**Year ended** 31 December 2024 

# **ASSOCIATION OF CHARITABLE FOUNDATIONS** 

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Trustees’ Annual Report and Financial Statements 



## **CONTENTS** 

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**03 CHAIR AND CHIEF EXECUTIVE’S INTRODUCTION** 

**14 ADVANCE DIVERSITY, EQUITY AND INCLUSION FOR OUR SECTOR AND FOR ACF** 

- **04 MILESTONES** 

- **16 STRENGTHEN CONNECTIONS ACROSS AND BEYOND THE SECTOR** 

**05 TRUSTEES’ ANNUAL REPORT 2024** 

**07 ABOUT ACF** 

**19 SUSTAIN A LANDSCAPE WHERE FOUNDATIONS CAN CONTINUE TO THRIVE** 

**09 A COMPELLING MEMBER OFFER** 

**12 SUPPORT FOUNDATIONS TO ASPIRE TO AND ACHIEVE EXCELLENT PRACTICE** 

- **22 CRITICAL SUCCESS FACTORS** 

- **23 KEY PERFORMANCE INDICATORS** 

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**26 FINANCIAL COMMENTARY** 

**30 GOVERNANCE** 

**33 ADVISERS AND BANKERS** 

**34 OUR THANKS** 

**36 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS** 

- **39 FINANCIAL STATEMENTS** 

**FOR MORE INFORMATION PLEASE VISIT OUR WEBSITE: WWW.ACF.ORG.UK** 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 2 



## **CHAIR AND CHIEF EXECUTIVE’S INTRODUCTION** 

**RISING TO THE CHALLENGES OF 2024 WITH RESILIENCE, ACTION, AND UNITY** 

2024 was a year of immense pressure for the charitable sector. Many charities faced heartbreaking closures, and the summer’s racist and Islamophobic riots further revealed persistent systemic challenges. Yet through these challenges, the resilience, compassion, and dedication within our sector have been truly inspiring. 

Members of the Association of Charitable Foundations (ACF) are part of a community that stands united in the face of adversity, supporting one another to respond with empathy and impactful action. Our network is not just a resource, but a vital infrastructure – helping funders stay strong, connected, and effective. 

We navigated significant challenges together, including responding to rising demand for funding. We strengthened the voice of our sector with government, through engaging directly with Number 10 to foster collaboration on issues of mutual concern with the new Labour government in Westminster. In response to racial injustice, we highlighted the bold actions taken by our members following the summer’s riots. We also addressed the climate and nature emergency, with over 100 senior leaders joining our leaders forum for action-focused discussions. 

And, as this report makes abundantly clear, we continued to support foundations on a wide range of issues relating directly to their daily work. 

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JESSICA BROWN<br>Chair<br>**----- End of picture text -----**<br>


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CAROL MACK OBE<br>Chief executive<br>**----- End of picture text -----**<br>


As we reflect on 2024, we carry forward the lessons learned, the challenges faced, and the collective resilience that has defined our work. We will continue to stand by you—because together, we can rise to the challenges of our time. 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 3 



## **WE ARE PROUD TO SHARE SOME OF OUR MILESTONES IN 2024:** 

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## **SUPPORTED MEMBERS THROUGH THRIVING NETWORKS AND EVENTS** 

## **NAVIGATED RISING DEMAND FOR GRANTS** 

## **STRENGTHENED OUR VOICE WITH GOVERNMENT** 

We convened over 100 members to share **strategies and insights** on meeting surging demand for grant funding and published **practical resources** to support members in their response. 

Our CEO, Carol Mack, visited Number 10 to ensure our members’ voices were heard and opened doors for impactful **collaboration with the new Labour government** on shared priorities. 

More than 50% of our members engaged with our member-led networks and learning events. ACF’s knowledge sharing platform- **Funder Network** - provided a space for members to connect and share experiences, while also providing a **unique insight** into how funders are responding to the challenge of increased demand. 

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## **STEPPED UP TO THE CHALLENGE OF THE CLIMATE AND NATURE EMERGENCY** 

## **RESPONDED TO RACIAL INJUSTICE** 

## **BUILT BENCHMARKING DATA TO GUIDE STRATEGIC DECISIONS** 

In the wake of the summer’s racist riots, we shared how members have taken bold and meaningful action on **equity and justice.** 

144 foundations shared data on their staff **salaries, benefits and operational practice** , helping members balance their operational needs against today’s economic realities. 

Over 100 senior leaders joined our conference, sparking **action-orientated discussions and collaborations.** 

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**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 4 



## **TRUSTEES’ ANNUAL REPORT 2024 WE ARE PLEASED TO PRESENT OUR 2024 ANNUAL REPORT AND ACCOUNTS.** 

## **RISING TO THE CHALLENGES OF OUR TIME** 

These demonstrate how we as trustees have stewarded the charity and its resources in delivering ACF’s purpose of strengthening foundations to rise to the challenges of our time. 

ACF is the leading membership association for foundations and independent grant-makers in the UK. 

We have over 440 members* who together hold one third of the assets of the charity sector and make over 40% of the grants given by UK foundations. Between them they cover the full range of foundations, from small to large and operating in many different fields of grant-making and social investment, including social change, the environment, research, education, across the UK and overseas. Our work builds common understanding of the role of foundations, including with government, and enables our members to be more than the sum of their parts, to collaborate and develop their practice and to navigate complexity in the challenges they face. 

We are at the mid-way point through our five year strategy. When we developed our strategy back in 2022, we listened to members, to civil society organisations and the infrastructure bodies that represent them, funders more broadly and ACF’s peers about the key challenges for foundations. We identified these as: 

- →The cost of living crisis and rising inequalities 

- →Responding to the climate crisis 

- →Diversity, equity and inclusion 

- →Grant-making and investment practice 

We continue to support members to respond to these challenges by providing a platform for collective action and shared learning. We also recognise a changing landscape, with emerging challenges such as Artificial Intelligence (AI), digital technology and increased demand for funding creating additional uncertainty to navigate. We have given members practical tools, resources and guidance to enhance their practice to meet these emerging challenges. 

*441 members at 31 December 2024 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 5 



## **ARTIFICIAL INTELLIGENCE (AI)** 

We have responded to growing interest in AI and its implications for grant-making by providing insights into its potential applications. We hosted two events that attracted many member organisations seeking to build their understanding of what AI is and explore how it is being used within grantmaking organisations. 

Our **salary and operations benchmarking survey** revealed that while 18% of members are already using AI, 40% are exploring its possibilities, particularly as a tool to increase operational efficiency. We published a summary of the results in a **blog** on foundations’ cautious optimism towards AI. Despite concerns over ethical risks, such as bias and data privacy, many members maintain a positive attitude towards AI and are focused on developing their data readiness. 

## **RISING DEMAND FOR FUNDING** 

We provided practical resources, facilitated discussions, and highlighted the role of philanthropy in addressing financial hardship. Representatives of more than 100 of our members came together in November to share **strategies and insights** on meeting surging demand for funding. We published a **resource** after the event summarising the approaches shared by our members, alongside a guide outlining practical next steps. In April, ACF’s **Social Impact Investors Group (SIIG)** facilitated a discussion on the role of social impact investors in enabling access to fair finance. 

**WE WILL CONTINUE TO SUPPORT MEMBERS TO NAVIGATE NEW AND EXISTING CHALLENGES BY MONITORING THE OPERATING ENVIRONMENT FOR FOUNDATIONS. WE WILL CONTINUE SHARING INSIGHTS AND RESOURCES, AND FACILITATING MEMBER DISCUSSION THROUGH OUR EVENTS AND MEMBER-LED NETWORKS.** 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 6 



## **ABOUT ACF** 

**ACF IS THE LEADING MEMBERSHIP ASSOCIATION FOR FOUNDATIONS AND INDEPENDENT GRANT-MAKERS IN THE UK.** 

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VISION PURPOSE VALUES<br>Diverse, vibrant, and  We strengthen trusts  We care<br>effective foundations,  and foundations so  We are open<br>working together for   they can rise to the  We are evidence-based<br>social good challenges of our times We are ambitious<br>**----- End of picture text -----**<br>


**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 7 



## **OUR STRATEGIC OBJECTIVES** 

**This report covers our work in 2024 under our four objectives for the strategy period 2023-27:** 

**Support foundations to aspire to and achieve excellent practice** 

**Advance diversity, equity and inclusion for our sector and for ACF** 

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**Strengthen connections across and beyond the sector** 

**Sustain a landscape where foundations can continue to thrive** 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 8 



## **A COMPELLING MEMBER OFFER** 

## **BEING A MEMBER OF ACF OFFERS CONNECTION, COLLABORATION AND LEARNING FROM PEERS AND EXPERTS.** 

## **We build a member community through our networks, run a wide-ranging programme of events and provide research and resources for trustees and professionals in foundations and grant-making charities across the UK.** 

More than 440 organisations are proud to be part of the ACF community. Our membership is inclusive and welcomes family trusts, corporate foundations, livery companies, broadcasting appeals and other grant-makers and social impact investors. 

A compelling member offer means: 

- →Ensuring our membership offer represents great value for foundations, regardless of size, area of interest, and location in the UK 

## **DELIVERING VALUE FOR OUR MEMBERS** 

**Membership keeps foundations up to date and connected with the wider foundation sector through events and networking, information and guidance, and policy and advocacy. ACF members can take advantage of:** 

   - → Digital newsletters packed with sector news and information 

   - →  Access to our framework of excellent practice, Stronger Foundations and supporting tools and resources 

   - → Briefings on key policy issues affecting trusts and foundations 

   - → Free copies of our publications 

   - → Discounted fees for our training, events and conferences 

   - → Exclusive access to member-led peer networks 

- →Growing and strengthening our membership community 

- →Elevating our offer through strategic commercial relationships that diversify our income and give members access to knowledge, skills and information. 

In 2024, we had clear feedback from our members and ex-members about the importance of ensuring that our offering remains relevant, impactful, and responsive to their evolving needs. 

We took this on board and began refocusing our efforts to enhance the benefits of membership, strengthen engagement, and create more opportunities for meaningful connections. By listening to our members and acting on their insights, we are committed to continuously improving our support for foundations. 

**ACF IS GOOD AT ENGAGING WITH FOUNDATIONS, THE MESSAGING IS UP BEAT AND INCLUSIVE** 

**The Colt Foundation** 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 9 



## **IN 2024, WE FOCUSED ON BUILDING:** 

## **A THRIVING MEMBER COMMUNITY** 

- →More than half of our members engaged in ACF’s member-led networks, sharing knowledge and support 

- →36 member-led network meetings provided spaces for funders to collaborate on shared challenges 

- →Our leaders forum event brought together over 100 senior leaders to drive action on climate change. 

## **PRACTICAL TOOLS AND INSIGHTS** 

- →849 individuals registered to join our learning events to develop their expertise 

- →Over 1,600 downloads of our Stronger Foundations resources helped funders improve their practice 

- →Our salary and operations benchmarking survey report collated data from 144 foundations to support fair and sustainable decision-making. 

## **ADVOCACY AND INFLUENCE ON BEHALF OF MEMBERS** 

- →We took our members’ voices to 10 Downing Street, ensuring philanthropy was on the Labour government’s agenda 

- →Our election resources and events helped members navigate political change 

- →Members’ case studies and insights showcased sector-wide action on diversity, equity and inclusion (DEI), climate change, and funding practice. 

**30** new members joined our community in 2024 

**90%** member retention rate 

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**3,300** subscribers to Funders’ News, our member e-newsletter 

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**86%** of ACF members would recommend us to other trusts and foundations (2024 member survey) 

**ACF IS INVALUABLE TO ME PERSONALLY, AS A PROFESSIONAL GRANT MAKER, AS WELL AS TO MY ORGANISATION** 

**Carol Stone, Director - Grants** Armed Forces Covenant Fund Trust 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 10 



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MEMBERS BY REGION<br>**----- End of picture text -----**<br>


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2 Overseas 20 Scotland<br>11 North East<br>19 North West<br>4 Northern Ireland<br>16 Yorkshire & Humber<br>9 East Midlands<br>17  West Midlands<br>3 Wales 16 East<br>226 London<br>30 South West<br>60 South East<br>7 South Central<br>1 Channel Islands<br>**----- End of picture text -----**<br>


**TOTAL OF MEMBERS BY FOUNDATION TYPE 441** 

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**104** Family Foundation **93** Independent National **82** Corporate **69** Independent Regional/Local **21** Other **17** Community **12** City Livery **12** Voluntary non-government **11** Fundraising **8** Benevolent Fund **6** International **4** Lottery **1** Membership funded grant-maker **1** Administrator 

Data correct as of 31/12/2024 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 11 



## **SUPPORT FOUNDATIONS** 

## **TO ASPIRE TO AND ACHIEVE EXCELLENT PRACTICE** 

## **WE WANT MEMBERS TO FEEL SUPPORTED AS THEY ASPIRE TO AND DELIVER EXCELLENT PRACTICE.** 

## **SIGNPOSTING TO PRACTICAL RESOURCES** 

## **THIS MEANS IN 2024 WE WERE WORKING TO:** 

- →Curate inspiring, practical and accessible learning and support 

- →Be the ‘go to’ place for advice and information tailored to foundations 

- →Share practical tools and resources to enable and empower Stronger Foundations 

Stronger Foundations continues to provide an **underpinning framework for foundations** to work towards excellent practice. Launched in 2017, it is ACF’s flagship initiative supporting members to pursue ambitious and effective practice. More than 100 foundations were involved in establishing the Stronger Foundations framework, which sets out 40 ‘pillars of practice’ that will enable foundations to be ambitious and effective in using all their resources for public good. 

In 2024 we published 20 **case studies,** showing how and when members are applying the pillars of Stronger Foundations in their work. 

Collaboration is playing an increasingly important role in foundations’ responses to the challenges of our time. In October, we invited chairs of ACF members to explore how, faced with growing pressure on their resources, foundations can better understand their role as part of an ecosystem, and collaborate with others who share similar goals. The insights shared in the course of these discussions, together with learning from the first three years of the **Funders Collaborative Hub** , informed a new guide to **funder collaboration for foundation staf and trustees** . 

## **ORIGINS OF WEALTH TOOLKIT** 

In spring 2024 we produced a **practical toolkit** to support foundation boards to explore the links between the origins of their wealth and money from enslavement. This was driven by member interest in this topic amidst a growing number of institutions choosing to research and publish such connections. The toolkit was downloaded more than 300 times and was generously supported by funding from Barrow Cadbury Trust. 

_Our members bring unparalleled expertise in foundation practice. We are grateful to all those members who shared their practice with us in 2024._ 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 12 



## **INVESTMENT** 

## **FUNDER COMMITMENT ON CLIMATE CHANGE** 

For many foundations, an endowment remains a powerful tool, providing financial independence and a long-term perspective to drive impact. In 2024, we were part of the steering group to develop the **Charities’ Investment Governance Principles,** ensuring foundation perspectives were reflected in this practical guide to implementing new investment guidance (CC14) from the Charity Commission for England and Wales. 

The **Funder Commitment on Climate Change (FCCC)** is a framework for all foundations to identify actions and make progress to play their part in tackling the causes and impact of climate change, whatever their charitable mission. We are delighted to have reached the milestone of **136 signatories** of the Commitment in 2024. In June we published our **fourth report** detailing the progress, activities and action of foundation signatories to the Commitment. 100% of long-standing signatories (who signed in 2019 and 2020) are taking action on committing resources to responding to climate change. While some signatories are just getting started, over half report having made progress and a significant proportion are at an advanced stage. Globally the #PhilanthropyForClimate commitment, inspired by the ACF FCCC example, reached a total of 819 signatories. 

Our successful investment seminars for trustees and senior decision makers became more interactive in 2024. Delivered with the support of our **Oficial Partners** , these free seminars run twice a year and are often an essential part of induction for those new to investment strategy for endowments. 

We published six new investment **case studies** and refreshed our introductory course to impact investing in the main endowment with **Better Society Capital** and **Impact Investing Institute,** responding to growing interest in impact investing. We also welcomed five new members to our **Social Impact Investors Group (SIIG).** As more foundations explore this approach, we remain committed to supporting them on their journey. 

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**83% 51%** of ACF members of our members said ACF helps their registered to organisation aspire attend at least to and achieve one learning event excellence in practice (2024 member survey) 

**28** member case studies on our website, viewed more than **400** times 

## **PLANS FOR 2025** 

- →A rich programme of learning events, including investment learning 

- →New practice resources 

- →Updated and improved Stronger Foundations resources 

- →Improvements to our website and digital communication channels 

**THE ACF [SALARY AND BENCHMARKING] REPORT HAS TRANSFORMED OUR COLLECTIVE UNDERSTANDING OF REMUNERATION AND OTHER HR PRACTICES ACROSS THE SECTOR** 

**Treebeard Trust** 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 13 



## **ADVANCE DIVERSITY, EQUITY AND INCLUSION FOR OUR SECTOR AND FOR ACF** 

## **WE WANT TO PLAY AN ACTIVE ROLE IN MAKING PROGRESS ON DIVERSITY, EQUITY AND INCLUSION.** 

## **EVENTS** 

## **THIS MEANS IN 2024 WE WERE STRIVING TO:** 

- →Build and sustain a diverse and inclusive membership 

- →Champion and celebrate practice which addresses systemic inequities 

→Gather and share data to deepen our understanding of barriers to, and support progress towards, diversity, equity and inclusion As a membership association we have a responsibility to represent diversity in our practice and across our programme of work. We have the opportunity to share our platforms with others, exposing ourselves and our members to different ideas, voices and approaches. 

We focused on developing and implementing an inclusive event editorial policy and rethinking our event formats and speaker approaches. Our leaders forum – an experimental reimagining of our annual conference – took place in September and brought together senior leaders from across our membership. It created an opportunity to put these policies into practice: we developed an inclusion statement for the event, created inclusive principles for our peer connection circles and supported our members to create inclusive breakout sessions. **80%** of respondents to the attendee feedback survey agreed or strongly agreed that the leaders forum showcased a diverse range of speakers and **80%** of respondents agreed or strongly agreed that it was an inclusive event. 

A new series of interactive learning events supported members to work towards advancing diversity, equity and inclusion (DEI) through funding practices, transparency and engagement, and strategy and governance. Six DEI learning events took place in 2024, with 116 delegates registered to attend from 56 members. 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 14 



## **NEW RESOURCES FOR MEMBERS** 

In the wake of the summer’s racist riots, we gathered and shared information on foundations’ responses, connecting members to existing and emerging collaborative discussions and highlighting recommendations for funders from key civil society leaders. This was summarised in a two-part blog ( **part one** / **part two** ) which has been well-received in the sector. 

We also published a selection of **member case studies** with examples of how members are putting the DEI pillars of **Stronger Foundations** into action. 

## **PLANS FOR 2025** 

**We recognise that ACF is on a journey to improve its own practice in this important area. We have made a start, but we have a long way to go. In 2025, we plan to:** 

- →  Apply a DEI lens to our external activity and internal processes 

- →  Work with network convenors to roll out principles of engagements across our network events 

- →  Improve our diversity monitoring data and reporting 

- →  Re-run a popular series of interactive learning events to support foundations with advancing diversity, equity and inclusion 

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## **80%** 

of respondents to our leaders forum feedback survey agreed or strongly agreed that the event showcased a diverse range of speakers 

## **80%** 

of survey respondents agreed or strongly agreed that the leaders forum was an inclusive event 

**IN 2024, HENRY SMITH CHARITY INTRODUCED A NEW SET OF DEI DEFINITIONS THAT SERVE AS A FOUNDATION FOR EMBEDDING DEI PRINCIPLES INTO ALL OUR POLICIES, PROCESSES AND GUIDELINES. IN DOING THIS WORK, WE DREW FROM ACF’S STRONGER FOUNDATIONS FRAMEWORK, WHICH CONTINUES TO SUPPORT AND ENCOURAGE OUR ORGANISATION TO EVOLVE WITH SOCIETAL NEEDS.** 

## **Henry Smith Charity** 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 15 



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## **STRENGTHEN CONNECTIONS** 

## **ACROSS AND BEYOND THE SECTOR** 

## **WE ARE AT THE HEART OF A REMARKABLE COMMUNITY OF FOUNDATIONS.** 

**WE WANT TO BROADEN AND DEEPEN CONNECTION BETWEEN FOUNDATIONS SO IN 2024 WE ENDEAVOURED TO:** 

- →Catalyse collaborations between foundations and with others to achieve greater impact 

- →Cultivate vibrant communities of practice and build brave spaces to share knowledge and ideas 

- →Seize and create opportunities to connect with partners to advance our common goals 

## **MEMBER-LED NETWORKS** 

ACF isn’t just a resource; it’s a vital infrastructure helping members stay strong, connected, and effective. Our 15 member-led networks are a key mechanism for this, enabling members to share knowledge and engage in reflection, and challenge and support one another with respect and empathy. 

Member-led networks focus on areas related to funding, operations and grant-making practice as well as cross-cutting themes and issues informing foundation practice. Network convenors programmed 36 events in 2024. Feedback from members about our networks highlighted the value of our updates, resources and news in the field, the importance of opportunities to build relationships with funders and the invaluable insights from speakers and experts presenting at events. 

## **Reflections from members about our networks in 2024:** 

- →“Excellent opportunities to do some blue sky thinking away from the functions of the day job” 

- →“External speakers are always excellent” 

- →“… an environment where it can feel easier and safer to share perspectives and experiences” 

**I WAS ENCOURAGED BY THE LEVEL AND DEPTH OF AMBITION AND DISCUSSION AND THE INTENT OF PEOPLE TO WORK IN MORE TRUST BASED WAYS TO TACKLE BIG ISSUES TOGETHER.** 

## **OFFICIAL PARTNERS** 

The invaluable expertise and insights from our **Oficial Partners** (CCLA, Cazenove, Mercer and Ruffer) have continued to support our members amidst challenging times. 163 members registered to attend events supported by our Official Partners in 2024. The popular investment seminar series continued in 2024, attracting 40 senior leaders from 29 members across four sessions. 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 16 



## **2024 NETWORKS AT A GLANCE** 

## **LEADERS FORUM** 

## **Grant-making themes** 

- →Asylum, refugee and migration 

- →Children and young people 

- →Criminal justice 

- →Economic justice 

- →Housing and homelessness 

- →Mental health 

- →Northern Ireland 

- →Tackling poverty 

- →Violence against women and girls 

## **Aspects of being a funder** 

- →Evidence and learning (formerly Monitoring and evaluation) 

- →Place based funding 

## **Foundation type** 

- →Corporate foundations 

- →Family foundations 

- →International funders 

- →Smaller funders 

ACF also convened and administered three special interest networks with their own steering groups. 20 meetings and events across these three networks took place in 2024: 

- →Foundations for Social Justice (FSJ) 

- →Finance, investment, resources management group for large foundations (FIRM) 

The leaders forum, an experimental reimagining of our annual conference, took place in person in September. More than 100 senior leaders and decision makers from 89 members joined us for a day of thought-provoking discussions about how trusts and foundations can rise to the challenge of the climate and nature emergency. 

Delegates had the choice of 12 focused breakaway sessions hosted by members and Official Partners, which explored a range of topics such as the unique role for trusts and foundations, investing for climate, and how to talk to your board about climate and nature. 

Our keynote speaker was Julia King, Baroness Brown of Cambridge, and chair of the Adaption Committee, which advises the UK government on adjusting to climate change. In her powerful keynote address, she **discussed the current and future impacts of climate change** and the unique role and specific actions trusts and foundations can take to address these. 

Of those respondents to the conference evaluation survey: 

- →More than 80% reported that the event helped to catalyse collaboration by foundations, within and beyond the sector 

- →93% agreed or strongly agreed that the content was timely and relevant to them 

- →100% reported that the leaders forum met their expectations, 33% said it exceeded expectations 

While the forum generated valuable insights and connections for senior leaders, we are evaluating different approaches for a conference in 2025. This reflection encompasses considerations of audience reach, format, and content delivery to ensure we create the most impactful and inclusive experience for members. 

**THE KEYNOTE SPEAKER WAS GOBSMACKINGLY BRILLIANT AND SET THE TONE FOR THE DAY FROM THE OFF... THE WHOLE DAY WAS FRIENDLY, WELCOMING AND COLLEGIATE. MY BRAIN IS FIZZING!** 

**AN EXCELLENT CONFERENCE, GOOD VENUE, IMPECCABLE ORGANISATION AND INSPIRING SPEAKERS - WELL DONE ACF** 

- →Social Impact Investors Group (SIIG) 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 17 



## **FUNDERS COLLABORATIVE HUB** 

The Funders Collaborative Hub catalyses collaboration among funders and supports them in developing stronger practice. The **Hub website** hosts opportunities for funders to connect and work together on shared issues. In 2024, 188 collaboration opportunities were hosted on the site – from every UK nation and region – attracting 39,890 views. We strengthened our support for collaboration leaders by introducing new ways to highlight their initiatives. 23 ACF members used this enhanced service to expand the reach of their opportunities to collaborate, or receive more personalised introductions and advice from our team. 

_Additional financial support for the Funders Collaborative Hub is provided by Lloyds Bank Foundation for England and Wales and Esmée Fairbairn Foundation._ 

## **CONNECTING ACROSS THE UK** 

We met with members from across the UK, attending Scottish Grantmakers events, meetings of both the Wales and Northern Ireland Funders Forums, and sector events in Belfast, Cardiff, Edinburgh and Stirling. 

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**75%** of members agree that ACF strengthens the voice of foundations (2024 member survey) 

**54%** of membership engaged with our network offer 

## **PLANS FOR 2025** 

- →Strengthening our member networks and their infrastructure 

- →New partnerships with companies to share knowledge and expertise from their sectors with our members 

→A vibrant and inclusive member conference 

## **MEMBER-LED** 

networks are ranked as the 2nd most valued benefit of being an ACF member (2024 member survey) 

**5%** 

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of our membership were involved in leading member-led networks 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 18 



## **SUSTAIN A LANDSCAPE** 

## **WHERE FOUNDATIONS CAN CONTINUE TO THRIVE** 

## **DURING A TUMULTUOUS TIME, WE WANT TO SUSTAIN A POSITIVE OPERATING ENVIRONMENT FOR TRUSTS AND FOUNDATIONS.** 

## **IN 2024 WE GENERAL ELECTION WORKED TO:** 

During a pivotal general election year, we provided robust support to our members, advocating for their interests and empowering them to directly engage on key issues. 

- →Represent foundations and amplify their voices to influence policy and ensure a supportive legal and regulatory framework in the UK 

In March we held an event for members with speakers from the Charity Commission for England and Wales and law firm Bates Wells on the key legal principles for engaging in campaigning and political activity. We also brought members together to discuss foundation influencing approaches ahead of the election, spotlighting member examples and successes. We were also delighted to hold a postelection event with political advisory firm **Flint Global** , followed by a **new member briefing** on navigating political change. This series of ‘election ready’ events attracted 80 registered delegates from 43 members. 

- →Share evidence and stories that demonstrate the positive impact of foundations 

- →Support the growth of the sector, including by advocating for the foundation model of philanthropy and the evolution of the sector 

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More than **6,000** views of our website research page 

Over **1,700** downloads of our research reports 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 19 



## **ENGAGING WITH THE NEW LABOUR GOVERNMENT** 

We continued to strengthen our voice with the Westminster government following the election: 

- →We highlighted the power and potential of foundations by showcasing examples of 28 ACF members’ work within the **government’s five mission areas** , through a **short briefing document,** which we shared with Number 10 and DCMS (Department for Culture, Media and Sport). 

- →We met with Stephanie Peacock, the Minister for Civil Society, to discuss approaches to place-based philanthropy, drawing on insights from ACF’s place-based funding network. 

- →We wrote to Secretary of State for Culture, Media and Sport Lisa Nandy following the summer’s racist riots, outlining the immediate and long-term actions taken by foundations and reaffirming our commitment to working together. 

- →We signed an **open letter to the Chancellor** on the impact of the increased National Insurance Contributions on charities and continued to raise this issue with government. 

- →Our CEO, Carol Mack, visited Number 10 to ensure our members’ voices were heard and opened doors for impactful **collaboration with the new Labour government** on shared priorities. 

- →We created a new **infographic guide** , highlighting key facts, figures, and notable achievements by UK foundations. This was shared with the Prime Minister’s office and key government departments, where it was well-received. 

- →We maintained an active role in the **Civil Society Group** , a coalition of sector infrastructure bodies, including serving on its steering group. As a key contributor, we played a significant part in shaping the group’s submissions for the Budget and Spending Review. 

- →We worked closely with sector partners calling for government to develop a national philanthropy strategy to unlock more and better giving. 

## **MEMBERS’ POLICY FORUM** 

## **FOUNDATIONS IN FOCUS RESEARCH** 

We launched **Foundations in Focus** in July– a companion report providing rich contextualisation to **UKGrantmaking** quantitative data. The report explores how foundations navigated the challenges of 2022–23, offering insights to complement published data on foundation giving from UKGrantmaking. Drawing on contributions from 37 diverse foundations, as well as insights from ACF’s membership and sector-wide engagement, the report captures the breadth of perspectives across our membership. The report launch generated the highest level of engagement on our social media channels to date, with positive feedback from members. 

The **Members’ Policy Forum (MPF)** is an established initiative that aims to increase opportunities for all our members to engage directly with ACF’s policy work, raise issues of interest and concern, and regularly engage with policy-makers and key external stakeholders. There were 245 individual subscribers to the MPF by the end of 2024, who received a monthly email with key policy updates and invitations to events. 61 members registered to attend MPF events, which included opportunities to prepare for the general election and engage directly with policy makers. 

We were delighted to be a key partner to 360Giving for the development of the new UKGrantmaking platform, publishing quantitative data on grant funding in the UK on an annual basis. _We value the ongoing partnership and support of Pears Foundation that has enabled this research._ 

_We are grateful to Paul Hamlyn Foundation for additional financial support for our Members’ Policy Forum from April 2022 to March 2024._ 

## **SPRING RECEPTION FOR TRUSTEES** 

A Spring reception for trustees took place in March, providing an important opportunity for trustees of ACF member organisations to connect, learn, and share insights. The event attracted 55 registered delegates from 42 member organisations and featured a keynote address from Rory Brooks CBE, board member of the Charity Commission for England and Wales, who champions their work on promoting philanthropy. The reception also welcomed contributions from ACF members who shared their experiences and reflections on the vital role foundations play in the wider philanthropic sector, making the event a rare opportunity for foundation trustees to connect with their peers. 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 20 



## **KEY SUCCESSES** 

## **WE EFFECTIVELY INFLUENCED NEW AND UPDATED CHARITY COMMISSION** 

## **GUIDANCE** 

**WE RESPONDED TO THE CONSULTATION** on a new **Civil Society Covenant** , a new agreement to improve and reset the relationship between civil society and government. 

## **WE REMAINED PROACTIVE** 

in our media approach, leveraging opportunities to promote the foundation model to key external audiences. ACF was mentioned 13 times in sector media. 

including on improving charity finances. 

## **WE DEVELOPED A SET OF POSITION STATEMENTS** 

## **WE REMAINED ACTIVELY ENGAGED** 

as a member of the SORP Committee, contributing to the **development of the new draft** charity accounting rules. 

outlining our views on key issues including mandatory payout rates, match funding, and rising demand for funding and tested them with a group of members. 

## **PLANS FOR 2025** 

- →Implementing our external relations strategy 

- →Continuing to advocate for the interests of our members through responding to government consultations and meeting key external stakeholders 

- →Developing new flagship research 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 21 



## **CRITICAL SUCCESS FACTORS** 

**WE REMAIN COMMITTED TO GROWING OUR MEMBERSHIP AND STRENGTHENING OUR COMMUNITY, ENSURING THAT WE DELIVER REAL VALUE TO BOTH CURRENT AND FUTURE MEMBERS.** 

**While 2024 presented challenges, it also reinforced the importance of listening to our members and adapting to their needs.** 

We want to be a great place to work, where colleagues are trusted, celebrated and belong. In 2024 we enhanced our support to staff through the appointment of a part-time HR manager who introduced a new staff handbook with clearer policies, procedures and templates on areas including health and safety, induction and probation. In our staff wellbeing survey, 94% of staff rated their wellbeing at work as very good, good or fine. 

**IN OUR STRATEGY, WE OUTLINE CRITICAL SUCCESS FACTORS FOR ACHIEVING OUR GOALS. THESE INCLUDE PLANS TO:** 

- →Ensure a compelling member offer 

- →Develop ACF so that we are wellnetworked across the organisation 

- →Ensure ACF has the capacity, knowledge and skills to deliver the strategy 

At the end of 2024 we recruited an interim director of IT and digital to help us build a digital roadmap outlining the digital skills and technology we need to deliver our strategy. 

- →Improve our culture and approach 

- →Bring clarity to our communication and impact. 

## **ADDITIONALLY IN 2024 WE:** 

- →Conducted user journey research with members to gather feedback on the ACF website and prototypes for improved designs 

- →Opened discussions with potential partners, paving the way for new relationships and services for members to begin in 2025. 

- →We have grown the potential member pipeline increasing the number of foundations engaging with our work and gained valuable insights from the wider market to better understand who we can bring into membership 

## **PLANS FOR 2025** 

- →New commercial partnerships that bring knowledge, skills and expertise into our membership offer 

- →A focus on improving our digital platforms. 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 22 



## **KEY PERFORMANCE INDICATORS** 

**Eight indicators were measured for the first time in 2024 through our annual member survey (170 responses received) and staff engagement survey.** 

**NINE KEY PERFORMANCE INDICATORS WERE AGREED IN LINE WITH OUR 2023-2027 STRATEGY, WHICH ARE MEASURABLE ON AN ANNUAL BASIS.** 

**2023-2027 STRATEGY, WHICH ARE 5 MEASURABLE ON AN ANNUAL BASIS. 4 ACF MEMBERS AGREE THEY CAN 3 ACF MEMBERS EASILY ACCESS 2 ACF MEMBERS AGREE THAT ACF HAS THEIR MEMBER HELPED SUSTAIN 1 ACF MEMBERS AGREE THAT ACF OFFER ONLINE A LANDSCAPE FOR HAD ADVANCED AGREE THAT ACF ACF MEMBERS THE SECTOR WHERE HAS SUPPORTED DIVERSITY, EQUITY AGREE THAT ACF FOUNDATIONS CAN AND INCLUSION IN THEIR FOUNDATION HAS HELPED THEIR CONTINUE TO THRIVE OUR SECTOR TO ASPIRE TO AND FOUNDATION TO RISE DELIVER EXCELLENT TO THE CHALLENGES PRACTICE 9 OF OUR TIME 8 ACF ACHIEVES 550 7 COLLEAGUES MEMBERS BY THE 6 COLLEAGUES AGREE AGREE ACF HAS END OF 2027 COLLEAGUES AGREE ACF HAS THE DIGITAL THE TECHNOLOGY THAT ACF IS A GREAT SKILLS TO DELIVER (SOFTWARE AND PLACE TO WORK, OUR STRATEGY HARDWARE) TO DELIVER OUR WHERE COLLEAGUES STRATEGY ARE TRUSTED, CELEBRATED, AND BELONG** 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 23 



## **KEY PERFORMANCE INDICATORS** 

As this is our first time collecting this data, it establishes an initial benchmark for tracking future progress. It also provides insight into members’ perceptions of our offer in relation to our strategic objectives. 

## **1 ACF MEMBERS AGREE THAT ACF HAS HELPED THEIR FOUNDATION TO RISE TO THE CHALLENGES OF OUR TIME** 

## **2 ACF MEMBERS AGREE THAT ACF HAS SUPPORTED THEIR FOUNDATION TO ASPIRE TO AND DELIVER EXCELLENT PRACTICE** 

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**----- Start of picture text -----**<br>
  ACF supports my    These challenges<br>organisation to rise to  continue to resonate<br>these challenges for my organisation<br>7%<br>STRONGLY AGREE<br>27%<br>52%<br>AGREE<br>48%<br>0% 10% 20% 30% 40% 50% 60%<br>3 ACF MEMBERS AGREE THAT ACF HAD ADVANCED<br>DIVERSITY, EQUITY AND INCLUSION IN OUR SECTOR<br>  ACF helps my organisation    ACF helps to advance<br>take action to advance  diversity, equity and inclusion<br>diversity, equity and inclusion in the foundation sector<br>2%<br>STRONGLY AGREE<br>5%<br>26%<br>AGREE<br>44%<br>0% 10% 20% 30% 40% 50% 60% 70% 80%<br>**----- End of picture text -----**<br>


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**----- Start of picture text -----**<br>
  ACF is my organisation’s ‘go-to’    ACF supports my organisation<br>place for advice and information  to aspire to and deliver<br>tailored to foundations excellent practice<br>16%<br>STRONGLY AGREE<br>11%<br>38%<br>AGREE<br>58%<br>0% 10% 20% 30% 40% 50% 60%<br>**----- End of picture text -----**<br>


## **4 ACF MEMBERS AGREE THAT ACF HAS HELPED SUSTAIN A LANDSCAPE FOR THE SECTOR WHERE FOUNDATIONS CAN CONTINUE TO THRIVE** 

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**----- Start of picture text -----**<br>
  ACF effectively promotes     ACF amplifies the voice of<br>and champions the   foundations to ensure the sector<br>foundation model can continue to thrive<br>15%<br>STRONGLY AGREE<br>16%<br>51%<br>AGREE<br>59%<br>0% 10% 20% 30% 40% 50% 60%<br>TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS 24<br>**----- End of picture text -----**<br>




## **KEY PERFORMANCE INDICATORS** 

## **5 ACF MEMBERS AGREE THEY CAN EASILY ACCESS THEIR MEMBER OFFER ONLINE** 

**7** 

## **COLLEAGUES AGREE ACF HAS THE DIGITAL SKILLS TO DELIVER OUR STRATEGY** 

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STRONGLY AGREE 20%<br>AGREE 57%<br>0% 10% 20% 30% 40% 50% 60%<br>**----- End of picture text -----**<br>


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**----- Start of picture text -----**<br>
STRONGLY AGREE 6%<br>AGREE 56% 44%<br>0% 10% 20% 30% 40% 50%<br>**----- End of picture text -----**<br>


## **6 COLLEAGUES AGREE THAT ACF IS A GREAT PLACE TO WORK, WHERE COLLEAGUES ARE TRUSTED, CELEBRATED, AND BELONG** 

## **8 ACF HAS THE TECHNOLOGY (SOFTWARE AND HARDWARE) TO DELIVER OUR STRATEGY** 

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**----- Start of picture text -----**<br>
STRONGLY AGREE 6%<br>AGREE 56% 56%<br>0% 10% 20% 30% 40% 50% 60%<br>**----- End of picture text -----**<br>


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STRONGLY AGREE 0%<br>AGREE 19%<br>0% 10% 20% 30% 40% 50%<br>**----- End of picture text -----**<br>


## **9 ACF ACHIEVES 550 MEMBERS BY THE END OF 2027** 

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2024 TARGET 2024 TOTAL PERFORMANCE<br>NUMBER OF MEMBERS AT YEAR END 482 441 91%<br>100%<br>**----- End of picture text -----**<br>


Our member retention rate fell in 2024 and we recruited fewer new members than planned. This reflects the wider economic context and additional financial demands faced by our members. 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 25 



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## **FINANCIAL COMMENTARY** 

**WE REMAIN EXTREMELY GRATEFUL FOR THE CONTINUED SUPPORT OF OUR MEMBERS, INCLUDING THOSE WHO PROVIDED ADDITIONAL GRANTS IN 2024 TO ENABLE ACF TO MAINTAIN PROGRESS ON KEY ACTIVITIES, SUCH AS THE FUNDERS COLLABORATIVE HUB, PROMOTING THE FOUNDATION MODEL, AND UKGRANTMAKING RESEARCH.** 

## **INCOME TO SUPPORT OUR SERVICES TO MEMBERS** 

ACF’s principal sources of funding are membership subscriptions, commercial income from its Official Partner Programme, and fees and grants to assist in delivering its charitable activities. Members pay an annual subscription on a sliding scale, which is based on their grant expenditure in their previous financial year. For 2025 the board has decided to freeze standard membership fees for one year, to reflect the challenges faced by members. 

Commission for England and Wales’ guidance on charity reserves as set out in CC19. 

**Our financial position at the end of 2024 remains comfortable, closing the year with a planned deficit smaller than originally budgeted, in this year of deliberate investment in implementing our new strategy.** On a more challenging note, we also saw reduced membership income in the year compared to the budget. As seen on the previous page, we ended the year with fewer members than our target, as a result of both slower growth and higher attrition than hoped. This reflects the wider economic context and additional financial demands faced by our members. Thanks however to additional grant funding received in the year, and as a result of some deferred activity, the audited financial position for 2024 shows an unrestricted deficit of £57,661 (a surplus of £178,537 in 2023) which is a significantly smaller deficit than originally expected. Recognising however the ongoing impact of reduced membership income, and in anticipation of a significant operating deficit in 2025 as a result, the trustees have revised and approved a multiyear budget which reorients us to ensure financial sustainability in the longer term strategy period (2025-27). Simultaneously, we are prioritising ensuring that our member offer is truly compelling, as a basis for longer term membership stability and growth. 

Trustees have agreed a long-term aim of balancing income and expenditure to deliver a level of free reserves that is between four and six months’ operating expenditure. The total general fund at the end of 2024 was £797,353, of which £69,776 represents fixed assets, leaving free reserves of £727,577. This reserves balance at the end of 2024 sees us comfortably in the middle of the target range based on 2025 expenditure. However given the anticipated operating deficit ahead, trustees have agreed a temporary amendment to the reserves policy, of reducing the lower limit to 3.5 months’ operating expenditure in 2025 and 2026 if needed. This enables us to invest further in stabilising our financial position and membership offer where needed, without compromising our overall financial sustainability. The long-term budget has been approved on this basis and still sees us balancing income and expenditure and maintaining reserves in the usual range in the longer term. Income and expenditure forecasts for the strategy period are reviewed annually and in-year performance is monitored at each trustee meeting to ensure that any adverse changes are managed proactively. 

In 2024, ACF received a number of restricted grants, further detailed in Note 5 to the financial statements. All investment income 

is in relation to interest earned on cash deposits. ACF does not have an investment policy, but sets a budget expectation each year for interest income raised from cash reserves. This is based on estimated levels of cash throughout the year and approximate interest rates. 

The trustees have considered the unrestricted reserves that ACF requires to sustain its operations with reference to the Charity 

It is the view of the ACF board at the time of signing this annual report and the annual accounts that both ACF and ACF Conferences and Seminars Limited are going concerns. 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 26 



## **GROUP INCOME TRENDS 2020–2024** 

Members subscriptions Partnership income Earned income Fees and grants Conferences Networks and events 

## **£2,000,000** 

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**----- Start of picture text -----**<br>
£1,800,000<br>£1,600,000<br>£1,400,000<br>£1,200,000<br>£1,000,000<br>£800,000<br>£600,000<br>£400,000<br>£200,000<br>£0 2020 2021 2022 2023 2024<br>**----- End of picture text -----**<br>


Overall income in 2024 was higher than in the prior year, due primarily to a return to hosting an annual flagship event after a pause in 2023. 

## **ACF’S APPROACH TO FUNDRAISING FROM THE PUBLIC** 

ACF does not seek funds directly from the public, nor do we use commercial or professional fundraisers. As a result we are not signed up to a voluntary fundraising regulation scheme or standard. ACF has complaints, whistleblowing and antibribery policies and these can be found on our website. We have received no fundraising-related complaints. 

## **REMUNERATION POLICY** 

All trustees give of their time freely and no trustee remuneration was paid in the year. 

ACF provides a competitive employment offer under a transparent pay policy for staff. The pay policy enables us to attract, retain and motivate our talented staff team, while providing clarity and transparency about pay differentials between staff. Budgetary constraints, external environment, wider job market, values of the organisation and the morale of staff will all be factors in deciding any employment offer. ACF is a London Living Wage employer. 

The current full-time equivalent salary differential between the highest and lowest paid staff member is 4.1 (2024: 3.3). 

We track both gender and ethnicity pay gap data, but in line with government guidance for organisations of our relatively small size, we do not (and are 

not required to) publish this data, in order to eliminate the risk of individual staff members being identifiable. 

## **BALANCE SHEET LIABILITIES** 

ACF is carrying a TPT Retirement Solutions (formerly Pensions Trust) Growth Plan liability on its balance sheet, which represents the net present value of the deficit reduction contributions payable by ACF. This year has seen a slight increase in ACF’s liability leaving the balance at £8,188 (£2023: £3,797). TPT has put in place arrangements to assist Plan members who have difficult meeting deficit payments as a result of the pandemic. ACF has not needed, and does not expect to need, this assistance. 

The Plan invests for the long term and monitors its investment strategy and funding position. A triennial review was completed in 2023, with a reduction in deficit funding per annum required by each scheme employer. 

ACF holds no funds as a trustee on behalf of others. 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 27 



## **RISK MANAGEMENT** 

ACF actively manages the risks it faces. 

Key risks are identified by management and reviewed quarterly by the Finance and Risk Committee and annually by the board. Key risk areas and mitigations are being actively managed as follows: 

|||||||**Likelihood**<br>Medium<br>Medium<br>Medium|
|---|---|---|---|---|---|---|
||**Key risk area**|**Risk**|**Implications**|**Mitigations**|**Impact**|**Likelihood**|
||1.  Member<br>ofer and<br>engagement|Failing to provide a<br>compelling member ofer,<br>an issue with key delivery<br>systems or skills, or external<br>issue afecting members’<br>capacity to engage.|Members are less engaged<br>with ACF, or membership is<br>not appealing to potential<br>members. Threat to delivery of<br>strategy if we do not have an<br>engaged membership base.<br>And if attrition increases or<br>growth reduces, the financial<br>impact exacerbates the<br>implications of risk 2.|Responsive to requests for relevant content, and<br>work underway to prioritise our eforts on enhancing<br>a compelling member ofer, including engagement<br>scoring to identify where improvements can be<br>made. Interim Director of Digital in place to improve<br>management of our CRM/CMS and ensure we have<br>the right digital skills in place.|High|Medium|
||2.  Finance|Financial unsustainability,<br>particularly in light of<br>membership attrition/<br>reduced growth, or<br>failing to diversify income<br>through new or retained<br>commercial partnerships.|Failure to develop a<br>sustainable long-term<br>budget, or breach of<br>reserves threatening<br>financial sustainability and<br>compromising ability to deliver<br>work plan and core services.|Cautious budgeting around future income<br>assumptions, and 2025-27 budget prioritising financial<br>sustainability, with work on compelling member<br>ofer intended to support membership growth and<br>retention. Framework for commercial partnerships<br>developed with specialist support, and market testing<br>indicates strong interest in partnering with ACF.|High|Medium|
||3. Stafing|Loss of key staf or reduced<br>wellbeing, incorrect staf<br>structure or failing to recruit<br>well, skills gaps.|Capacity and capability-building<br>adversely impacted. ACF may<br>lack the resources to provide<br>a compelling member ofer or<br>stay abreast of developments in<br>the sector, losing relevance and<br>membership numbers, or being<br>unable to thrive operationally.|Work underway to identify the required stafing<br>structure. Workplan includes prioritisation and<br>flexibility if needed. Regular wellbeing and<br>engagement surveys undertaken and regular<br>discussion of priorities, progress and wellbeing and<br>121s.|Medium|Medium|
||||||||



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 28 



**Key risk area Risk Implications Mitigations Impact Likelihood** 4. Reputation Reputational damage as Negative perceptions or a Continue to execute the environmental, social media, Medium Low a result of ACF’s actions key compliance issue could and DEI policies through 2025, including training, (from dissonance between cast doubt on the integrity support, and inclusive recruitment practices. All staff actions and message on of ACF or the foundation undertake GDPR and cyber security training, and a good practice, inappropriate sector, eroding ACF’s public comprehensive HR handbook has been completed. external media comments, reputation and undermining Externally, continuing to promote excellent practice cybersecurity breach or members’ or stakeholders’ to members, and work underway to promote the compliance issues) or from confidence in ACF. This foundation model to increase positive understanding (perception of) actions by could exacerbate risk 2 if it by the media/public. members or wider sector. results in loss of members or commercial relationships. 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 29 



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GOVERNANCE<br>BOARD OF TRUSTEES OF THE CHARITY<br>Name Position Committee membership(s) during   Changes   Member<br>the year in 2024 or since<br>Jessica Brown Chair Officers, Nomination and Remuneration  Trusthouse Charitable Foundation<br>Committee (NRC)<br>Karen Everett Vice-chair Appointed 28.04.25 The Sainsbury Family Charitable Trusts<br>Síofra Healy Vice-chair Officers, Finance and Risk Committee (FRC) Community Foundation Northern<br>Ireland*<br>Moray  Chair of Finance and  Officers, FRC (chair) Appointed 21.02.24 Guy’s & St Thomas’ Foundation<br>McConnachie Risk Committee<br>Rupert Abbott Trustee DEI Committee GiveOut<br>Sufina Ahmad MBE Trustee DEI Committee Re-elected 04.07.24   John Ellerman Foundation<br>Sarah Benioff Trustee DEI Committee, NRC Cripplegate Foundation<br>Rachel Campbell Trustee NRC Re-elected 04.07.24 The RS Macdonald Charitable Trust<br>Emily Crawford Trustee NRC, FRC Glasspool Charity Trust*<br>Stephen Fenning Trustee DEI Committee Resigned 04.07.24 Colyer-Fergusson Charitable Trust<br>Rosario Guimba- Trustee Appointed 04.07.24 London Catalyst<br>Stewart<br>John Hollingsworth Trustee FRC Appointed 04.07.24 Community Foundation serving Tyne<br>and Wear and Northumberland<br>**----- End of picture text -----**<br>


## **GOVERNANCE** 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 30 



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Name Position Committee membership(s) during   Changes   Member<br>the year in 2024 or since<br>Daniela Lloyd- Trustee NRC (chair) JAC Trust<br>Williams<br>Michelle Molyneux Trustee FRC Resigned 04.07.24 The Worshipful Company of Grocers’<br>Charity<br>Klara Skrivankova Trustee FRC Trust for London<br>Edward Walden Trustee DEI Committee (chair) Turn2Us<br>Jamie Ward-Smith  Trustee FRC (interim chair), Diversity Equity and Inclusion  The Co-op Foundation*<br>MBE (DEI) Committee<br>*Trustee was linked to this member at the time that they were appointed to the board<br>Two trustees served as directors of ACF Conferences and Seminars Ltd, our subsidiary trading company: Moray McConnachie, and Klara Skrivankova.<br>**----- End of picture text -----**<br>


## **THE TRUSTEE BOARD** 

The board is responsible for the general management and supervision of the work of ACF. The trustees of ACF meet quarterly to set the strategic direction of the charity and monitor its effectiveness. 

ACF’s trustees are elected by members at an AGM for an initial term of three years. Trustees retire by rotation at the end of their initial term, and may offer themselves for re-election, but cannot serve for more than six successive years. All elected trustees must at the time of their appointment be connected to a member of ACF, for example as a trustee or as a member of staff. If they subsequently leave the foundation sector, they may complete their term of office providing a majority of trustees so agree. In addition, the board may co-opt a further five people to the board who must be connected 

with an ACF member. ACF’s members are nongovernmental organisations in the UK, whose functions or activities include grant-making for charitable purposes, and endowed charitable foundations. 

## **TRUSTEE INDUCTION** 

New trustees are invited to a half day induction where they meet key ACF staff and discuss ACF’s strategy, objectives, activities and budgets. They normally receive an information pack as part of their induction which includes the relevant guidance for trustees from the Charity Commission for England and Wales, together with papers from recent board meetings. Trustees individually also attend some of ACF’s member events and thereby widen their awareness of current issues and concerns amongst ACF’s membership. 

## **ACF’S STRUCTURE** 

ACF is both a registered charity, registration number 1105412, and a company limited by guarantee incorporated on 27 July 2004 and registered in England and Wales, registration number 5190466. 

ACF has a wholly owned trading subsidiary, ACF Conferences and Seminars Limited. This is a company incorporated on 5 January 2000, registration number 3902450, and limited by a single share held by ACF. The directors of the trading company are listed at the end of this report. 

ACF manages its commercial relationships which generate trading income via ACF Conferences and Seminars Ltd. This includes the Official Partner Programme and commercial activities linked to the annual conference. The company has agreed a deed of covenant that 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 31 



obligates it to pass all its profits to the charity at the end of each financial year. The accounts that accompany this report show the consolidated financial information for ACF and ACF Conferences and Seminars Limited. The narrative in this report covers the operations of the charity and the subsidiary company. 

The charity’s governing document is a Memorandum and Articles of Association and our registered office is Fourth Floor, 28 Commercial Street, London E1 6LS. 

## **ACF’S OBJECTS AND PUBLIC BENEFIT** 

ACF’s objects are to further the work of charitable grantmaking trusts and institutions for the public benefit by: 

- →Advancing the education of the public in such trusts and institutions and carrying out research and publishing the results of such research 

- →Promoting the collective and individual effectiveness of such trusts and institutions and better methods of administration and management of their resources. 

These objects are delivered through our strategic objectives, as outlined in this report. Our membership model is at the heart of what we do, delivering public benefit through more effective and ambitious member foundations and supporting the costs of the delivery of this through membership fees. In addition, the direct benefits from our work extend beyond our membership. For example: 

- →Our policy and research work provides public benefit by increasing the quality of information available about the foundation sector to policymakers and others 

- →ACF provides information to the general public via our website and published reports (e.g. our blogs) 

- →The Funders Collaborative Hub, the Funder 

   - Commitment on Climate Change and our Funder Network knowledge sharing website are all open to non-members and have seen notable activity this year 

- →Many of our events are open to non-members, with members receiving a discount on the cost of attending 

- →A number of our publications are openly available on our website, including our Stronger Foundations reports. 

Under the Companies Act, ACF is limited by guarantee and does not have share capital. Its memorandum and articles of association were fully reviewed and revised in 2004 and amended in 2018, 2020 and 2024. The trustees have had regard to the Charity Commission for England and Wales’ guidance on public benefit in considering what work the charity should undertake and in the performance of their duties. The chief executive, the directors, and heads of departments are the key managers in charge of directing and controlling the charity on a day-to-day basis operating under a trustee-approved scheme of delegation. The trustees (who are also directors of the Association of Charitable Foundations for the purposes of company law) are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires trustees 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 resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: 

- →Select suitable accounting policies and then apply them consistently 

- →Observe the methods and principles in the Charities SORP (FRS102) 

- →Make judgements and estimates that are reasonable and prudent 

- →State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements 

- →Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

The trustees are responsible for keeping proper 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 trustees are aware: 

- →There is no relevant audit information of which the charitable company’s auditor is unaware 

- →The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 

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

## **ACF CONFERENCES AND SEMINARS LIMITED** 

## **Directors** 

Gemma Instrall 

Carol Mack OBE 

Moray McConnachie 

Klara Skrivankova 

**Company Secretary** Natasha Kousseff 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 32 



## **ADVISERS AND BANKERS** 

|**Bankers**<br>**Cater Allen Private Bank**<br>2 Triton Square<br>Regent’s Place<br>London, NW1 3AN<br>ee|**Solicitors**<br>**Stone King**<br>Boundary House<br>91 Charterhouse Street<br>London, EC1M 6HR<br>ee<br>ee|**Auditors**<br>**Moore Kingston Smith**<br>9 Appold Street<br>London, EC2A 2AP<br>ee|
|---|---|---|
|**Unity Trust Bank**<br>Four Brindley Place<br>Birmingham, B1 2JB|**Russell-Cooke**<br>2 Putney Hill<br>London, SW15 6AB||
|**CCLA Investment**<br>**Management Limited**<br>COIF Charity Funds<br>85 Queen Victoria Street<br>London, EC4V 4ET||ese|



In preparing this report the trustees have taken advantage of the small companies exemption provided by section 415A of the Companies Act. 

Approved by the Board and signed on its behalf by: 

**Jessica Brown, Moray McConnachie, Chair Chair of Finance and Risk Committee** Date: 14 May 2025 Date: 14 May 2025 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 33 



## **OUR THANKS** 

**ACF’S WORK WOULD NOT BE POSSIBLE WITHOUT SUPPORT AND ENCOURAGEMENT FROM MANY MEMBERS AND OTHER SUPPORTERS. WE WOULD LIKE TO EXPRESS OUR PARTICULAR THANKS FOR THESE AS FOLLOWS:** 

## **FOR ADDITIONAL FINANCIAL SUPPORT FOR:** 

## **FOR SERVING ON THE FIRM STEERING GROUP:** 

A guide for foundations interested in exploring the origins of their wealth – Barrow Cadbury Trust 

- →Moray McConnachie, Guy’s & St Thomas’ Foundation 

- →Elizabeth Dymond, Leverhulme Trust 

## **ACF’S OFFICIAL PARTNERS** 

→Cazenove 

Conference scholarship – United Philanthropy Forum 

Funders Collaborative Hub – Esmée Fairbairn Foundation, Lloyds Bank Foundation for England & Wales, Corra Foundation, and Joseph Rowntree Foundation 

- →Lisa Kiew, Maudsley Charity 

- →Caroline Bee, St John’s Foundation 

- →Heather Taylor, Trust for London 

→CCLA 

→Mercer 

→Ruffer 

Funder Commitment on Climate Change – John Ellerman Foundation 

## **For additional core support of ACF’s activities:** 

Foundations in Focus – Pears Foundation 

→C S Mott Foundation 

Members’ Policy Forum – Paul Hamlyn Foundation 

- →Tudor Trust 

Securing philanthropic sustainability: promoting the foundation model of giving – Garfield Weston Foundation 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 34 



## **FOR PARTICIPATING IN THE STEERING GROUP OF THE SOCIAL IMPACT INVESTORS GROUP (SIIG):** 

- →Denise Holle, Joseph Rowntree Foundation (co-chair) 

- →Jonny Page, Esmée Fairbairn Foundation (co-chair) 

- →Nicola Mosely, Barnwood Trust 

- →Mark O’Kelly/Kumar Ghosh, Barrow Cadbury Trust 

- →Ismat Imaan, Big Society Capital 

- →Vanessa Morphet, Church of England 

- →Tim Wilson/Nkechi Adeboye, City Bridge Trust 

- →Shishir Malhotra, Treebeard Trust 

- →Luke Kavanagh, Trust for London 

## **FOR SERVING ON THE FUNDERS COLLABORATIVE HUB IMPACT AND LEARNING ADVISORY GROUP:** 

- →Anne Fox, Clinks 

- →Elaine Wilson, Corra Foundation 

- →Josh Cockcroft, Esmée Fairbairn Foundation 

- →Samantha Stewart, Nationwide Foundation 

- →Katherine Sellar, People’s Postcode Lottery / Edinburgh and Lothian Trust Fund 

- →Lisa Raftery, Social Investment Business 

- →Yu-Shan Chiu, The Social Investment Consultancy 

## **FOR CONVENING NETWORKS** 

## **Our thanks to members who have generously given their time to convene our networks** 

- →Laura Dalton, AB Charitable Trust 

   - →Kelly Huxley-Roberts, Lloyds Bank Foundation for England & Wales 

   - →Marc Francis, Lloyds Bank Foundation for England & Wales 

- →Caroline Marks, AIM Foundation 

- →Gill Aconley, Allen Lane Foundation 

- →Richard Graham, Barnardo’s 

   - →Duncan Shrubsole, Lloyds Bank Foundation for England & Wales 

- →Debbie Pippard, Barrow Cadbury Trust 

   - →Chris White, Lloyd’s Register Foundation 

- →Fozia Irfan OBE, BBC Children in Need 

   - →Cullagh Warnock, Millfield House Foundation 

- →Barbara Wallace, BBC Children in Need 

   - →Joe Rich, National Lottery Community Fund 

- →Danielle Walker Palmour, Friends Provident 

   - →Nina George, Oak Foundation 

- →Brenda McMullan, Halifax Foundation Northern Ireland 

   - →Hannah Howard, OVO Foundation 

   - →Andrew Curtis, Paul Hamlyn Foundation 

- →Hazel Williams, Justice Together 

- →Aisling Johnston, LFT Charitable Trust 

   - →Ruth Pryce, Paul Hamlyn Foundation 

- →Carrina Gaffney, Lankelly Chase 

   - →Louise Telford, Rosa 

- →Harriet Ballance, Lloyds Bank Foundation for England & Wales 

   - →Johanna Tompsett, Shaftesbury 

   - →Hazel Capper, St Giles & St George 

- →Helen Underwood, Lloyds Bank Foundation for England & Wales 

- →Rebecca Roberts, Trust for London 

- →Louise Winterburn, World Habitat 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 35 



## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS** 

## **OPINION** 

We have audited the financial statements of Association of Charitable Foundations (the ’parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2024 which comprise the Group Statement of Financial Activities, the Group Summary Income and Expenditure Account, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement 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: 

- →give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 December 2024 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- →have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- →have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. 

## **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 trustees’ 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 group’s and parent charitable company’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 trustees with respect to going concern are described in the relevant sections of this report. 

## **OTHER INFORMATION** 

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees 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 there is 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. 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 36 



## **OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006** 

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

- →the information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- →trustees’ annual report have been prepared in accordance with applicable legal requirements. 

## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION** 

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. 

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 require us to report to you if, in our opinion: 

- →the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or 

- →the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or 

- →certain disclosures of trustees’ remuneration specified by law are not made; or 

- →we have not received all the information and explanations we require for our audit; or 

- →the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees’ Annual Report and from preparing a strategic report. 

## **RESPONSIBILITIES OF TRUSTEES** 

As explained more fully in the **trustees’ responsibilities statement set out on page 32,** the trustees (who are also the directors of the charitable company for the purposes of company law) 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 trustees 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 trustees are responsible for assessing the group and parent 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 trustees either intend to liquidate the group or parent 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** 

We have been appointed as auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts. 

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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: 

- →Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

- →Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charitable company’s internal control. 

- →Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. 

→Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concern. 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 37 



- →Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

- →Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report. 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 

## **EXPLANATION AS TO WHAT EXTENT THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD** 

Irregularities, including fraud, are instances of noncompliance 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 is detailed below. 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, 

the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company. 

Our approach was as follows: 

- →We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. 

- →We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. 

- →We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. 

- →We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. 

- →Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 

## **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 and, in respect of the consolidated financial statements, to the charity’s trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters which 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 any party other than the charitable company, the charitable company’s members, as a body, and the charity’s trustees, as a body, for our audit work, for this report, or for the opinion we have formed. 

Date: 3 July 2025 

…………………………….……………………………… 

## **Luke Holt (Senior Statutory Auditor)** 

for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 

Devonshire House 

9 Appold Street London EC2A 2AP 

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006. 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 38 



**==> picture [521 x 48] intentionally omitted <==**

**----- Start of picture text -----**<br>
2024 2023<br>Unrestricted Restricted Total Total<br>Note  £   £   £  £<br>**----- End of picture text -----**<br>


|**Income from:**|||||
|---|---|---|---|---|
|Charitable activities:|||||
|Members' subscriptions|1,030,927|-|**1,030,927**|1,004,000|
|Network subscriptions|86,280|-|**86,280**|84,566|
|Conferences and events|98,298|-|**98,298**|28,853|
|Fees andgrants<br>5|31,279|131,663|**162,942**|150,714|
|Earned income|5,200|-|**5,200**|8,000|
|Other tradingactivities<br>2|200,000||**200,000**|200,000|
|Investment income|37,579|-|**37,579**|33,484|
|Other income<br>**Total income**|28,410|-|**28,410**|25,591|
||1,517,973|131,663|**1,649,636**|1,535,208|
||||||
|**Expenditure on:**<br>Charitable activities:<br>Members' services<br>4<br>Conferences and events<br>4<br>Project expenditure<br>4, 5<br>**Total expenditure**<br>**Net income/(expenditure)**<br>**Actuarial gains/(losses) on**<br>**defined benefit pension**<br>**schemes**<br>12, 13a<br>**Net movement in funds**<br>13<br>**Reconciliation of funds:**<br>Total funds brought forward<br>13<br>**Total funds carried forward**<br>13|1,439,887<br>127,866|-<br>-|**1,439,887**<br>**127,866**|1,237,251<br>14,965|
||-|120,808|**120,808**|206,611|
||1,567,753|120,808|**1,688,561**|1,458,827|
||(49,780)<br>(7,881)<br>(57,661)<br>935,323|10,855<br>-<br>10,855<br>13,590|**(38,925)**<br>**(7,881)**<br>**(46,806)**<br>**948,913**|76,381<br>6<br>76,387<br>872,526|
||**877,662**|**24,445**|**902,107**|948,913|



All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements. 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 39 



**Association of Charitable Foundations Group balance sheet** At 31 December 2024 

As permitted by Section 408 of the Companies Act 2006, no separate Statement of Financial Activities for the charity alone has been presented. The net expenditure of the standalone charity for the year was £46,806 (2023: net income of £76,387) before transfers between funds. 

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. 

The attached notes form part of the financial statements. 

Approved by the trustees and authorised for use on 14 May 2025 and signed on their behalf by: 

…………………………………..……… 

## **Jessica Brown (Chair)** 

…………………………….………………… 

**Moray McConnachie (Chair of Finance and Risk Committee)** 

Company registration no. 5190466 

|—|Note|**2024**<br>**Group**<br>**£**|**2024**<br>**Charity**<br>**£**|**2023**<br>Group<br>£|**2023**<br>Charity<br>£|
|---|---|---|---|---|---|
|**Fixed assets:**||||||
|Tangible and intangible assets|7|**69,776**|**69,776**|100,997|100,997|
|Investments|8|**-**|**2**|-|2|
|||**69,776**|**69,778**|100,997|100,999|
|**Current assets:**||||||
|Debtors|9|**118,795**|**323,152**|128,276|332,227|
|Cash at bank and in hand||**365,428**|**158,301**|334,463|125,476|
|Short term deposits||**483,600**|**483,600**|531,469|531,469|
|||**967,823**|**965,053**|994,208|989,172|
|**Liabilities:**||||||
|Creditors: amounts falling due within|10|**(105,301)**|**(102,533)**|(124,495)|(119,461)|
|one year||||||
|**Net current assets**||**862,522**|**862,520**|869,713|869,711|
|**Total assets less current liabilities**||**932,298**|**932,298**|970,710|970,710|
|Creditors: amounts falling due after one year|10a|**(22,000)**|**(22,000)**|(18,000)|(18,000)|
|**Net assets excluding pension liability**||**910,298**|**910,298**|952,710|952,710|
|Defined benefit pension scheme liability|12|**(8,188)**|**(8,188)**|(3,797)|(3,797)|
|**Total net assets**<br>**Funds**||**902,110**<br>**902,110**<br>948,913<br>948,913<br>~~Oo~~||||
|Restricted funds|13|**24,445**|**24,445**|13,590|13,590|
|Unrestricted funds:||||||
|Designated funds||||||
|Pension Trust deficit reduction fund|13|**88,500**|**88,500**|90,000|90,000|
|Pension liability reserve|13|**(8,188)**|**(8,188)**|(3,797)|(3,797)|
|General fund|13|**797,353**|**797,353**|849,120|849,120|
|Total unrestricted funds||**877,665**|**877,665**|935,323|935,323|
|**Total funds**||**902,110**|**902,110**|948,913|948,913|



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 40 



**Association of Charitable Foundations Group statement of cash flows** For the year ended 31 December 2024 

**==> picture [542 x 44] intentionally omitted <==**

**----- Start of picture text -----**<br>
2024 2024 2023 2023<br>Note £ £ £ £<br>**----- End of picture text -----**<br>


||**£**|**£**|£|£|
|---|---|---|---|---|
|**Net cash (used in)/provided**<br>**by operating activities**<br>14<br>**Cash flows from investing activities:**<br>Purchase of fixed assets<br>Purchase of investments<br>Interest income<br>**Cash provided by investing activities**<br>**Cash flows from financing activities**<br>Change in cash and cash equivalents<br>in the year<br>15<br>Cash and cash equivalents at the beginning<br>of the year<br>**Cash and cash equivalents at the end**<br>**of the year**<br>15|**(5,829)**<br>**-**<br>**37,579**|**(48,655)**<br>**31,750**|(31,056)<br>-<br>33,484|18,455<br>2,428|
||||||
|||**(16,905)**<br>**-**||20,883<br>-|
|||**(16,905)**<br>**865,932**||20,883<br>845,049|
|||**849,027**||865,932|
||||||



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 41 



**Association of Charitable Foundations Notes to the Financial Statements** For the year ended 31 December 2024 

## **1A. ACCOUNTING POLICIES** 

The following principal accounting policies have been consistently applied in preparing the financial statements. 

## **Group accounts** 

The financial statements present the group Statement of Financial Activities (SOFA), group Statement of Cash Flows and the group and Charity Balance Sheets comprising of the consolidation of the Charity with its wholly owned subsidiary ACF Conferences & Seminars Limited (company registration number 03902450). 

## **Basis of preparation** 

These financial statements have been prepared in accordance with the Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102) (effective 1 March 2018), Charities SORP (FRS102) and the Companies Act 2006. The functional currency of the charity is sterling and the financial statements have been rounded to the nearest £. 

## **Public benefit entity** 

The Association of Charitable Foundations (‘the Association’) meets the definition of a public benefit entity under FRS102. 

estimates include the useful economic life of fixed assets, the recoverability of debtors and the assumptions made by the actuary in valuing the pension liability. 

## **Fund accounting** 

Unrestricted funds comprise both the General Fund and any Designated Funds. The General Fund comprises membership subscriptions and other incoming resources received or generated for the objects of the Association without further specified purpose. 

Going into 2024, trustees had designated two funds, the Pensions Deficit Reduction Fund, and the Pension Liability Reserve Fund. Both represent funds that the trustees have put aside from General Funds to fund particular expenditure and are restricted in an administrative rather than a legal sense. For further details of designated funds, see note 13. 

Restricted funds are to be used for specified purposes as expressed in grant agreements. Restricted grants are recognised in full in the SOFA in the period in which they are received or receivable, whichever is the earlier, unless they are for a specified period in which case they are deferred. These funds and movements in them are described in note 5. 

## **Tangible and intangible fixed assets** 

Expenditure on office equipment of less than £500 is charged to the SOFA when incurred.  Expenditure greater than £500 is capitalised and depreciated. Depreciation is provided on capitalised fixed assets at rates calculated to write off the cost of each asset over their expected useful lives as follows (less estimated residual value where this is readily available): 

Office Furniture, IT and telecommunications equipment Three years 

Software development Five years 

Leasehold improvements Three years 

Leasehold improvements depreciation is charged on a monthly basis from November 2019 (the commencement of occupation) in the case of initial leasehold improvements work, or from the date of works, in the case of more recent leasehold developments. For software development or office equipment, depreciation is charged on a monthly basis from the month in which the asset is usable, with ongoing expenses such as licences and maintenance to be expensed when incurred. 

## **Critical estimates and areas of judgement** 

Judgements and estimates 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. In making these estimates the Association makes assumptions concerning the future. The Trustees do not believe that there is a significant risk of a material adjustment being made to the carrying amounts of assets and liabilities included in these financial statements within the next financial year. Key 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 42 



**Association of Charitable Foundations Notes to the Financial Statements** For the year ended 31 December 2024 

## **Incoming resources** 

All incoming resources are included in the SOFA when the charity is legally entitled to receipt, any performance conditions attached have been met, it is probable that the income will be received and the amount can be measured reliably. Deferred income is income received or recorded before it is earned, and shown in the income statement only when it can be matched with the period in which it is earned. 

## **Resources expended** 

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Wherever possible costs are directly attributed to these headings. Costs common to more than one area are apportioned using a suitable basis. 

## **Allocation of support costs** 

Indirect costs are those costs incurred in support of the charitable objectives and governance of the Association. These have been allocated to the charitable activities on a basis that fairly reflects the true use of those resources within the organisation. 

## **Financial assets/liabilities** 

The charity has financial assets/liabilities of a kind that qualify as basic financial instruments only. Basic financial instruments are initially recognised at transaction value, unless otherwise stated in the relevant account policy note(s), 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. 

The investment in the subsidiary is stated at cost. 

## **Pension arrangements** 

## _Aviva_ 

Effective from 1 January 2023, ACF participates in a defined contribution pension scheme, Aviva. The amounts charged to the SOFA for the defined contribution scheme represent the contributions payable in the period. 

## _TPT Retirement Solutions_ 

ACF also participates in the TPT Retirement Solutions (formerly Pensions Trust) Growth Plan Scheme. This is a multi-employer scheme where ACF’s share of the underlying assets and liabilities cannot be identified on a consistent and reasonable basis. In accordance with FRS 102, it is therefore accounted for as a defined contribution scheme. A deficit funding arrangement is in place for the scheme. A liability is recognised for the net present value of the deficit reduction contributions payable by ACF. Actuarial gains/losses are separately classified on the SOFA. 

## **Going concern** 

The trustees consider that there are no material uncertainties about the Association’s ability to continue as a going concern. 

Our reserves are more than sufficient to accommodate the anticipated operating deficit in 2025 (detailed in the financial commentary). Our multi-year budget has been comprehensively revised to ensure financial sustainability in the longer term of our strategy period (2025-27), and overall our income and outgoings remain relatively predictable. 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 43 



**Association of Charitable Foundations Notes to the Financial Statements** For the year ended 31 December 2024 

## **1B.  GROUP STATEMENT OF FINANCIAL ACTIVITIES 2023 INCLUDED FOR COMPARATIVE PURPOSES** 

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||£|£|£|
|---|---|---|---|
|**Income from:**<br>Charitable activities:<br>Members’ subscriptions<br>Network subscriptions<br>Conferences and events<br>Fees and grants<br>5<br>Earned income<br>Other trading activities<br>2<br>Investment income<br>Other income<br>**Total income**<br>**Expenditure on:**<br>Charitable activities:<br>Members’ services<br>4<br>Conferences and events<br>4<br>Project expenditure<br>4, 5<br>**Total expenditure**<br>**Net (expenditure)/income for the year**<br>**Actuarial gains/(losses) on defined benefit**<br>**pension schemes**<br>12<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>13<br>**Total funds carried forward**<br>13|1,004,000<br>84,566<br>28,853<br>46,253<br>8,000<br>200,000<br>33,484<br>25,591|-<br>-<br>-<br>104,461<br>-<br>-<br>-|1,004,000<br>84,566<br>28,853<br>150,714<br>8,000<br>200,000<br>33,484<br>25,591|
||1,430,747|104,461|1,535,208|
||1,237,251<br>14,965<br>-|-<br>-<br>206,611|1,237,251<br>14,965<br>206,611|
||1,252,216|206,611|1,458,827|
||178,531<br>6<br>178,537<br>756,788|(102,150)<br>-<br>(102,150)<br>115,738|76,381<br>6<br>76,387<br>872,526|
||935,325|13,588|948,913|
|||||
|||||



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 44 



**Association of Charitable Foundations Notes to the Financial StatementsGroup balance sheet** At 31 December 2023For the year ended 31 December 2024 

## **2. ANALYSIS OF OTHER TRADING INCOME** 

|Oficial Partnership Programme fees|**2024**<br>**2023**<br>**£**<br>£<br>**200,000**<br>200,000|
|---|---|



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 45 



**Association of Charitable Foundations Notes to the Financial Statements** For the year ended 31 December 2024 

## **3.  ANALYSIS OF STAFF COSTS AND THE COST OF KEY MANAGEMENT PERSONNEL** 

|Salaries and wages<br>Social security costs<br>Pension contributions<br>Pension Trust finance cost<br>Recruitment and training<br>Temporary staf, consultancy and all other staf costs<br>Unrestricted funds<br>Members’ services<br>Restricted funds<br>Funders Collaborative Hub<br>Members' Policy Forum<br>Funder Commitment on Climate Change<br>United Philanthropy Forum<br>Promoting the foundation model<br>Impact investing<br>UKGrantmaking<br>**Total**<br>Staf costs were incurred in the following way:|||**2023**<br>£<br>780,545<br>80,431<br>77,814<br>258<br>42,476<br>64,560<br>1,046,084<br>**2023**<br>£<br>896,351<br>103,113<br>25,000<br>18,160<br>-<br>-<br>3,460<br>-<br>149,733<br>1,046,084|
|---|---|---|---|
|||**2024**||
|||**£**||
||Salaries and wages<br>Social security costs<br>Pension contributions<br>Pension Trust finance cost<br>Recruitment and training|**933,826**<br>**99,913**<br>**93,494**<br>**107**<br>**38,288**||
||Temporary staf, consultancy and all other staf costs|**39,947**|64,560|
|||**1,205,575**|1,046,084|
|||||
|||||
|||**2024**||
|||**£**||
|||**1,094,349**<br>**67,493**<br>**3,350**<br>**8,840**<br>**210**<br>**23,333**||
|||**-**<br>**8,000**|3,460<br>-|
|||**111,226**|149,733|
|||**1,205,575**|1,046,084|
|||||



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 46 



**Association of Charitable Foundations Notes to the Financial StatementsGroup balance sheet** At 31 December 2023For the year ended 31 December 2024 

The highest paid member of staff was the chief executive, receiving a salary in the year of £109,812 (2023: £98,600 plus a nonconsolidated performance-related payment of £5,000). The total financial benefit (including employer pension) awarded to the chief executive was £120,793 (2023: £113,460). The total employee benefits including pension contributions of key management personnel (five people) were £421,854 (2023: £365,426, five people). 

The following number of employees received benefits (excluding employer pension) during the year between: 

**==> picture [518 x 18] intentionally omitted <==**

**----- Start of picture text -----**<br>
2024 2023<br>**----- End of picture text -----**<br>


|£100,000 and £109,999|**1**|1|
|---|---|---|
|£70,000 and £79,999|**2**|-|
|£60,000 and £69,999|**1**|1|



The average number of staff employed in the delivery of charitable activities in the year was 19.1 (2023: 16.5); FTE 17.2 (2023: 14.2). 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 47 



**Association of Charitable Foundations Notes to the Financial Statements** For the year ended 31 December 2024 

## **4.  RESOURCES EXPENDED – ANALYSIS OF TOTAL RESOURCES EXPENDED** 

## **4.1 Current year** 

||**Staf**<br>**Costs**|**Indirect**<br>**Costs**|**Governance**<br>**Costs**|**2024**|
|---|---|---|---|---|
||£|£|£|**£**|
|**4.2 Prior year**<br>Unrestricted Funds<br>Members’ services<br>Conferences and events<br>**Total Unrestricted Resources Expended**<br>Restricted Funds<br>Project Expenditure<br>**Total Restricted Resources Expended**<br>**Total Resources Expended**|1,094,349<br>-|323,462<br>126,457|22,076<br>1,409|**1,439,887**<br>**127,866**|
||1,094,349|449,919|23,485|**1,567,753**|
||111,226|9,582|-|**120,808**|
||111,226|9,582|-|**120,808**|
||1,205,575|459,501|23,485|**1,688,561**|
||(Note 3 and 4b)|(Note 4a)|(Note 4c)||
||||||
||**Staf**<br>**Costs**|**Indirect**<br>**Costs**|**Governance**<br>**Costs**|**2023**|
||£|£|£|**£**|
|Unrestricted Funds<br>Members’ services<br>Conferences and events<br>**Total Unrestricted Resources Expended**<br>Restricted Funds<br>Project Expenditure<br>**Total Restricted Resources Expended**<br>**Total Resources Expended**|896,351|314,476|26,424|**1,237,251**|
||-|14,426|539|**14,965**|
||896,351|328,902|26,963|**1,252,216**|
||149,733|56,878|-|**206,611**|
||149,733|56,878|-|**206,611**|
||1,046,084|385,780|26,963|**1,458,827**|
||(Note 3 and 4b)|(Note 4a)|(Note 4c)||



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 48 



**Association of Charitable Foundations Notes to the Financial Statements** For the year ended 31 December 2024 

## **4A. ANALYSIS OF INDIRECT COSTS** 

Indirect costs, where relevant, have been allocated based on actual expenditure. IT, property, and irrecoverable VAT costs have been apportioned between Members’ Services and Conferences and events based on income percentages. 

## **4a.1 Current year** 

**==> picture [519 x 44] intentionally omitted <==**

**----- Start of picture text -----**<br>
Members’  Conferences  Project  2024<br>Services and events Expenditure<br>£ £ £ £<br>**----- End of picture text -----**<br>


|ICT and communications<br>Publications and printed matter<br>Meetings and events<br>Other and staf expenses<br>Property-related expenditure<br>Irrecoverable VAT|75,119<br>13,287<br>-<br>81,196<br>115,372|4,795<br>-<br>111,841<br>-<br>7,364|3,508<br>2,000<br>-<br>2,424<br>1,650|**83,422**<br>**15,287**<br>**111,841**<br>**83,620**<br>**124,386**|
|---|---|---|---|---|
||38,488|2,457|-|**40,945**|
||323,462|126,457|9,582|**459,501**|
||||||



## **4a.2 Prior year** 

**==> picture [519 x 44] intentionally omitted <==**

**----- Start of picture text -----**<br>
Members’  Conferences  Project  2023<br>Services and events Expenditure<br>£ £ £ £<br>**----- End of picture text -----**<br>


|ICT and communications<br>Publications and printed matter<br>Meetings and events<br>Other and staf expenses<br>Property-related expenditure<br>Irrecoverable VAT|76,790<br>25,772<br>-<br>66,263<br>103,480|1,567<br>-<br>9,886<br>-<br>2,112|14,100<br>26,175<br>-<br>6,000<br>10,603|92,457<br>51,947<br>9,886<br>72,263<br>116,195|
|---|---|---|---|---|
||42,171|861|-|43,032|
||314,476|14,426|56,878|385,780|
||||||



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 49 



**Association of Charitable Foundations Notes to the Financial Statements** For the year ended 31 December 2024 

## **4B. ANALYSIS OF STAFF COSTS** 

## **4b.1 Current year** 

**==> picture [518 x 33] intentionally omitted <==**

**----- Start of picture text -----**<br>
Members’ Services Project Expenditure 2024<br>£ £ £<br>**----- End of picture text -----**<br>


|Salaries and wages<br>Social security costs<br>Pension contributions<br>Pension Trust deficit contributions<br>Recruitment and training<br>Temporary staf, consultancy and all other<br>staf costs|831,021<br>92,888<br>92,098<br>107<br>38,288|102,805<br>7,025<br>1,396<br>-<br>-|**933,826**<br>**99,913**<br>**93,494**<br>**107**<br>**38,288**|
|---|---|---|---|
||39,947|-|**39,947**|
||1,094,349|111,226|**1,205,575**|
|||||



## **4b.2 Prior year** 

**==> picture [518 x 33] intentionally omitted <==**

**----- Start of picture text -----**<br>
Members’ Services Project Expenditure 2023<br>£ £ £<br>**----- End of picture text -----**<br>


||£|£|**£**|
|---|---|---|---|
|Salaries and wages<br>Social security costs<br>Pension contributions<br>Pension Trust deficit contributions<br>Recruitment and training<br>Temporary staf, consultancy and all<br>other staf costs|642,785<br>73,958<br>72,314<br>258<br>42,476|137,760<br>6,473<br>5,500<br>-<br>-|**780,545**<br>**80,431**<br>**77,814**<br>**258**<br>**42,476**|
||64,560|-|**64,560**|
||896,351|149,733|**1,046,084**|
|||||



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 50 



**Association of Charitable Foundations Notes to the Financial Statements** For the year ended 31 December 2024 

## **4C. ANALYSIS OF GOVERNANCE COSTS** 

Governance cost apportioned based on income percentages. 

**==> picture [542 x 45] intentionally omitted <==**

**----- Start of picture text -----**<br>
2024 2023<br>£ £<br>**----- End of picture text -----**<br>


|Auditor remuneration - audit fee for current year<br>Auditor remuneration - tax compliance<br>TPT scheme exit<br>Internal & external meetings<br>Strategic review<br>Trustee expenses<br>Sundries|**14,166**<br>**1,370**<br>**1,500**<br>**4,998**<br>**-**<br>**1,404**<br>**47**|13,229<br>2,650<br>-<br>7,478<br>1,800<br>1,780<br>26<br>26,963|
|---|---|---|
||**23,485**|26,963|
||||



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 51 



**Association of Charitable Foundations Notes to the Financial Statements** For the year ended 31 December 2024 

## **5.  RESTRICTED FUNDS – GROUP AND CHARITY** 

## **5.1 Current year** 

**==> picture [544 x 71] intentionally omitted <==**

**----- Start of picture text -----**<br>
Project Funders  Funder  UKGrantmaking United  Promoting  Origins  Members’  Total<br>Collaborative  Commitment  Philanthropy  the  of  Policy  2024<br>Hub on Climate  Forum foundation  wealth Forum<br>Change model<br>£ £ £ £ £ £ £ £<br>**----- End of picture text -----**<br>


|**Grant**<br>**income**<br>**Expenditure**<br>Staf and<br>consultancy<br>Direct<br>project costs<br>Overheads|**78,779**<br>67,493<br>3,508<br>-|**-**<br>8,840<br>-<br>-|**10,000**<br>8,000<br>2,000<br>-|**2,634**<br>210<br>2,424<br>-|**40,000**<br>23,333<br>-<br>-|**250**<br>-<br>-<br>-|**-**<br>3,350<br>-<br>1,650|**131,663**<br>**111,226**<br>**7,932**<br>**1,650**|
|---|---|---|---|---|---|---|---|---|
||||||||||
|**Total**<br>**Expenditure**|**71,001**|**8,840**|**10,000**|**2,634**|**23,333**|**-**|**5,000**|**120,808**|
||||||||||
|**Net Income/**<br>**(expenditure)**|**7,778**|**(8,840)**|**-**|**-**|**16,667**|**250**|**(5,000)**|**10,855**|
||||||||||
|**As at 1**<br>**January**<br>**2024**|**-**|**8,840**|**-**|**-**|**-**|**(250)**|**5,000**|**13,590**|
||||||||||
|**As at 31**<br>**December**<br>**2024**|**7,778**|**-**|**-**|**-**|**16,667**|**-**|**-**|**24,445**|
||||||||||



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 52 



**Association of Charitable Foundations Notes to the Financial Statements** For the year ended 31 December 2024 

## **5.  RESTRICTED FUNDS – GROUP AND CHARITY** 

## **5.2 Prior year** 

**==> picture [547 x 71] intentionally omitted <==**

**----- Start of picture text -----**<br>
Project Funders  Funder  Foundation  Catalytic  Impact  Origins of  Members’  Total<br>Collaborative  Commitment  Giving  Capital Investing in  wealth Policy  2023<br>Hub on Climate  Trends the Main  Forum<br>Change Endowment<br>£ £ £ £ £ £ £ £<br>**----- End of picture text -----**<br>


|**Grant**<br>**income**<br>**Expenditure**<br>Staf and<br>consultancy<br>Direct<br>project costs<br>Overheads|**98,711**<br>103,113<br>14,099<br>10,603|**-**<br>18,160<br>-<br>-|**-**<br>-<br>22,174<br>-|**-**<br>-<br>4,000<br>-|**-**<br>3,460<br>-<br>-|**5,750**<br>-<br>6,000<br>-|**-**<br>25,000<br>-<br>-|**104,461**<br>**149,733**<br>**46,273**<br>**10,603**|
|---|---|---|---|---|---|---|---|---|
||||||||||
|**Total**<br>**Expenditure**|**127,815**|**18,160**|**22,174**|**4,000**|**3,460**|**6,000**|**25,000**|**206,609**|
||||||||||
|**Net Income/**<br>**(expenditure)**|**(29,104)**|**(18,160)**|**(22,174)**|**(4,000)**|**(3,460)**|**(250)**|**(25,000)**|**(102,148)**|
||||||||||
|**As at 1**<br>**January**<br>**2023**|**29,104**|**27,000**|**22,174**|**4,000**|**3,460**|**-**|**30,000**|**115,738**|
||||||||||
|**As at 31**<br>**December**<br>**2023**|**-**|**8,840**|**-**|**-**|**-**|**(250)**|**5,000**|**13,590**|
||||||||||



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 53 



**Association of Charitable Foundations Notes to the Financial Statements** For the year ended 31 December 2024 

## **Funders Collaborative Hub** 

Funding from Esmée Fairbairn Foundation, Corra Foundation, Joseph Rowntree Foundation, and Lloyds Bank Foundation for England and Wales (prior year only), to support the Funders Collaborative Hub, an initiative to enable increased understanding, closer alignment, and opportunities for funder collaboration. 

## **UK Funders’ Commitment on Climate Change** 

Funding from John Ellerman Foundation to support ACF’s hosting of the UK Funder Commitment on Climate Change, to promote the commitment and support signatories to implement the pledges. 

## **Origins of Wealth** 

Funding from the Barrow Cadbury Trust for the development of a toolkit to help foundations to explore the origins of their wealth in connection with colonialism and slavery. 

## **Members’ Policy Forum** 

Funding from Paul Hamlyn Foundation to support the work of the Members’ Policy Forum, an initiative that increases opportunities for our members to engage directly with ACF’s policy work, raise issues of concern, and regularly engage with policy-makers in government. 

## **Promoting the foundation model** 

Funding from the Garfield Weston Foundation to support work securing philanthropic sustainability through promoting the foundation model of giving. 

## **United Philanthropy Forum** 

A scholarship, provided through Philea and PEX, from the United Philanthropy Forum and the Charles Stewart Mott Foundation to attend the United Philanthropy Forum Annual Conference 2024 in the USA. 

## **UKGrantmaking (previously Foundation Giving Trends)** 

Our ongoing partnership with Pears Foundation has seen funding and support for providing a foundationspecific digest of relevant UKGrantmaking data, and providing additional context for the data. This replaces the prior year funding and support (also from the Pears Foundation) which enabled research by Dr Catherine Walker resulting in the then-annual publication by ACF of Foundation Giving Trends. 

## **Catalytic Capital research** 

_Prior year only._ A sector-led research project to identify the barriers to deploying catalytic capital: long-term, affordable and flexible repayable finance. Hosted by ACF on behalf of the Social Impact Investors Group (SIIG) and funded by Access – The Foundation for Social Investment and Better Society Capital. 

## **Impact Investing in the Main Endowment** 

_Prior year only._ In collaboration with the Impact Investing Institute, Charities Responsible Investment Network and Better Society Capital, and funded by Esmée Fairbairn Foundation, Joseph Rowntree Foundation, City Bridge Trust - the funding arm of The City of London Corporation’s charity, Bridge House Estates (1035628) - The Clothworkers’ Foundation, Golden Bottle Trust, Guy’s & St Thomas’ Foundation, Treebeard Trust and the Barrow Cadbury Trust, this project focuses on providing an introductory learning series for foundations on mixed motive and financial return impact investing. 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 54 



**Association of Charitable Foundations Notes to the Financial Statements** For the year ended 31 December 2024 

## **6.  TRUSTEE BOARD EXPENSES AND RELATED PARTY TRANSACTIONS** 

## **Trustee board** 

The Trustee Board members received no remuneration in the current or prior year. 

The amount of travel and other expenses reimbursed to, or paid on behalf of, four Trustee Board members was £1,404 (2023: six members at £1,822). 

When they are appointed to the board all trustees must be a current trustee, employee or other representative of a member of the Association. Membership subscriptions with these members have been raised on an arms-length basis. 

The Association is required to disclose the following related party transactions relating to 2024: 

Licence fees totalling £12,480 (2023: £11,440) were paid by GiveOut (the employer of one of the Association’s trustees) for use of desk space in ACF’s office (including by the trustee employed by GiveOut). 

## **Trading subsidiary** 

The charity has a wholly owned subsidiary, ACF Conferences and Seminars Limited. For the year ended 31 December 2024 the subsidiary declared a gift aid distribution of £38,071 to the charity (2023: £155,134). 

Recharges have also been made between the charity and the trading subsidiary relating to trading activities; the trading subsidiary was charged £174,626 [2023: £34,278] by the charity. 

At the year end the subsidiary owed the charity a total of £217,697 (2023: £205,536) inclusive of gift aid, and the charity owed the trading subsidiary £272 (2023: £1,587). 

There were no other related party transactions requiring disclosure in the year or in the prior year. 

Aggregate membership and event income in the year paid by trustees’ organisations totalled £52,553 (2023: £52,593). 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 55 



**Association of Charitable Foundations Notes to the Financial Statements** For the year ended 31 December 2024 

## **7. FIXED ASSETS** 

## **7A. TANGIBLE FIXED ASSETS** 

**==> picture [542 x 69] intentionally omitted <==**

**----- Start of picture text -----**<br>
Group and charity Leasehold Improvements Office Furniture, IT and  Total<br>telecoms equipment<br>£ £ £<br>**----- End of picture text -----**<br>


||£|£|**£**|
|---|---|---|---|
|**Cost**<br>At 1 January 2024<br>Additions in the year<br>Disposals in the year<br>At 31 December 2024<br>**Depreciation**<br>At 1 January 2024<br>Disposals in the year<br>Charge for the year<br>At 31 December 2024<br>**Net Book Value**<br>At 31 December 2024<br>At 31 December 2023|96,002<br>-<br>-|73,209<br>5,829<br>(3,454)|**169,211**<br>**5,829**<br>**(3,454)**|
||96,002|75,584|**171,586**|
||(94,977)<br>-<br> (648)|(45,133)<br>3,454<br> (9,640)|**(140,110)**<br>**3,454**<br> **(10,288)**|
||(95,624)|(51,319)|**(146,943)**|
||**378**|**24,265**|**24,643**|
||1,025|28,076|29,101|
|||||
|||||



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 56 



**Association of Charitable Foundations Notes to the Financial Statements** For the year ended 31 December 2024 

## **7B. INTANGIBLE FIXED ASSETS** 

All fixed assets are used for direct charitable purposes. 

**==> picture [542 x 61] intentionally omitted <==**

**----- Start of picture text -----**<br>
Group and charity Software Development Total<br>£ £<br>**----- End of picture text -----**<br>


||£|**£**|
|---|---|---|
|**Cost**<br>At 1 January 2024<br>Additions in the year<br>At 31 December 2024<br>**Depreciation**<br>At 1 January 2024<br>Charge for the year<br>At 31 December 2024<br>**Net Book Value**<br>At 31 December 2024<br>At 31 December 2023<br>**Total Net Book Value of Tangible and Intangible Fixed Assets**<br>At 31 December 2024<br>At 31 December 2023|134,944<br>-|**134,944**<br>**-**|
||134,944|**134,944**|
||(63,048)<br>(26,764)|**(63,048)**<br> **(26,764)**|
||(89,812)|**(89,812)**|
||**45,132**|**45,132**|
||71,896|**71,896**|
|||**69,776**|
|||**100,997**|
||||



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 57 



**Association of Charitable Foundations Notes to the Financial Statements** For the year ended 31 December 2024 

## **8.  INVESTMENT IN SUBSIDIARY UNDERTAKING** 

||||**2024**|**2023**||
|---|---|---|---|---|---|
||||**£**|£||
||||**2**|2||
|||||||
||The charity holds 100% of the issued ordinary share capital of the following company:<br>Subsidiary<br>ACF Conferences and Seminars Limited<br>Country of registration<br>England and Wales<br>Class<br>Ordinary<br>Shares held<br>100%<br>The aggregate amount of capital and reserves and result of this undertaking for the last relevant financial year were as follows:<br>Subsidiary<br>ACF Conferences and Seminars Limited<br>Principal activity<br>Conferences<br>Capital and reserves<br>£2<br>Profit for the year<br>£nil<br>**2024**<br>**2023**|||||
||||**£**|£||
|||Turnover for the period|227,500|200,000||
|||Cost of sales|(189,429)|(44,866)||
|||Gross profit|38,071|155,134||
|||Profit on ordinary activities before taxation|38,071|155,134||
|||Tax on profit on ordinary activities|-|-||
|||Profit for the year, transferred to the charity at year end|38,071|155,134||
|||||||



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 58 



**Association of Charitable Foundations Notes to the Financial Statements** For the year ended 31 December 2024 

## **9. DEBTORS** 

£5,000 of the total owed by ACF Conferences and Seminars Ltd is a loan and is repayable at the option of the charity and is non interest-bearing. 

In both years, the prepayments total includes a long-term debtor of £19,200 relating to a rental security deposit for the premises at Toynbee Hall. 

## **10.  CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

In each year, meeting fees and subscriptions received in advance entirely relate to the next financial year. 

|Amounts due from subsidiary undertaking<br>Prepayments and accruals<br>Taxation<br>Other debtors|**Group**<br>**Charity**<br>**Group**<br>**Charity**<br>**2024**<br>**2024**<br>**2023**<br>**2023**<br>**£**<br>**£**<br>£<br>£<br>**-**<br>**217,697**<br>-<br>203,951<br>**96,206**<br>**96,206**<br>113,039<br>113,039<br>**5,076**<br>**5,076**<br>12,387<br>12,387<br>**17,513**<br>**4,173**<br>2,850<br>2,850<br>**118,795**<br>**323,152**<br>128,276<br>332,227|
|---|---|



**==> picture [542 x 60] intentionally omitted <==**

**----- Start of picture text -----**<br>
Group Charity Group Charity<br>2024 2024 2023 2023<br>£ £ £ £<br>**----- End of picture text -----**<br>


||**£**|**£**|£|£|
|---|---|---|---|---|
|Accruals<br>Meeting fees received in advance<br>Subscriptions received in advance<br>Staf leave carried forward<br>Staf wages<br>Other taxation and social security<br>Other creditors|**18,159**<br>**5,050**<br>**-**<br>**22,406**<br>**-**<br>**119**|**16,741**<br>**5,050**<br>**-**<br>**22,406**<br>**-**<br>**119**|25,847<br>4,440<br>7,914<br>20,126<br>3,756<br>1,829|23,197<br>4,440<br>7,914<br>20,126<br>3,756<br>1,829<br>58,195<br>119,457|
||**59,567**|**58,217**|60,583|58,195|
||**105,301**|**102,533**|124,495|119,457|
||||||
||||||



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 59 



**Association of Charitable Foundations Notes to the Financial Statements** For the year ended 31 December 2024 

## **10A.  CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR** 

The trustees have adopted a dilapidations provision to reflect the estimated cost of future expenditure where the Association has contractual obligations for reinstatement relating to any property lease. The charge for the dilapidations provision in 2024 is £4,000 (2023: £0). 

|||**Group**<br>**2024**|**Charity**<br>**2024**|**Group**<br>**2023**|**Charity**<br>**2023**||
|---|---|---|---|---|---|---|
|||**£**|**£**|£|£||
||Dilapidations provision|**22,000**|**22,000**|18,000|18,000||



## **11. TAXATION** 

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

## **12. PENSION LIABILITY** 

The Association participates in the TPT Retirement Solutions (formerly Pensions Trust) Growth Plan scheme, a multi-employer scheme which provides benefits to some 1,300 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. 

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. 

The scheme is classified as a ‘last-man standing arrangement’. Therefore the company is potentially liable for other participating employers’ obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. 

A full actuarial valuation for the scheme is carried out every three years, the most recent of which was carried out at 30 September 2023. This valuation showed assets of £515m, liabilities of £531m and a deficit of £16m.  To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme. 

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities. 

## **Reconciliation of opening and closing liabilities** 

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**----- Start of picture text -----**<br>
Group and charity 2024 2023<br>£ £<br>**----- End of picture text -----**<br>


|Provision at 1 January<br>Unwinding of the discount factor<br>Deficit contribution paid in year<br>to the Pensions Trust<br>Impact of changes in the Pensions<br>Trust’s fund valuation assumptions<br>Amendments to the<br>contribution schedule<br>**Provision at 31 December**|**3,797**<br>**107**<br>**(3,597)**<br>**51**<br>**7,830**|7,142<br>258<br>(3,597)<br>(6)<br>-|
|---|---|---|
||**8,188**|3,797|



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 60 



**Association of Charitable Foundations Notes to the Financial Statements** For the year ended 31 December 2024 

Under the Association’s recovery plan, £2,438 deficit contributions are due in the coming year, with the balance (subject to annual adjustments) to be paid in regular instalments ending 31 March 2028. £5,394 of plan expenses are due in the coming year. 

## **13A. UNRESTRICTED FUNDS – GROUP AND CHARITY** 

## **General Fund** 

The general fund is the value of unrestricted funds after future pension liabilities have been accounted for and comprises fixed assets, current assets and liabilities. 

## **Pension Trust Deficit Reduction Fund** 

In 2015 trustees decided to create a designated fund to build a reserve fund to cover ACF’s Pension Trust liability. The trustees have designated £10,000 into this fund every year from 2015-2023. ACF is now actively investigating a potential buyout from the scheme using this fund within the next 12 months. Spend of £1,500 has been incurred within the year from this fund on legal fees. 

## **Pension Liability Reserve Fund** 

To reflect the very low probability that the liability is crystallised in one go a corresponding negative designated reserve fund has been created to show the true level of general funds. 

Where the scheme is in deficit and where the Association has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost. 

## **Post-balance sheet event** 

It is the Association’s intention to buy out from the defined benefit pension scheme. In December 2024, notice of intent was given to the provider, and a 12-month grace period was entered into, allowing ACF to await confirmation of the cost of the buy-out. This valuation is expected in mid-2025, and is currently estimated to fall between £60k-£85k. The balance sheet provision built up since 2015 is sufficient to meet this cost. 

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Current year General fund Pension Trust  Pension  2024<br>Deficit Fund Liability<br>Reserve Fund<br>£ £ £ £<br>Balances at 1 January 2024  849,120   90,000   (3,797)  935,323<br>Net income before transfers  (48,280)  (1,500) -  (49,780)<br>Actuarial gains/(losses) on defined benefit    -   -   (7,881)  (7,881)<br>pension schemes<br>Transfer from/(to) General Fund  (3,490)  -   3,490   -<br>Balance at 31 December 2024 797,353  88,500   (8,188) 877,665<br>**----- End of picture text -----**<br>


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**----- Start of picture text -----**<br>
Prior year General fund Pension Trust  Pension  2023<br>Deficit Fund Liability<br>Reserve Fund<br>£ £ £ £<br>Balances at 1 January 2023 683,931 80,000 (7,143) 756,788<br>Net income before transfers 178,531 - - 178,531<br>Actuarial gains/(losses) on defined benefit   - - 6 6<br>pension schemes<br>-<br>Transfer from/(to) General Fund  (13,340) 10,000 3,340<br>Balance at 31 December 2023 849,122 90,000 (3,797) 935,323<br>**----- End of picture text -----**<br>


**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 61 



**Association of Charitable Foundations Notes to the Financial Statements** For the year ended 31 December 2024 

## **13B.  ANALYSIS OF NET ASSETS BETWEEN FUNDS – GROUP AND CHARITY** 

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**----- Start of picture text -----**<br>
Current year  Fixed Assets  Current  Creditors  Pension  Net Assets<br>and  Assets Deficit  31.12.24<br>Investments Liability<br>£ £ £ £ £<br>**----- End of picture text -----**<br>


|**Restricted Funds**<br>Project Funds<br>**Unrestricted Funds**<br>Designated Funds<br>Pension Trust deficit reduction fund<br>Pension Liability reserve<br>General Fund*<br>Total unrestricted funds<br>Total funds|-<br>-<br>-|24,445<br>88,500<br>-|-<br>-<br>-|-<br>-<br>(8,188)|**24,445**<br>**88,500**<br>**(8,188)**|
|---|---|---|---|---|---|
||69,776|854,878|(127,301)|-|**797,353**|
||69,776|943,378|(127,301)|(8,188)|**877,665**|
||69,776|967,823|(127,301)|(8,188)|**902,110**|
|||||||



*After fixed assets have been accounted for, The Association's general fund is £727,577 which forms The Association's free reserves. This is calculated as follows: Total general fund 797,353 Less fixed assets and investments 69,776 727,577 (£748,123 in 2023) 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 62 



**Association of Charitable Foundations Notes to the Financial Statements** For the year ended 31 December 2024 

## **13B.  ANALYSIS OF NET ASSETS BETWEEN FUNDS – GROUP AND CHARITY** 

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**----- Start of picture text -----**<br>
Prior year Fixed Assets  Current  Creditors  Pension  Net Assets<br>and  Assets Deficit  31.12.23<br>Investments Liability<br>£ £ £ £ £<br>**----- End of picture text -----**<br>


|**Restricted Funds**<br>Project Funds<br>**Unrestricted Funds**<br>Designated Funds<br>Pension Trust deficit reduction fund<br>Pension Liability reserve<br>General Fund<br>Total unrestricted funds<br>Total funds|-<br>-<br>-|13,590<br>90,000<br>-|-<br>-<br>-|-<br>-<br>(3,797)|13,590<br>90,000<br>(3,797)<br>849,120<br>935,323<br>948,913|
|---|---|---|---|---|---|
||100,997|890,618|(142,495)|-|849,120|
||100,997|980,618|(142,495)|(3,797)|935,323|
|||||||
||100,997|994,208|(142,495)|(3,797)|948,913|
|||||||
|||||||



## **14.  RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES** 

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2024 2023<br>£ £<br>**----- End of picture text -----**<br>


|Net (expenditure)/income for the reporting period as per the statement of<br>financial activities<br>Depreciation charges<br>Interest income<br>(Increase)/decrease in debtors<br>Increase/(decrease) in creditors<br>Non-cash movement on defined benefit pension liability<br>**Net cash provided by operating activities**|(38,925)<br>37,052<br>(37,579)<br>9,481<br>(15,194)<br>(3,490)|76,381<br>29,446<br>(33,484)<br>(89,791)<br>39,243<br>(3,340)<br>**18,455**|
|---|---|---|
||**(48,655)**|**18,455**|
||||



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 63 



**Association of Charitable Foundations Notes to the Financial Statements** For the year ended 31 December 2024 

## **15. ANALYSIS OF CHANGES IN NET CASH** 

## **16. OPERATING LEASE COMMITMENTS – GROUP AND CHARITY** 

All amounts above are subject to VAT, a portion of which will be recoverable under partial recovery. 

Operating lease rental payments during the year were £87,167 (2023: £86,158). 

|Cash in hand<br>Notice deposits (less than three months)<br>Total cash and cash equivalents|||**At 31 December 2024**<br>**£**<br>**365,428**<br>**483,600**<br>**849,027**|
|---|---|---|---|
||**At 1 January 2024**|**Cash flows**||
||£|£||
||334,463<br>531,469|30,965<br>(47,869)|**365,428**<br>**483,600**|
||865,932|(16,905)|**849,027**|
|||||



|Within one year<br>Between 2 and 5 years<br>5 years +||**2023**<br>£<br>**L&B**<br>87,167<br>152,000<br>-<br>239,167|
|---|---|---|
||**2024**||
||**£**||
||**L&B**|**L&B**|
||88,000<br>64,000||
||-|-|
||152,000|239,167|
||||



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 64 



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Association of Charitable Foundations is a company limited by guarantee, registered in England and Wales. 

Registered Company No. 5190466 

Registered Charity Number: 1105412 

Registered Office: 28 Commercial Street, London, E1 6LS 

## **acf.org.uk** 

**acf@acf.org.uk**