2021-12-31-accounts - Dutch Oak Tree Foundation

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Trustees, directors, officers and advisors	Trustees, directors, officers and advisors	1
Trustees annual report		2
Strategic report.		6
Independent auditors'	report .	9
Statement offinancial	activities ...................	12
Balance sheet.		13
Cash flow statement.		14
Notes to the financial statements		15

the followi	ng over	ng over	view th	e charitable aim pursued by eac	h i	nve	stment is	presented:
Programme	related			Charitable aim pursued			Results as	ofend 2021
Investment (PRI)
Bridge Int. Academies,			Kenya	Development of low cost, high quality			Bridge has	817,000students enrolled
				primary schools in slum areas in Nairobi and			and over 3,144teachers employed.
				other urban areas.
Tanga Fresh,	Tanzania			Add value to milk produced by smallholder			The milk payments to 4,524 dairy
				farmers in Tanga region. Through secured			smallholders	was 63.6 million for their
				offtake ofmilk, the smallholder famers'			milk delivered. Upward trend in volumes
				income from dairy activities improves.			and milk payments. Number of
							employees	is 137.
M-Kopa, Kenya				Enhance access to solar powered energy			Connected	more than 1,000,000 off-grid
				systems for the population that has no access to the grid, through the facilitation		of	homes with energy access and financial inclusion. Over 3.7 million people benefit
				consumer finance and distribution.			from an M-KOPA solution. $498 million
							savings across the entire customer base.
							168,000 new individual connections		to
							the internet.	2 million tonnes CO2
							emissions avoided. Number of
							employees	is 855.
Joseph Initiative,		Uganda		Providing smallholder farmers in Western			In 2017the	Foundation sold its shares		in
				and Central Uganda with:			JI but the Foundation stayed involved			in
				a readily available market for corn on the			JIthrough a loan. The loan is still
				cob, thereby decreasing post-harvest			outstanding.	We have no impact data at
				loss;			this moment.
				a higher price for quality grain than
				competition (doubled in 18months);
				agricultural services to improve crop
				management;
				access to affordable and improved	inputs
				to increase yields;
				access to financial services;
				the possibility to increase income from
				corn by an estimated 2.5times.
Copia Global,	Kenya			Copia leverages mobile technology and an			The number	ofemployees grew to595.
				agent network to build its e-commerce	and		The number	ofactive agents grew to
				delivery service for the benefit of			23,168and	Copia has 253,145active
				low-income consumers.			customers.

					Total funds	Total funds
					2021	2020
				Note	C'000	6'000
Income from:
Investment	income				567	25
Total					567	25
Expenditure	on:
Charitable activities:
Transfer to Stichting DOB Tree					3,508
Programme	Related Investments		activity		132	494
Exchange	difference					421
Total					3,640	915
Net gain / (loss) on		investments			2,560	(871)
Net income	I(expenditure)				(513)	(1,761)
Net movement in funds					(513)	(1,761)
Reconciliation offunds:
Total funds	brought	forward			18,307	20,068
Total funds	carried	forward			17,794	18,307

			2021	2020
			6'000	6'000
Fixed assets
Programme	related	investments	10,597	10,921
Other investments			2,472	3,699
Total fixed	assets		13,069	14,620
Current assets
Cash at bank and deposits			8,294	3,723
Total current assets			8,294	3,723
Creditors:	amounts	falling due within one year	(3,569)	(36)
Net current	assets		4,725	3,686
Net assets			17,794	18,307
The funds	ofthe charity
Unrestricted	funds		13,483	14,732
Revaluation	Reserve		4,311	3,575
Total funds			17,794	18,307


			2021	2020
			4'000	4'000
Gash Flow statement
Cash flows from operating activities Net cash used in operating activities			~107	~510
Cash flows from investing activities:
Interest from investments			567	25
Purchase of investments Proceeds from sale ofinvestments Net cash generated from / (used in) investing activities			(144) 4,255 4,678	(1,869) 1,499 (345)
Change in cash and cash equivalents			4,571	(855)
Cash &cash equivalents at 1 January			3,723	4,578
Cash &cash equivalents at 31 December			8,294	3,723
Notes to the Cash Flow Statement
Reconciliation of net expense to net	cash used
in operating activities
Net income / (expense) before investment Adjustments for:		losses	(3,073)	(890)
Investment income Impairment of/unreleased losses/ capital recovered from programme related investments			(567)	(25) 392
Decrease / (increase) in debtors				126
Increase/ (decrease) in creditors Exchange difference ofprogramme investments	related		3,533	(534) 421
Net cash used in operating activities			107	510

			2021	2020
			C'000	&'000
Impairment ofprogramme		related investments		392
Support costs (see below)			132	102
Total costs ofPRI activity			132	494
Exchange difference				421
Total resources expended			132	915
Analysis ofsupport	costs
			2021	2020
			4'000	6'000
Legal and professional	costs		131	100
Other
			132	102

5	Investments	Investments
						Programme
						related	Financial	2021
						investments	investments	Total
						6'000	E'000	4'000
Carrying	value	at start	ofyear			10,921	3,699	14,620
Add: additions		/(disposals)		to investments	at cost	150	(6)
Less: disposals		at carrying		value		(2,920)	(1,335)	(4,255)
Net gain	on revaluation		and	disposal		2,446	114	2,560
Impairment / unrealized			losses
Carrying	value	at end ofyear				10,597	2,472	13,069

					2021	2020
					C'000	6'000
Investment	assets	outside	the	UK	13,069	14,620

6	Creditors: amounts falling due	within one year
		2021	2020
		C'000	6'000
Stichting	DOB Tree	3,508
Accruals		61	36
At 31 December		3,569	36

			Unrestricted	Revaluation	2021
			income funds	Reserve	Total
			6'000	6'000	6'000
At 1 January			14,732	3,575	18,307
Income			567		567
Expenditure			(3,640)		(3,640)
Gains i(losses) on financial		investments	550	(436)	114
Gains on programme investments	related		1,274	1,172	2,446
At 31 December			13,483	4,311	17,794

			Unrestricted	Revaluation	2020
			income funds	Reserve	Total
			6'000	E'000	6'000
At 1 January			14,876	5,192	20,068
Income			25		25
Expenditure			(915)		(915)
Gains / (losses) on financial	investments		420	(1,291)	(871)
Gains /(losses) on programme investments		related	326	(326)
At 31 December			14,732	3,575	18,307

to&1,422k (2020:61,495k).These commitment presented in euro equivalent:	s will be payable in the following currencie	s,
	2021	2020
	C'000	6'000
Euro	469	583
US Dollar	953	912
At 31 December	1,422	1,495