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 servi￿5 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 servI￿s, 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 Charit￿5
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.
AudIt0￿5 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

Ln
ab

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
94￿37
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
s￿91
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.