Docusign EnvelopÈ ID". 11AAAEE2-A769-4E20-942E-08806941075A RE61sfEREO CHARITY NUMBER: 1199585 Bluefield Foundation CIO Trustee< Report and Unaudited Flnancial statements for the year ended 31 March 2025
Docusign EnvelopÈ ID". 11AAAEE2-A769-4E20-942E-08806941075A Bluefield FIndatIon ao Contents Page Legal and Administrative Informatlon Trustees. Report Independent Examlnerfs Report io statement of Flnanclal Actfvltles li Statement of Flnancial Posltlon 12 Notes to the Flnanclal Slalements 13-15
Docusign EnvelopÈ ID". 11AAAEE2-A769-4E20-942E-08806941075A Bluefield Foundallon CIO Legal and Adrnlnlstratlve In1matIOn for the year endèd 31 March 2025 R•f•rence and Administratlve Inforniatlon The Bluefield Foundation wa5 reglstered on the Reglster of Charltle5 on 7 July 2022 wlth the Charity Commission Reference Number 1199585. It Is governed by a constltution dated 6 July 2022. Re8lstered Address •nd Prlnclp•l Offl<e The Bluefleld Foundatlon 3 Temple Back East 8rlstol 8516DZ Trustees Jarnes Robert Armstrong Glovannl Terranova Luke Michael Hean Gaydon B•nkevs Royal Bank of Scotland Bolton Corporate & Commercl31 Servlce Centre Parkland5 De Havllland Way Horwlch Bolton BL6 450 Independent Examlner Corrlgan Accountants Llmtted I. Floor 25 Klng Street Brlstol BSI 4PB
Docusign EnvelopÈ ID". 11AAAEE2-A769-4E20-942E-08806941075A Bluefield Foundatlon CIO Trusteos, Report for the year ended 31 Marth 2025 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 2025. The Foundation was re8lStered as charity on 7 July 2022. Structure, Governanco and Management The Foundation is governed by a constitutlon dated 6July 2022. It is governed bythree Trustees who delegate day-to-day responsibllitles to a srnall 8roup of volunteers, all of whom are employee5 of the Bluefleld group of companles. A sulte of policles, Including a Grant Making Pollcy, Fbnanclal Controls Policy4 and Conflict Policy have been adopted by the Trustees to support the management of the Foundatlon. The Trustees act wfth Integrlty and a high degree of professlonal conduct to help achleve the Foundation's charitable purposes. The Trustees evldence a mlx of flnanclal and profe551onal expertlse. which Is deemed sufficlent for the successful running of the Foundatlon. The Trustees confirm that they have complled wlth the dV In Sectlon 17 of the Charbtles Act 2011 to have regard to the publlc benefh guldance publlshed by the Charlty Commi55lon. No Trustees have lolned or left the Board Since the incorporation of the Foundatlon on 7 July 2022. Iflwhen there15 a vacancy on the 8oard of Trustees, suitable candidates can be identified and appointed bv the Trustees or the 501e member, Bluefleld Partner5 LLP. The remalnlng Trustees will be responsible for the Inductlon of any new Trustee which Involves awareness of a Trustee's responsibllltles, the 8overnin8 document, admlni5tratlve procedures and varlous policles. ObJectlve$ The oblectlve of the Foundatlon Is to advance such charltable purposes as the Trustees see flt from tlme to tlrne, In accordance with the laws of England and Wales. The Trustees are keen to SUPPOTt activities that advance the objectlve of the Foundatlon in an effectbve way. As a result, the Trustees have set out pylor¥ causes, whlch are those that support: lal Dlsadvant3ged communftle5 located nearthe areas In whlch the Bluefield companles operate (namely Brlstol, London, and Romel,. and Ibl The protection. restoration or conservation of nature. However, activrlies which fall outslde of these prlorlty causes may also be consldered. The Trustees will award grants to Such charttle5. Individuals, and instltutlon5 as they may select from tlme to time, provided that they are satisfied that the grant wlll further the objectlve of the Foundatlon and Is an approprlate use of the chary'S funds. The Trustee5 have commltted to revlewlng the grant-making prlorltle5 and principles set out In the Grant Making Policy annually or periodically as they consider to be appropriate.
Docusign EnvelopÈ ID". 11AAAEE2-A769-4E20-942E-08806941075A Bluefield Foundatlon CIO Trustees, Report for the year ended 31 March 2025 Grant Makin8 Pollry Pur ose of the PolSc The Foundatlon Is governed by Its Trustees, who have a duty, acting at all limes In the best interests of the Charity, to apply the Foundation's assets to advante Sts charltable oblectlves and have ultimate responsibility for all grant-maklng declsions. The purpose of the Grant Maklng Policy Is to set out the prlnclples and procedures that 8uide the Trustees when they are making grants to further the Foundation's oblectives. It a150 provide5 informatlon about the Foundatlon's grant-making proce55 to anyone who Is applylng to the Foundation, or would like to apply to the Foundatlon, for a 8rant. The Trustees welcome proposats that support thelr fundlng prlorltles from CharleS, organ15atlons, and Indlvlduals, Includin8 directors, members* partners, and staff of the Bluefleld group of companles. The Trustees wlll prlmarlly award grants to organlsatlons based In the Unfted Klngdom I'UK'I that elther.. lal are reglstered as charltles wlth the Charlty Commlssion for England and Wales, the Office of the Scottlsh Charity Regulator I'OSCR") andlor the Charlty Commlsslon for Northern Ire13nd I"CCNI"I,' andlor Ibl quallfy as charlties under the law of England ind Wale5 bLrt are not requlred to reglster wlth the Charity Commls510n. However, the Trustees also consider proposals from charltles that are estab115hed outslde the UK and non- Charable organ15atlons that are establlshed elther In the UK or elsewhere. In particular, the Foundatlon mav make grants to Italian Charttles whose oblectfves allgn wtth the prlorlty causes of the Foundètlon. nwlllF The Trustees usually make grants In such amounts a5 they consider to be most approprlate. The Trustees wlll award grants to fund up to 100% of the cost of a proposal. However, the Trustees.. lal will consider fvndlng part of the cost of a proposal where the total ¢05t Is shared wlth one or mure other funders- and Ibl encoura8e appllcants to seek matched or additional source5 of fundlng forthelr proposal. If a grant covers part of ihe cost of a pTop05al, the Trustees may requlre the appllcant to provide detalls of the other funderlsl and the funding that they have secured or applied for lincluding any loans or other commercial funding). The Trustees may a150 make a small number of 8rants to partlcular charities for lon8- term projects.
Docusign EnvelopÈ ID". 11AAAEE2-A769-4E20-942E-08806941075A Bluefield Foundatlon CIO Trustees, Report for the year ended 31 March 2025 Durlng each calendar year, the Trustees wlll make grants in accordance with the followin8 criteria: lal up to 90% of the Foundatlon's annual budget may be allocated to causes whlch align with the Foundation's prlorlty causes lof which up to one-third of this 90% may be used to fund investment opportunities which all8n wfth the Foundatw)n's prlorlty causes),. and Ibl up to IO% of the Foundation's annual budget may be allocated to supportingthe charltable endeavours of staff or contractors of the Bluefbeld Group. These charltible endeavours do not necessarily need to align with the Prlorlty Causes of the Foundatlon. How Gran ar A lied For All grant proposals must be made in writln8 or by email. Proposals must explain how the grant will be used and put forward a stron8 case for support. In particular, a proposal must.. lal demonstrate how the activities funded by the grant wlll beneflt the Intended beneflclarles and advance one or more of the fundlng prlorltles,. Ibl set out how the use of the 8ranl wlll be managed; Icl 8lve detalls of the key Indlviduallsl who wlll be responslble for the management of the Brant and delfverlng the proposed actlvltles. Idl provide a budget forthe proposed actlvltles: and lel 8lve deta115 of any other fundlng that has been awarded or that Is belng sought for the actlvltles to be funded by the grant. If the appllcation Is rnade by or on behalf of an organlsatlon, the followln8 must also be provlded wbih the proposal.. lal a complele, up-to-date copy of the organlsatbon's Boverning document. Ibl if the organisation Is a UK charitv: lil Its reglstered charlty numberlsl as Issued by the Charfty Commlsslon, OSCR andlor CCNI; andlof 1111 If Is a charity under the law of England and Wale5 that is not requlred to reglster wh the Charlty Commission Ibecause It Is elther an exempt or excepted charlty, or has Income below the reglstration threshold), evldence of Its charltable status (such a5 an HMRC reference number): Icl If the orEanisation is a charlty established outside the UK. evidence- lil of it5 charitable status. Thls might, for example, Include evidence of reglstratlon with a non-LIK eharlty regulator andlor wrftten confiTmatSon from an appropriately quallfied professional that the organisation is established a5 a charity in the relevant jurisdiciion.. and 1111 that all the activltles In the proposal would quallfy a5 belng charrtable and for the publlc benefit rF they were undertaken by an or8anisation which was registered as a charriy in England and Wales; and Idl the or8anlsation's most recent set of accounts.
Docusign EnvelopÈ ID". 11AAAEE2-A769-4E20-942E-08806941075A Bluefield Foundatlon ao Trustee< Report for the year •nded 31 March 2025 If the applicant Is a non-charitable organisatlon Ilncludln8 all foreign organisatlonsl the proposal must also.. lal provlde evidence that the organisatlon has 8 bank account,. and Ibl demonstrate that all the actfvbtles in the proposal wlll qu311fy as being charitable for the publSc benefbt if they are undertaken by an organisation that is registered as a charlty In England and Wales. w the Truste M ke Grant Isions The Trustees have ultlmate responsibility for all grant-maklng declslons and for ensurln8 that all funds awarded are used to advance the Foundation's oblèctlves. The Trustees must declare the nature and extent of any Interest, direct or Indirect, whSch could, orcould be seen to, prevent them from maklng a grant declsion only In the best Interests of the Foundatlon. Situations In which a confllct of interest may arise Include where.. lal a Trustee lor a person connected to them) stands to benefit from a grant from the Foundatlon; or Ibl 3 Trustee has a duty of loyalty to a thlrd party that confllcts wlth thelr duty to the Foundation. Any such confllct of Interest must be declared and managed by the Tru5tee5 In accordance wlth the Foundatlon's Conflicts of Interest Pollcy. The Trustees may delegate certaln declslon-maklng responslbllltles. In partlcular: lal Indlvldual Trustee5 andlor the Foundatlon's staff or volunteers may be asked to revlew grant proposals and make recommendatlons to the Trustees,. and Ibl before ¢Jeclding to award a grant, the Truslees may ask anyone they conslder has relevant expertise or experlehte to provlde them with informatlon and to loln In thelr db5cusslons, but not to take any part in the flnal declslon. Icl a commlttee of Indlvldual Trustees andlor the Foundatlon's volunteers may be asked to revlew, make flnal decisions, and Implement the donations supportlng staff or contractor endeavours, provided these are made to UK or Italian registered charities. All such donatlons shall be presented to, and reviewed bv, the Trustees as part of future meetlngs. In all cases where a recommendation Is made to them to award 3 grant, the Trustees may Iln thelr absolute discretion) refuse to approve that recommendation, particularly if they consider that a Brant would not be an effective way to further the chirltable oblectlves or would conflict wlth the Foundatlon's policies or Interests. The Trustees may take up to six months to consider 8rant proposals and declde If they will award a grant or not. The Tru5tee5 lor the Foundatlon's volunteers, on their behalf) will Usual inform applicants of their declslon In wrlt5ng. If the Trustees declde not to award a grant for a proposal, they are not obligeii to glve the applicant reasons for thelr decision but may, if requested by the applicant, g6ve the appllcant Such written feedback on the reasDns for their dec15ion as they conslder approprlate. The Trustees. decision whether to ward a grant is final.
Docusign EnvelopÈ ID". 11AAAEE2-A769-4E20-942E-08806941075A Bluefield Foundatlon CIO Trustee5' Report for the year ended 31 March 2025 Grant Makin Pro ess Review to assess ali8nment with the Foundation's prlority causes. Charitable endeavours which clearly do not align with the Foundation's priority causes are declined, Grant request recieved Il aligned, a Lharity Vetting Form is circulated to the organ15ation or entitv making the grant request, to obtain addltlonal information. This may Include the total funding being Tequested. whether oiher sources of funding have already been obtained. an(1 Information on speclflc PTogrammes or projects which will be supported. Once completed, the grant request wlll undergo a second review and a shortlist of applications Created for consideratlon by the Trustees. Grant applications are revlewed and onsidered by Trustees at Trusiee Meeting5, which occur at least 3 tlmes a year. Following revlew, a subset of applications proceed to the next stage. Governance Informatlon is requested and reviewed. If all is satisfactory, fund5 are transferred.
Docusign EnvelopÈ ID". 11AAAEE2-A769-4E20-942E-08806941075A Bluefield Foundatlon CIO Trustees, Report for the year ended 31 March 2025 Achlevements and Perfomianc? Charitable Donatlons Grants were made or approved to the following charltable or£anlsatlons In connection with the year endlng 31 March 2025: The Fellx Projert: The Felix Project believe5 In a vlslon of London where no-one goes hungry and good food Is never wasted, and establlshed a food redlstrlbutlon charlty In 2016 to tackle both Issues. The charlty rescues high-quality surplus food from over 530 suppllers, Including supermarkets, wholesalers, farms and restaurants, and redlstributes it to over 1,000 front-llne charltle5, prlmary schools and hollday programrnes in London who reach vulnerable people who cannot afford to buy nutrltlous, heahhy food. Fareshare Southwest: Fareshare Southwest was formed In 2007 to help tackle the food poverty bssue In the Southwest by redlstributlng surplus food across the re8lon. By using quallty, in date surplus food whlch would otherwlse hove gone to waste. they turn an envlronmental problem Into a soclal solutlon. Jull*n Trust: The Julian Trust Is a charlty dedlcated to provldlng a safe, welcomlngi and supportive envlronment for Indlvlduals at rlsk of or experlenclng homelessness In Brlstol. Sprln8 of Hope: Sprlng of Hope Is a non-comm1551oned referral servlce, provldlng shelter, short-term èccommodation, and hope for women In thelr momenl of Crlsls. when they have nowhere else to 80. The team of female staff and volunteers advocate for women, walklnE alongslde them to help ihem get to a place where they are able to engage wfth speclallsed agencle5 who can offer longer term support. Arca Project: Slnce 1994, Italy'5 Pro etto Arca has been dedlcated to supportlng ihose In poverty and soclal exclusion. Its misslon Is to provlde concrete asslstance to people in condltlons of severe poverty and soc131 excluslon. Hannah Moore Prlmary Sthool: Whllst not a charlty, Hannah Moore Prlmary School15 located close to the Bluefleld's Brlstol office. The proportlon of dlsadvantaged puplls attendln8 thi5 school ha5 been Identffied as well above the natlonal average Combat Stress: Combat Stress Is the UK'S leading veterans, mental health charlty. It provides clinlcal treatment and support for veterans from the Briiish Armed Forces, focuslng on those wlth complex mental health issues resulting from thelr experlence5 durlng milltary servlce. The Trustee5 agreed that these charltles furthered the Foundation's charttable purpose. speclflcally the prlorlty cause of 5UPPOrting "Disadvuntaged communitles locoted neor the areas in whirh the 81ueAield companies operote Inomely Bristol. London, und Romej". In addltlon, and in line wlth its grant-making pollcy, the Foundatlon Is able to use up to IO% of it5 annual budget to SUPPOrtlng the charlt3ble endeavour5 of staff or contractors of the Bluefleld Group. These charitable endeavours do not necessarily need to allgn wlth the prior¥ causes of the Foundation. 202D Ofsted Report
Docusign EnvelopÈ ID". 11AAAEE2-A769-4E20-942E-08806941075A Bluefleld Foundation CIO Trustee5' Report for the year ended 31 March 2025 Achlevements and Perforniance Ifontlnuedl Investments In May 2023, the Foundatlon made a £50,0(Kl Investment Into Hlghlands Rewildlng Ltd. Highlands Rewilding Ltd aTrmsto become one of the mst respected nature recovery companies in the world by 2026. The company owns a land portfolio in the Scottlsh Hl8hlands, on whlch It aims to achleve nature recovery by Inte8ratlng regeneratlve agriculture and community living. One of the company's maln goals is to accelerate laT8e-scale Investment in natural capltal by developing standardbed monltoring protocols and quantlfylng carbon and blodiversity uplift uslng a data led approach. Whilst not a charlty, the Foundatlon was able to make thls Investment under the statutory power to make soclal Investments Is.2928 Charitles Act 20111. Thls require5 that the Investment is made with a vlew to.. Furtherln8 the Charlty's purposes. Achlevlng a flnanclal feturn for the Charity la Social investment does not have to provlde the best posslble financial return. any expectation of return Is acceptable). Highlands Rewilding has now completed tts frfth year. The company has made 51gnlficant progress In repaylng Its Inlllal loans through the sale of 30 buildln8s 17 of which are homes now owned by loca15 and rewildln8 supporters contrlbutlng to both houslng and biodlverslty goals. Nearly 2,000 hectare5 of land have been sold Di are In c1051ng, wlth 1.784 hectares under long-lerm management partnerships IOSPREYsl, projected to generate £72.8 mllllon In net profsts over 15 years. To reach breakeven by 2027, Hi8hlands Rewlldlng alms to raise £6 mlllion In working capStal and began outreach to high-net-worth Investors and foundatlons In June 2025.. No new Investment5 were made durln8 the flnanclal year endlng 31 March 2025. Flnanclal Revlew The financial state of affalr5 of the Foundatlon Is shown in the accompanying financial statements. The majority of the Foundatlon's assets as at 31 March 2025 were held as elther Investments or cash deposlts. Net a55et5 a5 at 31 March 2025 were £82,443. The Foundatlon recelved cash Income of £50 durlng the perlod and made total donations of £20,722. PlJn$ for the Future As a very Small charity, the Trustees will continue to advance the Foundation's charltsble purposes through grants tu charllle5 or Drganlsatlons whlch align wlth the Foundatloll's priority cau5e5. The Foundation wlll conllnue to priorf(ise charltable organisalions which are IDcated near to where the Bluefleld Group operates IBristol, London, Rornel and wlll look to expand the range of charities that it supports. The Bluefield Group will also continue to encourage Its employees to undertake fundraising and volunteerin8 activitle5, to further support local communities and contribute to the tharitable objectives of the Foundation.
Docusign EnvelopÈ ID". 11AAAEE2-A769-4E20-942E-08806941075A Bluelleld Foundatlon CIO Trustees. Report lor the year ended 31 March 2025 Statement dTrustees' responslbllltles Law applicable to charities in England & Wales requires the trustees to prepare financial statements for each flnancial peflod which give a true and fair view of the charity's flnancial activitles during the period and of its financlal posltlon at the end of the perlod. In preparing financial statements gfvlng a true and falr vlew, the Trustees should follow best practlce and.. • select suitable a¢countin8 policies and then apply them consistentty- bserve the methods and prlnclpals In the Charltles SORP. • make judgements and estimates that are reisonable and prudent. state whether appllcable UK Accounting Standards and statements of recomrnended practlce have been followed, subjed to any material departure5 disclosed and explalned in the financlal statements. • prepare the financial statements on the goln8 concern basls unless It Is Inapproprlate lo presume that the Charlty wlll continue In buslne55. The Truslees are responsible for keepSng adequate accounting records that dlsc105e wlth reasonable acturacv at any tlme the flnanclal posltlon of the charlty ènd enable them to ensure that the flnanclal statements comply wlth the Charltles Act 2011. They are also responslble for safe8uardSn8 the assets of the charrty and hence for taklng reasonable steps for the preventlon and detectlon of fraud and other Irregularltles. The Trustees are respon51ble for the malntenance and Integrlty of the chartty and financlal Informatlon Included on the charlty's webslte. Leg151ation In the United Kin8dom governing the preparatlon and dissemlnatlon of financlal statements may dlffer from le8lslatSon In otherlurlsdictlons. Approved by the Board of Trustees and sl8ned on Its behalf by: 6.11.lOIS James Arrn5trong Dated
Docusign EnvelopÈ ID". 11AAAEE2-A769-4E20-942E-08806941075A Independent Examlner's Report to the Trustees of the Bluefield Foundatlon CIO for the year ended 31 March 2025 l Teport to the Foundation Trusteès on my examination of the accounts of the Foundatlon forthe year ended 31 March 2025 whlch ale set Olrt on pa8e5 11 to 15. Responsibilities and basls ol rep(vt A5 the Foundation's Trustees you are responsible forthe preparation of the accounts In accordance wlth the requirements of the Charltle5 Act 20111'the Act'l. I report In respect of my examination of the Foundatlon's accounts carrled out under sectlon 145 of the Act and in carrylng out my examlnation I have followed all the appllc3ble Dlrectlons Biven by the Charity Commls51on under section 1451Sllbl of the Act. Independent examlner's Statement I have completed my ex3mlnatlon. I conftrm that no materlal matters have come to my attentlon In connectlon wlth the examlnation glvln8 me cause to believe that In any material respect, accountln8 records were not kept In respect of the Foundatlon as re4ulred by sectbon 130 of the Att. or the accounts do not accord wlth those records; or the accounts do not comply wlth the appllcable requlrements concernlng the form and content of accounts set out in the Charltles IAccounts and Reports) Regulations 2008 other than any requirement that the accounts 8ive a 'lrue and falr vlew, whlchls not a matter consldered as part of an Independent examlnatlon. I have no concerns and have come atr055 no other matters In connectlon wlth the examlnation to whlch attentlon should be drawn In thls report In order to enable a proper understanding of the accounts to be reached. Slgned: Ojwn Davld Wright BSC FCA Corrlgan Accountants Llmlted 1st Floor 25 Kln8 Street Bristol 8514PB Date.. 07-Nov-25 io
Docusign EnvelopÈ ID". 11AAAEE2-A769-4E20-942E-08806941075A Bluefield FOundlon CIO Statemerrt of Flnanclal ActltIeS for the year ended 31 March 2025 Unrestricted Funds 2025 Unrestricted Funds 2024 INCOME Donatlon income Interest Incorne 50 121 120.( TOTAL INCOME 171 120,000 ÉXPENDITURE Ch•rltable •rtlvltles Accountancv Donatlons pald Legal expenses Bank fees 11,8001 120,7221 {1,2001 151 12,1001 111,9011 TOTAL EXPENDITURE 123,7271 114,0011 NET INCOMEI (EXPENDITUAÉI 123.5561 105,999 Res•Neg at 31 Mwch 2024 105,999 Reser¥es at 31 March 202S 82.443 105,999 The notes fomi part of these a¢wunts li
Docusign EnvelopÈ ID". 11AAAEE2-A769-4E20-942E-08806941075A Bluefield Found*lon CIO (Re8iSt•r•d ¢harlty number: 11995851 statement ot Flnancial Position At 31 Marth 2025 2025 Unrestricted Funds 2024 Unrestricted Funds Note INVESTMENTS Social investment 50.IXQ 50.0 CURRENT ASSETS Bank account 34,843 62,999 LIABILMES Accrual for accountanryfees Owed to related undertakin8 Donatlons owed 11,8001 6001 12,lOJI 16CQI 4,3(M)I r4ET ASSETS 82,443 105,999 RESERVES 82,443 105,999 The CIO Is entttled to exemptlon from audlt under Sectlon 144 of the Charltles Act 2011 for the year ended 31 March 2025. The member has not required the FoundatSon to obtaln an audit of Itsflnanclal staternents forthe year ended 31 March 2025, The Trustees acknowledge thelr respon51bllltles for en5urlng that the Foundatlon keep5 accountlng records whlch comply wfith 5ectlon 137 of the CharleS Act 2011. The flnanclal statements We approved by the Board of Trustees, and author15ed for Issue, on and were sbgned on its behalf by: 6.11.LDIs James Armstron Dated: The note5 form part of these accounts 12
Docusign EnvelopÈ ID". 11AAAEE2-A769-4E20-942E-08806941075A 8luefield Foundatlon CIO Notes to the Financlal Statements for the year ended 31 March 2025 I. ACCOUNTING POLiaES Charlty Informallon The 81uefield Foundatlon is a charotable incorporated organisation ICIOI registered wrth the England and Wales Charity Commisslon. The reglstered office15 The Bluefleld Foundatlon, 3 Temple Back East, Bristol, BSI 6DZ 1.1 Ac¢ountln8 conventlon The accounts have been prepared in accordance wlth the Foundation's Artlcles of Assoclatlon and "Accounting and Reportlng by Charitles.. Statement of Recommended Practice appllcable to charitle5 preparlng their accounts in accordance wlth the Financlal Reporting Standard applicable In the UK and Republlc of Ireland IFRS 1021" las amended for accountin8 perlods commenclng from l January 20161. The Foundationls a Public Beneflt Entity as deflned by FRS 102. The flnanclal statements are prepared In 5terllng, whlch 15 the functional Currency of the Foundatlon. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the hlstorlcal cost convention. The prlncipal accountlng pollcles adopted are set out below. 1.2 Golng concern At the tlme of approvlng the flnanclal statements, the Trustees have a reasonable expectatknn that the Foundation has adequate resources to contlnue In operational existence for the foreseeable future. Thus. the Trustees contlnue to adopt the golng concern basls of accountln8 In preparln8 the flnanclal statements. 1.3 Fund accountln8 Unrestrlcted funds are avallable for use at the dlscretlon of the Trustees In furtherance of the Foundatlon's tharltable oblectfves unless the funds have been deslgnated for other purposes. IA Income Income ig reco8n15ed when the Foundatlon Is legal entitled to It after any performance condltlons have been met, the amount5 can be measured rellablyi and it 15 probable that Intome will be received. l.S EXpendIre Expenses are Included in the financlal statements as they become CeIVable or due. Expenses Include VAT where applicable as the Foundatlon cannot reclalm It. 1.6 Investments Investments are recognised at cost. Investments comprise social Investments, or pro8ramme-related Invesiments, which further the charitable oblectives of the Foundation and so have not been selected solely to maximise the financial return from those Investments. 1.7 Cash and Cash equlvalents Cash and cash equivalent5 Include cash in hand, deposits held at call with banks, other 5hort-term liquld Investments wh original maturltles of three months or les5. and bank overdrafts. The note5 form part of these accounts 13
Docusign EnvelopÈ ID". 11AAAEE2-A769-4E20-942E-08806941075A Bluefield Foundatlon CIO Notes to the Flnanclal Staternents for the year ended 31 March 2025 1.8 Flnanchl Inslruments The Foundatlon ha5 applied the prov6slons of Section 11 'Basit Financial Instruments, and Sectlon 12 '0ther Financial Instruments Issues, of FRS 102 to all of its flnanclal Instruments. Flnanclal Instruments are recognised In the Foundation's balance sheet when the Foundatlon becomes partv to the contractual provisions of the Instrument. a¢financIal assets Baslc ftnanclal assets, whlch Include debtors and cash and bank balances, are Inltlally measured at tran5aCtlon prlce includlng transactlon costs and are subsequentty carried at amortlsed cost using the effectlve Interest method unless the arrangement constltutes a ftnanclng transactlon, where the transaction 55 measured at the present value of the future receipts discounted at a market rate of Interest. Financial assets clas5ffied as receivable wiihln one year are not amortised. 8oslcJlnanclql Ilabllltles Basic financial liabilities, including credrtors. are Inbtlally recognlsed at transactlon prlce unless the arrangement constitutes a flnanclng transactlon, where the debt instrument b5 measured at the present value of the future payments d15counted at a market rate of Interest. Flnanclal Ilabllbtles classwled as payable wlthln one year are not amortised. Debt In5trument5 are subsequently carrled at amortlsed cost, Uslng the effectfve Interest rate method. Derecoqnltlon oAllnonclolllobllltles Flnanclal Ilabllltles are dereeognlsed when the Foundatlon'5 contradual obllgations explre or are dlscharged or cancelled. 1.9 Oonallons and 8r*nts made The Foundation makes donatlons and grants to charitles and other third parties. A donatlon 15 recognised as a Ilabillty when the Trustees con51der that the Foundatlon has an obllgation to make the payment. Thls polnt 15 usualty once the Trustees have agreed to make the donatlon and that declslon has been communlcated to the relevant charity. I.IOAllocatlon of support costs Support costs are these funrtlons that asslst the work of the Foundatlon, but do not dlrertly undertake charltable actlvities. Support costs included only accountancy fees relating to these financial statements and are shown on the face of the Statement of Flnanclal Actlvilles. The Independent Examlnerf5 fee was £1,020. The notes form part of these accounts 14
Docusign EnvelopÈ ID". 11AAAEE2-A769-4E20-942E-08806941075A Bluefield Foundatlon CIO Notes to the Flnan¢lal Statements for the year ended 31 March 2025 INVESTMENTS 2025 2024 Soclal investments so.000 50,000 The social Investment comprbses a £50,0 Investment held durlnB the year under revlew In the shares of Hl8hlands Rewlldlng Ltd. Further details are 8fven in the Tru5tees' report. RESERVES At l Aprll 2024 TransfeTS At 31 March Inlout 2025 Current year Income Expendlture Income and expendlture reserve Totsl unrestri¢ted reserve5 105,999 171 123,7271 123,7271 82.443 105,999 171 82,443 TRUSTEES, REMUNERATION, BENEFITS Af40 OTHER TRANSACTIONS. None of the Trustees lor any persons connected wh them) recelved any remuneratlon nor were relmbursed any expense5 durlng the period. EMPLOYEES There were no employees during the year12024: none). RELATED PARTY TRANSAclloNS As explalned In the Trustee5' report, the Foundatbon'5 Trustees Iwlth the emceptlon of Luke Gaydonl, and the 8roup of volunteers responslble for the day-tckday operatlons of the Foundation, are all employees of the Bluefield group of companies. Donation income of £5012024.. £120,¢M)I comprised donatlons from Blueh'eld Partt)ers LLP and other entitie5 under common cuntrol, or employees of the 81uefield group of companie5. The notes form part of these accounts 15
Docusign EnvelopÈ ID". 11AAAEE2-A769-4E20-942E-08806941075A