DoGUSign Envelope ID". 03A197BD.A1BA4CE1-83B7_775EB95EF34A
REGISTERED CHARITY NUMBER: 1199585
Bluefield Foundation CIO
Trustees, Report and Unaudited Financial Statements
for the year ended 31 March 2024

DoGUSign Envelope ID". 03A197BD.A1BA4CE1-83B7_775EB95EF34A
Bluefield Foundation CIO
Contents
Page
Legal and Administrative Information
Report of the Trustees
Independent Examiner's Report
io
Statement of Financial Activities
li
Statement of Financial Position
12
Notes to the Financial Statements
13-15

DoGUSign Envelope ID". 03A197BD.A1BA4CE1-83B7_775EB95EF34A
Bluefield Foundation CIO
Legal and Administrative Information
forthe year ended 31 March 2024
Reference and Administrative Information
The Bluefield Foundation was registered on the Register of Charities on 7 July 2022 with the Charity Commission
Reference Number 1199585. It is governed by a constitution dated 6 July 2022.
Registered Addres5 and Principal Office
The Bluefield Foundation
3 Temple Back East
Bristol
BSI 6DZ
Trustees
James Robert Armstrong
Giovanni Terranova
Luke Michael Hean Gaydon
Bankers
Royal Bank of Scotland,
Bolton Corporate & Commercial Service Centre,
Parklands,
De Havilland Way,
Horwich,
Bolton,
BL6 4SD.
Independent Examiner
Corrigan Accountants Limited,
First Floor,
25 King Street,
Bristol,
BSI 4PB.

DoGUSign Envelope ID". 03A197BD.A1BA4CE1-83B7_775EB95EF34A
Bluefield Foundation CIO
Trustees, Report
forthe year ended 31 March 2024
The Trustees have pleasure in presenting their report together with the financial statements of the Bluefield
Foundation Ihereon 'Foundation'l for the period ending 31 March 2024. The Foundation was registered as a
charity on 7 July 2022.
Stmcture, Governance and Management
The Foundation is governed by a constitution dated 6 july 2022. It is governed by three Trustees who delegate
day-to-day responsibilities to a small group of volunteers, all of whom are employees of the Bluefield group
of companies. A suite of policies, including a Grant Making Policy, Financial Controls Policy, and Conflict Policy
have been adopted by the Trustees to support the management of the Foundation.
The Trustees act with integrity and a high degree of professional conduct to help achieve the Foundation's
charitable purposes. The Trustees evidence a mix of financial and professional expertise, which is deemed
sufficient for the successful running of the Foundation.
The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have
regard to the public benefit guidance published by the Charity Commission. No Trustees have joined or left
the Board since the incorporation of the Foundation on 7 July 2022.
If/when there is a vacancy on the Board of Trustees, suitable candidates can be identified and appointed by
the Trustees or the sole member, Bluefield Partners LLP. The remaining Trustees will be responsible for the
induction of any new Trustee which involves awareness of a Trustee's responsibilities, the governing
document, administrative procedures and various policies.
Objectives
The objective of the Foundation is to advance such charitable purposes as the Trustees see fit from time to
time, in accordance with the laws of England and Wales. The Trustees are keen to SUPPOrt activities that
advance the objective of the Foundation in an effective way. As a result, the Trustees have set out priority
causes, which are those that support:
Disadvantaged communities located near the areas in which the Bluefield companies operate Inamely
Bristol, London, and Romel,. and
Ibl The protection, restoration or conservation of nature.
However, activities which fall outside of these priority causes may also be considered.
The Trustees will award grants to such charities, individuals, and institutions as they may select from time to
time, provided that they are satisfied that the grant will further the objective of the Foundation and is an
appropriate use of the Foundation's funds.
The Trustees have committed to reviewinE the grant-making priorities and principles set out in the Grant
Making Policy annually or periodically as they consider to be appropriate.

DoGUSign Envelope ID". 03A197BD.A1BA4CE1-83B7_775EB95EF34A
Bluefield Foundation CIO
Trustees, Report
forthe year ended 31 March 2024
Grant Making Pollcy
Pur
ose of the Polic
The Foundation is governed by its Trustees, who have a duty, acting at all times in the best interests of the
charity, to apply the Foundation's assets to advance its charitable objectives and have ultimate responsibility
for all grant-making decisions.
The purpose of the Grant Making Policy is to set out the principles and procedures that guide the Trustees
when they are making grants to further the Foundation's objectives. It also provides information about the
Foundation's grant-making process to anyone who is applying to the Foundation. or would like to apply to
the Foundation, for a grant.
WhoCanA I foraGrant
The Trustees welcome proposals that support their funding priorities from charities, organisations, and
individuals, including directors, members, partners, and staff of the Bluefield group of companies.
The Trustees will primarily award grants to organisations based in the United Kingdom I'UK'I that either=
lal are registered as charities with the Charity Commission for EnEland and Wales, the Office of the Scottish
Charity Regulator l OSCR") and/or the Charity Commission for Northern Ireland I"CCNI"I,' and/or
Ibl qualify as charities under the law of England and Wales but are not required to register with the Charity
Commission.
However, the Trustees also consider proposals from charities that are established outside the UK and non-
charitable organisations that are established either in the UK or elsewhere. In particular, the Foundation fflay
make grants to Italian charities whose objectives align with the priority causes of the Foundation.
What the Foundation will Fund
The Trustees usually make grants in such amounts as they consider to be most appropriate. The Trustees will
award 8rants to fund up to IOOY¢ of the cost of a proposal. However, the Trustees..
lal will consider funding part of the cost of a proposal where the total cost is shared with one or more
other funders,. and
Ibl encourage applicants to seek matched or additional sources of funding for their proposal.
If a grant covers part of the cost of a proposal, the Trustees may require the applicant to provide details of
the other funderlsl and the funding that they have secured or applied for (including any loans or other
commercial funding). The Trustees may also make a small number of grants to particular charities for long-
term projects.

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Bluefield Foundation CIO
Trustees, Report
forthe year ended 31 March 2024
During each calendar year, the Trustees will make grants in accordance with the following criteria:
(al up to 90% of the Foundation's annual budget may be allocated to causes which align with the
Foundation's priority causes lof which up to one-third of this 90Yo may be used to fund investment
opportunities which align with the Foundation's priority causes); and
Ibl up to IO% of the Foundation's annual budget may be allocated to supporting the charitable endeavovrs
of staff or contractors of the Bluefield Group. These charitable endeavours do not necessarily need to
align with the Priority Causes of the Foundation.
How Grants are A lied For
All grant proposals must be made in writing or by email. Proposals must explain how the grant will be used
and put forward a strong case for support. In particular, a proposal must..
lal demonstrate how the activities funded by the grant will benefit the intended beneficiaries and advance
one or more of the funding priorities:
Ibl set out how the use of the grant will be managed,.
Icl give details of the key individualls) who will be responsible for the management of the grant and
delivering the proposed activities-
Idl provide a budget for the proposed activities,. and
lel give details of any other funding that has been awarded or that is being sought for the activities to be
funded by the grant.
If the application is made by or on behalf of an organisation, the following must also be provided with the
proposal=
lal a complete, up-to-date copy of the organisation's governing document-
Ibl if the organisation is a UK charity..
lil its registered charity numberlsl as issued by the Charity Commission, OSCR and/or CCNI,. and/or
lill if it is a charity under the law of EnEland and Wales that is not required to register with the Charity
Commission Ibecause it is either an exempt or excepted charity, or has income below the
registration thresholdl, evidence of its charitable status (such as an HMRC reference number),.
Icl if the organisation is a charity established outside the UK, evidence..
lil of its charitable status. This might, for example, include evidence of registration with a non-UK
charity regulator andlor written confirmation from an appropriately qualified professional that
the organisation is established as a charity in the relevant jurisdiction,. and
lill that all the activities in the proposal would qualify as being charitable and for the public benefit if
they were undertaken by an organisation which was registered as a charity in England and Wales-
and
Idl the organisation's most recent set of accounts.

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Bluefield Foundation CIO
Trustees, Report
forthe year ended 31 March 2024
If the applicant is a non-charitable organisation lincluding all foreign organisationsl the proposal must also:
(al provide evidence that the organisation has a bank account. and
Ibl demonstrate that all the activities in the proposal will qualify as being charitable for the public benefit
if they are undertaken by an organisatiorb that is registered as a charity in England and Wales.
How the Trustees Make Grant Decisions
The Trustees have ultimate responsibility for all grant-makinE decisions and for ensurinE that all funds
awarded are used to advance the Foundation's objectives. The Trustees must declare the nature and extent
of any interest, direct or indirect, which could, or could be seen to, prevent them from making a grant decision
only in the best interests of the Foundation. Situations in which a conflict of interest may arise include where..
(al a Trustee lor a person connected to them) stands to benefit from a grant from the Foundation,. or
Ibl a Trustee has a duty of loyalty to a third party that conflicts with their duty to the Foundation.
Any such conflict of interest must be declared and managed by the Trustees in accordance with the
Foundation's Conflicts of Interest Policy.
The Trustees may delegate certain decision-making responsibilities. In particular:
(al individual trustees and/or the Foundation's staff or volunteers may be asked to review grant proposa15
and make recommendations to the Trustees,- and
Ibl before deciding to award a grant, the Trustees may ask anyone they consider has relevant expertise or
experience to provide them with information and to join in their discussions, but not to take any part in
the final decision.
Icl a committee of individual Trustees and/or the Foundation's volunteers may be asked to review, make
final decisions, and implement the donations supporting staff or contractor endeavours, provided these
are made to UK or Italian registered charities. All such donations shall be presented to, and reviewed by,
the Trustees as part of future meetings.
In all cases where a recommendation is made to them to award a grant, the Trustees may lin their absolute
discretion) refuse to approve that recommendation, particularly if they consider that a grant would not be
an effective way to further the charitable objectives or would conflict with the Foundation's policies or
interests.
The Trustees may take up to six months to consider grant proposals and decide if they will award a grant or
not. The Trustees will usually inform applicants of their decision in writing. If the Trustees decide not to award
a grant for a proposal, they are not obliged to give the applicant reasons for their decision but may, if
requested by the applicant, give the applicant such written feedback on the reasons for their decision as they
consider appropriate. The Trustees, decision whether to award a grant is final.

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Bluefield Foundation CIO
Trustees, Report
forthe year ended 31 March 2024
Grant Makin
Process
Review to assess alignment with the
Foundation's priority causes. Charitable
endeavours which clearly do not ali8n with
the Foundation's priority causes are
declined.
Grant request recieved
If aligned, a Charity Vetting Form is
circulated to the organisation or entity
making the grant request, to obtain
additional information. This may include the
total funding being requested, whether
other sources of funding have already been
obtained, and information on specific
programmes or projects which will be
supported.
Once completed, the grant request will
undergo a second review and a shortlist of
applications created for consideration bv
the Trustees.
Grant applications are reviewed and
considered by Trustees at Trustee Meetings,
which occur approximately 3 times a year.
Following review, a subset of applications
proceed to the next stage.
Governance information is requested and
reviewed.
If all is satisfactory, funds are transferred.

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Bluefield Foundation CIO
Trustees, Report
forthe year ended 31 March 2024
Achievements and Performance
Charitable Donations
The Foundation made its first grants during the year ending 31 March 2024. Grants were made to the
following charitable organisations..
The Felix Project: The Felix Project believes in a vision of London where no-one goes hungry and good food
is never wasted, and it established a food redistribution charity in 2016 to tackle both issues. The charity
rescues high-quality surplus food from over 539 suppliers, including supermarkets, wholesalers, farms and
restaurants, and redistributes it to over 1,000 front-line charities, primary schools and holiday programmes
in London who reach vulnerable people who cannot afford to buy nutritious, healthy food.
Fareshare Southwest: Fareshare Southwest was formed in 2007 to help tackle the food poverty issue in the
Southwest by redistributing surplus food across the region. By using quality, in date surplus food which would
otherwise have gone to waste, they turn an environmental problem into a social solution
The Trustees agreed that these charities furthered the Foundation's charitable purpose, specifically the
priority cause of supporting "Disadvantaged communities locoted near the areos in which the 8luefield
companies operote (nomely Bristol, London, and Romej" Furthermore, the grants made to these
organisations achieved the following impact..
Organisation
Total donated during financial
vear
£1,250
£8,251
Impact - Total number of meals
redistributed
Approximately 5,000
Approximately 20,600
Fareshare Southwest
The Felix Project
In addition, and in line with its grant-making policy, the Foundation can use up to IO% of its annual budget
to supporting the charitable endeavours of staff or contractors of the Bluefield group of companies. These
charitable endeavours do not necessarily need to align with the priority causes of the Foundation. During the
reporting period, such charities included Movember Europe las part of its 2023 campaign) and Rainbows
Hospice for Children and Young People.
Investments
In May 2023, the Foundation made a £50,OCx) investment into Highlands Rewilding Ltd I"Highlands
Rewilding'l. Highlands Rewilding aims to become one of the most respected nature recovery companies in
the world by 2026. The company owns a land portfolio in the Scottish Highlands, on which it aims to achieve
nature recovery by integrating regenerative agriculture and community living. One of the companls main
Eoals is to accelerate larBe-scale investment in natural capital by developing standardised monitoring
protocols and quantifying carbon and biodiversity uplift using a data led approach.
Whilst Highlands Rewilding is not a charity, the Foundation is able to make this investment under the
statutory power to make social investments Is.2928 Charities Act 20111. This requires that the investment is
made with a view to..
Furthering the Foundation's purposes.
Achieving a financial return for the Foundation la social investment does not have to provide the best
possible financial return. any expectation of return is acceptable).

DoGUSign Envelope ID". 03A197BD.A1BA4CE1-83B7_775EB95EF34A
Bluefield Foundation CIO
Trustees, Report
forthe year ended 31 March 2024
The Trustees believe that the investment in Highlands Rewilding aligns with the Foundation's priority cause
of "the protection, restoration, or conservation of nature" through the promotion of conservation of areas of
natural beauty, and the environment more generally. In addition, investment in Highlands Rewilding
presents an opportunity for the Foundation to potentially generate returns over coming years. Such will help
sustain the Foundation and potentially increase the donations it can make to charitable activities over its
lifetime.
Financial Review
The financial state of affairs of the Foundation is shown in the accompanying financial statements. The
majority of the Foundation's assets as at 31 March 2024 were held as either investments or cash deposits.
Net assets as at 31 March 2024 were £105,999.
The Foundation received cash income of £120,000 during the period and made total donations of £11,901.
Plans for the Future
The Trustees are pleased to have made the Foundation's first grants during the reporting period.
As a very small charity. the Trustees will continue to advance the Foundation's charitable purposes through
grants to charities or organisations which align with the Foundation's priority causes. The Foundation will
continue to prioritise charitable organisations which are located near to where the Bluefield Group operates
(Bristol, London, Romel and will look to expand the range of charities that it supports. The Bluefield group of
companies will also continue to encourage their employees to undertake fundraising and volunteering
activities, to further support local communities and contribute to the charitable objectives of the Foundation.
Statement of t￿stee￿ responsibilities
Law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each
financial period which Eive a true and fair view of the Foundation's financial activities during the period and
of its financial position at the end of the period. In preparing financial statements giving a true and fair view,
the Trustees should follow best practice and..
select suitable accounting policies and then apply them consistently:
observe the methods and principles in the Charities SORP,.
make judgements and estimates that are reasonable and prudent,.
state whether applicable UK Accounting Standards and statements of recommended practice 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 Foundation will continue in business.
The Trvstees are responsible for keeping adequate accounting records that disclose with reasonable accuracy
at any time the financial position of the Foundation and enable them to ensure that the financial statements
comply with the Charities Act 2011. They are also responsible for safeEuarding the assets of the Foundation
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DoGUSign Envelope ID". 03A197BD.A1BA4CE1-83B7_775EB95EF34A
Bluefield Foundation CIO
Trustees, Report
forthe year ended 31 March 2024
The Trustees are responsible for the maintenance and integrity of the Foundation and financial information
included on the Charity Commission's website. Legislation in the United Kingdom governing the preparation
and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the Board of Trustees and signed on its behalf by..
18 December 2024
James Armstrong
Dated

DoGusign Envelope ID". 03A197BD.A1BA4CE1-83B7_775EB95EF34A
Independent Examiner's Report to the Trustees of the Bluefield Foundation CIO
forthe year ended 31 March 2024
I report to the charity's trustees on my examination of the accounts of the charity for the year ended 31
March 2024 which are set out on pages 11 to 15.
Responslbllities and basls of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the
requirements of the Charities Act 20111'the Act'l.
I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and
in carrying out my examination I have followed all the applicable Directions given by the Charity
Commission under section 1451Sllbl of the Act.
Independent examiner's Statement
I have completed my examination. I confirm that no material matters have come to my attention in
connection with the examination giving me cause to believe that in any material respect..
accountinB records were not kept in respect of the charity as required by section 130 of the Act; or
the accounts do not accord with those records,. or
the accounts do not comply with the applicable requirements concerning the form and content of
accounts set out in the Charities IAccounts and Reportsl Regulations 2008 other than any
requirement that the accounts give a 'true and fair view, which is not a matter considered as part of
an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which
attention should be drawn in this report in order to enable a proper understanding of the accounts to be
reached.
Signed..
Stuart Crisp FCA
CorriEan Accountants Limited
1st Floor
25 King Street
Bristol
BSI 4PB
Date- 19 December 2024
io

DoGUSign Envelope ID". 03A197BD.A1BA4CE1-83B7_775EB95EF34A
Bluefield Foundatlon CIO
Statement of Financial Activities
forthe year ended 31 March 2024
Unrestricted
Funds
2024
Unrestricted
Funds
2023
INCOME
Donation income
120,(K)O
TOTAL INCOME
120,000
EXPENDITURE
Charitable activities
Accountancy
Donations paid
12,1(K)I
111,9011
TOTAL EXPENDITURE
114,0011
NET INCOME/ (EXPENDITURE)
105,999
ReseNes at 31 March 2023
Reserves at 31 March 2024
105,999
The notes form part of these accounts
li

DoGUSign Envelope ID". 03A197BD.A1BA4CE1-83B7_775EB95EF34A
Bluefield Foundation CIO
(Registered charity number: 11995851
Statement of Flnancial Positlon
At 31 March 2024
2024
Unrestricted
Funds
2023
Unrestricted
Funds
Note
INVESTMENTS
Social investment
50,000
CURRENT ASSETS
Bank account
62,999
LIABILITIES
Accrual for accountancy fees
Owed to related undertaking
Donations owed
12,1001
16001
14,3001
NET ASSETS
105,999
RESERVES
105,999
The CIO is entitled to exemption from audit under Section 144 of the Charities Act 2011 for the year ended
31 March 2024.
The members have not required the Foundation to obtain an audit of its financial statements for the year
ended 31 March 2024.
The Trustees acknowledge their responsibilities for ensuring that the Foundation keeps accounting records
which comply with section 137 of the Charities Act 2011.
The financial statements were approved by the Board of Trustees, and authorised for issue, on and were
signed on its behalf bv:
LS
18 December 2024
James Armstrong
Dated..
The notes form part of these accounts
12

DoGUSign Envelope ID". 03A197BD.A1BA4CE1-83B7_775EB95EF34A
Bluefield Foundatlon CIO
Notes to the Financial Statements
forthe year ended 31 March 2024
I. ACCOUNTING POLICIES
Charity information
The Bluefield Foundation is a charitable incorporated organisation ICIOI registered with the England and
Wales Charity Commission. The registered office is The Bluefield Foundation. 3 Temple Back East. Bristol. BSI
6DZ
1.1 Accounting convention
The accounts have been prepared in accordance with the Foundation's Articles of Association and
"Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland IFRS 1021" las amended for accounting periods commencing from l January 20161. The
Foundation is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the Foundation.
Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting
policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the
Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus,
the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Fund accounting
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable
objectives unless the funds have been designated for other purposes.
1.4 Income
Income is recognised when the Foundation is legally entitled to it after any performance conditions have
been met. the amounts can be measured reliably, and it is probable that income will be received.
1.5 Expenditure
Expenses are included in the financial statements as they become receivable or due. Expenses include VAT
where applicable as the Foundation cannot reclaim it.
1.6 Investments
Investments are recognised at cost. Investments comprise social investments, or programme-related
investments, which further the charitable objectives of the Foundation and so have not been selected solely
to maximise the financial return from those investments.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid
investments with original maturities of three months or less, and bank overdrafts.
The notes form part of these accounts
13

DoGUSign Envelope ID". 03A197BD.A1BA4CE1-83B7_775EB95EF34A
Bluefield Foundatlon CIO
Notes to the Financial Statements
forthe year ended 31 March 2024
1.8 Financial Instruments
The Foundation has applied the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther
Financial Instruments Issues, of FRS 102 to all of its financial instruments.
Financial instruments are recoEnised in the Foundation's balance sheet when the Foundation becomes party
to the contractual provisions of the instrument.
Basicfinuncial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction
price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at
the present value of the future receipts discounted at a market rate of interest. Financial assets classified as
receivable within one year are not amortised.
8asicfinancial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the
arrangement constitutes a financing transaction, where the debt instrument is measured at the present value
of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within
one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition offinancial liabilities
Financial liabilities are derecognised when the Foundation's contractual obligations expire or are discharged
orcancelled.
1.9 Donations and grants made
The Foundation makes donations and grants to charities and other third parties. A donation is recognised as
a liability when the Trustees consider that the Foundation has an obligation to make the payment. This point
is usually once the Trustees have agreed to make the donation and that decision has been communicated to
the relevant charity.
I.IOAllocation of support costs
Support costs are these functions that assist the work of the Foundation, but do not directly undertake
charitable activities. Support costs included only accountancy fees relating to these financial statements and
are shown on the face of the Statement of Financial Activities. The Independent Examinerfs fee was £1,020.
The notes form part of these accounts
14

DoGUSign Envelope ID". 03A197BD.A1BA4CE1-83B7_775EB95EF34A
Bluefield Foundatlon CIO
Notes to the Financial Statements
forthe year ended 31 March 2024
INVESTMENTS
2024
2023
Social investments
50,000
The social investment comprises a £50,000 investment during the year under review in the shares of
Highlands Rewilding Ltd. Further details are given in the Trustees, report.
RESERVES
At IApril
2023
Transfers At 31 March
inlout
2024
Current year
Income Expenditure
Income and expenditure reserve
Total unrestricted reserves
120,000
114,0011
114,0011
105,999
120,000
105,999
TRUSTEES, REMUNERATION, BENEFITS AND OTHER TRANSACTIONS.
None of the Trustees lor any persons connected with them) received any remuneration nor were reimbursed
any expenses during the period.
EMPLOYEES
There were no employees during the year12023: nonel.
RELATED PARTY TRANSACTIONS
As explained in the Trustees, report, the Foundation's Trustees Iwith the exception of Luke Gaydonl, and the
group of volunteers responsible for the day-to-day operations of the Foundation, are all employees of the
Bluefield group of companies. Donation income of £120,0￿12023'. nil) comprised donations from Bluefield
Partners LLP and other entities under common control.
The notes form part of these accounts
15