The Dow Clewer Foundation
(A company limited by guarantee)
Report and Financial Statements
Year ending 30 September 2025
Charity number 1193608
Company number: 12914102

The Dow Clewer Foundatlon
Th8 Dow Clewer Foundatlon
Report of the trustses (including Directors, Report) for the year ending 30 September 2025
The truste6s (who are also the Directoys of the Company for the pu￿OseS of company law) are pleased tr)
present their annual dlrectors, report together ￿th the finanual statements of the Charity the year ending
30 September 2025 which are also prepared to meet the requirements for a dire¢lors' re￿ and accounts
for Companies Act purposes.
The charitable company is registered in England ar)d Wales. The finan￿al ststements cx)mply with the
Charilies Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and the Charfties
Statement of R6Gommended Practict {"Charities SORV) (applicable to charities preparing their accounts in
accordance wth Ihe Financial Retxxiing StarKlar(l appIl￿ble in the UK and Republic of Ireland IFRS 102)
Issued in October 2019.
Our purposes and activities
The purposes of the charity are to make grants and charitable distributions aC￿ing to the guidelines set
out in the charitls grant making policy filed wtth C(ynpanies House. The Dow Clewer Foundation madè
donatlons totslling £297.271 in the financial year ending 30 September 2025.
1000/0 of the funds spent were from unreslricted fvnds. and 0% were frorn restricted funds. The primary
donatlons from unrestricted fijnds totalled £240,410, were spllt between three charities and one community
amateur sports club, with the remaining £56,861 made as smaller donats.￿S (under £15,000 in aggreg8te p8r
charity} to various established char5ties.
The trustees have also had regard to ihe gUIdan￿ issued by the Charity Commission on public I￿nerrt.
Achlevements and perfomiance
During the year, The Dow Clew8r Foundatlon rnainlain￿ its o)mmitment to supporting charitable
organlsations across the arts, education, cornmunity welfare, health, and youth developm6nt sectors.
Slgniflcant grants were awarded to a number of tharities Lx)th in the UK and intemationally.
The charity remained closely involved wtth Brass forAfrica. a charity of which R Dow is also a tNstee, helping
to support its wort empowering disadvantaged chikJr8n and young people across Sub-saharan Afrlca through
music education and life-skills training. AlongsKJe financial assislan￿, Ihe Foundation provided advic8.
guidance and support with fundraising initiatives. Brass for Africa delivers programmes in Uganda, Rwanda
and Llberia. helping young people develop confidenck. opwrtunity and soLMal inclusion through access to
music and education.
A longstsnding relationship with African Bush Camps Foundation was also maintsined through ongoing board
Involvement and wider strategic support. African Bush Camps Foundation delivers community and
conservalion projects across Zimbabwe, Zambia and Botswana. addressing cha116nges induding 8ducation,
healthcare, food security. 8mpk)ym8nt opportunitb8s and v￿ldIlfe (x)nseNatKSn.
Within the arts sect￿. major support was provlded to the English National Opera and the Royal Ballet & Opera
in recognrtion of their contribulion to the development and accessibility of opera and perfoming arts in lh&
UK. Donations were also made to Donmar Warehouse. Gar5ington Opera, GlyndelxAJme Opera and the
Academy of St Martln In th6 Flelds, helping to promote exCe1￿Ce and parttelpatlon In theatre and muslc.
Th8 Foundation also retained its a$s￿lation v￿th the Guildhall School of Music & Drama through wder
support for the development of young mu&ctans and perforniers.

The Dow cle￿￿r Foundallon
Community and youth initialNes remained an irnwrtant fC￿S during the year, including 5UPPOrt for Cobras
Basketball Club, helping to encourage partldpalion in sport and create opportunlties for young people at a
local level.
Further donatlons were made to th6 British Heart Foundalion. The Children's Ar Ambulance Service,
Wokingham Foodbank. the RNLI. and Berkshire. Buckinghamshire & Oxfordshir8 Wildlife Trust. r8flecting the
charity's ongoing commttment to health, emergency 5er¥ices. enmronmental conservation, and local
community welfare initsatives.
Flnanclal revlew
The charity is furKled pllmarily by the Dow c￿er famity. During the peticxl. £297,271 of total funds were
donated direcuy to charitable causes, £2,370 are expenses relating lo the independent examination of the
charfly's annual accounts, and £528 w8re paid as bank charyes. commi&8lons on Investment purchas85, and
oth6r govérnance•related fees.
The charity Gontinued to invest in the Redmayne BOn￿eY account in order to access financial instruments to
earn interesl on the fvnds held, as cash in the thariws current acc￿nt held with Cater Allen eamed zero
interest. As part of the Investment Policy statement. instruments are thosen with a high degree of capital
protection, while providing some yield on the cash invested so as to provide additional income towards the
Charity's objects. During the FIn8nd￿ Year. £7,555 was earned as income, against additional investment-
related o)sts of £347. This represents a net POsltlv6 rèsu￿ of £7,209.
At the end of the perK>d, the charty had £231.909 in cash andlor liquid investrments to continue its purposes
and activities in the follo￿ng year, had £3,139 in accrued. bul unpaid. interest income. and On￿ had £2,370
in creditors due to the Independent Examinerfor th￿[ work on this yearfs ac(x)unts.
The charity has no speufic reserves policy but the trustees consider the reserves are sufficient to meet the
grant commitinents already approved as well as charitys governance and administrative costs.
There are no uncertainties atx)ut the charivs abilty to (x)ntinue as a going concern.
The charity has no fund or subsidiary undertaking that Is materially in deficit.
Reference and administratbve details
Charity Number:
Cornpany number..
Registered Office:
1193608. registered wtth the charities Commission on 19.02.2021
12914102. incorporated at Compan￿$ House on 29.09.2020
Staple House, Eleanors Cross. Dunstable. Bedfordshire, LU6 1SU
Our advlsors
Independent Examiner
Bankers
Kirk Rice LLP
Cater Allen
The Courtyard. High sI￿et, A￿t, Berkshire, SL5 7HP
Santsnder House, 9 Nelson Street, Bradford, BD15AN
DlrKtors and trnstees
The directors of the charitable company (the tharity} are tis trustees ts the purpose of charity law. The
trustees and offic*rs serving during the year were as follows:

The Dow Clewer Foundatlon
Elected tnjstees:
D Clewer
RDOW
PDOW
Secretary
H J Williams
Currendy the charity has no f(K the recruitrnent and appointrnent of trusteos.
structure, Governance and Management
Govorning Document
The Dcw Cl8wer Foundation is a ￿MpanY limlted by guardrrtee govern￿ by its Memorandum and Articl8S
of Association dated 29 Septernber 2020. It is registered as a charity with the Charity Commission.
Organlsation
The board of trustees normally meets monthly to dKscuss grant prowsals. existlng chaNtable d￿atiOnS, and
general matt8rs of Ihe financial management and ￿VernanCe of the foundation.
R8latedpardes
None of our trustees re￿1ve remuneration or other benefft thew work vAth the charity.
Trustees. responslbllities in relatlon to the financlal statements
The charity trustees {who are also the directors of The Dow Clewer Foundation for the purposes ofcompany
law) are responsible for preparing a Trustees. Annual Report and f5nancial statements in accordance wlth
applicable law and United Kingdom Acc(rtJnting StaThJards (Untt&d Kingdom Generally Accepted Accounting
Practice). The report and accounts have been prepared in accordance the provisions in the Companies
Act 2IY)6 relating to small Gompanies.
Company law requires the charity tnjstees to prepare financial statements for eath year which give a true
and fair wew of the state of affairs of the charitable company and the group and of the incx)ming ￿soUrc&S
and application of resources. including the income ar￿ expenditure. of charitabla group that year.ln
preparing the finanual statements. the trustees are required lo:
Select suitable accounting policies arrtl then app￿ thern consistent]y,'
Observe the methods and principles In Ihe Charities SORP.
Make judgements and estitnates that are reasonable and prudent.
State btheth8r applicable UK aC(x￿nting standards have been fdlowed, subject to ary materfai
departures disdosed and explained in the financial ststements; and
Prepare the finarKial statements on the going concem basis unless f( is inappropriate to presume
that the charity will continue in operatKIn.
The truslees are responsible for keepiw adequate aLuunting records that disclose with reasonable accuracy
at any tlme the ffinancial positson of the charity and to enable them to ensure that the financial statements
comply wtth the Companles Act 20￿. They are also responsible for safeguarding the ass8ts ofthe charlty
and the group and hence taking reasonable steps for the prevention and detection of fraud and o(her
irrogularilies.
By order of the board of trustees
D Clewer (Chair)
10.06.2026

The Dow Clewer Foundallon
Independent examineffs report lo the trustees of The Dow Clewer Foundatlon
I report to th8 ttustees on my examination of the financial statsmenls of The Dow Clewer Foundation (the
charity) for the year ended 30 SeptemtEr 2025.
Responslbllltles and basls of report
As the charity's tNstees land also ils direc*ors for the purposes of compary kw) you are responsible for the
preparation of the accounts in accordance with the requirements of the Companies Act 20061.the 2006 Act,).
Having 5alsfied myselfthat the accounts ofthe Company are not requlred to audited under Part 16 of the
2006 Act and are eligible for independent examlnatTron. I r8POrt in respect of my examination of your charlty's
accounts as ¢arrfed oui under section 145 of the Charlties Act 2011 ('the 2011 A(*'). In carrying oul my
examination I have followed the Directions gNen by the Charity Commission under section 145(5} {b) of the
2011 Act.
Indopend6nt examine￿5 statemént
Slnce the Company's gross income exceeded £2￿,000 your examlner musl be a member of a body listed in
saclion 145 of the 2011 Act. l (x)nfirm that l am qualified to undertake the examination because l am member
of ICAEW, which is one of the listed iK)dies.
I have completed my examinalvjn. I confirm that no matters have come to my attention in connecton with the
axamination gimng me cause to ￿lIeVe.
1. al￿)Unting reoyds wero not kept in respect of the Company as required by section 386 of the 20￿ Act.,
or
2. the accounts do not accord with those rec￿1$. or
3. the accounts do not compty with the accounting requirements of Secti￿ 396 of the 2006 Act oth8r than
any requirement that the accounts give a Y￿e and fair view whith is not a matter considered as part of an
independent examination. or
4. the accounts have not been prepared in accordance with the methods and prfndples of the Statement of
Recommend@d Practice accounting and repK)rting by charities appli(able to chartlies preparing their
accounts In aCC￿anCE wth Ihe Financial ReportirKJ Standard applicable in the UK and Republic of Ireland
(FRS 102).
I have no CA)ncems arKI have corne across no other matters in cOnn￿tIon ￿th the examination to which
attention shoukl be drawn in this report in (Kdgr to enab￿ a prow understsnding of Ihe accounts to be
reaGhed.
Andrew Beet FCA
Date: 10.06.2026
Kirk Rice LLP
The Coutyard
High Street. Ascot,
BerkS￿re.
SL5 7HP

The Dow Clewer Foundatlon
Statement of Flnanclal Actlvltles
Year. Isi Odobgr 2024 to 3Gth Sepl8mber 2025
Total
Funds
Unrestricted Restrlcted
Funds
Funds
Note
In￿rne:
Donations and lega(aes
250,CKK)
250,000
Interest Rec6ived
7.555
Total Incomè
257.$55
257,555
Expendlture:
Expenditure on th8ritable aclivilies
Revaluation of investments
300.169
139
3(KJ,189
139
Total expendlture
300,308
Net incomel(expendlture} and net
movement In funds for the year
(42,753)
{42,753)
Reconclllatlon of funds
Total funds brought forward
275,217
214
275.431
Total funds carried forward
232A64
214
232,678

The Dow Clewer Foundatlon
Statement of Financial Athhles
Year.. 1* October2023 10 3[* S8ptemb8r2024
Total
Funds
Unrestrlcted Roslrfdod
Funds
Funds
Note
Income:
Donations and legacies
250.000
12.500
262,500
Interesl Received
4,294
4.294
Total Incom8
254,294
12,500
266,794
Expandltura:
Expenditure on CharItab￿ aclivfaes
12.286
266.931
Total expendlturo
2x645
12,286
266,931
Net incomol{oxpenditure} and net
movement In funds for the year
(351)
214
(137)
Reconclllatlon of funds
Total fijnds brought forward
275,568
275,568
Total funds carrled foThvard
275.217
214
275,431
The statement of financial activtties includes all gains and k)sses re￿gnised in the year.
All income and expenditure derive from wntinuing acbvilies.
The statement of financial activities also complies wtth the requir8m8nts for an incorne and expenditure
account under th8 Companies Act 2006.

The Dow Clewer Foundatlon
Balance Sheet
30 September
2025
30 September
2024
Note
Current assets
Debtors
Investments
Cash at bank and in harKI
Total Current Assets
3.139
150,435
81.474
235,048
174,451
103,200
277,651
Llabilities
Creditors f811ing due within one yoar
Net Gurrenl Assets
10
(2,370)
232,678
12,220)
275A31
The funds of the charity:
Unrestrided income funds
Restricted income funds
232,464
214
275.217
214
Totsl Charity Funds
232.678
275,431
The company Is entitled to the exemption from the a￿lit requirement contained in section 47T of the
Companies Act 2006, for the year ended 30 September 2025.
The knjstees ad(nowledge their respon￿bIlItIeS for ensurtng that the charity keeps accounting records which
comply with section 386 of the Act and for preparing ffinancial statements whith give a true and fair M8w of
the state of affairs of the company as at the end of the financial y6ar and of its incoming resources and
application of resources. Including its incx)me and expenditure, for the financial year in accordanc8 wf(h the
requirements of sections 394 and 395 and which otherwise comply vAth the rgquirem8nts of the Companies
Act 2006 relating to financial statements. so far as applicable to the company.
The members have nol r8qulred the company to obtain an audit of ts finandal stat￿ents for the year in
question in accordance with seL#K)n 476.
These finanaal slatemenls have been pr8pared in ac(thanc8 with the pmisions applicabte to companl8s
8ubject to the small C(￿PanieS re9ime.
The finanaal statements were approved by the Trustees on 10.062026
Signed:................-........-...
Name DAWN CLEWER , Chair of trustees on behalf of the fr￿￿te8s.
Company regiS￿tion no. 12914102

The Dow Clewer Foundatlon
Notes on the accounts - Yearendry 3(P) S8ptsmb8r2025
Ac¢ountlng Policies
The principal accounling policies adopted. judgements and key sources of estimation unc*rtainty in the
preparation of tho financial slalemènts are as follows..
a) Basis of preparation
The financial statements have been prepared in accordan￿ with th8 Charities: Statement of
Recommended Praclice (applicable to chartties preparing their accounts in accordance with the
Financial Reporting Standard applicab￿ In tho UK Republic of Ireland {FRS 102}> (issued in
October 2019) - (Charlti85 SORP (FRS 102)). the Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 102) and the C￿F￿nIeS Act 2006.
The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the
provisi¢)ns in the SORP for charities applyng FRS 102 Update BUl￿tIn 1 not to pr8par8 a Staternenl
of Cash Flows. The financial statements are prepared in sterfing. which is the fijnclional currency of
the charty. Monetary amounts In these ffinancial statements ar8 rounded to the nearest £.
The accounts are presented forth8 year frcyn 1st October 2024 to 30 September 2025.
b) Golng Con￿rn
Al the time of approving the financial slalements. the trustees are not aware of any material
uncertaintl8s about the chariws ability to Ix)ntinue as a going concern and have a reasonab18
expectation that the charlty has adequate resources to cnntinue in operatlonal existence for the
foreseeable future. Thus the trustees have adopted the going concem basis of accounting in prep8ring
the financi81 statements. The Dow-clewer famity has discussed its intention to continue supporbng
the charity with further significant donatK)ns in the upcomlng year. The charty also may make
commitments to give grants in the upcoming year, but as at the time of writing the total cx)mmitments
do not exceed the Current cash at bank hdd by the charlty.
c) Income
Income is recognised when the charity is legally entitled to it after any l￿FO￿anCe ¢ondilions have
been met, the amounts can be measured reliably. arKI it is probable that income wll be received.
d)
Fund accounting
Unrestricted tunds are avallable to spend on adivtlies that further any of Ihe purposes of thè charity.
Restrlcted ftjnds are donations which the donor has spectfied are to be solely used for particular areas
of the charitys work or for projects being 5UPPOrted by the charity.
Expendiiure and irrecoverabie VAT
Expenditure is r￿gnised once there is a legal or conslnjctive obligation to make a payment to athird
paty, it is probable that settlement V￿11 be required and the amount of the obl￿allOn can be measured
reliably.
Debtors
Trade and other debtors are ￿COgniSed at the Sett￿ment amount due after any transaction occurs
which trigg6rs an amount owing to the charity in the future.

The Dow Clèwer Foundatlon
g) Investments
Current asset investments comprise cash and cash 8quiv8lents held for investments purposes arKI
int8nded for r8alksalion within one year.
h) Creditors and prowsM)ns
Credilors and provis￿n$ are recognised where the charity has a present obligation resulting from a
P8St event that TrMII probably result in the transfer of funds to a third paty ancl the amounl due to settle
the obligation can be measured or eslimated rellably. Credttors and provlsions are normally
r8cognis8d at their setuement amount after alk)wing for any discounts due.
Legal status of the Trust
The Trust Is a charitable company limited by guarantee incorporated in England and Wales and has no
share capital. Th8 reglstered office is Staple House. Eleanors Cross, Dunstable. Bedfordshlre LU6 1SU. In
the event of a vlnd up or liquidation, its mernbers will guarantee an amount of £1 each for payment of costs
arKI associated charges.
In¢ome fr(￿ donations and legacies
Donatlons
FY25
FY24
Gifts
250,000
250,000
262,500
262,500
The incom8 from donations and18gacies was £250.000. of which all was unrestricted.
Analysls of expenditurè on charitable actlvttles
Restrfcled Unr8strf¢ted
FY25. £
FY25. £
Total
FY25, £
Brass for Afrtca
156.610
156,610
Cobras Basketball Club
35.0(K)
35,000
ENO
25,000
25,000
23.800
Royal Opera H¢wse
Other Donatlons
56,861
56,861
Examlnerfs fee
2.370
2,370
Bank & Gov8mance fees
528
Total
300,169 300.169
Expendlture in FY25 on charitable actiwties vms £3(Kl.169 of vthich all was unrestrfcted.
10

The Dow Clewer Foundatlon
All grants were made to institutions.
R8strl¢tod Unrestricted
FY24. £
FY24. £
Toial
FY24, £
Brass for AfrEca
78.495
78.495
Gulldhall
32.500
32.500
ENO
26,930
25.CKiO
26,930
Royal Opèra Hous8
25.000
Cobras Baskètball Club
15.000
15.01)O
Other Donations
12.286
73.174
Examinerfs fee
2220
2.220
Bank & Govemance fees
1.326
1.326
Total
12,286
254,645 266,931
Expenditure in FY24 on charitable acaivittes was £266,931 of which £254.645 was unrestricled and
£12,286 was restricted.
All grants were made lo institutions.
Trustee romuneradon and expenses
The charity trustees were not paid and did not receive any other beneffts from employment with the charity
in the year. A lotal of £5,465 was reimbursed in the year to three trustees where they made donations that
uld not be made from the charity bank account. No trustee received payment for professional or othor
s8Mces supplied to the charity.
Staff Numbers
The foundation employs no staff.
Related party transactlons
A donation of £100,000 was received from Robert Dow during the year, in respect of which £25.000 in Gift
d was claimed. A donation of £125.000 was re￿iVed from Matusadona Ltd. a ¢x)mpany registered In
Jersey which is owned and controlled by Robert Dow. Patrick Dow and Ella Dow.
Corporatlon Taxation
The charty is exempt from tax on income and gains falling wilhin seclion 505 of the Taxes Act 1988 or
section 252 of the Taxation of Chargeable Gains Act 1992 to the exienl that these are applied to its
charitabte objects.
11

The Dow Clewer Foundation
Debtor5
FY25
FY24
Other debtors
3.139
3,139
10 Creditors: amounts falling due wlthin one year
FY25
FY24
Other c￿editorS and accruals
2.370
2,370
2.220
2.220
12