The Board present their report and the financial statements for the year ended 31 December 2024

The principal activity of the Foundation is to secure the long term stability and future of the Conservative Party, by raising money for establishment of a fund for the benefit of the party, and managing and investing the fund with the objective of generating income and capital growth.

The foundation is empowered to make donations not exceeding 30% of the capital value of the fund over any 5 year electoral period.

A legacy of £10,200,000 received in 2023 is subject to specific restrictive conditions. The capital of the legacy, together with accumulated income, is recognised as a designated reserve.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The Foundation is a company limited by guarantee and does not have a share capital. The directors have no interest in the income or assets of the Foundation.

Begbies were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standards 102 'The Financial Reporting Standards Applicable in the UK and Republic of Ireland.' Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The purpose of the Conservative Party Foundation Limited is to raise and manage legacy funds to support the long term finance of the Conservative Party. The groundwork has been laid over the past few years for this to be achieved and we consider the Foundation to have a positive future ahead.

Accordingly, the financial statements have been prepared on a going concern basis.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption, in accordance with Section 415A Companies Act 2006.

We have audited the financial statements of The Conservative Party Foundation Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the directors' report has been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outline above, to detect material misstatements in respect of irregularities, including fraud as detailed below:

- Agreement of the financial statement disclosure to underlying supporting documentation;

- Enquiries and confirmation of directors as to their identification of any non-compliance with laws or regulations, or

any actual or potential claims;

- Incorporating unpredictability into the nature, timing and extent of testing;

- Evaluating the selection and application of accounting policies chosen by the company;

- In relation to the risk of management override of controls, by undertaking procedures to review journal entries,

assessing accounting estimates and to identify and verify transactions outside of the usual course of operations. On the basis of the result of these procedures. evaluating whether there was any evidence of bias that represented a risk of material misstatements due to fraud.

- Assessing the susceptibility of the company's financial statements to material misstatement, including how fraud

might occur, by considering the key risks impacting the financial statements.

Our audit was designed to respond to the risk of material misstatements in the financial statements, recognising that

the risk of not detecting misstatement resulting from fraud is higher than the risk of not detecting one resulting from

error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentation or through collusion.

There are inherent limitations in the audit procedures performed, The further removed instances of non-compliance

with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we

are to become aware of them.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://

www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Robert Maples ACA        

For and on behalf of Begbies                

Chartered Accountants and Statutory Auditors          Date: 20th May 2025

9 Bonhill Street        

London        

EC2A 4DJ        

The income and expenditure account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 section 1A - small entities.

The Conservative Party Foundation Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 4 Matthew Parker Street, London, United Kingdom, SW1H 9HQ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include current asset investments carried at fair value.The principal accounting policies adopted are set out below.

The directors have prepared the financial statements on a going concern basis as, in their opinion, the company is able to meet its obligations as they fall due. This opinion is based on forecasting for the next 12 months from the signing of these financial statements.true

Donation income is recognised when cash is received or becomes receivable under a legal or constructive obligation. Income from legacies is only recognised when received, unless the personal representatives give notification that the legacy is receivable before the year end and the payment is received after the year end. Interest on investments and bank interest are recognised on the accruals basis.

Expenditure is recognised in the year in which it is incurred and amounts payable at the year-end are recorded as creditors. Advertising expenditure is charged to the income statement as and when advertising is placed.

Cash and cash equivalents are basic financial assets and include deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Current asset investments are remeasured to market value at each balance sheet date, with gains and losses on remeasurement recognised in profit or loss for the period. The investments are shares held in funds which are valued on a regular basis, and where the market value is readily ascertainable.

Other than in respect of current asset investments, the company enters into basic financial instrument transactions that result in the recognition of financial assets such as cash at bank, accrued income and other receivables. Short term receivables are measured at transaction price, less any impairment. At the current and prior year balance sheet date, all receivables were due in less than 12 months.

The company only enters into financial instrument transactions that give rise to basic financial liabilities, including creditors and accrued expenses. Short term creditors are measured at the transaction price, and are not amortised. At the current and prior balance sheet date, all financial liabilities are classified as short term, being payable within 12 months.

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Pensions

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the company during the year was:

All current asset investments are shares held in funds which are valued on a regular basis. The unrealised gains on the revaluation of these investments in the year ended 31st December 2024 were £509,171 (2023 gains: £391,378).

In addition, losses of £43,744 were crystallized on sales investments during the year (2023 losses: £6,524).

The amount of cash held at the investment custodian at 31 December 2024 was £7,850 (2023: £114,041). This balance is shown within cash at bank.

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

During the year, there were no legacies transferred from the Conservative Central Office to the Foundation (2023: nil).

During the year a total of £0 (2023: £1,000,000) was transferred to the Conservative Central Office.

The Conservative Party Foundation is a quasi-subsidiary of Conservative Central Office, registered address 4 Matthew Parker Street, London, SW1H 9HQ, and its results are incorporated in the consolidated financial statements of that entity. Quasi-subsidiaries are entities which are not legally owned by the Conservative Central Office but over which it has certain control.

The basis of this control is the leader of the Conservative Party has the right to appoint or remove nominated directors of the board, whose aggregate number shall always comprise a majority of one. When appointing nominated directors of the company, the leader shall consult with the existing members of the Board.

The use of the funds of the Foundation is governed by the Articles of Association and certain undertakings given to donors in respect of legacies.