The Clare Foundation Limited
A Company Limited by Guarantee
Financial Statements
For the year ended 31 December 2025
Charity Number 1131949
Company Number C6995233

The Clare Foundation Limiled
A Company Llmited by Guarantee
Flnancial statements for the year ended 31 December 2025
Legal and administrative information
Registered Office:
Sunley House14th Floor)
Oxford Road
Aylesbury
Buckinghamshire
HP19 8EZ
Charity registration number- 1131949
Company reglstratlon number-06995233
Trustees:
Michael Clare IPresidentl
Robin Walker (Chairl
Ana Marcela Heime
Gavin Henshaw
Arif Hussain
Karen Irons
Sarah Leslie IAppointed 26 January 20261
Clare Periton IResigned 11 December 20251
The Trustee5 have the powers and obligation5 of Directors as set out in the Companies Act 2006.
Chlef Éxecutive Officer
Martin Gallagher
Auditor..
DUX Advisory Limited
Chartered Accountants
Kennel Club House
Gatehouse Way
Aylesbury
Buckinghamshlre
HP19 80B
Bankers:
Coutts & Co
440 Strand
London
WC2R OQS

The Clare Foundation Limited
A Company Limlted by Guarantee
Financial statements for the year ended 31 December 2025
Contents
Trustees, Annual Report
Report of the Independent Auditor
8-12
Statement of Financial Actlvities
13
Balance Sheet
14
Principal Accountin8 Policie5
15-18
Notes to the Flnancial Statements
19-28

The Clare Foundation Limited
A Company Limited by Guarantee
Financial statements for the year ended 31 December 2025
Trustees, Annual Report
The Trustees present their annual report together with the audited financial statements of The Clare
Foundation for the year ended 31 December 2025. The Annual Report serves the purposes of both a
Trustees, report and a directors, report under company law. The Trustees confirm that the Annu31 report
and financial statements of the charitable company comply with the current statutory requirements, the
requirements of the charitable company'5 governing document and the provlsions of the Statement of
Recommended Pradice ISORPI applicable to charities preparlng their accounts in accordance with the
Financial Reportln8 Standard applicable In the UK and Republic of Ireland IFR51021 leffectNe l January
20191.
Slnce the Charity qualifies as small Ltnder section 382 of the Companles Att 2W6, the Strategic rewrt
required of medium and large companies under the Companies Act 2006 Istrategic Report and Directors,
Report) Regulations 2013 has been omitted.
Oblectives and Actlvltles
The objectNes of the charity as per its governlng document are..
To advance for the public benefit such charitable purposes as the directors shall from time to time
determine and in particular but without limitation to the foregolng to advance the efficiency and
effectNeness of tharities and not for profit organis3tlons and voluntary organisations by the provision of
financial asslstance, support or advice or by such other means as the di￿￿or5 shall from tlme to time
determine. 'not for profft organisatlons and voluntary organisations" are independent organisations
which are established for purposes that add value to the community as a whole, or a significant 5ectioft
of the communmy, and whith are not permitted by their constitution to make a profit for private
distribution. 'not for proflt organisations and voluntary organisation5' do not Include lotal government
or other statutory authorities. "charities" are orBanls8tions which are established for exclusively
charitable purposes in accordance wlth the law of England and Wales.
The Charity's purpose 15 to provide professional support, strategic leadership and networklng
opportunitie5 to charities that seek to advance theirBovernance, business efficiency and efFectiveness. In
addition, the Charity provides grant funding to support programme5, projerts, and core business
development that promote growth, resilience, and long-temi sustainabilty within the voluntary and
community settor.
The Clare Foundatlon supports stakeholders, voluntary sector leaders, and vulnerable families addressing
social inequalitie5 across Buckinghamshire and the surrounding areas. Through its activities, the
Foundation seeks to encourage happiness. p051tivity, optimism, and self*steem, contributin8 to stronger,
more resilient communities.
In setting objectives and planning for actwities, the Trustees have given due consideration to Eeneral
guidance published by the Charity Commission relating to public benefit, including the guidance 'Public
benefrt.. running a charity IPB21'.

The Clare Foundation Limited
A Company Limited by Guarantee
Financial statements for the year ended 31 De￿mber 2025
Trustees, Annual Report
Achlwements and Performance
Angels. Den
Angels, Den remains one of The Clare Foundation'5 flagship initiatives and a cornerstone of its Strategic
approach to collaboration and innovation within the charity Sector. Following the Board's approval in
March 2023 of a pilot project and five-year development plan. Angels, Den has continued to grow in
aMbIt￿n, scale, and impart.
In 2025. Angels. Den furtherconsolidated its reputation as a hlgh-quolity, high-impact philanthropic event,
bringing together charities, philanthropists, business leaders, and sector partners from across
BuckinghamshSre. Building on the success of previous years, Ihe progTamme continued to provide not
only grant fundin& but also mentorship, profile-raising opportunltles, and acce5S to influential network5.
The most recent Angels, Den event demonstrated clear progress in the quality of char￿V pltches, the
confidence of participating organlsation5, and the strength of relationships formed as a result of the
programme. Feedback from both Angels and charities highlighted the value of the developmental support
and the longer-term benefits beyond the immediate funding awarded.
The Board has reaffimed its long-term commitment to Angels, Den, wlth the nexi maior event scheduled
for September 2026. Over the coming years, An8e15' Den will continue to evolve to provide increased
fundin& deeper mentoring relationships, and expanded networklng OPPOrtunitie5, enabling local charities
to delwei sustainable and lasting impact.
Grant Maklng and Funding Impact
During 2025, The Clare Foundatlon's wider grant programme distributed over £300,OCX) to more than 95
local charities, supporting a broad range of activities across Buckinghamshire. Funding continued to be
targeted towards areas of greatest need, with approximately 33% allocated to health and wellbeinE
initiatives an(122% supporting children and young people.
These grants enabled charfties to stabilise operations, pilot innovative approaches, and expand the reach
of vital services, relnforcing the Foundation's role as a trusted and responsive funder.
Famlly Angels Pro8ramme
The Famity Angels programme, launched in 2022, contlnues to play a vital role In supporting vulnerable
families experiencing finar+cial hardship. In 2025, the programme was suctessfully dellvered through a
dedicated network of approximately 40 Community Advocates.
Through Family Angels, £81,(KJO of targeted grant support was distrSbuted, a55i5tinE over 120 families
across Buckinghamshire and surrounding areas. Support provided through the programme helped
families rneet essential living costs and address immediate pressures, while also offering dignity,
rea55urance, and connection to wider support networks.

The Clare Foundation Limited
A Company Limited by Guarantee
Financial statements for the year ended 31 December 2025
Trustees, Annual Report
Workshops. Semlnars, and Seclor Support
In 2025, The aare Foundation delivered a comprehensive pro8ramme of workshops, seminars, and
forums designed to strengthen leadershipi Bovernance, and operational effectiveness within the charity
sector. These sessions, delNered both in-person and online, provided charity leaders, trustees, and staff
with practical tools. shared learnin& and acce55 to expert insight.
Key theme5 included leadership and governance, digital and organisational development, collaboration,
and sustainability. Feedback from participants con51Stently highlighted the ouallty, relevance, and
accessibllity of these events, and the value of creating safe spates for peer learning and discussion.
Governance and Perforniance Managernent
The Clare Foundatlon remains committed to strong governance and accountability. During 2025, the
Board of Trustees, working closely with the CEO, continued to oversee a robust framework of Key
Performance Indicators IKPlsl to measure impact, performance, and strategic progress.
KPIS are ￿vieWed quarterly at Board meetings, enabling Trustees to monitor outcomes, assess risks, and
ensure the Charity remains aligned with its strategic oblettlves.
Overall, the achievements of 2025 have reinforced The Clare Foundation's role as a catalyst for positive
change wlthin the voluntary and communlty sector. Through innovation, partnership, and targeied
financial support, the Foundation continues to empower charities and communities to thrwe.
Key Perfomiance Indlcator5
During the year. the Charity's performance against its KPIS focused on:
Development of Charlty Services and Activities
Encouraging happiness, positivitV* Optimism, and self-esteem across Buckin8hamshire and
surroundin8 areas.
Raising the profile of the Charlty through tollaborative partnerships with charitable and not-for-
profit or8anlsation5.
Providin8 seed funding and grants to SLSPPOrt Innovative programme5 and projects.
Supportlng tharities to become more effettive, ￿5111ent, and efficient.
Facilitating closer collaboration and parlnership working across the sector.
DelThierin8 high-quallty pro bono seminar5, workshop5. and forums for charity leaders, Staff, and
trustees.
Developin8 bespoke services to address specific organisational challenges.
Supporting charities to improve business efficiency and effertiveness through tailored advice and
support.

The Clare Foundation Limited
A Company Ilmited by Guarantee
Flnancial statements for the year ended 31 December 2025
Trustees, Annual Report
Plans for Future Perfods
Building on pro8￿S5 made during 2025, The Clare Foundation contlnue5 to deliver Its strategic roadmap
to strenohen cohesion, collaboration, an(1 leadership across the charity Sector.
The Board has allocated £560,1)CO to deliver key Initiatives across Buckin8hamshire. including high-impact
roundtables, CEO and leadership forums, and specialist workshops and seminars. Malor planned events
for 2026 include Angels, Den, a Late Summersoiree, and further leadership and governance pro8rammes.
Through stmng operatlonal capatity, CHAT support servitss, and strategic partnerships, the Foundation
remains agile and responsNe to emerging need5. Its leadership role WTthin the Buckinghamshire Council
VCS Partnership Board and the Strategic Funder5 Group ensures a strong understanding of sector
challenges and opportunltles, supporting equitable and effective funding decisions.
(￿the ￿xt 2. 5 years. the Chadty alms to."
Provide small to medium-5ized grants and seed funding to enable charities to deliver impactful
programmes.
Deploy bespoke support, expertise, and funding to strengthen charities locally and beyond.
Collaborate with key stakeholders to enhance wellbeing and happiness across the region.
Offer specialist Sl8nptsstin& triage, and leadership guidance to charities.
Facilitate seminars. workshops, and leadership networking opportunities.
Strengthen cross-5ector collaboration an(1 partnership models.
Expand specialist 5UPPOrt and intervention serwices for charities in need.
Bulld sustalnable relatlonships with key stakeholders to develop new in￿lativeS and ￿search.
Grow tts pro knno network. leveraging professlonal skills to 5UPPOrt charlties in achieving their
missions.
Flnancial Revlew
Details of income and expenditure are available in the Statement of Financial Activities on page 13 and
the notes following.
Management of the Charlws investment portfolio is delegated to Cazenove Capital. As at 31 December
2025, the investment portfolio was valued at £4,766k12024-. £4,951kl. The investmenls include net gains
of approximately £226k12024.' net 8alns of £127kl.
There are no materlal uncertainties about the Charlty's ability to continue as a 80ing concern.
ReseNes Policy
The Trustees consider that the level of Unrestricted Reserves should be sufficient to cover the Charity's
budgeted annual operatlng expenditure of £720k12024 - £770kl. The balance of the reserves represents

The Clare Foundation Limited
A Company Limited by Guarantee
Financial staternents for the year ended 31 December 2025
Trustees, Annual Report
investments held in accordance with the wishes of the Trustees to create both long-term capital growth
and annual income to contribute towards the Charity's annual expenditure.
The free Unrestricted ReseNes of the Charity at the year-end are £4,786k12024- £4,978kl.
Reserves are an inherent part of the risk management process. ReseNe thresholds are assessed a5 part
of the strate8ic planning process.
Investment Policy
The Charity's investment portft)lio is managed by Cazenove Capital. The investment objective being to
prudently invest in a range of fixed interest securlties in the short term, and UK and overseas equities an
otherinvestment classes in the medium term. The Investment Committee review the performance ofthe
portfolio with Cazenove Capital on a quarteily basls.
Risk Statement
The Trustees have assessed the risks to which the Charity is exposed to as..
Failure to manage the key assets effertively.
The Trustees mitigate this risk by setting up an Investment Committee to review the
management of the investment portfolio by our professional advisors Cazenove Capital. The
Investment Committee has requested Cazenove Capital to provide regular ypdates, and these
are reviewed at quarterly Trustee meetings.
Failure to identify future risks to the Charity.
The Trustees continue to evaluate and re-asse55 the risk 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 Parties
A register of related party interests is maintained for all Trustees.
Structufe, Governanre and fvlanagement
The Clare Foundation is a charitable Company Limited by Guarantee set up on 19 August 2(K)9. It is
governed by its Memorandum ar)d Articles of Association. The Clare Foundation was granted charitable
status on l October 2009 by the Charity Commission. At inception. there were three Trustees registered.
Over the years, other Trustees have been appointed to monitor. evaluate and strengthen the Board and

The Clare Foundation Limited
A Company Llmlted by Guarantee
Financial statement5 for the year ended 31 December 2025
Trustees, Annual Report
to bring specialist expertise and experience of the sector. There We￿ seven Tntrstee5 serving as at 31
December 2025.
The Trustees, who are the Dlrectors of the company, who have served during the period are listed below..
Michael Clare (Presidentl
Robin Walker (Chairl
Ana Martèla Heime
Gavin Hen5haw
Arif Hussain
Karen Irons
Sarah Leslie (Appointed 26 january 20261
Clare Periton (Resigned 11 December 20251
The Board is a dfverse Broup ol Individua15 Wlth a mlxof skills, age and experience to furtherthe charitable
purpose of the Charity.
The Trustees each recognise the significance thatthey shall be well prepared and experlencedto dSscharge
their role and (lutles effectively. The Trusteès have varying levels of expertise and experience of fulfilling
the role of Trustee.
Appointment of Trustee5
The Charoty may by ordlnary resolution appoint a person who is willing to act to be a Trustee and
determine the rotation in which any additional Tru5tee5 are to retire. In selecting new Trustees, the Board
review the mlx of skills, age and experience and appoint accordin81y.
Retirement of Trustees
At each Annual General meeting one-thlrd of the Trustees must retire from offlce.
Organlsational Structure
The Board of Trustees normally meet on a quarterfy basi5 and have appointed a Flnance Sub-committee
which is responsible for developing the strategic direction and monltoring of the operational and financial
performance of th@ Charity. The Finance Sub-committee and Charlty Services Sub-cornrnittee report to
the Board on a quarterly basis. The Chief Executlve Officer 55 responsible for the day-to-day operation of
the Charity under the delegated authority of the Finance Sub-committee and Charity Services Sub-
Committee. The Chief Executive Offiterfs salary Is set by the Trustee Board upon the recommendation of
the Finance SulTrCommittee, and it is benchmarked agalnst slmllaT Posltions.
Statement of Trustees, re5ponsibilitie5
The Trustees (who a￿ also directors of The Clare Foundation Limited for the purposes of the Companies
Act 20061 are responsible for preparlng the Annual Report and the financial statements in accordan
with applicable law and United Kingdom Accounting Standards (Finantial Reporting Standard 1021.

The Clare Foundation Lirnited
A Company Limited by Guarantee
Financial statements for the year ended 31 December 2025
Trustees, Annual Report
Company law requires the Trustees to prepare flnancial statements for each financial year. Under that
Saw, the Trustees have elected to prepare the financial statements in accordance with Unite¢J Kingdom
Generally Accepted Accountin8 Practice Iunited Kingdom Accounting Standards and applicable lawl.
Under company law, the Trustee5 must not approve the financial Statements unless they are satisfied that
they give a true and fair view of the state of affairs of the Chaflty and of the incoming resources and
application of resources. including the income and expenditure, of the Charityforthat period. In preparing
these financial statements, the Trustees are required to:
Select suitable accountlng policies and then apply them consistentlv;
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
departure5 disclosed and explained in the financial statements; and
Prepare the financial statements on the going toncem basis unless it is inappropriate to presume
that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficiellt to show and
explain the Charitvs transactions and disclose with reasonable accuracy at any time the financial position
of the Charity and enable them to ensure that the financial statements comply with the Companies Act
2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
In so for as the Trustees are aware..
There is no relevant audit information of which the Charity's audEtor is unaware. and
Each Trustee has taken all steps that shelhe 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,
Auditors
TheTrustees recommend that Dux Advisory Llmited should be appointed as audltors to the company. and
they have expressed their willingness to be appolnted.
ON BEHALF OF THE BOARD
OF
Robln Walker
Chalr
Date:
18 June 2026

The Clare Foundatlon Limited
A Company Limited by Guarantee
Financial statements for the year ended 31 December 2025
Report of the Independent Auditor to the Members of
The Clare Foundation
Opinl¢)n
We have audited the financial statements of The Clare Foundation for the year ended 31 December 2025
which comprise Statement of Financial Activities, Balance Sheet and notes to the financial statements,
Including signtficant accounting policies. The financial reporting framework that has been applied in their
preparation is applicable law ané United Kingdom Accounting Standards, including Financial Reporting
Standard 102, the Financial Reportln8 Standard applicable in the UK and Republic of Ireland (United
Klngdom Generally Accepted Accounting Practicel.
In our opinion the financial statements..
give a true and fair view of the charf(•ble companvs state of affairs as at 31 December 2025 and
of its incoming resources and applicatlon of resources, including Its income and expenditure, for
the year then ended-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice. and
have been prepared in accordance with the Companles Act 2006.
Basi$ for opinion
We conducteil our audit in accordance wlth International Standards on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those standards are further destribed in the Auditorfs
responsibilities for the audit of the financial statements section of our Teport. We are indepen(lent of the
charitable company in accordance with the ethical requirements that are relevant to our audit of the
financial statements In the UK, Including the FRC'S Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficlent and appropriate to provide a basis for our opinion.
Conclusions relating to going contem
In auditing the financial statements, we have concluded that the trustees, use of the going concern basi5
of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identrfied any material uncertainties relating to
events or conditions that, individually or collectively. may cast significant doubt on the charlt8ble
company's abllity 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 responsibilttie5 of the trustees with respect to going concern are described
In the relevant sections of this report.

The Clore FoLFndation Limited
A Company Limited by Guarantee
Financial statements for the year ended 31 December 2025
Report of the Independent Auditor to the Members of
The Clare Foundation
Other information
The trustees are responsible for the other information. The other information comprlses the Informatlon
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
othe￿ise explicitly stated in our report. we do not express any fomi of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing 50, consider whether the other
infom)ation is materially inconsistent wf(h the financial statements or our knowledge obtained in the
course of the audit or otherwise appears to be materially mi55tated. If we identify such material
inconsistencies or apparent material misstatements, we are required to determine whether this gives rise
to a materlal misstatement in the financial statements themselves. If, based on the work we have
performed, we conclude that there is a material mi55tatement of this other informatlon we are required
to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companles Act 2006
In our opinion. based on the work undertaken in the course of the audit:
the information glven in the Trustees, Annual Report which includes the DIr￿t0[5, Report for the
financial year for which the financial statements are prepared Is consistent with the financial
statements. and
the Trustees. Annual Report which includes the Directors, Report has been prepared in
accordance with appllcable legal requirements.
Matter5 on which we are required 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 identified material misstatements in the Trustees, Annual Report.
We have nothing to report in respect of the following matters where the Cornpanles Act 2(N)6 requlres us
to report to you if, in our opinion..
adequate accounting records have not been kept, or returns adequate for our audit have not
been received from branches not visited by u5: or
the financial statements are not in agreement with the atcounting records and returns: or
certaln disclosu￿$ of trustees, remuneration specified by law are not made,. or
we have not ￿teWed all the information and explanations we require for our audit.

io
The Clare Foundation Limited
A Company Limited by Guarantee
Financial statements for the year ended 310ecember 2025
Report of the Independent Auditor to the Members of
The Clare Foundation
Responslbllitles of trustees
As explained more fully in the Trustees, Responsibilities Statement set out on page 2, the trustees Iwho
are also directors of the charitable company for the purposes of tompany lawl are responslble 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 trustee5 detemiine is necessary to enable the preparation of financSal
statements that are free from material misstatement, whether due to fraud or error.
In preparin8 the financial stalements, Ihe trustees a￿ responsible for asse55ing the charitable companrfs
ability to continue as a going concern, disclosin& as applicable, matters related to going concern and LTrsing
the golng concern basls of accounting unless the trnstees either intend to liquidate the charitable
company or to cease operations, or have no realistic alternative to do so.
Auditorfs responsibilities for the audit of the financial statements
We have been appointed as auditors under the Companies Act 2CK16 and report in accordance with
regulations made under that Act.
our objectlves are to obtaln reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to Issue an auditorfs report that
includes our opinion. Reasonable assvrance is a high l@vel of a55urance, but is not a guarantee that an
audit conducted In accordance with ISAS IUKI will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are cohsidered material if, individually or in the
aggregate, they could reasonably be expecte(I to influence the economic decisions of users taken on the
basis of these financial statements.
Irregularities, including fraud, are instan￿$ of non-eomplSance with laws and regulations. We desi8n
procedure5 in line with our responsibilities, outlined above, to detect material misstatements in respect
of irregularities, including fraud. The specifi'c procedures for thi5 engagement and the extent to which
these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregulartties-
We assessed the susceptibility of the charitable compan(s financial statements to material misstatement
and how fraLbd might occur. includin8 through discussions with the trustees, discussions within our audit
team planning meetin& updatin8 our record of internal controls and en5urin8 these controls operated as
intended. We evaluated possible incentives and opportunities forfraudulent manipulation of the financial
statements. We identrfied laws and ￿gUlationS that are of 5ignificar)ce in the context of the charitable
company by discussions with management and updating our understandin8 of the sertor in whlch the
chbritable company operates.
Law5 and regulations of direct significance in the context of the charitable company include The
Companies Act 2006, and guidance issued by the Charity Commlsslon for England and Wales.

li
The Clare Foundation Limited
A Company Limited by Guarantee
Financial statements for the year ended 310ecember 2025
Report of the Independent Auditor to the Members of
The Clare Foundation
Audit response to risks identified..
We consldered the extent of compliance with these laws and re8ulatKins 05 part of our audit procedure5
on the related financial statement items including a review of financial statement disclosures. We
revlewed the charltable company's records of breache5 of laws and regulation5, minutes of meetings and
correspondeTice wlth relevant authorities to identrfy potential material misstatement5 arislng. We
discussed the charitable company's policies and procedures for compliance with laws and regulations with
members of management responslble for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key
areas which might invobje non-compliance with laws and regulations or fraud. We enquired of
management whethef they were aware of any instances of non-complian￿ with law5 and regulations or
knowledge of any actual, suspected or alleged fraud. We addressed the rlskof fraud through management
override of controls by testing the appropriateness of journal entries and identifying any significant
transartions that were unusual or outside the normal course of business. We assessed whether
Judgements made in making accounting estimates gave rise to a po55ible indication of management bias.
At the completlon stage of the audit, the engagement partnerfs review included ensurlng that the team
had approached their workwith appropriate professional scepticism and thusthe ¢apatityto identify non-
compliance wlth laws and regulations and fraud.
There are Inherent limitations in the audit procedures described above and the further removed non-
compliance with laws and regulations 15 from the events and transactions reflected in the financial
statements, the less likety we would become aware of it. Also, the risk of not detecting a material
mtsstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may
Invofve deliberate cOn￿alMent by, for example, forgery or intentional mIs￿presentatIons, or through
colluslon.
A further descrlptlon of our responsibilitles is available on the Financial Reporting Council's website at:
www.frc.or
auditorsres
nsibilities. This description fomis part of our auditor's report

12
The Clare Foundation Limited
A Company Limited by Guarantee
Financial statement5 for the year ended 31 December 2025
Report of the Independent Auditor to the Members of
The Clare Foundation
Use of our report
Thi5 report is made solety to the charitable company's member5, as a body, in accordance wrÉh Chapter 3
of Part 16 of the Companies Att 2006. Our audit work has been undertaken so that we mi8ht state to the
charitable companls 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 a55ume responsibility
to anyone other than the charitable company and the charitable companws members as a body, for our
audit work, for this rew)rt, or for the opinions we have formed.
Bianca Permal (Statutory Auditor)
For and on behalf of
DUX Advisory Limited
Chartered Accountants
Kennel Club House
Gatehouse Way
Ayle5bury
Buckinghamshire
HP19 8DB
Statutory Auditors
Date.
DUX Advisory Limited is ellglble to art as an auditor in terms of section 1212 of the Companies Act
2006

The Clare Foundation Limited
A Company Limited by Guarantee
Financial statements for the year ended 31 December 2025
14
Balance Sheet
2025
2025
2024
2024
Note
Flxed assets
Tangible assets
Investments
li
12
3,510
4,951,364
4,954,874
4,766.054
4,771,500
Current a55ets
Debtors
Cash at bank and in hand
13
8,787
54.323
63,110
4,403
59,483
63,886
Creditors- amounts falllng due withln
one year
15
129,7121
133,8521
Net current assets
33,398
30,034
Net Assets
4,804,898
4.984,908
FUNJS
Unrestricted funds
Restricted funds
18119
18120
4,786,136
18,762
4,977,799
7.109
4,804.898
4.984,908
These financial statements have been prepared in accordance with the special provisions for small
companies under Part 15 ofthe Companies Act 2006.
The accompanying accounting policies and notes form an integral part of these financial statements.
The financial statements were approved by the Trustees on 18 June 2026, and were signed on behalf
of the board by:
Robin Walker
Chalr
Charity registration number- 1131949
Company registration number- 06995233

The Clare Foundation Limited
A Company Limited by Guarantee
Financlal stètements for the year ended 31 December 2025
Is
Principal Accounting Policies
Company infomiatlon
The Clare Foundatlon Llmlted is a private Company Llmlted by Guarantee incorporated in England and
Wales. The re8lStered office is at Sunley House14 Floor), Oxforil Road, Aylesbury, Buckinghamshire,
HP198EZ.
Basls of Preparation
The financial statements have been prepared under the historical cost convention and in ateordance with
the recommendations in the Statement of Recommended Prartice: Accounting by Charities (the SORP
IFRS 10211 issued in 2019, the Companies Act 2006 and applicable Accounting Standards (Financlal
Reporting Standard 1021. The disclosure requirements of Financial Reporting Standard 102 IFRS 1021 have
been applied other than where additional disclosure 15 required to show a true and fair view.
The Clare Foundation meets the definition of a public beneflt entity under FRS 102. Assets and liabilities
are initially recognised at historical cost or transaction value unless othetwise stated in the relevant
accounting policy note. The financial statement5 are prepared in sterlin& which is the functSonal currency
of the Charity. Mor)etary amounts in these finantial statements are rounded to the nearest £.
There are no material uncertainties about the CharIt￿$ ablllty to continue as a Eoing concern.
The principal accounting policies are set out below and remaln unchanged from the prevlous period.
Income
Donations
All monetary donations and legacies are included in full in the statement of financial activities when
reteivable, provided there are no donor-impose(I restrictions as to the timing of the ￿lated expendlture,
in which case recognltion is deferred until the pre-condition has been met.
Voluntary help is not included in income. in monetary tem)s.
Investment income
Investment income, including associated tax recoveries, is recognised when receivable.
Income from donated ser¥i¢es
Income from donated s@Nices is recognised when the charity becomes entitled to the service and
service has been received and can be reliably measured.

The Clarè Foundation Limited
A Company Limited by Guarantee
Financial statements for the year ended 31 De￿rnber 2025
16
Principal Accounting Policies
Expenditure
Expenditure, which 15 charged on an accruals basis, is allocated between..
Expenditure incurred dirertly to the fulfilment of the Charity's objectives IcharFtable activities): and
Expenditure incurred directly in the effort to raise voluntary contributions Iraising funds1.
Items of expenditure involving more than one cost category are apportioned on the basis of the estimated
costs relating to each category as appropriate. Note 8 details the basis of apportioning costs. In summary:
Governance costs are costs associated with the governance arrangements of the Charity which relate
to the general running of the Charity as opposed to those costs associated wkth fundralsing or
charitable attivity. Governance costs include external audit, legal and professional fees,
remuneration to Trustees and tosts associated with constitutional and statutory requirements. Thls
category also includes any costs associated with ihe strategic management of the Charity's activities.
Office costs and employment costs are apportioned based on staff 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 expectatlon that t￿Y
wlll receNe a 8rant, or the trustees 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
reciplent but there is uncertainty about eitherthetiming of the grant orthe amount of grant payable.
Assets
Assets are wognised v4hen there is a legal and constructive right to the asset.
Liabilities
Liabilities are recognised when there is a legal and constructlve obligation committing the Charity lo the
expenditure.
Corporatlon Tax and VAT
The Charty has charitable status and is exempt from corporation tax on the Income it has recelved and
applied for charitable purposes.
The Charity 15 registered for VAT.
Fund Accounting
Restrirted funds aye to be used for Specified purposes laid down by the donor. Expenditure for those
purposes is chatEed to the fund, together with a falr allocation of overheads and support costs.

The Clare Foundation Limited
A Company Limited by Guarantee
Financial statements for the year ended 31 December 2025
17
Principal Accounting Policies
Unrestrlcted funds are donations and other Incoming resources received or generated for expenditure on
the general objectives of the Charity.
Designated funds are un￿striCted funds which have been deslgnated for specrfic purposes by the
Trustees.
Tangible Flxed Assets and Depreciation
Tangible fixed assets are capitalised at cost where their acquisltion 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 rales generally applicable are-
Fiktures, fittings and kitchenloffice equipment
Computer equipment and software
over 5 years. on a straight-line bas1$
over 3 years, on a straight-line basis
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 5traight-line basls over the lease term.
Llsted Investments
Listed investments are valued at their market value In theSr 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 portfollo, as a
monetary asset, is translated using the closing rate method. Net gain5 and10sses arising on revaluations
and disposals durlng the period are included in the SOFA. Realised gains and losses arise on the sale of
investments ?nd represent the difference between the valuation at the beginning of the financial year
and the proceeds from the sale of the investment. Unrealised gains and losse5 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 contrlbutlons payable
to the scheme, in respect of the accounting period.
Flnanclal instruments
The charity only has financial assets and liabilitie5 of a kind that qualSfy as basic financial instruments.
Basic financial instruments are initially recognised at transaction 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 2025
18
Principal Accounting Policies
Cash and cash equivalents
Cash and cash equivalents Include cash in hand, deposits held on call with the charity's banks and other
funds are held by the charity's investment advisors which are invested in short-term deposits.

The Clare Foundation Limited
A Company Limited by Guarantee
Financial statements for the year ended 31 December 2025
19
Notes to the financial statements
Critical a¢¢ounting judgements and key sour¢¢s of estimatlon uncertalnty
In the application of the charitls accounting policies, the twstees a￿ requlred to make judgements.
estimates and assumptions about the tarrying amounts of assets and liabilities that are not readi
apparent from other sources. The estimates arbd associated assumptions are based on historical
experience and other factors that are considered to be relevant. Adual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are retognlsed In the period in which the estimate is revised if the revision affects only that
period, or in the period of the revision and future perH)ds if the revision affects both current and future
periods.
In the View of the Trustees in applying the accounting policies adopted, no judgements were required
that have a significant effett on the amount5 recogni5ed in the financial statements nor do any estimates
or assumptions made carry a significant rlsk of material adjustment in the next financial year.
Charitable actlvltles tncome
Unrestrlcted Restricted
funds
funds
2025 Unrestricted Re5trirted
Total
funds
funds
2024
Total
Family Angels
Angels Den
Charity development
progrdmmes
30,0(rfJ
62,500
30.CQO
62.500
30.000
52,5(KJ
30.000
52,500
12,337
12,337
Totsl
92,500
92.500
12,337
94.837
Total incomè
No income was attributable to geographical markels outside the United Kingdom.
Costs of raising funds
Unrestrlcted Restrlcted
funds
funds
2025
2025
Restricted Basis of
funds alloution
Z024
Total
2025
Investment management costs
10,617
10,617
9,618
Direct
Total
10,617
10,617
9,618

The Clare Foundation Limited
A Company Limited by Guarantee
Financiol statements for the year ended 31 December 2025
20
Notes to the financial statements
Charitable activitles expenses
Unrestrfcted Restricted
funds
funds
2025 LJnrestTirted Restrlrted
Total
lunds
fund5
2024
Total
Famlly Angels
Angels Den
Granls15ee below)
Charity development
programmes
80,847
120,1)00
80,847
120.000
310,953
90,086
105,000
90,086
105,(K)O
320,399
310,953
320,399
176,558
176,558
227,705
227,705
Total
487,511
2CA).847
688.358
548.104
195.086
743.190
Actlvltles
undertaken
directlv
Support
costs
(note 81
Total
2025
Family Angels supported 126 families
Angels Den funded 12 charities
Grants Isee note 61
Charity development programmes
80,847
120.0
232,333
81,045
80.847
120,OLKJ
310,953
176,558
78,620
95513
Total 2025
514,225
174,133
688,358
Activitie5
undertaken
dirertly
Support
costs
(note 81
Total
2024
FamSly Angels supported 126 families
Angels Den funded 10 charities
Grants Isee note 61
Charity development programmes
90,086
105,000
237,408
116,672
90,086
105,OCM)
320,399
227,705
82,991
111,033
Total 2024
549,166
194,024
743,190

The Clare Foundation Limtted
A Company Limited by Guarantee
Financial statements for the year ended 31 December 2025
21
Notes to the financial statements
Grants
2025
2024
Grants to institutlons by project:
Children activities
Comrnunity partnerships
Charity infrastnjcture
Financial insecuritv
Food Foverty
Health and wellbeing
Housing sUPPOrt
Social tsolation
55,411
40.030
2,204
12,800
12,(M)O
63,250
24,145
33,600
22,385
5,000
12,000
81,868
10,000
48,410
43,638
232,333
237,408
2Q25
2024
Grant5 to institutlons:
Grants greater than £5.000
Heart of Bucks
Tall Ships Youth Trust
Curzon Centre Beaconsfield
Bucks Mind
Southcourt Baptist Church - Bridge The Gap
Bedgrove- Pump Trad(
Focus Foundatlon
Red Balloon
st Thomas, awrch Hdty)ur
Cancer Care & Haematology
Queens Park Arts Centre
Mind Over Mountains
Klngs Church Amersham
Oasis Partnership
Age VK Bucks
Wycombe Homeless Connection
Peter Jones Foundation
Bradbury House
Creative Partnefshlps Beaconsfield
Khepera
25 Grants of £2,OlXJ to £5.00012024: 181
Other Grants under £2,000
12,51XJ
12,000
12,000
io,o(MJ
10,000
iO,O(XJ
10,000
iO,O(K)
9,638
8,5
8,0(K)
7,DC4)
5,8CKI
19,500
16,000
io,ooo
27,000
18,000
16,000
10,000
10,000
7,000
5,346
70,179
28,383
78.657
28,238
232,333
237,408

The Clare Foundation Limlted
A Company Limited by Guarantee
Financial statements for the year ended 31 December 2025
22
Notes to the financial statements
Analysis otempendlture
Cost5 of
raising
funds
Charitable
activitles
2025
Total
2024
Total Basis ol
£ allocatlon
Governance
Marketing includin8
website
Promotional projects
Grants
Family Angels
Angels Den
Event costs
Cost of seminars
Employment costs
Buildlng costs
Office costs
Travel costs
IT expenses
Depreciation
Audit & accountancy
Legal & professional
Bank charges
2.293
2.060
232,333
80.847
12Q,000
20,653
4,874
184,317
zi,oii
4,677
2.203
2,293
1,930 Direct.
2.060
1,554 Dlrect.
232,333 237,408 Direct.
80,847 90,086 Dlrect.
120,000 105,000 Direct.
20,653 16.341 Direct.
4,874 19,517 Dirert.
184,317 218,002 Staffing
21.011 21,788 Direct.
4,677
6,562 Staffing
2,203
2,978 Staffing
4.044
5,891 Staffing
1,299
1,728 Direct.
8,190 Governance
8,892 15,801 Dirett
32
32 Dire
1,299
(1,725)
32
10,617
678,918
10,617
698.975 752,808
Total expenditure includes:
2025
2024
Audttor5 remuneration:
Audit services
Depreciation:
Tangible fixed assets
9,440
8,190
1,299
1,728
Costs that are allocated on a "Direct" basis are charged directly to the project or programme to whlch they
relate,. no apportionment of those costs is required.
Analysis of sUPPOrt ¢osrs
Admln & Information
Flnance Technology
Total
2025
Governance
Grants
Charity development programmes
78,620
82,029
78,620
95.513
Total 2025
9,440
160,649
174,133

The Clare Foundation Limited
A Company Llmlted by Guarantee
Financial statements for the year ended 31 December 2025
23
Notes to the financial statements
Admin & Information
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
5.891
194.024
Basls of allocation
Dirert
Direct
Dirert
Employees
2025
2024
Wage5 and 5alafies
Social security costs
Pension costs
Group life assurance
Staff training & re¢rtsitment
166,238
10,771
5,370
1.938
195,353
15,295
5.621
1,733
184,317
218,002
2025
Number
2024
Number
Employee5
During the period l employee received emoluments In the band £IIyJ,LNJI- £IIO,(XJO12024: 1 employee
in the band £IOO,001 £110,1￿01. This individual was the onty employee to ￿ considered key
management personnel.
io
Payments to Trustees and connected persons
The Trustee5, who are also direclors of the Charity, are not entltled to receive any remuneration from
the Chartty. Expenses were paid to Trustees Clare Periton £13012024.. £3811.

The Clare Foundation Limited
A Company Limited by Guarantee
Financial statements for the year ended 31 December 202S
24
Notes to the financial statements
li
Tangible fixed as$ets
Fixtures,
Flttings &
Office
Equipment
Computer
Equlpment
& Software
Total
Cost
At l January 2025
Additions
6,013
4,458
3,235
11,3111
6,382
10,471
3.235
11,311)
12,395
At 31 December 2025
6,013
Depreciation
At l January 2025
Charge for year
2,837
778
4.124
521
11,3111
6,961
1,299
{1,3111
6.949
At 31 December 2025
3,616
Net book value
At l January 2025
At 31 December 2025
3,176
2,398
334
3,510
12
Investment assets
All investment assets are held primarily to provide an investment return.
2025
2024
Quoted investment funds
Cash
4.722.101
43,953
4.937,588
13,776
4,766,054
4,951,364
Market value at l January 2025
4,951,364
5.207,112
Disposal proceeds
Interest received
Unrealised Investment gains
(610,6941
199.554
225,830
1609,0401
226,691
126,601
Market value at 31 Detember 2025
4,766,054
4,951,364
Historic cost of investments as at 31 December 2025
4,248,682
4,690,000

The Clare Foundation Limited
A Company Limited by Guarantee
Financial statements for the year ended 31 December 2025
25
Notes to the financial statements
Quoted Investme￿ funds were invested In the followlng categorles:
2025
2024
Bond5
LiqL4Sdrty funds
Private equity
Property
Eouities
331,126
1.395.348
338.177
110.084
2,591,318
340,245
1,793,514
278,270
121,658
2,417,677
Total
4,766,054
4,951,364
All Investments are held within the UK and at 31 December 202S investment holdlngs in excess of 5%
of the total portfollo were as follows:
2025
72.9%
13.1%
13.1%
2024
65.6%
17.1%
17.1%
Cazenove Sustainablè Multi-Asset Fund
JPMor8an GBP Liquidity Fund
HSBC Sterllng ESG Liquidity Fund
13
Debtors
2025
2024
Other debtors
Prepayments
21
8,587
2￿)
4,203
8,787
4,403
15
Creditors: amounts falling due wlthln one year
2025
2024
Trade creditors
Accwa15
Social 5ecurSty and other taxes
Other creditors
8,277
14.367
5,464
755
26,683
4.792
1,622
29,712
33,852
16
Flnandal Instruménts
The carrying amount of financial assets whith are debt Instwments at amortlsed costls £nil12024.. £ nill.
The carrying amount of financial liabilities which 15 measured at amortised cost 15 £nil12024- £ nill.
17
Operating lease ¢ommltments
Minimum lease payment5 fall due as follows:
2025
2024
Other operating leases
Due in l year
Due between 2 to 5 years
15,379
3,861
15,405
23,561

The Clare Foundation Limited
A Company Limited by Guarantee
Financial statement5 for the year ended 31 December 2025
26
Notes to the financial statements
18
Fund movements summary
Unrestrlrted
funds
Inote 191
Restricted
funds
(note 201
Total
funds
At l January 2025
4,977,799
7,109
4,984,908
Incoming resources
Empenditure
Transfer from general fund
Gain on Investments
200,635
1498,1281
1120,0001
225,830
92,500
12C(>,8471
120,000
293,135
1698,9751
225,830
At 31 December2025
4,786,136
18,762
4,804,898
Unrestricted
funds
Inote 191
Restrlrted
funds
(note 201
Total
funds
At l January 2024
5,275,856
10,680
5,286,536
Incoming resource5
Expenditu
Transfer from 8eneral fund
Loss on investments
242,079
1557.7221
1109,0151
126,601
82,500
1195,0861
109,015
324,579
1752.8081
126,601
At 31 December 2024
4.977,799
7,109
4.984,908
19
Unrestricted funds
Gener•1
undeslgnated
funds
Unreali5ed
revaluation
Total
unrestricted
funds
reser¥e
At l January 2025
Incoming ￿SoUrceS
Expenditure
Transfer from general fund
Gain on investments
4,730,211
2￿,635
1498,1281
1120,oc(II
247,588
4,977.799
200,635
1498,1281
illo.0001
225,830
225.830
At31 December 2025
4,312,718
473.418
4,786.136

The Clare Foundation Limited
A Company Limited by Guarantee
Finaricial statements for the year ended 31 December 2025
27
Notes to the financial statements
Gener•1
undesiznated
lunds
Unrealised
revaluation
T¢tal
unrestricted
funds
reserve
At l January 2024
Incoming resources
Expenditure
Transfer from general fund
Los5 on investments investment
5,154,869
242,079
1557,7221
1109,0151
120,987
5,275,856
242,079
1557.7221
1109.0151
126.601
126,601
At 31 December 2024
4,730,211
247.588
4,977.799
20
Restrlcted funds
Balance at
l January
2025
Transfer from
Gener•1
funds
8alan¢e at
31 December
2025
Incomlng
Outgoing
Angels Den
Family Angels
62,5(X)
30,000
60,000
60,000
1120,WOI
180,847}
2,500
16,262
7,109
7,109
92,500
120.(M)O
{200,847
18,762
Balance at
l January
2024
Transfer from
General
funds
Balance at
31 December
2024
In¢omlng
Out8oin8
Angels Den
Family Angels
2,5CM)
8.180
52,500
30,000
50,COO
59.015
1105,(KJOI
190,0861
7,109
10.680
82.500
109,015
1195,0861
7,109
Angels Den
A new innovative programme of grant maklng for Buckin8hamshire charitie5. The benefiting charities
working together to highlight a￿a$ of unmet need, c￿atIng new projects and programs, networkin&
and upskilling their experience.
Family An8els
To help vulnerable families in and around Buckinghamshire who are nol in receipt of support from other
networks.

The Clare Foundation Limited
A Company Limited by Guarantee
Financial statements for the year ended 31 December 2025
28
Notes to the financial statements
21
Analysis of net assets between fund$
Unrestrlrted
fund
Restrirted
fund
Totsl
2024
Tanglble fixed assets
Investments
Current assets
Current liabilitie5
5,446
4.766.054
63,110
129,7121
3,510
4,951,364
63,886
133,8521
4,766.054
44.348
129,712)
18,762
4,786,136
18,762
4,804,898
4,984.908
Contingent liabilities
There were no contingent liabilities as at 31 December 202512024.. £Nill.
Rel•ted party transactions
During the year, The aare Family Trust, of whlch Michael Clare is princlpal, has provided a grant to the
Charity for the Family Angels r8stricted fund totalling £30,00012024'. £30,000) also Angels Den restricted
fund totalling £10,000 12024- £10,IXIOI. The Clare Family Trust ha5 provided services of £Nil 12024-
£14,711).