2025-04-01-accounts

Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Report and financial statements

For the year ended 1 April 2025

Charity number: 1116633 Company number: 05954674

Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

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 – 24

Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Reference and Administration Information

for the year ended 1 April 2025

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 Bacon Secretary Temple Secretarial Limited 20 Old Bailey London EC4M 7AN 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: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Trustees’ Report

for the year ended 1 April 2025

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 2025.

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).

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 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 2025 the Charity received from Moore Charitable Foundation unrestricted donations of £1,999,868.

During the year donations totalling £2,733,162 were made to twenty‐six charities (2024 – twenty‐seven) details of which are shown in note 5 to the financial statements.

Governance costs amounted to £52,997 (2024 – £23,083) and total net loss amounted to £785,645 (2024 – loss of £96,098). Total funds held at 1 April 2025 amounted to ‐£1,141,411 (2024 – ‐£355,766) 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) Biofuelwatch

Biofuelwatch provides information and undertakes advocacy and campaigning in relation to the climate, biodiversity, land and human rights and public health impacts of large‐scale industrial bioenergy

(ii) Bonefish & Tarpon Trust

The organisation aims to conserve and restore bonefish, tarpon and permit fisheries and habitats through research, stewardship, education and advocacy

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Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Trustees’ Report

for the year ended 1 April 2025

(iii) 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

(iv) 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

(v) Cook Inletkeeper

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

(vi) Dogwood Alliance

Dogwood Alliance advances environmental justice and climate action by mobilising diverse voices to protect Southern forests and communities from industrial logging

(vii) Earthed

A charity that grows local participation in ecosystems restoration

(viii) Environmental Funders Network

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

(ix) Friends of the Environment

The organisation aims to preserve the environment of Abaco, The Bahamas through education, conservation, and research facilitation

(x) Gate of Hope

The organisation aims to provide quality services to the people of Afghanistan, particularly the vulnerable ones who have suffered due to the war

• (xi) 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

(xii) New Venture Fund

New Venture Fund provides strategic advice and operational support to a range of donor‐ supported projects in conservation, education, youth development, global health, public policy, global development, disaster recovery, and the arts

(xiii) Panacetacea

Panacetacea aims to produce high‐quality scientific studies on the biology of marine mammals of Panama and develop capacity building, educational, and outreach activities that ensure the optimal management and conservation of these animals

(xiv) 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.

(xv) PERC

Supports the philanthropic work of charitable and community organisations in Abaco, Bahamas

(xvi) Perry Institute for Marine Science

The non‐profit conducts research to revitalize oceans

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Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Trustees’ Report

for the year ended 1 April 2025

(xvii) RARE

RARE focuses on addressing climate change, protecting biodiversity, securing food systems, promoting equity in conservation, and directing public and private capital toward sustainable, community‐based, and people‐centered environmental solutions, among other priorities

(xviii) Rockefeller Philanthropy Advisors

Non‐profit philanthropic service organisation that manages charitable giving

(xix) 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.

• (xx) Space for Giants

Aims to protect Africa’s remaining natural ecosystems and the large wild animals they contain, while bringing major social and economic value to local communities and national governments

(xxi) Susitna River Coalition

The organisation brings awareness of alternatives to the proposed Susitna Dam through collaboration, education and advocacy

(xxii) The Clocktower Foundation

The Clocktower Foundation promotes the efficiency of the Armed Forces of the Crown

(xxiii) The Heather Trust

The Heather Trust works towards more sustainable, resilient moorland for the benefit of everyone

(xxiv)The Nature Conservancy

The Nature Conservancy aims to conserve the lands and waters on which all life depends

(xxv) The Prince’s Trust (now the King’s Trust)

Helps young people from disadvantaged communities and those facing the greatest adversity by supporting them to build confidence and skills

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

Supports research and teaching on global issues.

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 2025 amounted to ‐£1,141,411 (2024 – ‐£355,766). 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.

While the Charity was in a net liability at 1 April 2025, 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.

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Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Trustees’ Report

for the year ended 1 April 2025

Going Concern

The Trustees believe the Charity to be a going concern due to donations from related parties. 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, and based on a signed letter of support securing future funds as needed, 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 3 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.

Mrs Sarah Woodhead Bacon, a Trustee of the Charity, is also a Board Member for Space for Giants, an institution that the Charity donated to during the year.

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Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Trustees’ Report

for the year ended 1 April 2025

Risk management

The Trustees have a risk management approach 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:

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:

Signed: _____ 66810CBS55AF644A... Lawrence Noe Date: 12[th] December 2025

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Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Trustees’ Responsibilities Statement

for the year ended 1 April 2025

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.

7

Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Independent Auditor’s Report to the Trustees of Bacon Foundation Limited

for the year ended 1 April 2025

Opinion

We have audited the financial statements of Bacon Foundation Limited for the year ended 1 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows, and the related notes 1 to 12, including a 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 2025 and of its 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.

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 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, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.

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Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Independent Auditor’s Report to the Trustees of Bacon Foundation Limited

for the year ended 1 April 2025

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.

We have nothing to report in this regard.

Opinion on other matter 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’ report, prepared for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• The trustees’ report has been prepared in accordance with applicable legal requirements

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have identified no material misstatements in the trustees’ report.

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

• adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

• the 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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 7, the trustees (who are also the directors of the charity for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that 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

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.

9

Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Independent Auditor’s Report to the Trustees of Bacon Foundation Limited

for the year ended 1 April 2025

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, the Companies Act 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.

• We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur by insert details of how we obtained an understanding of the entity’s policies and procedures on fraud risks.

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

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David Walker (Senior statutory auditor)

for and on behalf of Ernst & Young LLP, Statutory Auditor

London

12[th] December 2025

10

Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Statement of Financial Activities

for the year ended 1 April 2025

		2025	2024
	Note	£	£
Incoming from:
Donations	4	1,999,868	2,793,872
Interest		646	2,142
		–––––––––––––––	–––––––––––––––
Total		2,000,514	2,796,014
		–––––––––––––––	–––––––––––––––
Expenditure on:
Charitable activities	5	(2,786,159)	(2,892,112)
		–––––––––––––––	–––––––––––––––
Total		(2,786,159)	(2,892,112)
		–––––––––––––––	–––––––––––––––
Reconciliation of funds:
Net movement in funds		(785,645)	(96,098)
Total funds brought forward		(355,766)	(259,668)
		–––––––––––––––	–––––––––––––––
Total funds carried forward		(1,141,411)	(355,766)
		–––––––––––––––	–––––––––––––––

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 24 form an integral part of these financial statements.

11

Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited (company number: 05954674)

Balance Sheet

at 1 April 2025

		2025	2024
	Note	£	£
Current assets
Cash at bank and in hand		22,910	19,993
Prepaid expenses		525	0
		–––––––––––––––	–––––––––––––––
Total current assets		23,435	19,993
Liabilities
Creditors: amounts falling due within one year	8	(552,082)	(170,082)
		–––––––––––––––	–––––––––––––––
Net current (liabilities)		(528,647)	(150,089)
Creditors: amounts falling due after more than one year	9	(612,764)	(205,677)
		–––––––––––––––	–––––––––––––––
Net (liabilities)		(1,141,411)	(355,766)
		–––––––––––––––	–––––––––––––––
The Funds of the Charity
Share capital	10	1	1
Unrestricted funds	11	(1,141,412)	(355,767)
		–––––––––––––––	–––––––––––––––
Total charity funds		(1,141,411)	(355,766)
		–––––––––––––––	–––––––––––––––

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.

For the year ending 1 April 2025 the Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

However the Charity did not take the exemption from audit under section 477 for the Companies Act 2006 because it is required to obtain an audit under Section 144 of the Charities Act 2011 for the year ending 1 April 2025, 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 12[th] December 2025 and signed on their behalf by:

____ 66810CBS55AF644A...

Lawrence Noe

12

Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited (company number: 05954674)

Statement of Cash Flows

for the year ended 1 April 2025

	2025	2024
	£	£
Cash flows from operating activities
Cash from donations	1,999,868	2,793,872
Cash from interest	646	2,142
Cash spent on charitable activities	(1,997,597)	(2,837,180)
	–––––––––––––––	–––––––––––––––
Net cash from operating activities	2,917	(41,166)
	–––––––––––––––	–––––––––––––––
Change in cash and cash equivalents during the year	2,917	(41,166)
Cash and cash equivalents at the beginning of the year:	19,993	61,159
Cash and cash equivalents at the end of the year:	22,910	19,993

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Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Notes to the financial statements

at 1 April 2025

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: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2025

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. Long term grants are stated on the Balance Sheet at the present value. 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.

15

Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2025

1. Accounting policies (continued)

• 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.

• 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 (2024 – nil).

Moore Charitable Foundation, a related party entity, donated £1,999,868 during the year (2024 – £2,793,872).

Mr Louis Bacon, a Trustee of the Charity, donated nil during the year (2024 – nil). There were no outstanding debtors or creditors with any related party at 1 April 2025 (2024 – nil).

Mrs Sarah Woodhead Bacon, a Trustee of the Charity, is also a Board Member for Space for Giants, an institution that the Charity donated to during the year.

The Charity had no employees during the year.

4. Donations

	2025	2024
	£	£
Donations	1,999,868	2,793,872

––––––––––––––– –––––––––––––––

16

Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2025

5. Charitable Activities

haritable Activities
Charitable activities	Grants to institutions	Activities	Governance	2025
		undertaken	costs	Total
		directly	£	£
		£
Support Biofuelwatch’s United	Biofuelwatch	9,466	184	9,650
Kingdom based biomass
campaign
Bahamas Mangrove Alliance's	Bonefish & Tarpon	39,545	767	40,312
(BMA) development of a policy	Trust
framework, large‐scale
restoration efforts, and citizen
science initiatives
To support creation of	Cambridge in America	329,910	6,397	336,307
promotional film for expansion
of existing program
Support The Bahamas Academy	Cape Eleuthera	27,682	537	28,219
of Sciences and Bahamas Reef	Foundation
Environment Educational
Foundation to enhance
enforcement of environmental
regulations and engage youth in
conservation
Stopping the Donlin Mine and	Cook Inletkeeper	57,735	1,120	58,855
Pipeline
Advocacy & efforts to stop the	Dogwood Alliance	19,730	383	20,113
wood pellet industry and fight
biomass expansion in the US and
UK
General support to address	Earthed	30,000	582	30,582
global biodiversity loss and grow
local participation in ecosystems
restoration
Increase the amount of financial	Environmental	4,500	87	4,587
support for environmental	Funders Network
causes
The Exploratorium: A Science	Friends of the	19,722	382	20,104
and Learning Environment for	Environment
Bahamian Ecosystems
Afghanistan Shelter and Housing	Gate of Hope	19,778	384	20,162
Support

17

Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2025

5.	Charitable Activities (continued)
	Support Centro de Incidencia	Geoversity Foundation	23,345	453	23,798
	Ambiental de Panama’s
	implementation of Coral Reef
	Protection Law
	Salmon State Campaign to Stop	New Venture Fund	57,900	1,123	59,023
	the Donlin Mine and Protect
	Tribal Rights
	Panacetacea’s marine mammal	Panacetacea	19,173	372	19,545
	monitoring in the Gulf of
	Chiriquí
	Science‐based advocacy and	Partnership for Policy	49,002	950	49,952
	litigation against forest biomass	Integrity
	in the UK
	Bahamas Marine Mammal	PERC	19,562	379	19,941
	Research Organization: Whale
	Camps for Young Bahamians
	Marine educators professional	Perry Institute for	59,783	1,159	60,942
	development program in	Marine Science
	partnership with Bahamas Reef
	Environment Educational
	Foundation
	Sustainable, Community‐	RARE	39,595	768	40,363
	Managed Coastal Fisheries: A
	Scoping Assessment for the
	Bahamas
	Shark Conservation Fund	Rockefeller	386,200	7,489	393,689
		Philanthropy Advisors
	Coral Vita to support paid coral	Social and	19,773	383	20,156
	restoration internships for	Environmental
	Bahamians	Entrepreneurs
	To protect and restore vital	Space for Giants	12,660	245	12,905
	ecosystems in Africa

18

Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2025

5. Charitable Activities (continued)

Campaign to Stop the West Susitna Access Road Susitna River Coalition To promote the efficiency of the Armed Forces of the Crown The Clocktower Foundation Heather Futures research project which seeks to address the evidence gap in changes to the extent and quality of moorland habitats in the UK The Heather Trust Nature Conservancy's support of sustainable fisheries and marine management in the Bahamas The Nature Conservancy For the education and training of young people The Prince’s Trust Global Alliance for Preventing Pandemics (GAPP) Surveillance & Monitoring Capacity to Mitigate Risk of Disease Outbreak in Zambia & Kenya Trustees of Columbia University in the City of New York Adjustment for present value of commitment Cambridge in America Adjustment for present value of commitment Eton College Adjustment for FX and present value of commitment The Clocktower Foundation Total expenditure

34,641 672 35,313 1,000,000 19,390 1,019,390 65,000 1,260 66,260 38,555 748 39,303 19,895 386 20,281 385,550 7,476 392,026 263 5 268 4,306 81 4,387 (60,109) (1,165) (61,274)

2,733,162 52,997 2,786,159

19

Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2025

5. Charitable Activities (continued)

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

20

Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2025

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

21

Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2025

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

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

22

Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2025

6. Governance Costs

Governance Costs
	2025	2024
	£	£
Bank charges	1,003	747
Independent auditors fee	26,158	25,200
Accounting fees and services	8,405	2,590
Solicitors fees	4,245	1,946
Website	7,399	0
FX (gain)/loss	5,787	(7,400)
	–––––––––––––––	–––––––––––––––
	52,997	23,083
	–––––––––––––––	–––––––––––––––

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

	2025	2024
	£	£
Accruals	58,032	30,638
Grants Creditors	494,050	139,444
	–––––––––––––––	–––––––––––––––
	552,082	170,082

––––––––––––––– –––––––––––––––

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

Creditors: amounts falling due after more than one year
	2025	2024
	£	£
Grants Creditor – Eton College pledge payment due in 2025	0	95,693
Grants Creditor – Cambridge in America pledge payment due in 2025	0	37,745
Grants Creditor – Cambridge in America pledge payment due in 2026	74,507	72,239
Grants Creditor – The Clocktower Foundation pledge payment due in 2026	186,681	0
Grants Creditor – The Clocktower Foundation pledge payment due in 2027	179,329	0
Grants Creditor – The Clocktower Foundation pledge payment due in 2028	172,247	0
	–––––––––––––––	–––––––––––––––
	612,764	205,677
	–––––––––––––––	–––––––––––––––

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.

23

Docusign Envelope ID: 40F2E332-293D-4A73-835F-C7A05C193F73

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2025

10. Share capital

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

			2025 and 2024
		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 1 April 2024	(355,767)	(355,766)
Loss for the period	(785,645)	(785,645)
	–––––––––––––––	–––––––––––––––
At 2 April 2025	(1,141,412)	(1,141,411)
	–––––––––––––––	–––––––––––––––

12. Subsequent Events

Subsequent to the year end, the Charity received £2,169,030 (equivalent of $2,900,000) in donations from Moore Charitable Foundation, and made donations totaling £1,704,320. The Charity also received a letter of support securing future funds as needed.

24