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← Dutch Oak Tree Foundation

2024-12-31-accounts

Dutch Oak Tree Foundation

Annual report and financial statements for the year ended 31 December 2024

Registered Charity Number: 1094958 Registered Company Number: 04510331

Annual report and financial statements for the year ended 31 December 2024

Contents

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

Dutch Oak Tree Foundation

Trustees’, directors, officers and advisors

Trustees and directors

MB Hutchings PWJ de Rijcke JP Roodbeen

Bankers

ABN AMRO Bank N.V. 10 Gustav Mahlerlaan Amsterdam PP 1082

Secretary

Solicitors

Velocity Company Secretarial Services Limited

Registered Office

Velocity Company Secretarial Services Limited Narrow Quay House Narrow Quay Bristol BS1 4QA

Veale Wasbrough Vizards Narrow Quay House Narrow Quay Bristol BS1 4QA

Independent auditors

PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors 2 Glass Wharf Bristol BS2 0FR

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Dutch Oak Tree Foundation

Trustees’ Annual Report for the year ended 31 December 2024

The trustees of Dutch Oak Tree Foundation (the “Foundation”), who are also directors of the company, present their annual report and the audited financial statements for the year ended 31 December 2024. The Foundation was formed by way of a Memorandum and Articles of Association dated 13 August 2002 and the Foundation was registered at the Charity Commission on 6 December 2002. The Foundation was originally named Dutch Oak Tree Limited but it changed its name to Dutch Oak Tree Foundation on 16 August 2003.

The information with respect to trustees, directors, officers and advisors set out on page 1 forms part of this report. The financial statements comply with the Foundation’s Memorandum and Articles of Association, the Companies Act 2006, the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (revised 2019), FRS 102 and the Charities Act 2011.

Status and administration

The Foundation is constituted by a Memorandum and Articles of Association and registered with the Charity Commission under charity number 1094958 and with Companies House under company number 04510331.

Objects and grant making policy

The legal objects of the Foundation are:

provided that none of the foregoing objects shall include:

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Dutch Oak Tree Foundation

Trustees’ Annual Report for the year ended 31 December 2024 (continued)

In order to achieve these objects the Foundation:

Governance of the charity

The trustees, all of whom served throughout the year ended 31 December 2024 and up to the date of signing the financial statements, unless otherwise stated, are listed below:

All trustees are appointed by the members of the Foundation for an indefinite period of time. The Foundation will seek advice in respect of selecting, appointing and training qualified trustees when new trustees have to be appointed.

Investment powers

Investment powers are governed by the Foundation’s Memorandum and Articles of Association, which permits the funds to be invested as the trustees think fit, but within the restrictions imposed upon them as charity trustees. According to the governing document, the Foundation may appoint one or more qualified investment managers.

Investment policy and performance

In respect of long-term investment of the assets of the Foundation the trustees have adopted an investment policy that outlines a prudent investment approach and attitude that will guide the trustees towards the desired investment goals of the Foundation. In order to do this, the trustees have been assisted by a qualified investment manager. This investment manager was selected on the basis of the profile set in the investment policy and has been engaged to manage the assets of the Foundation in accordance with the trustees’ policy on investment.

The policy stipulates that the Foundation’s assets will be invested in listed shares, bonds, real estate and private equity. The Foundation will not invest in companies that are classified as defence, tobacco or gambling. In order to mitigate fluctuations in value and return, a sufficient level of diversification will be maintained. The performance of the investments has been measured against customised benchmarks that take the special characteristics of the Foundation’s investment approach into account. Currently the Foundation has invested in program related investments and private equity investments via investment partnerships.

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Dutch Oak Tree Foundation

Trustees’ Annual Report for the year ended 31 December 2024 (continued)

Reserves policy

The trustees have developed a reserves policy that explains and justifies the maintenance of these reserves by the Foundation. The principal reasons why the Foundation holds reserves are:

The trustees consider that the unrestricted funds of the Foundation are primarily held as an investment fund, in order to generate income and capital gains which ensure the stability of the programme related investment activity of the Foundation. The trustees will annually review and where necessary amend the current reserves policy.

Public benefit

The trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

The trustees believe that the carrying out of the aims of the Foundation provides a public benefit in a number of areas, including but not limited to the relief of persons resident anywhere in the world who are in conditions of need, hardship or distress.

The charitable aim of all the programme related investments is to improve the quality of life of disadvantaged people and communities in Africa. More concretely the aim of the investments is to either improve the income of at least 1,000 low income people 5 years after investment or to provide affordable products and services to at least 10,000 people 5 years after investment.

The trustees also believe that the degree of public access is sufficient for the Foundation’s aims to be carried out for the public benefit. The main activity of the Foundation is the provision of programme related investments to communities outside the UK, particularly in the developing world, in order to help relief of poverty and hardship and to improve the quality of life for those communities. There are no restrictions on who may apply to the Foundation for grants or programme related investments, subject to qualifying under the objects of the Foundation.

The review of activities and future developments contains a fuller description of the public benefit that the Foundation provides.

Related parties

Details of related parties and transactions between them and the charity are shown in note 9 to the financial statements.

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Dutch Oak Tree Foundation

Trustees, Annual Report for the year ended 31 December 2024 (continued) Trustees, responsibilities statement The trustees (who are also directors of Dulch Oak Tree Foundation for the purposes of company lawl are responsible for preparing the Trustees annual report and the financial statements In accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Practice) Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charilable company and of the incoming resources and application of resources. including the income and expenditure. of the charitable company for that period. In preparing these financial statements. the trustees are required to.. select Sultable accounting policies and then apply them consistently. observe the methods and principles in the Charities SQRP 2019. make judgements and estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial stalements". and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records thal disclose with reasonable accuracy at any lime the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The truslees are satisfied that the Foundation Is a going concern. Disclosure of information to auditors In so far as the trustees are aware". there is no relevant audit infomiation of which the charitable company's auditors are unaware.. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that Information Independent auditors Pricewaterhousecoopers LLP was appointed as the charity's first auditors in 2003. An election under Section 379A of the Companies Act 1985 has been made dispensing wilh Ihe need lo appoint auditors annually. In preparing Ihis report the trustees have taken advantage of the small companies exemptions provided by the Companies Act 20 ralegic Report & Director's Report} Regulations 2013 MB Hutchings On behalf of the Trustees Date: 9 July 2025 Dutch Oak Tree Foundation

Trustees’ Annual Report for the year ended 31 December 2024 (continued)

Review of activities

The legal objects of the Foundation are:

Currently the Foundation has invested in program related investments and private equity investments via investment partnerships

The charitable aim of all the programme related investments is to improve the quality of life of disadvantaged people and communities in Africa. More concretely the aim of the investments is to either improve the income of at least 1,000 low income people 5 years after investment or to provide affordable products and services to at least 10,000 low income people 5 years after investment.

As of the end of 2024, the Foundation has 3 (2023: 4) programme related investments.

Review of transactions and future developments

In 2024 the Foundation approved no new programme related investment. The Foundation approved no follow on investments (2023: none). One programme related investment, Copia Global, was sold in 2024 (2023: none). Efforts were made to sell the investment in The Joseph Initiative which was successfully executed early 2025. Also efforts were made to sell the shares in M-Kopa but a new funding round was postponed till 2025 and so no window of opportunity occurred. Tanga Fresh continues to struggle and it has been communicated to the company that the Foundation wants to sell its investment in Tanga Fresh. The Foundation continues to support initiatives that focus on propoor economic development with a view to poverty alleviation in Africa. It’s the Foundation’s intention to sell the investments in M-Kopa and Tanga Fresh in 2025.

In respect of programme related investment support and monitoring, the trustees were assisted by a professional services provider. The service provision is, in the view of the trustees, satisfactory and the services provider proved to be a valuable partner in discussing the Foundation’s strategy. The engagement with this service provider has been extended. For providing administrative and financial services to the Foundation, an experienced company was engaged in 2004. The engagement with that company has also been extended.

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Dutch Oak Tree Foundation

Trustees’ Annual Report for the year ended 31 December 2024 (continued)

In the following overview the charitable aim pursued by each investment is presented:

Programme related
Investment (PRI)		 Charitable aim pursued Results as of end 2024
Tanga Fresh, Tanzania Add value to milk produced by smallholder
farmers in Tanga region. Through secured
offtake of milk, the smallholder famers’
income from dairyactivities improves.		 The milk payments to 4,307 dairy
smallholders was €1,8 million for their
milk delivered. Number of employees is
104.
M-Kopa, Kenya Enhance access to solar powered energy
systems for the population that has no
access to the grid, through the facilitation of
consumer finance and distribution.		 Connected more than 1,000,000 off-grid
homes with energy access and financial
inclusion. Over 3.7 million people benefit
from an M-Kopa solution.
Joseph Initiative, Uganda





 Providing smallholder farmers in Western
and Central Uganda with:
-
a readily available market for corn on the
cob, thereby decreasing post-harvest
loss;
-
a higher price for quality grain than
competition (doubled in 18 months);
-
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 2.5 times.		 In 2017 the Foundation sold its shares in
JI but the Foundation stayed involved in
JI through a loan. This loan has been
sold for a symbolic amount in quarter 1
2025.

The results of the programme related investments have contributed in achieving the objectives of the Foundation.

Review of financial position

Costs and expenses were at an acceptable level in 2024. The Foundation had a loss of €0.1 million (2023: gain €0.2 million) on its financial investments and a loss of €0.5 million on its programme related investments (2023: loss €2.9 million) due to impairments.

At 31 December 2024 the level of the Foundation’s unrestricted reserves was €3.9 million (2023: €4.4 million). The reserves are sufficient for the Foundation’s activities.

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Dutch Oak Tree Foundation

Trustees’ Annual Report for the year ended 31 December 2024 (continued)

Risk management

In the light of Corporate Governance guidance contained within the Charities Statement of Recommended Practice a register of risks has been compiled including the corresponding controls and systems that have been put in place in order to manage these risks effectively. The trustees believe that the current steps taken are reasonably adequate.

The following statements summarize the Foundation’s policy in managing identified forms of financial risk:

Operational risk: The Foundation manages its operational risk by outsourcing the programme related investment and monitoring activities to a professional service provider. Strategic risk: A key strategic risk is investing in an initiative without generating social return. This risk is managed by monitoring the financial and business decision making process through board representation by the professional service provider in the initiatives. Price risk: The most significant price risk for expenditure is the cost of services provided to the Foundation. Credit risk: The Foundation accepts credit risk on amounts awarded as programme related investments. Liquidity risk: The Foundation has no need for any borrowings. Interest rate cash flow risk: The Foundation accepts the interest rate cash flow risk on the PRI. Investment risk: The Foundation has diversified the investments over various asset classes and asset managers.

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Dutch Oak Tree Foundation

Independent auditors’ report to the members of Dutch Oak Tree Foundation

Report on the audit of the financial statements

Opinion

In our opinion, Dutch Oak Tree Foundation’s financial statements (the “financial statements”):

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

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 charitable company’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

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

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charitable company’s ability to continue as a going concern.

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

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. 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 based on these responsibilities.

With respect to the Trustees' Annual Report, we also considered whether the disclosures required by the UK Companies Act 2006 and Charities Act 2011 have been included.

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Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Trustees’ Annual Report

In our opinion, based on the work undertaken in the course of the audit the information given in the Trustees’ Annual Report for the period ended 31 December 2024 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Trustees’ Annual Report.

Responsibilities for the financial statements and the audit

Responsibilities of the trustees for the financial statements

As explained more fully in the Trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they 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 trustees are responsible for assessing the charitable 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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

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 auditors’ 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, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the charitable company and its industry/environment, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journals to manipulate financial results or conceal the misappropriation of assets and potential management bias in accounting estimates. Audit procedures performed by the engagement team included:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the charitable company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these

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opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

We have no exceptions to report arising from this responsibility.

Entitlement to exemptions

Under the Companies Act 2006 we are required to report to you if, in our opinion, the trustees were not entitled to take advantage of the small companies exemption from preparing a Strategic Report. We have no exceptions to report arising from this responsibility.

Katie Turnbull (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 9 July 2025

11

Statement of financial activities (incorporating an income and expenditure statement) for the year ended 31 December 2024

Total funds Total funds
2024 2023
Note €’000 €’000
Income from:
Investment income 2 33 2
Total 33 2
Expenditure on:
Charitable activities:
Transfer to Stichting DOB Tree - 2,000
Programme Related Investments activity 3 543 2,964
Interest costs - -
Total 3 543 4,964
Net (losses) / gains on investments 5 (55) 199
Net gains on PRI 152 -
Net Expenditure (413) (4,763)
Net movement in funds (413) (4,763)
Reconciliation of funds:
Total funds brought forward 8 7,184 11,947
Total funds carried forward 8 6,771 7,184

The statement incorporates the income and expenditure account. All activities relate to unrestricted funds.

All recognised gains and losses have been included in the SOFA and the amounts included are derived from the continuing activities of Dutch Oak Tree Foundation.

The notes on pages 15 to 21 form part of these financial statements.

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Dutch Oak Tree Foundation

Balance Sheet as at 31 December 2024

Company number: 04510331

Notes 2024 2023
€'000 €'000
Fixed assets
Programme related investments 5 1,967 2,273
Other investments 5 1,711 1,799
Total fixed assets 3,678 4,072
Current assets
Debtors 6 3
Cash at bank and deposits 3,134 3,152
Total current assets 3,137 3,152
Creditors:amounts falling due within one year 7 (44) (40)
Net current assets 3,093 3,112
Net assets 6,771 7,184
The funds of the charity
Unrestricted funds 8 3,881 4,387
Revaluation Reserve 8 2,890 2,797
Total funds 6,771 7,184

The financial statements on pages 12 to 21 were approved by the Board of trustees on 9 July 2025 and signed on its behalf by

MB Hutchings

The notes on pages 15 to 21 form part of these financial statements.

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Dutch Oak Tree Foundation

Cash flow statement for the year ended 31 December 2024

Note
Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities:
Interest from investments
2
Proceeds from sale of investments
Purchase of investments
5
Net cash provided by / (used in) investing activities
Change in cash and cash equivalents in the
reporting period
Cash & cash equivalents at 1 January
Cash & cash equivalents at 31 December
Notes to the Cash Flow Statement
Reconciliation of net expense to net cash used
in operating activities
Net expense before net loss on investments and
PRI
Adjustments for:
Investment income
Impairment of / unreleased losses from
programme related investments
Decrease / (increase) in other debtor
Increase /in creditors
7
Net cash used in operating activities		 2024
€’000
(99)
33
48
81
(18)
3,152
3,134
(510)
(33)
443
(3)
4
(99)		 2023
€’000
(2,089)
2
123
(355)
(230)
(2,319)
5,471
3,152
(4,962)
(2)
2,870
-
5
(2,089)

The notes on pages 15 to 21 part of these financial statements

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Dutch Oak Tree Foundation

Notes to the financial statements for the year ended 31 December 2024

1 Principal accounting policies

Basis of preparation

The financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of certain fixed asset investments and in accordance with applicable United Kingdom accounting standards. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (SORP 2019), FRS 102 and in accordance with the Companies Act 2006 and the Charities Act 2011, using consistently applied accounting policies. The format of the financial statements reflects the special nature of the Foundation’s activities.

Going concern

The Foundation has sufficient unrestricted reserves for the Foundation’s activities. As a consequence, the trustees have a reasonable expectation that the Foundation has sufficient resources to continue its activities and to continue the operational existence in the future.

Foreign currency

The trustees prepare the charity’s financial statements in the charity’s working currency of Euros. The exchange rate at 31 December 2024 was £1 = €1.20852 (2023: £1 = €1.15352).

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Irrecoverable VAT is included in the relevant expense heading. Support costs are allocated entirely to the charity’s grants payable and programme related investments.

Donations payable

Donations payable are accounted for in full as liabilities of the charity when approved by the trustees and accepted by the beneficiaries. Where amounts are not yet paid by the end of the year they are accounted for in payables. When donations are cancelled they are credited to the statement of financial activities in the year of cancellation.

Recognition of liabilities

Liabilities are recognised when an obligation arises to transfer economic benefits as a result of past transactions or events.

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Dutch Oak Tree Foundation

Notes to the financial statements for the year ended 31 December 2024 (continued)

1 Principal accounting policies (continued)

Fund accounting

Unrestricted funds are funds available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Fixed Assets

The investments are included at market value, equating to net asset value, at the balance sheet date. Any realised and unrealised gains and losses on revaluation or disposal are combined in the statement of financial activities. Investment income on private equity is considered realised if the total distributions from the investments received by the Foundation exceeds the total investments. As such, distributions from the private equity fund managers in the year up to the invested amount have been reflected as divestments, reducing the cost of investments and increasing the unrealized gains on investments. Distributions exceeding the invested amounts are reflected as realized gains on investments.

Programme related investments are made in furtherance of the charity’s objects and any investment return is secondary to the charitable purpose supported by the investment. Such investments are included at their cost or at the share price of the last external financing round with a liquidity discount if applicable. Any loss or impairment arising from such investments is charged as part of charitable activities within the statement of financial activities. Interest income recognised on loans provided to programme related investment is accounted for upon receipt of cash payment.

Revaluation reserve

The revaluation reserve is maintained to reflect changes in the fair value of the programme related investments and private equity investments as they are not listed. The reserve is not distributable and ensures a realistic view of the asset values..

Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into Euros at the rates of exchange prevailing at the end of the year. Transactions in foreign currencies during the year are recorded at an average rate for the year. All differences are taken to the statement of financial activities.

Taxation

The charity is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes.

The charity is not registered for VAT and accordingly, all its expenditure is recorded inclusive of any VAT incurred.

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Dutch Oak Tree Foundation

Notes to the financial statements for the year ended 31 December 2024 (continued)

2
Investment income
2024 2023
€’000 €’000
Other interest 33 2
33 2
3
Expenditure
2024 2023
€’000 €’000
Reversal of impairment (24) -
Impairment / unrealized losses of programme related investments 467 2,870
Support costs (see below) 100 94
Total costs of PRI activity 543 2,964
Total resources expended 543 2,964

In 2024 the charity agreed to waive their rights to the outstanding receivable related to one programme related investment for a symbolic amount of € 24,000 leading to a partial reversal of impairment. Furthermore the charity made a downward valuation adjustment to one programme related investment due to their financial situation.

Analysis of support costs

2024 2023
€’000 €’000
Legal and professional costs 99 91
Other 1 3
100 94

Included in legal and professional costs are audit fees (VAT included) of €47,000 (2023: €43,000). During 2024 our auditors PwC UK were not engaged in tax advisory services (2023: €3,500) and PwC US were engaged in group tax advisory services with fees totalling €32,700 (2023: €19,400).

4 Trustee and employee information

The charity did not employ any persons during the year (2023: none). No trustee (2023: one) received reimbursement for travel expenses from the charity (2023: € 1k). No trustee received any remuneration from the charity during the year (2023: none). No indemnity insurance for trustees’ liability has been purchased by the charity (2023: none).

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Dutch Oak Tree Foundation

Notes to the financial statements for the year ended 31 December 2024 (continued)

5 Investments

5
Investments
Programme
related Financial 2024
investments investments Total
€’000 €’000 €’000
Carrying value at start of year 2,273 1,799 4,072
Add: additions / (disposals) to investments at cost - - **- **
Less: disposals at carrying value (15) (33) (48)
Net gain / (loss) on revaluation and disposal 176 (55) 121
Impairment / unrealized losses (467) - (467)
Carrying value at end of year 1,967 1,711 3,678

The trustees believe that the carrying value of the investments is supported by their underlying net assets. The impairment of €0.5 million is related to a downward valuation adjustment to one programme related investment due to their financial situation.

Investments

All investments are held primarily to provide an investment return for the Foundation. The historical cost of the investments at 31 December 2024 was €716k (2023: €718k). The investment in AfricInvest and in each represent more than 5% of the total market value of investments held by the charity. None of the investments are listed on recognised stock exchanges (2023: none).

Investments included above are invested as follows:

Investments included above are invested as follows:
2024 2023
€’000 €’000
Investment assets outside the UK 3,678 4,072

Programme related investments

The charity has made programme related investments in the form of equity or loans to certain overseas projects, in support of the charity’s objects. The nature of these investments, and the likely foreign exchange loss on their repayment, has led to the trustees making an impairment provision against these investments. During the current year impairments of €0.5 million have been made.

18

Dutch Oak Tree Foundation

Notes to the financial statements for the year ended 31 December 2024 (continued)

5 Investments (continued)

5
Investments (continued)
Programme
related Financial 2023
investments investments Total
€’000 €’000 €’000
Carrying value at start of year 4,664 1,847 6,511
Add: additions / (disposals) to investments at cost 479 (124) 355
Less: disposals at carrying value - (123) (123)
Net gain / (loss) on revaluation and disposal - 199 199
Impairment / unrealized losses (2,870) - (2,870)
Carrying value at end of year 2,273 1,799 4,072

6 Debtors

2024 2023
€’000 €’000
Other debtors 3 -
3 -

7 Creditors: amounts falling due within one year

2024 2023
€’000 €’000
Accruals and deferred income 44 40
44 40

19

Dutch Oak Tree Foundation

Notes to the financial statements for the year ended 31 December 2024 (continued)

8 Unrestricted income funds

8
Unrestricted income funds
Unrestricted Revaluation 2024
income funds Reserve Total
€’000 €’000 €’000
At 1 January 4,387 2,797 7,184
Incoming resources 33 - 33
Expenditure (543) - (543)
Gains / (losses) on financial investments (11) (44) (55)
Gains / (losses) on programme related
investments		 15 137 152
At 31 December 3,881 2,890 6,771
Unrestricted Revaluation 2023
income funds Reserve Total
€’000 €’000 €’000
At 1 January 8,914 3,033 11,947
Incoming resources 2 - 2
Expenditure (4,964) - (4,964)
Gains / (losses) on financial investments 256 (57) 199
Gains / (losses) on programme related
investments		 179 (179) -
At 31 December 4,387 2,797 7,184

9 Related party transactions

The charity has invested €0.3k (2023: €0.3k) in private equity investments via investment partnerships in order to reach the minimum subscription level. However, the investments are held beneficially by the charity, rather than by the partnerships. One (2023: 1) of the trustees is also a partner, along with the charity, in the investment partnerships. No further related party transactions have taken place during the year.

10 Capital

The Foundation is a company limited by guarantee. Each member has undertaken to contribute a sum not exceeding £1 to the assets of the company to meet its liabilities if called on to do so. The total amount guaranteed by members at 31 December 2024 is £1 (2023: £1).

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Dutch Oak Tree Foundation

Notes to the financial statements for the year ended 31 December 2024 (continued)

11 Capital commitments

At 31 December 2024 the Foundation had commitments relating to private equity investments amounting to €1,485k (2023: €1,394k). When these commitments are being called, they will be payable in the following currencies, presented in euro equivalent:

2024 2023
€’000 €’000
Euro 394 393
US Dollar 1,068 1,001
At 31 December 1,462 1,394

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Dutch Oak Tree Foundation