2024-04-01-accounts

Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Report and financial statements

For the year ended 1 April 2024

Charity number: 1116633 Company number: 05954674

Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Contents

	Page
REFERENCE AND ADMINISTRATION INFORMATION	1
TRUSTEES’ REPORT	2 – 6
TRUSTEES’ RESPONSIBILITIES STATEMENT	7
INDEPENDENT AUDITOR’S REPORT	8 – 10
STATEMENT OF FINANCIAL ACTIVITIES	11
BALANCE SHEET	12
STATEMENT OF CASH FLOWS	13
NOTES TO THE FINANCIAL STATEMENTS	14 – 23

Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Reference and Administration Information

for the year ended 1 April 2024

Charity name: Bacon Foundation Limited Charity registration number: 1116633 Company registration number: 05954674

Registered Office

1 Curzon Street London W1J 5HA

Directors and Trustees

The Directors of the charitable company, Bacon Foundation Limited (“the Charity”), are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees.

The Trustees serving during the year and since the year end were as follows:

Trustees Mr Louis M Bacon Mr Lawrence M Noe Mr Patrick G Sweeney Ms Sarah L Woodhead (appointed 27 June 2024) Secretary Temple Secretarial Limited 20 Old Bailey London EC4M 7EG Bankers Barclays Private Clients International Ltd PO Box 8 13 Library Place St Helier Jersey JE4 8NE Solicitors Withers LLP 16 Old Bailey London EC4M 7EG Independent Auditor Ernst & Young LLP 25 Churchill Place Canary Wharf London E14 5EY

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Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Trustees’ Report

for the year ended 1 April 2024

The Trustees are pleased to present their annual report together with the financial statements of Bacon Foundation Limited (“the Charity”) for the year ended 1 April 2024.

The Charity is a private limited company. Its charity registration number is 1116633 and its registered office is 1 Curzon Street, London, W1J 5HA. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the UK Charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective 1 January 2015).

While high inflation and the war in Ukraine have impacted economic activity and markets around the world, there has been no significant impact on the Charity and its operations.

Objectives and Activities

The Charity’s objectives and principal activities are for such exclusive charitable purposes as the Trustees of the Charity may in their absolute discretion determine as set out in the Memorandum of Association dated 3 October 2006. The Charity achieves this by reviewing potential charitable organisations, and donating according to the Trustees’ discretion.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and setting the grant making policy for the year.

The Charity measures its success in the year by its ability to donate to Charities according to the Trustees’ discretion. The activities undertaken by the Charity this year lined up with the Trustees’ preferences. The main activities undertaken by the Charity this year include supporting environmental causes and educational programs. Please reference Note 5 for more details. These causes and programs were supported by way of grant‐making from the Charity.

Financial review and reserves policy

During the year ended 1 April 2024 the Charity received from Moore Charitable Foundation unrestricted donations of £2,793,872.

During the year donations totalling £2,869,029 were made to twenty‐seven charities (2023 – sixteen) details of which are shown in note 5 to the financial statements.

Governance costs amounted to £23,083 (2023 – ‐£323,511) and total net loss amounted to £96,098 (2023 – loss of £3,705,868). Total funds held at 1 April 2024 amounted to ‐£355,766 (2023 – ‐£259,668) which is further explained under the reserves policy.

Investment powers and policy

Under the Memorandum and Articles of Association, the Charity has the power to invest in any way the Trustees wish. The Trustees, having regard to the liquidity requirements of the Charity and to the reserves policy have operated a policy of keeping available funds in an interest‐bearing deposit account and seek to achieve a rate of deposit interest which matches or exceeds inflation as measured by the retail prices index.

Achievements and performance

The charities to which the Charity donated during the year were:

• (i) African Parks UK

Organisation that supports rehabilitation and long‐term management of national parks

• (ii) Cambridge in America

• Cambridge in America focuses on alumni relations, communications and facilitating benefactions that help Cambridge achieve and maintain excellence in teaching and research

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Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Trustees’ Report

for the year ended 1 April 2024

(iii) Cape Eleuthera Foundation

The foundation develops an intimate sense of place through immersion experiences in the natural and cultural environment and creates an intentional community where students explore their abilities, limitations, and impact on others.

• (iv) Colorado Open Lands

A non‐profit land trust that exists to protect Colorado’s land and water resources.

(v) Conservation Strategy Fund

Conservation Strategy Fund uses economics to benefit people and nature.

(vi) Cook Inletkeeper

Cook Inletkeeper protects Alaska’s Cook Inlet watershed and the life it sustains.

(vii) Environmental Defense Fund

The organisation works to stabilise the climate, strengthen the ability of people and nature to thrive, and support people’s health.

(viii) Environmental Funders Network

A UK‐based network of foundations, family offices and individual donors supporting environmental causes

(ix) The Game & Wildlife Conservation Trust

UK Charity conducting conservation science to enhance the British countryside for public benefit.

(x) Geoversity Foundation

The organisation’s mission is to create conservation communities and to empower biocultural leaders committed to renewing and growing our unity with nature.

(xi) Global Fishing Watch

Global Fishing Watch seeks to advance ocean governance through increased transparency of human activity at sea.

(xii) Native Movement

Native Movement is dedicated to building people power, rooted in an Indigenized worldview, toward healthy, sustainable, & just communities for all.

(xiii) Natural Resources Defense Council

Natural Resources Defense Council works to safeguard the earth – its people, its plants and animals, and the natural systems on which all life depends.

(xiv) North Carolina Coastal Federation

The organisation focuses on protecting and restoring the North Carolina coast.

(xv) Only One

Only One is the action platform for the planet. They mobilise millions to win global campaigns, fund the world’s best ocean and climate solutions, and tell stories that spark change for people and planet.

(xvi) Panama Wildlife Conservation

Panama Wildlife Conservation promotes the conservation of wildlife, its natural habitat throughout the geographic range of each species, as well as its peaceful coexistence with man, through research and conservation strategies

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Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Trustees’ Report

for the year ended 1 April 2024

(xvii) Partnership for Policy Integrity

Partnership for Policy Integrity uses science, litigation, policy analysis and strategic communications to promote policies that protect climate, ecosystems, and people.

(xviii) Peconic Land Trust

The Peconic Land Trust conserves Long Island’s working farms, natural lands, and heritage for their communities now and in the future.

(xix) Perry Institute for Marine Science

The non‐profit conducts research to revitalize oceans.

(xx) Smithsonian Tropical Research Institute

The Smithsonian Tropical Research Institute was founded with the purpose of increasing and sharing knowledge about the past, present and future of tropical ecosystems and their relevance to human welfare.

(xxi) Social and Environmental Entrepreneurs

The nonprofit organisation provides support services to start‐up nonprofit projects in order to alleviate the initial obstacles faced when transforming a project vision into a reality.

(xxii) The HPV and Anal Cancer Foundation Limited

The organisation is dedicated to empowering anal cancer patients and accelerating prevention and treatment methods that eliminate anal cancer and the virus that causes the majority of cases, HPV.

(xxiii) Leatherback Project

The Leatherback Project is a nonprofit organisation dedicated to the conservation of the massive leatherback sea turtle throughout its global range through research, education and advocacy initiatives aimed at mitigating fisheries bycatch, reducing plastic pollution and combating climate change.

(xxiv)Nature Conservancy

The Nature Conservancy New Mexico builds on a conservation legacy to help solve today’s biggest conservation challenges from climate change and habitat loss to protecting clean water.

(xxv) The Prince’s Trust

The Prince’s Trust helps young people from disadvantaged communities and those facing the greatest adversity by supporting them to build the confidence and skills to live, learn and earn.

(xxvi)Trustees of Columbia University in the City of New York

Supports research and teaching on global issues.

(xxvii) Verein Smiling Gecko

The organisation focuses on imparting knowledge to the children and adults living in poverty in Cambodia

Reserves policy

The Trustees’ reserves policy is to maintain a revenue balance to enable the Charity to make grants in accordance with its charitable objectives. The amount of reserves at 1 April 2024 amounted to ‐£355,766 (2023 – ‐£259,668). The Trustees will continue to monitor this in future years.

To ensure the Charity will sustain its operations, specific consideration will be given by the Trustees as to whether additional funds should be set aside for use to cover ongoing expenditures.

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Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Trustees’ Report

for the year ended 1 April 2024

While the Charity was in a net liability at 1 April 2024, the Charity received donations subsequent to year end, and is able to continue meeting its liabilities. The Trustees have every expectation that the Charity will continue to have access to donations sufficient to support its charitable activities and will continue to operate for a period of at least 12 months from the signing date of the financial statements.

Going Concern

The Trustees believe the Charity to be a going concern due to donations from related parties and past donors. The Charity is reliant on the donations it receives from such parties to ensure that it is able to continue to meet its obligations as they become due. As a result of the donations received, the Charity is able to meet its obligations for at least the period of 12 months from the date that the financial statements are issued.

Plans for future years

The Trustees will continue to consider charitable donations as long as they have sufficient funds in order to support the future activities of the Charity and in furtherance of their objectives.

Structure, governance and management

Governing document

Bacon Foundation Limited is a charitable private company limited by shares, incorporated on 3 October 2006 and registered as a charity on 15 November 2006. The Charity was established under a Memorandum of Association dated 3 October 2006 which established the objects and powers of the charitable company and is governed under its Articles of Association.

Recruitment and Appointment of Trustees

New Trustees are inducted and trained by undergoing a briefing on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision‐making processes, the business plan and recent financial performance of the Charity.

As set out in the Articles of Association unless otherwise decided by ordinary resolution the minimum number of Trustees shall be two and there shall be no maximum number. The Trustees shall be appointed (and may be removed) by ordinary resolution of the shareholders and shall serve until their period of office is terminated under Article 35 or by Article 28 of the Articles of Association.

Organisational structure

The Board of Trustees governs the Charity. A Secretary is appointed by the Trustees to manage the day‐ to‐day operations of the Charity. To facilitate effective operations, the Secretary has delegated authority, within terms of delegation approved by the Trustees, for operational matters including finance.

For each of the trustees, there are no relevant audit information of which the auditors are unaware. They have taken any necessary steps to be aware of any relevant audit information and to establish that auditors are aware of that information.

The Charity does not have employees.

Related parties

Mr Lawrence Noe, a Trustee of the Charity is also a Director of The Belvedere Charitable Foundation, the sole shareholder of the Charity.

Mr Louis Bacon, a Trustee of the Charity is also a Director of Moore Charitable Foundation. Moore Charitable Foundation forms the prime source of income for the Charity.

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Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Trustees’ Report

for the year ended 1 April 2024

Risk management

The Trustees have a risk management strategy which comprises:

• an annual review of the risks the Charity may face;

• the establishment of systems and procedures to mitigate those risks identified in the plan; and

• the implementation of procedures designed to minimise any potential impact on the Charity should those risks materialise.

The major risks to which the Charity is exposed, as identified by the Trustees, have been reviewed and the Trustees are satisfied that the systems in place mitigate those risks. Risk factors are discussed below:

Interest rate risk represents the potential financial loss that the Charity might suffer due to interest rate movements. The Charity pays 0% interest on outstanding creditors and does not rely on interest earnings to fund its programmes. It is therefore not exposed to any significant interest rate risk.

Operational risk is defined as the risk of monetary loss resulting from inadequate or failed internal processes, people and systems or from external events. The Trustees ensure effective controls are in place to reduce this risk through the segregation of tasks and duties, appropriate workforce utilisation and good management information systems and contingency planning.

Law and regulation risks represent a breach of charity law, company law and regulative requirements of particular activities undertaken by the Charity. The Trustees are advised by specialists in areas of Charity law, Company law and financial regulation. There are no significant law or regulation risks perceived by the Charity.

Foreign currency exchange risk is a financial risk that exists when a financial transaction is denominated in a currency other than that of the base currency of the Charity. The frequency of these transactions is limited and is therefore not exposed to any significant foreign currency exchange risk.

Exemptions from disclosure

The Charity qualifies as a small company under section 419(2) of the Companies Act 2006 and has taken advantage under Section 414 B of the exemption in preparing a Strategic Report.

Approved by the Trustees and signed on its behalf by:

[Moe] Signed: _____ |[lawrente] DocuSigned66810CBS5AF644A... by: Lawrence Noe

Date: 25[th] June 2025

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Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Trustees’ Responsibilities Statement

for the year ended 1 April 2024

Company law requires the Trustees to prepare a Trustees’ Report and the financial statements that give a true and fair view of the state of affairs of the Charity at the end of the financial year and of its surplus or deficit for the financial year. In doing so the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• make sound judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departure disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is appropriate to presume that the Charity will continue in business.

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enables them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (effective 1 January 2015) and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to smaller companies.

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Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Independent Auditor’s Report

for the year ended 1 April 2024

Opinion

We have audited the financial statements of Bacon Foundation Limited for the year ended 1 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows, and the related notes 1 to 12 , including as summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 “The Financial Reporting standard applicable in the UK and Republic of Ireland”.

In our opinion the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 1 April 2024 and of its incoming resources and application of resources, 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 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 below. We are independent of the charity 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 the provisions available for small entities, in the circumstances set out in the Trustee’s Responsibilities Statement 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 charity’s ability to continue as a going concern for a period of 12 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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the trustee’s ability to continue as a going concern.

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 in the annual report.

Our opinion on the financial statements does not cover the other information and 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.

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Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Independent Auditor’s Report

for the year ended 1 April 2024

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 7, the trustees 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 charity’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 management either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non‐compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

• We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant are those related to the financial reporting framework including but not limited to United Kingdom Generally Accepted Accounting Practice, and the Charities Act 2011.

• We understood how Bacon Foundation Limited is complying with those frameworks by inquiring of those charged with governance of any known or suspected instances of non‐compliance with laws and regulations.

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Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Independent Auditor’s Report

for the year ended 1 April 2024

• We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur by discussing with management where it is considered there was a susceptibility of fraud relating to management override of controls and improper income recognition.

• Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved reviewing and testing the appropriateness of journal entries, and the appropriateness and application of cut‐off concerning revenue recognition.

A further description of our responsibilities for the audit of the financial statements is located on the

Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

DocuSigned by: trvt & Yfounn Ec 1A8F2D51awd) Statutory Auditor

London

26[th] June 2025

Ernst & Young LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Statement of Financial Activities

for the year ended 1 April 2024

		2024	2023
	Note	£	£
Incoming from:
Donations	4	2,793,872	82,931
Interest		2,142	23,411
		–––––––––––––––	–––––––––––––––
Total		2,796,014	106,342
		–––––––––––––––	–––––––––––––––
Expenditure on:
Charitable activities	5	(2,892,112)	(3,812,210)
		–––––––––––––––	–––––––––––––––
Total		(2,892,112)	(3,812,210)
		–––––––––––––––	–––––––––––––––
Reconciliation of funds:
Net movement in funds		(96,098)	(3,705,868)
Total funds brought forward		(259,668)	3,446,200
		–––––––––––––––	–––––––––––––––
Total funds carried forward		(355,766)	(259,668)
		–––––––––––––––	–––––––––––––––

The statement of financial activities includes all gains and losses recognised in the year.

All incoming resources and resources expended derive from continuing activities.

The accompanying notes on pages 14 to 23 form an integral part of these financial statements.

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Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited (company number: 05954674)

Balance Sheet

at 1 April 2024

		2024	2023
	Note	£	£
Current assets
Cash at bank and in hand		19,993	61,159
Prepaid expenses		0	540
		–––––––––––––––	–––––––––––––––
Total current assets		19,993	61,699
Liabilities
Creditors: amounts falling due within one year	8	(170,082)	(132,473)
		–––––––––––––––	–––––––––––––––
Net current (liabilities)		(150,089)	(70,774)
Creditors: amounts falling due after more than one year	9	(205,677)	(188,894)
		–––––––––––––––	–––––––––––––––
Net (liabilities)		(355,766)	(259,668)
		–––––––––––––––	–––––––––––––––
The Funds of the Charity
Share capital	10	1	1
Unrestricted funds	11	(355,767)	(259,669)
		–––––––––––––––	–––––––––––––––
Total charity funds		(355,766)	(259,668)
		–––––––––––––––	–––––––––––––––

These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The accompanying notes form an integral part of these financial statements.

The Charity obtained an audit for the year ending 1 April 2024 as its gross income exceeded £1 million.

For the year ending 1 April 2024 the Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

However the Charity is required to obtain an audit under Section 144 of the Charities Act 2011 for the year ending 1 April 2024, as its gross income exceeded £1 million. As a result, an audit has been completed.

The Trustees acknowledge their responsibility for:

• (i) ensuring the Charity keeps accounting records which comply with section 386; and

• (ii) preparing accounts which give a true and fair view of the state of affairs of the Charity as at the end of the financial year, and of its profit or loss for the financial year, in accordance with section 396, and which otherwise comply with the requirements of the Companies Act relating to accounts, so far as applicable to the Charity.

These financial statements were approved by the Trustees on 25[th] June 2025 and signed on their behalf by:

| ____[lawrente] DocuSigned by:[Moe] 66810CBS5AF644A... Lawrence Noe

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Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited (company number: 05954674)

Statement of Cash Flows

for the year ended 1 April 2024

	2024	2023
	£	£
Cash flows from operating activities
Cash from donations	2,793,872	82,931
Cash from interest	2,142	23,411
Cash spent on charitable activities	(2,837,180)	(3,938,188)
	–––––––––––––––	–––––––––––––––
Net cash from operating activities	(41,166)	(3,831,846)
	–––––––––––––––	–––––––––––––––
Change in cash and cash equivalents during the year	(41,166)	(3,831,846)
Cash and cash equivalents at the beginning of the year:	61,159	3,893,005
Cash and cash equivalents at the end of the year:	19,993	61,159

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Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Notes to the financial statements

at 1 April 2024

1. Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the period.

• a) Basis of preparation

The financial statements have been prepared under the historical cost convention on a going concern basis with items initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 effective 1 January 2015) (Charities SORP FRS 102), Update Bulletin 1 issued on 2 February 2016, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

• b) Fund accounting

All of the funds available to the Charity are unrestricted and are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.

• c) Incoming resources

All incoming resources are included in the Statement of Financial Activities when the Charity is entitled to the income and the amount can be measured reliably and it is probable that the income will be received. The following specific policies are applied to particular categories of income:

• Voluntary income is received by way of donations, gifts and legacies and is included in full in the Statement of Financial Activities when receivable. Such income is only deferred when:

• (i) the donor specifies that the grant or donation must only be used in future accounting years; or

• (ii) the donor has imposed conditions which must be met before the charity has unconditional entitlement.

• Income is recognised in the financial statements for gift aid which will be reclaimed from H M Revenue & Customs.

• Investment income and any associated tax credits are recognised on an accruals basis.

• Incoming resources from tax claims are included in the Statement of Financial Activities at the same time as the gift to which they relate.

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Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2024

1. Accounting policies (continued)

• d) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. Expenditure comprises support costs only.

Charitable activities comprise donations payable in supporting charities and emergency appeals and the cost of administering the donation programme. Donations payable are included in the Statement of Financial Activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the donation and has satisfied all related conditions. Donations approved but not paid at the end of the financial year are accrued for. Donations for which the beneficiary has not been informed or has to meet certain conditions before the donation is released are not accrued for but are noted as financial commitments in the notes to the financial statements.

• e) Allocation of support costs Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the Trust it is necessary to provide support in the form of provision of office services and other incidental expenses.

Governance costs comprise the costs involving the public accountability of the Charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

Support costs and governance costs are apportioned based on the size of each activity undertaken during the year.

• f) Unrestricted funds

The unrestricted funds represent funds available for the general charitable purposes of the Charity at the discretion of the Trustees.

• g) Critical accounting estimates and areas of judgement The Trustees have determined that there are no significant areas of judgement or accounting estimates that have a material impact on the financial statements.

• h) Going concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.

The Trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Trust to continue as a going concern.

• i) Cash and cash equivalents.

• Cash and cash equivalents represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

• j) Creditors and provisions Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

15

Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2024

1. Accounting policies (continued)

• k) Interest income

Interest income is recognised in profit or loss using the effective interest method.

2. Legal status of the charity

The Charity has authorised 2 ordinary shares of £1.

1 ordinary share of £1 was allotted to Belvedere Charitable Foundation on incorporation.

The Bacon Foundation Limited was incorporated under the Companies Act 1985 and not under the latest Companies Act 2006. Under the 1985 Act, a company with a share capital was required to state in its memorandum the amount of capital that the company was authorised by its shareholders to issue together with the number and nominal value of the shares into which it was divided.

The Charity has since not resolved to remove the authorised share capital requirement and as such the authorised share capital of 2 ordinary shares remains in place. Furthermore, the remaining 1 authorised share has not been allotted either.

3. Related party transactions

The Trustees were not paid or reimbursed expenses during the year and no Trustee received any emolument or payment for professional or other services.

Mr Lawrence Noe, a Trustee of the Charity is also a Director of The Belvedere Charitable Foundation, the sole shareholder of the Charity. The Belvedere Charitable Foundation did not incur any expenses on behalf of the Charity during the year (2023 – nil).

Moore Charitable Foundation, a related party entity, donated £2,793,872 during the year (2023 – £82,931).

Mr Louis Bacon, a Trustee of the Charity, donated nil during the year (2023 – nil). There were no outstanding debtors or creditors with any related party at 1 April 2024 (2023 – nil).

The Charity had no employees during the year.

4. Donations

Donations

2024 2023 £ £ 2,793,872 82,931

––––––––––––––– –––––––––––––––

16

Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2024

5. Charitable Activities

haritable Activities
Charitable activities	Grants to institutions	Activities	Governance	2024
		undertaken	costs	Total
		directly	£	£
		£
Support of the Restoration of	African Parks UK	500,000	4,023	504,023
Kafue National Park in Zambia
2024 Translocations
Benefit of Hughes Hall,	Cambridge in America	188,872	1,520	190,392
University of Cambridge
Support of organisation’s capital	Cape Eleuthera	394,185	3,171	397,356
campaign. Support of Shark	Foundation
Behavior Research. Support of
the Queen Conch Hatchery
Support of Groundwater &	Colorado Open Lands	39,375	317	39,692
Acequia Conservation and
Responsible Solar in the SLV
Support of an economic	Conservation Strategy	44,380	357	44,737
valuation of the environmental	Fund
impacts related to the proposed
Port of Baru & in‐depth
literature review
Support of Alaskan Native Tribes	Cook Inletkeeper	35,793	288	36,081
Legan Fund
Support of the North Carolina	Environmental	19,810	159	19,969
Wetlands Campaign	Defense Fund
Increase the amount of financial	Environmental	4,500	36	4,536
support for environmental	Funders Network
causes
Support the organisation’s	Game & Wildlife	500,000	4,023	504,023
charitable activities	Conservation Trust

17

Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2024

5.	Charitable Activities (continued)
	Assess and restore coral reefs by	Geoversity Foundation	124,094	998	125,092
	monitoring herbivore species.
	Monitoring of the reproductive
	aggregations of snappers in the
	Coiba National Park, Gulf of
	Chiriqui, the evolution of the El
	Nino phenomenon and fishing
	activity. Support of Wetlands
	International’s carbon offsetting
	& wetlands restoration work.
	Support of Wetlands
	International’s mangroves
	communications campaign
	Support the effective roll‐out of	Global Fishing Watch	55,699	448	56,147
	the new fisheries regulation
	through assessment of
	obligations around the vessel
	monitoring system for their
	domestic fleet and ongoing
	commitment to transparency in
	accordance with the
	transparency law of Panama
	Support of Mother Kuskokwim	Native Movement	39,302	316	39,618
	Tribal Coalition’s tailings dam
	failure assessment
	Support of fighting biomass in	Natural Resources	39,610	319	39,929
	the UK & EU	Defense Council
	Support of coastal health and	North Carolina Coastal	59,430	478	59,908
	resilience in the Lower Cape	Federation
	Fear River
	Support of mangrove & coral	Only One	39,425	317	39,742
	restoration
	Support of jaguar and mammal	Panama Wildlife	2,472	20	2,492
	monitoring at Cerro National	Conservation
	Park
	Support of activism and	Partnership for Policy	39,360	317	39,677
	litigation to fight biomass	Integrity
	Support of Niamuck Land Trust	Peconic Land Trust	19,810	159	19,969
	capacity to drive conservation
	impact

18

Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2024

5. Charitable Activities (continued)

Support for scholarships at the Windsor Academy for the Marine Science Program Perry Institute for Marine Science Funding toward detailed design plans for a base for marine education, research and conservation in the Tropical Eastern Pacific. Support of a recreational diving buoy mooring system in Coiba National Park. Smithsonian Tropical Research Institute Support of Coral Vita’s coral restoration internship program Social and Environmental Entrepreneurs Support the NOMAN Campaign The HPV and Anal Cancer Foundation Limited Support of conservation and endangered species protection on The Pearl Islands The Leatherback Project Support of the Rio Grande Water Fund The Nature Conservancy New Mexico For the education and training of young people The Prince’s Trust Support of Global Alliance for Preventing Pandemics Surveillance & Monitoring Capacity to Mitigate Risk of Disease Outbreak in Kenya and Zambia Trustees of Columbia University of New York Support of the school on the Smiling Gecko campus Verein Smiling Gecko Adjustment for present value of commitment Eton College Total expenditure

85,169 685 85,854 91,339 735 92,074 23,655 190 23,845 10,000 80 10,080 39,275 316 39,591 39,360 317 39,677 20,480 165 20,645 397,700 3,201 400,901 9,135 73 9,208 6,799 55 6,854

2,869,029 23,083 2,892,112

19

Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2024

5. Charitable Activities (continued)

Charitable activities	Grants to institutions	Activities	Governance	2023
		undertaken	costs	Total
		directly	£	£
		£
Support restoration of Kafue	African Parks UK	834,223	(65,256)	768,967
National Park in Zambia
Promote restoration and	Atlantic Salmon Trust	5,000	(391)	4,609
conservation of sustainable
stocks of wild Atlantic salmon
and sea trout
Support efforts for policy and	Bahamas National	187,562	(14,672)	172,890
protected area management in	Trust Fund
the Bahamas, and support
installing signage and
completing system‐wide GPS
map updating at Andros West
Side National Park
Donor advised fund	The Bessemer	1,320,969	(103,331)	1,217,638
	National Gift Fund
Support of mangrove restoration	Bonefish & Tarpon	64,609	(5,054)	59,555
efforts and a long‐term
mangrove protection campaign
Benefit of Hughes Hall,	Cambridge in America	216,711	(16,952)	199,759
University of Cambridge
Increase the amount of financial	Environmental	2,500	(196)	2,304
support for environmental	Funders Network
causes
Support research and policy	Game & Wildlife	897,578	(70,212)	827,366
programme in the Uplands	Conservation Trust
Provide early years, pre‐school	Heriot Country Kids	20,000	(1,564)	18,436
and out of school care for the
children in the Heriot and
surrounding communities
Help cover the substantial	Holyport Community	15,000	(1,173)	13,827
increase in energy bills that the	Trust
village hall is now faced with

20

Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2024

5. Charitable Activities (continued)

Support jaguar and mammal monitoring at Cerro National Park Panama Wildlife Conservation Research and treat Stony Coral Tissue Loss Disease in the Bahamas, and support efforts to restore mangroves and reform marine permitting in the Bahamas Perry Institute for Marine Science In support of communications related to the Oceans 5 Our Oceans Conference Rockefeller Philanthropy Advisors Support efforts to open a state‐ of‐the‐war victim rehabilitation center for adults and children that offers prosthetics and post‐ prosthetics rehabilitiation, reconstructive surgeries, and psychological support Superhumans Ukraine Support the Leuser Ecosystem Action Fund The Ecology Trust Support the Oak Cancer Centre in Sutton The Royal Marsden Cancer Charity Adjustment for present value of commitment Eton College Total expenditure

39,000 (3,051) 35,949 205,861 (16,103) 189,758 91,494 (7,157) 84,337 166,845 (13,051) 153,794 60,000 (4,693) 55,307 10,000 (782) 9,218 (1,631) 127 (1,504)

4,135,721 (323,511) 3,812,210

All support costs during the year relate solely to governance costs. Governance costs are detailed within note 6.

21

Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2024

6. Governance Costs

Governance Costs
	2024	2023
	£	£
Bank charges	747	342
Independent auditors fee	25,200	0
Independent examiners report fee	0	18,000
Accounting fees and services	2,590	4,573
Solicitors fees	1,946	957
FX (loss)	(7,400)	(347,383)
	–––––––––––––––	–––––––––––––––
	23,083	(323,511)
	–––––––––––––––	–––––––––––––––

The Charity does not have any employees.

7. Taxation

The Charity is a registered charity and no provision is considered necessary for taxation. As a charity, Bacon Foundation Limited is exempt from tax on income and gains to the extent that these are applied to its charitable objects.

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Accruals	30,638	24,973
Grants Creditors	139,444	107,500
	–––––––––––––––	–––––––––––––––
	170,082	132,473

––––––––––––––– –––––––––––––––

9. Creditors: amounts falling due after more than one year

Creditors: amounts falling due after more than one year
	2024	2023
	£	£
Grants Creditor – Eton College pledge payment due in 2024	0	96,251
Grants Creditor – Eton College pledge payment due in 2025	95,693	92,643
Grants Creditor – Cambridge in America pledge payment due in 2025	37,745	0
Grants Creditor – Cambridge in America pledge payment due in 2026	72,239	0
	–––––––––––––––	–––––––––––––––
	205,677	188,894
	–––––––––––––––	–––––––––––––––

The Charity’s long term grant liability’s future payments have been discounted to present value to keep in line with Charities Statement of Recommended Practice.

22

Docusign Envelope ID: 6CAF4668-FD59-43DC-AEEF-2976012C0698

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2024

10. Share capital

The authorised share capital of the Charity is £2 divided into 2 ordinary shares of £1 each.

			2024 and 2023
		Allotted called	up and fully paid
		No	£
Ordinary shares of £1	each	1	1
		–––––––––––––––	–––––––––––––––

Shareholders are entitled to attend general meetings either personally or by an authorised representative. Every shareholder present in person shall have one vote.

11. Movements on reserves

Movements on reserves
	Unrestricted
	income
	funds	Total
	£	£
At 2 April 2023	(259,669)	(259,668)
Loss for the period	(96,098)	(96,098)
	–––––––––––––––	–––––––––––––––
At 1 April 2024	(355,767)	(355,766)
	–––––––––––––––	–––––––––––––––

12. Subsequent Events

Subsequent to the year end, the Charity received £2,748,268 (equivalent of $3,560,000) in donations from Moore Charitable Foundation, and made donations totaling £3,646,475.

23