme development
Sub-total for courses
Sub-total for board training programme
Sub-total for events and projects
Arts and Humanities Research Council
Association Commonwealth Universities (ACU)
Total income from charitable activities
Arts and Humanities Research Council World of
Work Research		 Unrestricted
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 £
21,810
-
38,900
40,000
19,000
30,000
15,000
-
100,000
61,000
15,000
60,000
27,000
2,000
-
Restricted		 2024
Total
£
21,810
-
38,900
40,000
19,000
30,000
15,000
-
100,000
61,000
15,000
60,000
27,000
2,000
-		 Unrestricted
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 £
20,000
3,000
86,895
30,000
28,500
30,000
15,000
20,000
60,000
30,500
15,000
60,000
15,000
18,000
30,000
Restricted		 2023
Total
£
20,000
3,000
86,895
30,000
28,500
30,000
15,000
20,000
60,000
30,500
15,000
60,000
15,000
18,000
30,000
- 429,710 429,710 - 461,895 461,895
-
-
-
-
8,000
-
8,500
-
-		 53,280
-
50,000
500,000
31,500
54,000
-
90,000
54,369
-		 53,280
-
50,000
500,000
31,500
62,000
-
98,500
54,369
-		 -
-
-
8,000
-
3,600		 100,000
450,000
75,000
80,000
71,200
-		 100,000
450,000
75,000
88,000
71,200
3,600
16,500 833,149 849,649 11,600 776,200 787,800
112,945 - 112,945 131,158 - 131,158
112,945 - 112,945 131,158 - 131,158
2,501
-		 19,200
-		 21,701
-		 6,500
12,048		 25,000
-		 31,500
12,048
2,501 19,200 21,701 18,548 25,000 43,548
8,380 - 8,380 18,540 - 18,540
8,380 - 8,380 18,540 - 18,540
140,326 1,282,059 1,422,385 179,846 1,263,095 1,442,941

Page 21

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2024

4a 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 2024		 Charitable activities Charitable activities Charitable activities 2024 Total
£
565,171
51,632
427,844
60,601
123,989
208,774
7,374
-
-
103,713
212,572
26,462
-
14,846
3,655
Raising funds
£
-
-
-
-
-
-
-
-
-
-
-
-		 Fellowships
£
255,860
21,532
427,844
60,601
123,989
-
-
-
43,250
-
11,035
-
6,191
1,524		 Courses
£
120,069
12,865
-
-
-
208,774
-
-
25,842
-
6,594
-
3,699
911		 Board
Training
Programme
£
48,984
4,020
-
-
-
-
7,374
-
8,076
-
2,060
-
1,156
285		 Programme
Development
£
140,258
13,215
-
-
-
-
-
-
26,545
212,572
6,773
-
3,800
935		 Events and
projects
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- 951,826 378,754 71,955 404,098 - 1,806,633

Page 22

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2024

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 2023		 Charitable activities Charitable activities Charitable activities 2023 Total
£
533,487
7,165
347,397
121,546
157,821
266,670
24,663
9,340
-
89,720
78,364
29,238
-
16,709
-
Raising funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Fellowships
£
266,548
3,463
347,397
121,546
157,821
-
-
-
43,366
-
14,132
8,076
-		 Courses
£
117,546
1,770
-
-
-
266,670
-
-
22,165
-
7,223
4,128
-		 Board
Training
Programme
£
48,915
626
-
-
-
-
24,663
-
7,833
-
2,553
1,459
-		 Programme
Development
£
100,478
1,306
-
-
-
-
-
-
16,356
78,364
5,330
3,046
-		 Events and
projects
£
-
-
-
-
-
-
-
9,340
-
-
-
-
-
- 962,349 419,502 86,049 204,880 9,340 1,682,120

Page 23

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2024

5 Net income/(expenditure) for the year

This is stated after charging:

This is stated after charging:
2024 2023
£ £
Directors' expenses - -
Directors' remuneration (note 6) - -
Operating lease rentals payable:
Property 60,668 58,934
Auditor's remuneration (excluding VAT):
Audit - current year 10,900 10,120
Grant audit - 2,780

Staff costs were as follows:

Staff costs were as follows:
Employer’s contribution to defined contribution pension schemes
Social security costs
Salaries and wages		 2024
£
483,638
36,866
44,667		 2023
£
449,590
44,603
39,293
565,171 533,486

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:

2024 2023
No. No.
£60,000 - £69,999 - -
£70,000 - £79,999 - -
£80,000 - £89,999 - 1
£90,000 - £99,999 1 -

Page 24

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2024

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
£
90,349		 Employers'NIC
£
11,213		 Pension
£
8,131		 2024
£
109,693
90,349 11,213 8,131 109,693
Salary
£
87,547		 Employers'NIC
11,406		 Pension
£
7,744		 2023
£
106,697
87,547 11,406 7,744 106,697

8 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 13 (2023: 12).

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

Courses
Support costs & Governance
Fellowships
Programme Development		 2024
No.
4.8
2.9
3.9
-		 2023
No.
5.0
2.6
2.8
-
11.6 10.4

9 Related party transactions

Dame Vivien Duffied, 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 2024 the Clore Duffield Foundation provided a grant to the Clore Leadership Programme for operational costs totalling £280,000 (2023: £220,000).

During the year four (2023: Four) Directors were reimbursed £963 expenses (2023: £1,006) for the purpose of travel and meeting costs. Two Directors (2023: Four) received £1,700 fees for speaking at Residentials and assisiting with the Fellowship interviews (2023: £3,350). In addition to this no Directors (2023: One) were awarded AHRC funding for research projects (2023: £10,000).

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.

10 Taxation

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

Page 25

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2024

11
12
13
Charge for the year
Disposals in year
At the start of the year
Intangible fixed assets
All of the above assets are used for charitable purposes.
Depreciation
Other debtors
Debtors
Cost
At the start of the year
Additions in year
Disposals in year
At the end of the year
At the end of the year
At the start of the year
Accruals
Deferred income (note 14)
Trade creditors
Taxation and social security
Creditors: amounts falling due within one year
Prepayments
Accrued income
Other creditors
At the end of the year
Net book value
Trade debtors		 Website
£
41,916
45,696
-		 Total
£
41,916
45,696
-
87,612 87,612
-
10,951
-		 -
10,951
-
10,951 10,951
76,661 76,661
41,916 41,916
2024
£
48,212
25,598
22,323
717		 2023
£
583
28,079
30,335
52,871
96,850 111,868
2024
£
68,683
12,592
8,834
114,448
343,369		 2023
£
46,281
12,973
6,874
75,399
285,500
547,926 427,027

14 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		 2024
£
285,500
(282,900)
340,769		 2023
£
126,302
(121,402)
280,600
343,369 285,500

Page 26

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2024

15a Analysis of net assets between funds (current year)

15a
Analysis of net assets between funds (current year)		 15a
Analysis of net assets between funds (current year)
15b
16a
At 1 April
2023
£
271,378
2,475
40,224
(8,772)
21,623
Creative Scotland
(6,201)
Dancers Career Development
1,074
Doc Society
1,000
29,420
27,187
4,775
12,917
(1,982)
671
Wellcome Trust
10,000
134,411
Courses
Disability Access Fund
4,332
4,332
Board Training Programme
Cultural Governance Alliance
1,527
1,527
Arts and Humanities Research Council
Arts Council of Ireland
Association Commonwealth Universities
Gatsby Charitable Foundation
National Lottery Heritage Fund
Hong Kong Scholarships
a-n Artists Company
Net current assets
Net assets at 31 March 2023
Analysis of net assets between funds (prior year)
Net current assets
Take A Part
National Trust
Net assets at 31 March 2024
Movements in funds (current year)
Restricted funds:
Core funding
Fellowship
Linbury Trust
Clore Duffield Foundation		 General
unrestricted
£
681,723
Designated
£
191,980		 Restricted
£
480,660		 Total funds
£
1,354,363
681,723 191,980 480,660 1,354,363
General
unrestricted
£
699,475
Designated
£
218,488		 Restricted
£
526,944		 Total funds
£
1,444,907
699,475 218,488 526,944 1,444,907

Income &
gains
£
280,000
21,810
38,900
40,000
19,000
30,000
15,000
-
100,000
61,000
15,000
60,000
27,000
2,000
-
Expenditure &
losses
£
(322,150)
(24,285)
(48,601)
(41,228)
(19,516)
(30,299)
(15,074)
(1,000)
(110,904)
(62,000)
(19,775)
(70,917)
(25,018)
(2,671)
-
Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 At 31 March
2024
£
229,228
-
30,523
(10,000)
21,107
(6,500)
1,000
-
18,516
26,187
-
2,000
-
-
10,000
134,411
4,332		 429,710
-		 (471,288)
(3,200)		 -
-		 92,833
1,132
4,332
1,527		 -
19,200		 (3,200)
(3,027)		 -
-		 1,132
17,700
1,527 19,200 (3,027) - 17,700

Page 27

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2024

16a Movements in funds (current year)

Programme Development
Art Fund
Arts Council England 2020-22
Arts Council England 2022-23
Arts Council England- IPSO
Arts Council England- Feasibility Study
British Council Microp(il)ots
Tees Valley Combined Authority
Total restricted funds
Total designated funds
General funds
Designated funds:
Courses Fund
Fellowship fund
Total unrestricted funds
Total funds
Programme Development & Strategic
Projects fund
Unrestricted funds:
Esmee Fairbairn 2020-23
Arts and Humanities Research Council
World of Work Research
Arts Council England- Leadership Now
Assemblies
Esmee Fairbairn 2023-26		 At 1 April
2023
£
-
12,760
57,782
(43,049)
-
-
-
63,486
1,744
-
22,573
Income &
gains
£
53,280
-
-
50,000
500,000
31,500
54,000
-
-
90,000
54,369
Expenditure &
losses
£
(32,229)
-
(45,515)
(6,951)
(498,685)
(35,000)
(54,000)
(3,657)
(1,744)
(61,606)
(69,291)
Transfers
£
-
-
-
-
-		 At 31 March
2024
£
21,051
12,760
12,267
-
1,315
(3,500)
-
59,829
-
28,394
7,651
102,536
514,184		 833,149
1,562,059		 (808,678)
(1,608,343)		 -
-		 139,767
480,660
85,198
120,791
12,499		 -
-
-		 (2,009)
(12,000)
(12,499)		 -
-
-		 83,189
108,791
-
218,488 - (26,508) - 191,980
699,475 154,030 (171,782) - 681,723
917,963 154,030 (198,290) - 873,703
1,432,147 1,716,089 (1,806,633) - 1,354,363

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

Page 28

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2024

Creative Scotland
Dancers Career Development
Doc Society
Wellcome Trust
Courses
Arts Council England
Arts Council Wales
British Library
Disability Access Fund
Wellcome Trust
Board Training Programme
Cultural Governance Alliance
Core funding
Restricted funds:
National Trust
Association Commonwealth Universities
BBC
Take A Part
Clore Duffield Foundation
Arts Council of Ireland
Gatsby Charitable Foundation
National Lottery Heritage Fund
Hong Kong Scholarships
a-n Artists Company
Fellowship
Arts and Humanities Research Council
Art Fund
Linbury Trust		 At 1 April
2022
£
340,397
-
4,873
39,464
-
44,123
32,885
(7,500)
-
-
28,969
29,937
3,701
12,417
3,518
-
(8,517)
Income &
gains
£
220,000
20,000
3,000
86,895
30,000
28,500
-
30,000
15,000
20,000
60,000
30,500
15,000
60,000
15,000
18,000
30,000
Expenditure &
losses
£
(289,019)
(17,525)
(7,873)
(86,135)
(38,772)
(51,000)
(32,885)
(28,701)
(13,926)
(19,000)
(59,549)
(33,250)
(13,926)
(59,500)
(20,500)
(17,329)
(11,483)
Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 At 1 April
2023
£
271,378
2,475
-
40,224
(8,772)
21,623
-
(6,201)
1,074
1,000
29,420
27,187
4,775
12,917
(1,982)
671
10,000
183,870
90
3,827
3,341
16,932
110		 461,895
-
-
-
-
-		 (511,354)
(90)
(3,827)
(3,341)
(12,600)
(110)		 -
-
-
-
-
-		 134,411
-
-
-
4,332
-
24,300
(17,359)		 -
25,000		 (19,968)
(6,114)		 -
-		 4,332
1,527
(17,359) 25,000 (6,114) - 1,527

Page 29

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2024

16b Movements in funds (prior year) continued

Programme Development
Arts Council England 2020-22
Arts Council England 2022-23
Art Fund
British Council Microp(il)ots
Tees Valley Combined Authority
Total restricted funds
Total designated funds
General funds
Designated funds:
Fellowship fund (including Hardship fund)
Programme Development & Strategic
Projects fund
Courses fund
Total unrestricted funds
Esmee Fairbairn
Unrestricted funds:
Total funds		 At 1 April
2022
(4,193)
-
15,760
-
2,184
-
Income &
gains
100,000
450,000
-
75,000
80,000
71,200
Expenditure &
losses
(38,025)
(493,049)
(3,000)
(11,514)
(80,440)
(48,627)
Transfers
-
-
-
-
-		 At 1 April
2023
57,782
(43,049)
12,760
63,486
1,744
22,573
13,751 776,200 (674,655) - 115,296
544,959 1,483,095 (1,501,110) - 526,944
120,609
120,791
16,099		 -
-
-		 (35,411)
-
(3,600)		 -
-		 85,198
120,791
12,499
257,499 - (39,011) - 218,488
658,033 183,441 (141,999) - 699,475
915,532 183,441 (181,010) - 917,963
1,460,491 1,666,536 (1,682,120) - 1,444,907

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

Doc Society - Fellowship for employee of Doc Society

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 Trust - F ellowship for employee of National Trust

Take A Part - F ellowship for employee of Take A Part

Page 30

The Clore Leadership Programme

Notes to the financial statements

For the year ended 31 March 2024

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

Art Fund - development of Art Fund funded programme

Arts and Humanities Research Council - World of Work Research

Arts Council England - development of ACE funded programme

Arts Council England Feasibility Sudy - Feasibilty Study Transfer Programme

Arts Council England Leadership Now - Online and in person Assemblies of cultural sector leaders British Council Microp(il)ots - development of International Mapping and Alumni Activation Programme Esmee Fairbairn - development of Esmee Fairbairn funded programme

Tees Valley Combined Authority - development of place-based learning 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

17 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		 2024
2023
£
£
-
45,992
-
34,494
Property
- 80,486

Since the year end the lease with Somerset House Trust was ended on 30th June 2024, and a new 5 year lease was signed with Luton Cultural Services Trust commencing on 1st July 2024.

18 Capital commitments

At the balance sheet date, the charity had no commitments (2023: £42,126) in respect of website development costs.

19 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.

Page 31