The Clare Foundation Limited A Company Limited by Guarantee Financial Statements For the year ended 31 December 2024 Charity Number 1131949 Company Nurnber 06995233
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 Legal and administrative information Registered Office= Sunley House14th Floor) Oxford Road Aylesbury Buckinghamshire HP19 8EZ Charity registratlon number- 1131949 Cornpany registration number- 06995233 Trustees: Michael Clare (President) Robin Walker {Chair} Ana Marcela Heime (Appointed 19 June 2024) Gavin Henshaw Arif Hussain Karen Iron5 Clare Periton The Trustees have the powers and obligations of Directors as set out in the Companies Act 2006. Chief Executive Officer Martin Galla8her Audltor: DUX Advi50ry Limited Chartered Accountants Kennel Club House Gatehouse Way Aylesbury Buckinghamshire HP19 8DB Bankers: Coutts & Co 440 Strand Londor) WC2R OQS
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 Contents Trustees, Annual Report Report of the Independent Auditor 8-12 Statement of Financial Activities 13 Balance Sheet 14 Statement of Cash Flows 15-16 Principal Accounting Pollcies 17-20 Notes to the Financial Statements 21-30
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 Trustees, Annual Report The Trustees present their report and the audited accounts for the year ended 31 December 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice IFRS 102) ISORP {FRS 102)) "Accounting and Reporting by Charities" in preparing the annual report and financial statements of the Charity, which incorporates the report of the director5 for the purposes of company law. Structure, Governance and Management The Clare Foundation is a charitable Company Limited by Guarantee set up on 19 August 2009. It is governed by its Memorandum and Articles of Association. The Clare Foundation was granted charitable status on l October 2009 by the Charity Commission. At inceptlon, there were three Trustees registered. Over the years, other Trustees have been appointed to monitor, evaluate and strengthen the Board and to bring specialist expertise and experience of the sector. There were seven Trustees Serving 35 at 31 December 2024. The Trustees, who are the Direttors of the company, who have served during the period are listed below: Michael Clare (Presldent) Robin Walker (Chairl Ana Marcela Heime (Appointed 19 June 20241 Gavin Henshaw Arif Hussa¢n Karen Irons Clare Periton The Board is a diverse 8roup of individuals with a mix of ski115, age and experienceto further the charitable purpose of the Charity. The Trustees each recognise the significance that they shall be well prepared and experienced to discharge their role and duties effectively. The Trustees have varying levels of expertise and experience of fulfilling the role of Trustee. Appointment of Trustees The Charity may by ordinary resolution appoint a person who is willing to art to be a Trustee and determine the rotation in which any additional Trustees are to retire. In selecting new Trustees, the Board review the mix of skills, age and experience and appoint accordtnglv. Retirement of Trustees At each Annual General meeting one-third of the Trustees must retire from office, Organlsational Structure The Board of Trustees normally meet on a quarterly basis and have appointed a Finance Sub-committee which is responsible for developing the strategic direction and monitoring of the operational and financial perfomiance of the Charlty. The Finan Su&Committee and Charity Setvices Sub-committee report to the Board on a quarterly basis. The Chief Executive Officer is responsible for the day-to-day operation of the Charity under the delegated authority of the Finance Sub-comhiittee and Charity Services Sub-
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 Trustees, Annual Report Cornmittee. The Chief Executive Officerfs salary is set by the Trustee Board upon the recommendation of the Finance Sub-committee, and it is benchmarked against similar positlons. Statement of Trustees, responslbilitles The Trustees {who are also director5 of The Clare Foundation Limited for the purposes of the Companies Act 20061 are responsible for preparin8 the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Financial Reporting Standard 1021. Company law requires the Trustees to prepare financial statements for each financial year. Under that law, the Trustees have elected to prepare the financial statement5 in accordance with United Kingdom Generally Accepted Accounting Practice Iunlted Kingdom Accounting Standards and applicable law). Under company law, the Trustees must not approve the financial statements unless they are satisfied that they 8ive a true and fair view of the state of affalrs of the Charity and of the incoming resources and application of resources, includingthe income and expenditure, of the Charity forthat period. In preparing these financial statements, the Trustees are required to.. Select suitable accounting policies and then apply them consistently. Observe the methods and principles in the Charities SORP IFRS 1021; Make judgements and estimates that are reasonable and prudent; State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keepin8 adequate accounting records that are Sufficient to show and explain the Charity'5 transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to eftsure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charlty and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities. In so far as the Trustee5 are aware: There is no relevant audit information of which the Charity's auditor is unaware. and Each Trustee has taken all steps that she/he ought to have taken as a Trustee in order to make themselves aware of any relevant audit Information and to establish that the auditor is aware of that information. Objectives and Activltles The Charity'5 purpose is to provide professional support, strategic leadership and networking opportunities to charities that seek to advance their governance, business efficiency and effectiveness; to provide funding grants to charities for programmes, projects and core business development that promote growth and sustainability.
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 Trustees, Annual Report The Clare Foundation supports stakeholders. voluntary sector leader5, and vulnerable families addressing social inequalities within the county- To encourage happiness, positivity, optimism and self-esteem to all individuals across Buckinghamshire and the surrounding areas. 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. Achievements and Performance In March 2023, the Board of Trustees approved a vtsionary pilot proiett leading to a five-year plan for Angels, Den, which alms to foster collaboration between charities, philanthropists, and business leaders in Buckinghamshire. This innovative initiative focuses on strategic partnerships, networking, skill development, and creative problem-solving within the charity sector. Inspired by Dragons, Den, the inaugural Angels, Den, brought tO8ether five philanthropic Angels, each contributing £10,000, with The Clare Foundation adding a further £50,0(Ki, creating a £IOD,000 grant fund. The event provided vital funding, mentorship, and a platforrn for charitie5 to engage with influential stakeholders. The second event, held at The Elgiva Theatre on 11 September 2024, attracted 188 guests, with 10 charities receiving grants between £5,)0 to £25,000. The event successfully enhanced the charities, presentation skills and expanded networking opportunities. Looking ahead, the Board has approved a third Angels, Den for September 2025, marking its long-term commitment to deepening collaboration. Over the next five years, Angels, Den will contlnue to evolve to offer increased funding, ongoing mentorship, and expanded networking, empowering local charities to create sustainable impact. The Clare Foundation's broader grant programme distributed over £3C(J,CDJ in funding to more than 85 local charities, funding impactful projects across Buckinghamshlre. Notably, 32% of the funding was allocated to health and wellbeing, while 25% supported charities focused Dn children and youth activities. Reinforcing its commitment to community welfare, the Family Angels programme - launched in 2022 - continues to provide essential support to vulnerable families. In 2024, a dedicated network of some 40 Community Advocates facilitated £g1,OCII of grant support that asslsted over 120 families experiencing financial hardship across Buckinghamshire and surrounding areas. Another key initlative, the Proud of Bucks Awards, initially piloted in 2022 in collaboration with Buckinghamshire Council, has continued to grow in scale and impact. In 2024, all 16 Community Boards across the county participated, shortlisting numerous nominees and hosting celebratory events. Over 231 individuals, community projects and charities were represented, with approximately 53 receiving well- deserved recognition for theiroutstanding contributions to the community. Given its success, the awards programme will continue in 2025 and beyond.
The Clare Foundation Limlted A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 Trustees, Annual Report The Clare Foundation is commltted to 5tron8 governance and accountability. The Board of Trustees, in collaboration with the CEO, ha5 established a comprehensive Set of Key Performance Indicators {KPls} to measure impact and performan. These KPIS are monitored and reviewed at the quarterly Board meetings to ensure ongoing pro8ress towards the Foundation'5 Strategic objectives. The successes of 2024 have reaffirmed The Clare Foundation's role as a catalyst for positive change in the charity sector. By driving innovation, strengthening community networks, and providingtargeted financial support, the Foundation continues to ernpower local charitie5, enabling them to thrive. The KPIS and the Charity's performance and achievements against them have been to: l. Develop Charity services and activities: Encourage happiness, Posltivity, Optimism and self-esteem in all individuals across Buckinghamshire and the surrounding areas and make Buckinghamshire the happiest county in Britain. R3ise the profile of the Charity, by establishing collaborative partnerships and relationships with multiple charitable and not-for-profit or8anisations. Provide seed funding grants that assTSt charitles and community groups with developing their new and innovative programmes or projects. Continue to provide grant funding for charities. supportin8 them to become effective and efficient. Facilitate and encourage closer stakeholder co-operation, collaboration and working between other charities, social enterprises and not for profit organisations. Deliver a series of beneficial Pro-Bono seminar5, workshops and forums for charity leaders, staff and trustees. Develop and deliver bespoke servi5 for charities in need of specific expertise. Through bespoke services help other charities becorne more business efficient and effective. 2. Ensure the ChariWs investments have performed in line w7th the objectives set out in the investment policy. Plans for Future Periods In January 2024, The Clare Foundation embarked on a strategic roadmap to strengthen its role as catalyst for cohesion, collaboration, and leadership within the charity sector. With a focus on being flt for purpose in an evolving landscape, key events, projects, and programmes approved in late 2023 were carefully mapped, planned, and initiated. This year sees an enhanced commitment to supporting stakeholders, charities, and community-based partners across Buckinghamshire.
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 Trustees, Annual Report To drlve this forward, the Board of Trustees has allocated £475,000.for the de15very of key initiatives county-wide. These Include high-impact roundtables, CEO and leadership forums, and specialist seminar5 for charity leaders- offered both in-person and online. Among the major events for 2025 will be Angels, Den, a Late Summer Soiree, and plans for workshops and seminars on Leadership and Governance. Our operational capacity, CHAT support servIs, and strateglc partnerships allow us to act with agility, ensuring that both financial and structural support are provided where they are most needed. Through the implementation of our strategy and the deepening of relationships and co51aborations in 2024, The Clare Foundation remains well-positioned to respond effectively to emergin8 challenges, fostering resilience across the sector. As a key committee member of the Buckinghamshire Council VCS Partnership Board, we maintain a comprehensive understanding of the sectorfs unmet needs and the innovative solutions being delivered by leading charities. This privileged position has allowed The Clare Foundation to play a crucial role in post-pandemic recovery efforts, significantly benefiting Buckinghamshire and its surrounding communities. The Foundation's leadership extends to the Strategic Funders Group, which comprises the key grant- making organisations and council leadership. This group takes a forward-thinking approach, scanning the horizon for opportunities to drive collaboration, identify emerging needs, and ensure equitable distribution of funding across a wide range of projects. The Trustees, Strategic Objertives Over the next 3 years, we alm to: Provide small to medium-sized grants and seed funding to enable charities to deliver impactful programmes and projects. Develop, engage, and deploy resources. bespoke 5UPPOrt, seed funding, and grants, alongside expert guidance, to strengthen charities tn Buckinghamshire and beyond. Collaborate with key stakeholders. leadin8 experts, and partner5 to enhance the well-being and happiness of individuals across the region. Offer specialist signposting, tria8e servlces. strategic oversight, and leadership guidance to charities, connecting them with potential stakeholders and relevant agencies. Facilitate seminar5, workshops, and leadership networking opportunities to upskill charity leaders and foster a culture of continuous learning.
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 Trustees, Annual Report Strengthen cross-sector collaboration by increasing charity-to-charity cooperation, fostering co- commissioning, and developing new partnership models. Over the next 5- 10 years, we wlll: Expand our charity services activities to provide specialist interventions and tailored support for organisations in need. Cultivate sustainable relationships with key stakeholders and sector leaders to pioneer new voluntary support Initiatives and research opportunities. Enhance our advisory, expertise, and guidance capabilities by growing our Pro Bono network. leveragSng the skills of volunteers and buslness professionals to 5UPPOrt charities in their mis5ion5. Financial Review Details of income and expenditure are available in the Statement of Flnancial Activitles on page 13 and the notes following. Management of the Charity's investment portfolio 15 delegated to Cazenove Capltal, As at 31 December 2024, the investment portfolio was valued at £4,951k12023: £5,207k). The investments include net gains of approximately £127k {2023: net gains of £346k). There are no material uncertainties about the Charitvs ability to continue as a going concern. Reserves Policy The Trustees consider that the level of Unrestricted Resep4es should be sufficient to cover the Charit5 budgeted annual operating expenditure of £720k (2023 - £770k). The balance of the reserves repre5entS investments held in accordance with the wishes of the Trustees to create both long-term capital growth and annual income to contribute towards the Charivs annual expenditure. The free Unrestrlcted Reserves of the Charity at the year-end are £4,978k12023 - £5,276kl. Reserves are an inherent part of the risk management process. ReseNe thresholds are assessed as part of the strategic plannlng process. Investment Policy The Charitls investment portfolio is managed by Cazenove Capital. The investment objective being to prudently invest in a range of fixed interest securities in the short term, and UK and overseas equities and
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 Trustees, Annual Report other Investment classes in the rnedium term. The Investment Committee review the performance of the portfolio with Cazenove Capital on a quarterly basis. Rlsk Statement The Trustees have assessed the risks to which the Charity is exposed to a5: Failure to manage the key assets effectively. The Trustees mitigate this risk by setting up an Investment Committee to review the management of the iv)ve5tment portfolio by our professional advisors Cazenove Capital. The Investment Committee has requested Cazenove Capital to provide regular updates. and these are reviewed at quarterly Trustee meetings. Failure to identify future risks to the Charfty. The Trustees continue to evaluate and re-a5se5S the rtsk profile of the Charity following the implementation of the strategic direction of the Charity. Systems and procedures have been developed to mitigate future risks. The register as a whole is reviewed for completeness on an annual basis. Related Partles A register of related party interests is maintained for all Trustees. Auditors The Trustees recommend that Dux Advisory Limited should be appointed as auditors to the company, and they have expressed their willingness to be appointed. ON BEHALF OF THE BOARD Robin Walker Chalr Date: 11 June 2025
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 Report of the Independent Auditor to the Members of The Clare Foundation Other information The trustees are responsible for the other infomiation. The other information comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, In doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwik appears to be materially misstated. If we identify such material inconsistencie5 or apparent material misstatements, we are required to determine whether thi5 gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other Snfomiation we are required to report that fact. We have nothing to report in thi5 regard. Opinions on other matters prescribed by the Companies Art 2006 In our opinlon, based on the work undertaken in the course of the audit: the information given in the Trustees, Annual Reportwhich includesthe Directors, Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Trusteeg Annual Report which includes the Directors, Report has been prepared in accordan with applicable legal requirements. Matters on whith we are requlred to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identifEd material misstatements in the Trustees, Annual Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires US to pOrt to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received frorn 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 informatlon and explanations we require for our audit.
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 Report of the Independent Auditor to the Members of The Clare Foundation Opinlon We have audited the financial statements of The Clare Foundation forthe year ended 31 December 2024 which comprise Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to the financial statement5, including significant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fairview of the charitable company's state of affairs as at 31 December 2024 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 Kingdorn GenerallyAccepted Accounting Practice,. and have been prepared in accordance with the Companies Act 2006. Basls for opinlon We conducted our audit In accordance with International Standards on Auditing (UK) IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities forthe audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. includingthe FRC'S Ethical Standard, and we have fulfilled ourotherethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouropinion. Conclusions relating to going concern In auditing the financial ststements, 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 perfom)ed, we have not identified any materlal uncertainties relating to events or conditions that, individually or collectivety, may cast Significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described In the relevant sections of this report.
10 The Clare Foundation Limited A Company Limited by Guarantee Financial Statements for the year ended 31 December 2024 Report of the Independent Auditor to the Members of The Clare Foundation Responslbilities of trustees As explained more fully in the Trustees, Responsibilities Statement set out on page 2, the trustees {who are a150 directors of the charitable company for the purposes of company lawl 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 15 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to frdud or error. In preparing the financial statements, the trustees are SponSIble for assessing the charitable companV5 abilityto continue as a going concerr), disclosing, as applicable, matters related to going concern and using the going concern ba51S Df accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so. AudIt05 responslbilities for the audlt of the flnanclal statements We have been appointed as auditor5 under the Companies Act 2006 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whetherthe financial statements as a whole are free from material misstatement, whether due to fraud or error, and to 155ue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assuran, but 15 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 declsions of users taken on the basis of these financial ststements. Irregularities, including fraud, are instances of non-compliance with laws and regulations, We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. Identifying and assessing risks related to irregularities: We assessed the susceptibility of the charitable companVs financial statements to material'misstatement and how fraud might occur, including through discussions with the trustees. discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated posslble incentives and opportunities forfraudulent manipulation of the financial statements. We identified law5 and regulations that are of significance in the context of the charitable company by discussions with management and updating our under5tandln8 of the sector In which the charitable company operates. Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales.
11 The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 Report of the Independent Auditor to the Members of The Clare Foundation Audit response to risks identified: We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatement5 arising. We discussed the charitable companvs policies and procedures for compliance with laws and regulations with members of management responsible for compllance. During the plannlng meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected oralleged fraud. wé addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business, We assessed whether judgements made in making accountln8 estimates gave rise to a possible indication of management bias. At the completion Stage of the audit, the engagement partnerfs review included ensuring that the team had approached theirwork with appropriate professional scepticism and thusthe capacityto identify non- compliance with law5 and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional mlsrepresentations, or through coIIu5ion. A further description of our Sponsibl11t1es is available on the Financial Reporting Council's website at: onsibilitios. This description fomis part of our auditorfs report www.frc.or&.uklauditorsres _
12 The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 Report of the Independent Auditor to the Members of The Clare Foundation Use of our report This report is made solely to the charttable compan¢s members. as a body, in accordance with Chapter3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to State to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable companWs members as a bodyi for our audlt work, for this report, or for the opinions we have formed. Bianca Pemial (Statutory Auditor) For and on behalf of DUX Advisory Limited Chartered Accountants Kennel Club House Gatehouse Wav Aylesbury Buckinghamshire HP19 8D8 Statutory Auditors Date: DUX Advisory Limited is eligible to act as an auditor in terms of sectlon 1212 of the Companies Act 2006
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The Clare Foundation Limited A Company Limited by Guar3ntee Financial statements for the year ended 31 December 2024 14 Balance Sheet 2024 2024 2023 2023 Note Fixed assets Tangible assets Investments li 12 3,510 4,951,364 4,954,874 1,922 5,207,112 5,209,034 Current assets Debtors Social Investment loan Cash at bank and in hand 13 14 4,403 16,3S8 14,000 157.025 187,383 S9,483 63,886 Credltors- amounts falling due wlthin one year 15 (33,8521 (109,881) Net ¢urrent assets 30.Q34 77,502 Net Assets 4.984,908 5,286,536 Funds Unrestricted fund5 Restricted funds 18119 18120 4,977,799 7,109 S,275,856 10,680 4,984,908 5,286,536 These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2(M)6. The accompanying accounting policies and notes form an integral part of these financial statement5. The financial statements were approved by the Trustees on 11 June 2025, and were stgnea on behalf of the board by: Robin Walker Chair Charity registration number- 1131949 Company registration number-06995233
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 15 Statement of Cash Flows 2024 2023 Total funds Total funds Cash flows from operatlng artlvltles.. Net cosh pmvlded by opernting Ortlvities Cash flow from Investing activities: Dividends, interest and rents from investments Purchase of property, plant and equipment Proceeds from sale of Fnve5tments Purchase of investments Net coshfrom/(usedJ In Investinq actlvltles 1706,318) (571,428) 229,742 72,543 {3,316) 1751) 314.000 5.636,265 11,200,000) (3,804,000) (659,574) 1,91)4,057 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at 31 December 2023 tash and cash equlvalents at 31 December 2024 (1,365,892) 1,439,150 73,258 1.332,629 106,521 1.439,150 2024 2023 Total funds Total funds Reconciliation of net Incomel(expenditurel to net cash flow from operating activltles: Net incomefor the reportlnq period (as per the stotement of finoncial artivitles) {301,628) {177,066} Adjustments for: Depreciation {Gain51 on investments Dividends, interest, and rent from investments Decrease in debtors Decrease in creditors Net cash provided/(used In) operntinq artlvfties 1.728 1,903 1126,601) {346,181) 1229,742) (72,543) 25,955 16,837 76,03Ql 5,622 (706.318 (571,428) 2024 2023 Total funds Total fund5 Analysis of cash and cash equlvalents Cash in hand Cash on deposit Total cash and cash equivalents 59,483 13,775 73,258 157,025 1,282,125 1.439.150
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 16 Statement of Cash Flows At l January 2024 Cash flow At 310ecember 2024 Analysls of change in net debt Cash In hand Cash on deposit 157,025 1,282,125 {97,542) (1.268,350) 59,483 13,775 Total cash and cash equivalents 1,439,150 11,365,892) 73,258
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 17 Principal Accounting Policies Company information The Clare Foundation Limited is a private Company Limlted by Guarantee incorporated in England and Wales. The registered office is at Sunley House (4th Floor), Oxford Road. Aylesbury, Buckinghamshire, HP19 8EZ. Basls of Preparation The financial statements have been prepared under the historical cost convention and in accordance with the recommendations in the Statement of Recommended Practice: Accounting by Charities {the SORP {FRS 1021) issued in 2019, the Companies Act 2006 and applicable Accounting Standards (Financial Reportingstandard 102). The disclosure requirements of Financial Reporting Standard 102 {FRS 102> have been applied otherthan where additional disclosure is required to show a true and fair view. The Clare Foundation meets the definition of a public benefit enttty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unle55 Otherwise stated in the relevant accounting policy note. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. There are no material uncertainties about the Charitws ability to continue as a going concern. The principal accounting policies are set out below and remain unchanged from the previous period. Income Donations All monetary donations and legacies are included In full in the statement of financial actlvities when receivable, provided there are no donor-imposed restrictions as to the timing of the related expenditure, in which case recognition is deferred until the pre-condition has been met. Voluntary help is not included in income, in monetary terms. Investment Intome Investment income, including associated tax recoveries. is recognised when recelvable. Income from donated services Income from donated services is recognised when the charity becomes entitled to the service and service has been received and can be reliably measured.
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 18 Principal Accounting Policies Expenditure Expenditure, whlch Is charged on an accruals basis, is allocated between: Expenditure incurred directly to the fulfilment of the Charity's objectives (charitable actlvlties). and Expenditure incurred directly in the effort to raise voluntary contribution5 (raising funds), Items of expenditure involving more than one cost category are apportioned on the basis of the estimated costs relating to each categorya5 appropriate. Note 8 details the basis of apportioning costs. In summary: Governance costs are costs associated with the governance arrangements of the Charity whlch relate to the general running of the Charity as opposed to those costs associated with fundraislng or charitable activlty. Governance costs include external audit, leEal and professional fees, remuneration to Trustees and cost5 associated with constitutional and statutory requirements. This category also include5 any costs assouated with the strategic management of the Charity's activities. Office costs and employment costs are apportioned based on stsff time analysis. Grants payable are grants payable to third parties in furtherance of the charitable objectives of the Charity. Grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant, or the trustee5 have agreed to pay the grant without condition. Provisions for grants are made when the intention to make a grant has been communicated to the recipient butthere is uncertainty about eitherthetiming of the grantorthe amount of grant payable. Assets Assets are recognlsed when there is a legal and constructive right to the asset. Liablllties Llabilities are recognised when there is a legal and constructive obligation committing the Charity to the expenditure. Corporation Tax and VAT The Charity has charitable status and is exempt from corporation tax on the income it hasleceived and applied for charitable purposes. The Charity is registered for VAT. Fund Accounting Restricted funds are to be used for specified purposes laid down by the donor. Expenditure for those purpo*s is charged to the fund, together with a fair allocation of overheads and support costs.
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 19 Principal Accounting Policies Unrestricted funds are donations and other incoming resources received or generated forexpenditure on the general objectives of the Charity. Designated funds are unrestricted funds whlch have been designated for specific purposes by the Trustees. Tanglble Fixed Assets and Depreciation Tangible fixed assets are capitalised at cost where their acqulsition value is greater than £250 and are stated at cost net of depreciation. Depreciation is calculated to write down the cost of all tangible fixed assets by equal annual instalments over their expected useful lives. The rates generally applicable are: Fixtures. fittings and kitchen/office equipment Computer equipment and software over 5 years, on a straight-line basis over 3 years, on a straight-line basls Leased Assets All leases are regarded as operating leases and the payments made under them are charged to the Statement of financial artivities on a straight-line basis over the lease term. Llsted Investments Listed investments are valued at their market value in their native currency at the end of the financial year and are translated at the rate ruling at this date. Cash held as part of an investment portfolio, as a monetary asset, is translated using the closing rate method. Net gains and losses arising on revaluatlons and disposals during the period are included in the SOFA. Realised gains and losses arise on the sale of investments and represent the difference between the valuatlon at the beginning of the financial year and the proceeds from the sale of the investment. Unreali5ed gains and losses consist of the movement in the market value of investments on an annual basis. Retirement benefits The defined contribution scheme pension costs charged against the SOFA are the contributions payable to the scheme, in respect of the accounting period. Flnancial instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transactlon value and subsequently measured at their settlement value.
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 20 Principal Accounting Policies Cash and cash equivalents Cash and cash equNalents include cash in hand, deposlts held on call with the charity's banks and other funds are held by the charitvs investment advisors which are invested in 12-month fixed interest and short-term deposits.
The Clare Foundation Limited A Company Limited by Guarantee Financial statement5 for the year ended 31 December 2024 21 Notes to the financial statements Critlcal accountlng judgements and key sources ol estimatlon uncertalnty In the application of the charity's accounting policies, the trustees are required to make jud8ements, estimates and assumptions about the carrying amounts of assets and liabilities that a not readily apparent from other sources. The estimates and associated assumptions are based on historical experien and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlylng assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period Sn which the estimate is revised if the revision affects only that period, or In the perlod of the revision and future periods if the revision affect5 both current and future periods. In the view of the Trustees in applying the accounting policies adopted, no judgements were qUIred that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material%djustment in the next financial year. Charitsble activities income UnrestTiCted Restritted funds funds 2024 Unrestrlcted Restrlcted Total funds funds 2023 Total Family Angels Ange15 Den Charity development programmes 30,000 52,500 30.000 52,500 25,000 52,500 25,000 52,500 12,337 12,337 Total 12.337 82,500 9437 77,500 77,500 Total income No income was attributable to geographical markets outside the United Kingdom, Costs of raising funds Unrestricted Restrlcted funds funds 2024 2024 Restricted Basis of funds allocation 2023 Total 2024 Investment management costs 9,618 9.618 29,115 Direct Total 9,618 9,618 29.115
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 22 Notes to the financial statements Charitable acti¥ltie5 expenses Unrestricted Restricted funds funds 2024 Unrestrirted Restricted Total funds funds 2023 Total Family Angels Angels Den Grants {see below) Charity development programmes 90,086 105,000 90,086 105,000 320,399 69.946 loo,000 69,946 ILK),000 269,161 320399 269,161 227.705 227.705 205.068 205,068 Total 548,104 195,086 743,190 474,229 169.946 644.175 Actlvities undertaken dlrectty Support costs (note 8) Total 2024 Family Angels supported 126 families Angels Den funded 10 charities Grants {See note 6> Charity development programmes 90.086 105.000 237,408 116,672 90.086 105.(KlO 320,399 227,705 82,991 111,033 Total 2024 549,166 194,024 743.190 Activlties undertaken direttly Support costs (note 8) Total 2023 Family Angels supported 115 families Angels Den funded 10 charities Grants (See note 6) Charity development programmes 69,946 100,ry)o 193,909 111,687 69,946 loo,000 269,161 205.068 75.252 93,381 Total 2023 475.542 168,633 644,175
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 23 Notes to the financial statements Grants 2024 2023 Grants to institutlons by projert: Children activlties Community partnerships Charity infrastructure Financial insecursty Food poverty Health and wellbeing Environmental activlties Housing support Social isolation 24,145 33,600 22,385 5.1)00 12,1KlO 81,868 42,723 28,750 32,840 3,300 6,700 40,119 1,800 35,177 2,500 10,000 48,410 237,408 193,909 2024 2023 Grants to institutlons: Grants greaterthan £5,000 Oasis Partnership Heart of Bucks Age UK Bucks Wycombe Homeless Connection Bucks Mind Bradbury House Peter Jones Foundation Southcourt Baptist Church Creative Partnerships Beaconsfield Khepera Chikl Bereavement DEBRA Been There Bucks County AgrKultural Association St Andrews Church High Wycombe Maytree Suicide Respite Centre 18 Grants of £2,000 to £5,LN)0 (2023: 18) Other Grants under £2,000 27,000 19.500 18,000 16,000 16,000 lo,)0 10,000 10,000 7,0(Kl 5,346 15,000 6,CM)O 35,177 10,000 21,000 10,000 6,000 6,000 5,KiO (10,000) 66,300 23,032 70.179 28,383 237,408 193,909
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 24 Notes to the financial statements Analysls of expendlture Costs of ralslng funds Charitable artlvities 2024 Total 2023 Total Basis of allocatlon Governance Marketing including website Promotional projects Grants Family Angels Angels Den Event costs Cost of seminars Employment costs Building costs Office costs Travel costs IT expenses Depreciation Aud¢t & accountancy Legal & professional Bank charges 1,930 1,554 237,408 90,086 105.OlJ) 16.341 19.517 218.002 21.788 6,562 2,978 5.891 1,728 1.930 3,195 Dlrect. 1,554 1.419 Direct. 237.408 193,909 Direct. 90,086 69,946 Direct. 105.OIXI 100,000 Direct. 16.341 21,186 Direct. 19,517 1,917 Direct" 218,002 221,939 Staffing 21.788 (2,735> Direct. 6.562 5,352 Staffing 2.978 4,736 Staffing 5,891 10,283 Staffing 1,728 1,903 Direct. 8,190 7,380 Governance 15,801 32,828 Direct. 32 32 Staffing 8.190 6.183 32 9,618 735,000 8,190 9,618 752,808 673,290 Total expenditure includes: 2024 2023 Auditors remuneration: Audtt services Depreciation: Tangible fixed assets 8.190 1,728 1,903 * Cost5that are allocated on a 'Direct" basisare charged directly to the project or programme to which they relate,. no apportionment of those costs is required. Analysis ol support costs Admin & Informatlon Flnance Technology Total 2024 Governance Grants Charity development programmes 82,991 96.952 82,991 111,033 8,190 5,891 Total 2024 8,190 179,943 s91 194,024
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 25 Notes to the financial statements Admln & Information Flnante Te¢hnoloEY Total 2023 Governance Grants Charity development programmes 75,252 75,718 75,252 93,381 7,380 10,283 Total 2023 7,380 150,970 10,283 168,633 Basi5 of allocation Direct Direct Direct Employees 2024 2023 Wages and salaries Social security cost5 Pension costs Group life assurance Staff training & recruitment 195353 15,295 5,621 1,733 197,409 17,222 6,414 834 60 218,002 221,939 2024 Number 2023 Number Employees During the period l employee recelved emoluments in the band £l(K),001- £110,00012023: 1 employee in the band £90,001- £100,000). This individual was the only employee to be considered key management personnel. io Payments to Trustees and connected persons The Trustees, who are also directors of the Charity, are not entitled to receive any remuneration from the Charity. Expenses were paid to Trustees Chris Williams £12912023- £75) and Clare Periton £381 (2023: £158).
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 26 Notes to the financial statements li Tangible fixed assets Flxtures, Flttings & Office Equipment Computer Equlpment & Software Total Cost At l January 2024 Additions 2,697 3,316 4.458 7,155 3,316 At 31 December 202k! 6,013 4,458 10,471 Depreciatlon At l January 2024 Charge for year 1,953 884 3,280 5,233 1,728 At 31 December 2024 4,124 6,961 Net book value At l January 2024 At 31 December 2024 744 1,178 334 1,922 3.510 3.176 12 Investment assets All investment assets are held primarily to provide an investment return. 2024 2023 Quoted investment funds Cash 4,937.588 13,776 2,985,453 2,221,659 4,951,364 5,207,112 Market value at l January 2024 5,Z07,IIZ 5,427,792 Additions at cost Disposal proceeds Interest received Reali5ed Investment gains/{lossesl Unrealised Investment gain5 5,004,000 (5,641,480) 70,619 225,194 120,987 (609,040) 226,691 126,601 Market value at 31 December 2024 4,951,364 5,207,112 Historic cost of investments as at 31 December 2024 4,690,000 5,004,tY)O
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for ihe year ended 31 December 2024 27 Notes to the financial statements Quoted investment funds were Invested In the followlng categories: 2024 2023 Bonds Llquidity funds Private equity Property Equities 340,245 1.793,514 278.270 121,658 2,417.677 364,129 2,221,659 308,546 154.884 2,157,894 Total 4,951.364 5,207.112 All investments are held within the UK and at 31 December 2024 investment holding5 in excess of 5% of the total portfolio were as follows.. 2024 65.6% 17.1% 17.1% 2023 59.9% Cazenove Sustainable Multi-Asset Fund JPMorgan GBP Liquidity Fund HSBC Sterling ESG Liquidity Fund 13 Debtors 2024 2023 Other debtors Prepayments 200 4,203 12,500 3,858 4,403 16,358 14 Social Investment loans 2024 2023 Social investment loans 14.000 14,0(M) The social investment loans are interest free and repayable over up to 36 months. 15 Creditors: amounts falling due within one year 2024 2023 Trade creditors Accruals Social security and other taxes Other creditors 755 26,683 4.792 1,622 4,541 97,406 6,228 1,706 33,852 109,881
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 28 Notes to the financial statements 16 Financial in5tiuments The carrying amount of financial assets which are debt instruments at amortised cost is £nil (2023: £ nil). The carrying amount of financial liabilities which is measured at amortised cost Is £nil12023.. £ nil). 17 Operating lease commitments Minimum Sease payments fall due as follows: 2024 2023 Other operating leases Due in l year Due between 2 to 5 years 15.405 23,561 19.869 44,286 18 Fund Movements summary Unrestricted funds (note 191 Restricted funds (note 20) Total funds At l January 2024 5,275,856 10,680 5.286.536 Incoming resource5 Expenditure Transfer from general fund Gain on investments 242,079 1557,722) 1109,015) 126,601 82,500 1195,086) 109,015 324,579 (752W8) 126,601 At 31 December 2024 4,977,799 7,109 4,984,908 Unrestricted funds (note 19) Restricted funds (note 20) Total funds At l January 2023 5,451,461 12,141 5.463,602 Incoming resources Expenditure Transfer from 8eneral fund Loss on investments 72,543 (503,3441 {90,985) 346,181 77,500 1169,946) 90,985 150,043 1673.290} 346.181 At 31 December 2023 5,275,856 10,680 5,286,536
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2024 29 Notes to the financial statements 19 Unrestricted funds General undeslgnated funds Unreallsed revaluation reserve Total tsnrestrlcted funds At l January 2024 Incoming resources Expenditure Transfer from general fund Gain on investments 5.154,869 242,079 (557,7221 {109,015) 120,987 5,275,856 242,079 (557,722) 1109.015) 126,601 126,601 At 31 December 2024 4,730,211 247,588 4,977,799 General undesignated funds Unrealised revaluation reserve Total unrestrlcted funds At l January 2023 Incoming resources Expenditure Transfer from general fund Loss on investments investment 4,567.457 72,543 1503,344} (90,985) 1,109.198 884,004 5.451,461 72.543 15033441 (90,985) 346,181 (763,017) At 31 December 2023 5.154,869 120,987 5,275,856 20 Restricted funds Balance at l January 2024 Transfer from General funds Balance at 31 December 2024 Incoming Outgoing Angels Den Family Angels 2,5CK) 8,180 52,500 30,000 50,000 59,015 (105,OOJI (90,086) 7,109 10,680 82,500 109,015 (195,086) 7,109
The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 310ecember 2024 30 Notes to the financial statements Balance at l January 2023 Transfer from General funds Balance at 31 December 2023 Incoming Outgolng Angels Den Farnily Angels 52,500 25,000 50,000 40,985 {ioo,ooo> 169,9461 2,500 8,180 12,141 12,141 77,500 90,985 (169,946) 10,680 Angels Den A new innovative programme of grant making for Buckinghamshire charities. The benefiting charities working together to highlight areas of unmet need. creating new projects and programs. networkin& and up-skilling their experience. Family Angels To help vulnerable families in and around Buckinghamshire who are not in receipt of support from other networks. 21 Analysls of net assets between funds Unrestrlrted fund Restricted fund Total 2023 Tangible fixed assets Investments Current assets Current liabilities 3,510 4.951.364 56,777 (33.852) 3,510 4,951,364 63.886 133,852) 1,922 5,207,112 187,383 (IIY3,8811 7,109 4,977.799 7.109 4,984,908 5,286,536 22 Contingent liabilities There were no contingent liabilities as at 31 December 2024 (2023: £Nil). 23 Related party transactions During the year, The Clare Family Trust. of which Michael Clare is principal, has provided a grant to the Charity for the Family Angels restricted fund totalling £30,000 (2023: £25,000} also Angels Den restricted fund totalling £10,000 (2023: £10,000). The Clare Family Trust ha5 provlded services of £14,711 {2023: £Nill. Stable Ventures Limited, of which Michael Clare is principal has provided services of £Nil {2023', £1,000). During the prioryear, a granttotalling£lO,OOOwas refunded. having been paid in 2022 to Maytree Suicide Respite Care, of which Karen Irons, was CEO. The grant decision making process was consistent for these 8iants as for all other grant5 awarded in the year.