The CLEAR FoundY4Éion Trustees, Report & Financi￿ JtatbyTienis I" April 2024 to 31 Mthrch 2025 Char]ty no. 1141981 I'HE CLEAR FOItYDATIONI TRUSTEES, REPORT & FINANC.IAL STATEMENTS I APRIL 2024 TO 31 MARCH 202S Page Reference and administratt've de1￿[S of the Foundation, its Trustees ?nd advisers Trustees, Rewrl Independrnt Examiner's Repo Statement of Fman¢ial A¢livLt1¢5 Batance Sheet io Statemenl of C.&sh Flow Notes to the financial Stal¢mttnts 12-17 I'HF_ L LE_AR FOL'YI D.4TI.OTri TRUSTEES, REPORT & FIN,1￿cIAl, STATLMENT) l APtUL 2024 TO 31 MARCH 202q REFERENCE AND ADNItNISIUIIIN':: D,:TAIL4' OF THE FOiJNL)ATI()N IT%"fRUSTEF.8 AND ADVISERS llie Boanl of Tr￿th￿ -XLr LjiiU8 14.r,giil i ry Fl(t'-e Wn&ht V.adiinijrAi-'Aia Cbsrii}"' FeBLKtered TL￿lllb Prni¢ipol C)ffice st Mgr*iri s Court 10 PaLcrnosierR&M' Lond?n F.C4N17E.F Rankers CAF Bank 25 Kil¥% IIJLI Aienue Kiqgs Hill iyeEt NlalEins Solicitors Cc.Ili'ir Drisioil,. LLP si r*qartip..4 10 Pa¥¢lliQSter Ro l.ondott FC4N4 7EJ Auditor Boiimer BulloLk CharkroJAccountant$ 114 StMartlll'5 Latle Coi'ellt Lw( London WC2N 4BE THE CLEIIR FOITNDATIOP4 TRUSTEES, REPORT & FIIIAIYCIAL RTAI'F..ryIENTS I APRII. 2024 TO 31 MARC'H ?025 TRU Thel-tusteets presernttheir annual tr,gCth￿ iiilll ￿. Lill￿1￿1 51ul¢Jnenig ol-Tb¢ Llw (the Foundtttioii) theN,￿ tiid¢J 31 Nlarili 20=£ Tlie'frnsieL'S Lollfllm that tlie Jrw11 aiKI liiJall(.'iai slatu::v,Il% 0[￿ Fout￿all0iI coniiilN' ￿7th Lle ('harilits.ILi 2fil S.:hc ryui]vnents o¥Lhe I,puii(IAtion' j Eoyryrnjiio dD-'Jrn'"ot-, )TOTrlgiQm% af th¢ ts&iitsnirtr iji Rcc(Jnii',lindth-.4ailirn i%{jRI?l opiiiicahlL li) CliJritii'% l)r¢F.IHnb7 Ttheir 2Lf'oun'_8 I'.I ¢npliLdblL the iJK RLpubliL b(IrL"18nd on l 21119. The fil￿￿1a1 stalen¢iTrts have FEett pIEiTr3f¥LI in aLLor.aaDL¢ ivith 8￿cO￿￿till_ wlici¢s *et oiit iii'the note% to th¢ Status ancl adminÉsti'2tion The l.uunLLqlion'%'h jli e$Libli:.h￿ Ot-IvJ￿i dal¢& 18 Mw¢li 211I12LnJ ib rebi1￿leF￿i. *Jie grnil C07DxnissiOIi dnolet ibArip' num￿. 1541081 '1 n¢..LI￿.￿al70I1's ¥overtiiiiq ittslnmetti is its."l-TUSt D-￿-￿411¢h llow¥ for L￿1. acliTrities coi¢roJ th¢ l."oulldalioii's oty"LXllTrts, B'ith no.specitic rr5tti:tK>14 Charitable ob￿ctS 'I'hE objc¢t ot thc Troup.datioii 1Sto ptovidc fiiiid8 fo! gettc￿l ¢ELatitoblc iTrlLi¢h iKill includc bui 18 tkot lllniled to suppc>rtmÉ oth¢r ¢harildhle knisls or other Organi￿tions. Governanco Th¢ inap4uLrynen_l LTrftti# FuUn￿l iiJD ID ili¢ r¢bwn%ibitiiJi ul. thL Tn5%1LL￿ lihf) Jr- win:¢yJ under the I¢Trnb ul he'Fru& Ihxxl 'thc'l ru%tees nitr.t J'egularl)" ￿ iiJscus$ md ty))planerLt wlici.. Fin8n¢i8l reviow The ini'ewmeni incijtne iDcp￿s0J ov¢t"ll mainii, as a psuli of li I￿ge i1)Lr&i￿- jii tli¢ E3iti baJ*thce tht CAf &ild Int￿eSt teakillbT dr LiL).aEI. Ilie d i'i&nu ￿le0￿C froni 01￿[10141￿ in L.&(,' TIKIOU 1p.dex Trnst.'Il- thsttibulioii TJnits til￿ai,1td Rrotsnd &8]8￿ I'tar. As at 31 Mor¢li 202% Qic. Iiiaikd value Qf the l.&iTUKli?O lis a>N'IiTrLSt 01- Disti-,butioii tl,oK82,rNI, £in ul £1 l? 93.1. The illalillin-tertll aini Ib Its invtsi tlie large cashkn'èncL IAilo mu.t Ji'the L&l¥ IJKII)i) Ind￿.1￿￿1 in line ith ittTrestni¢nt ObJ￿til,£$. There i¥ab a lexge iliCTea5¢ In c05101-]xising fiiiid% froni iC..784 10 L12.Tr4 as a rL,￿lIt ot thc increased audit Losts &8giKiated ii.ith the lutge (l)nolicll receiv￿ in 202.i4. Nu dunulivns rL'LLYi'uI this fir.&ryvl&l v¢èr. T'HE (-LEAR.FOI.IfiDATIO 7RIISI-F.ES' REP,ORT & * INA&'(.'I,11. ST * T.*.¥i EN I,'S I APRFL 2.1124 TO 31 TrIARL EI 2,025 Revlew of activitieo and ftehloven1e￿tS *oi'ths publiL bo.iefit a singlt.,: t fnr £l.J.rJ,,￿ L{) Iti?Tr4alf' b-.h.¢ol i)rdLE Jiipr%)r. IhepYvisioTh. of LI11￿￿ Piil¥CS fv.r u1iildrL￿'., i-yart !i?I:.. iThIILliiIig Jf)siai.Yt Iv.'Nl as i".&ryr.t-'Ih*ir The In15teesof LK. Fo'jildaij￿l LA:,Ititrii- theireTiKkn%s1￿l4I￿7th a di?iJi of Sili 001s4nd oyusation are alse looLLng Gil ￿j￿ier g.r.Inl'.... LifLe ai',d in,v.p￿Y& porbJillti&s for" cilll iriobiiTl> i)rii'. cknity w.,"th •npha8i% on Ch!olli¢ T'itti£ue ￿la ME Jn Lkiildren ￿￿1[¥. A furthw £50.tMXl ol ¥raiit% wrye %¢frieduled to bL' n￿deat the end ot iMarcL. howtvky due to ￿0￿se dellly5 Me lo mtik'¥ tlie* i)o%'ittpnt% ar tli¢ stort ol'Apnl ii..1S be £QV¥Ycd iLi iiext fvW'5 rep)n_. The irnslte5 have lound it L4allLTgin¥ to id•itil%" S￿1*&r,1¢ grar.t rtiipients and ttre Actsvcty. li)oking to athtres5 this goi￿0 foTh"aEd The Trus*es LollfLryD that Ille￿ have ioniplitxl du)1 ' I￿￿￿¢[ ￿11￿￿ i i(51 ol-dK Ch&nlies Ar.t 2011 lo h4i'e reeaT& to +thc I:huntfv L'onin]loS10i * ￿￿￿￿ce on public W.￿e£lL and tbat tilt pubb"r betkelit requiretnenl I￿5 intonned the aLlllitics oi the Fo1￿4￿tiO2 in the ￿.￿(￿1 to 31 MarcFI 2112$ Investment poliGy Objectiv To maintain groi% . the:'oiue oi the iiJ]id tyi'a. tli¢: ni&llu￿ to long Itknj dja inc4iDe ar_d Ltioithl gain4 ill orderto tuifil dielonu_lenn ihari12LI)le giiing poliLI. To nwke besl endeaNi>ur8to prolcil th¢ rcal valiiL'.)rtht I￿]d agDsnst infitttion. ro k iii 8 ￿sItIO1Lto make Jonatiolls from Ihe fund al shortnolice To k able to ini'tst in PD)p¢th iTrith the illtaiuon 0!1&isll￿ to Lharitiei lonsistellt with the Foundation's h8ritable givi￿ ￿>￿¢v. Attitllde io R15k l. The Tn￿tee& a￿ comfortable H.iih aTnoderdie leNel ofcapital nsi. fDrthc TrouThJation'8 asgel5. 2. kn'eva8¢ will notk en1pl0￿.Ld ajid 88 surh the Tmstecs ￿111 not E}DM)￿'M0llcv to mv¢st Ani. I￿&￿￿13l markLt as%eL% %hould be b&8cd on hi¥hli' rated btock 5ndiL￿. No singl¥companN' IrY¢5trKLJls or priFat¥ ¥qUitN %tylc wTrll ￿. mèiac. Distribution orini'estn￿itS yDd liqiEidity' ne) In order lo bc iTi llPOSrtion to tnake dol￿tionS ut ihort noliLe l-l montlil a wrtion ot-tl]e futlds should kept in Ljbh on5_ LrtttiTEt￿ Qrc rc4uireii to.. 1¢¢. witable a¢Lol￿ting wlsciLs appl}, tJ)ull lolisists￿tl1. observe the illethodb ￿dI)rI￿Le1plc8 111 thc cli￿ltieS SORP: mgke judgniLThts and fKCOUJitino estullat£s th1< t a￿. tewnable tffld prudenL sial¢ iNthether dppliLable liK Accouiiill)g Stsndar￿r have ltilloivgj, sUbJ￿t to a]iV Tnoltritsl dew diiclosed and Lxpl&aJi&l in thty tuijnbial 5ta*mettts. piepate the tinancial staleirLenls oil the go1￿0 ¢oiicem basis il is inappropnate to pre%ill￿¢ th8t ihe charity 11 contiTh￿ lo orerate. Th¢ trusttes are responsible foiktepiiig SILniLieiit &colinti￿O TeWTds tlial di%.l()se with reL8onable al &iv tb¢ [LI￿n¢la1 p)siiioii ot ihe charit!, i￿d enahle than to thal the financial statemwitts compIN wilh tELe Charities Act 2011. the Chariiv IAc¥ouDl$cl]￿ RLV)rts i RL¥tdolionb £008 and tlie ￿￿VISIo1￿ ofih¢ tTUS't d¢¢d. Tho, are tdso rC5po￿￿Lb1t for ￿fegtwrdIog thsels orth¢ charity. haice for lakuw r¢wnable ¥l thein rerort ￿7¢{ for lio othL* piirix>%e 'lo In¢ fiillthtexiuitr b) laii.. I do not u¢eei)t or a*>unie poiisibility, to clnl'onv v.ther Ihan thc ihJ]Iti' and thc Llidnt% as a b￿j),. tur nLlJ 11."ork, fc'r Tr_wrt. or foi the otymions E Iwve fonned Rosponsibilities and basis of r53Ugrt As the tsitsices ot'th¢ cliat5LI." lou ari iesponsiblL tsor tle wepillAailOll ol-tbL fLiWICi41..titemaL15 in Il'ith tile TLNuirdnenL% ot-the Charitits AGI ?011 j Ilie Acl'j. I Teport ili I￿P¥-t of eXanill￿11tirt of Lie chatitv s tAn￿l¢l81 slalelienls Out under 5e¢lion 14£ ot the Act and in ¢8rrnui?outi1i￿ I ha￿¢ folloived all the applK8bieDir-. The pknninD and cOnd￿ct ot-aii uiidit goes b¢yor.d the limited a%%iwdnLe dial all indepe1￿ettt exa￿￿￿4￿0 can provide colw￿"￿tIl l iio opinion as to whether the fill8llciJI ltstem￿lLN pre8¢nt J 'tsue and tair, Triew 9￿d niN rwrt Is lunited to triose S￿1t i matters oiit tn ihe independent ex8miner's stniertient. Independent examiner's statement I h&i'c ¢oniplelal kmsnination. I coiifiiTri ih5Jl niatciial niuttcrs haNceotne to bnv attuition iri conA¢¢iioii Niith the exan)it)ation gi￿ll1g me Cau￿ io tbat Jn mai￿7￿1 iEsp¢ct." accountiiig Twords iv￿¢ not kept lll ￿)I￿¥t uf thL ciiaTits' us reqllir￿l ￿tIo11 l ?0". i thc or the I-ll￿1claI ststheInerLlS do lloi 8icor(I with those records, OT the fllwi¢i81 sttste]L'ellts do iioi ¢OnLpI!' 1¥2tli the applieable TqU]TemL*lts con¢¢tnin£t the lorm aiid Lonwjt ot acLounts set out in theLhariiieslA￿ollTh[S and ReFKifts)RegulatiDTrs 21J08 othet than3nv refjuir 10211, cold F.dittonl' aryd the Financial Reooyt ng Standard applicable the Un ted Kingdo￿Y and Republic of Irelvnd 'SRi 1021 and thg Cnarities Ar.t 20.ll and LIK Generally Accepted tjrattlte as lies fro￿ l J31?pJary ?019 The fjnaficial st31ernants h4%ve heen Pi epared to give a 't', ue and fairf vie%v and have departed from thp Char.'tie< IAccGLnt> and Reports) Regulatior.$ 2QM)8 only to the extent requit ed to provide a 'true anii fdir view,. Tni5 departure has irivolved following 'Atcountin8 and Repor+ing by fhaTlties: state￿Ient of Recommepided Practice applicable to charlties preparing their accounts in accordance wtth the Financial Reporting Stand8rd applicable in ihe UK and Republic of Ireland IFRS 1021 (Second iditionl'rather than the Accounting and Reportiryg by Charities.. Statement of Recommended Practite effertive from l April 2005 which has since been withdfawrs. 1.2 Incomlng resources Donations, legacie5 and other forms of voluntary incomè are recogni5ed as incornin8 resources whey receivable. except insofar as they are incapable of financial measurements 1.3 Resources expended All expenditure is accounted f'or on an accruals basis and has been included under expense categoiies that aggregate all costs for allocation to attivities. where costs cannot be directty attrtbuted to particula¥ actlvities they hatre been allocated on a basis consistent with the use of the resources. Costs of ge.nerating funds This comprises expenditure incurred in connection with generating funds for the foundation. Charitable activities This comprises expenditure incurfed in connection with the charitable objectives of the Foundation. I"UE CLEAR FOUNDA"fioN TRUSTEES". REPORT & FIN.4NC.L4L STATEMENTS I APRIL 2024 TO 31 TIIARCH £02$ Notes to the Aecounts Governani.È tosts This comprises expenditdre incurred in tonryection ¥vith management and adfflinistering of the Fouodation IA DirertT8xation As a charity ihe foundation is generally exemot .roir. inrome t¢iX and capital gains taK. bat not from VAT. Irrecoverable VA i is includ-d in the cost of inose to which it relates. IS Investments Investments are held at market value insofar as they are capable of rryeasurement. The realised and unreallsed Bains or losses are shown in the Statement of Financial Activities. 1.6 Fund accountlng Unrestricted income funds are general funds that are avai13blo for use at the Trustees, discreliun in furthErance of the gbjectives ol the Foijndation. 1.7 Cash Cash at bank and ip. hand is held to meet short-term cash commitmpnts as they lall dLse rather than for investment purposes. 1,8 Debtors Debtor5 (including loans receivablel are measured on initial recognition at settlement amount. They are shown in the financial statement5 at the cash or other consideration expected to be received. 1.9 Goin8 Concern The accounts have beeiTr PTepared on a going roncern basis and there are no m8ter*al uncert.aintie5. i.io Creditors The foundation h¢iS creijitors ￿.$1., I,'o measltred at settlemellt arnounts. THE CLEAR FOLfNDATION TRUSTEES". REPORT & FINANCIAI, STATFMI F.NTS I APRIL 2024 T(J 31 IIIARCH 2025 Notes to the Accounts i.ii F'lnanclal Instruments The fouTrdatlQn dLCOL*nts for the basic finaTrcial in5lrument5 on initial recognition as per paragraph 10.7 FRS 102 YJRP. Subsequent measuremeii ts is per paragraph 11.17 to 11.19 SRS 102 SORP. 1.12 Judgements The preparation of the financial statèments requires management io make judgements, estimates and assumptions that affect the amount< reported for Jssets and liabilities as at the balance sheet date and the amounts ieporl'ed For revenues and expenses during the year. Howeve¥, the nature of estimation means that a£tU31 outcomes could differ from those estimatgs. In the Trustees, opinion there are no significant judgements and no key sources of estin7ation uncertaintv. 2 Voluntary Income Unrestricted Funds 2025 Unrestricted Funds 2024 Donations I,000,rx)o 250,(K)O 1,250,( Gift Aid 3 Investment Income 2025 2024 Dividend Income Interest Receivable Interest on Gift Aid to be recovered 56,698 26,678 3,021 86,397 55,204 2,780 57,984 14 I'HE CL.EAR FOu￿DA'rI0l TRLISTEEq: REP()RT &.. FIN'.4h'C.JAL ST.4Tb=MLI N'rs I APIUL 2024 ]'(* 31 M.4RCH 2025 4 Governance Costs 15nrest& Icted Fvi?ds Unrestricted Funds 2024 Legal and profes-Jional'.ees Independent 6Maminer's feer Audit fees Bank chary,es 9,61)J 3,600 120 3,000 64 6,784 63 5 Grants paid ?025 ?.024 Highgate Scho¢>l Keat's Community L.:brary Luton Tcswn FC Community TTUSt Grants Paid io ooo io,o(K) 10.000 20,000 6 Trustee5 NL) rpmuneration was paid tts the trustees and no eKpep.>es incijrred by the Trustf.es have bee reirnbursed in the current vear l2.024- niil. 7 Emplrryee$ The Foundation has no employees in the currenl ye&ryr or previous year. 8 Debtors 2025 2024 Gift Aid tax due to be recovered 253,021 253,021 250,000 250,000 I HE C.I.,E.4R FOUN'DA TICIYI TRIIS'I'F.ES' REFORT & FINI1￿￿C.lAL ST'IlT£paEf*TS" I .IPRIL 2024 I TrIARCIIA 202 otes Éo the Accoiint 9 Credltors: amounts falling due withln one year 2025 2024 Independent eyaminer's fees Audit fees Other creditors 1,800 2,100 io Statement and summary offunds Balance brought fovhrard otFkner gains and losses Int¢)ming Resources resources Expended Balance carried forward Unrestrlrted funds General funds 3,111,25? 86,397 -21,584 11?.,935 3,289,000 11 Related parties No ielated party transaction have occurred during the year or ￿lre￿IOLEs year iNhich re¥knire disclosure 12 Investments Liste¢l investments Market brought forKvard Add.. additions at cost Less= disposals at carrying value Add/dedutt'. profiilllossl on disposal Addldeduct: gain/llossl on revaluation Market value carried forward 1,fj69,105 112,935 1,682,040 TFIE CLE.4R FOl71'DA TION TRIISTEES, REpnRT & TrII*ANCJAL ST2ITL.MEIYT I APRII_ 2024 TO 35 MARCH 2024 Notes to the Accounts 13a Reconciliation of net 5um/{expenditure} to net cash flow frLim operating actNities 2025 2024 Net incornellexpenditurel for the reporting pÈriod la5 pe-. the StatemeRt of financial activities) Lossllprofitl 5?le of inVEStmentr IGain11105s on revaluatior Donations received Dividends and Inter￿St From iiives4ment¢ Ilnciea5elldecre8se in debtor Increase/lder.reasel tn creditors Net cash provided by (used inl ¢)peratln8 artl¥t 177,748 .3?7,668 -258,967 202.499 -1,000,000 -57,9PA -250.000 -30 -26,814 -112,935 -83,376 -21,584 13b Analysis of cash and cash equivalents 2025 2024 Cash at bank Total cash and Lash equivalents 1,356,039 1,356,039 1,295,447 1,295,447