REGISTERED COMPANY NUMBER: 05015106 (England and Wales) REGISTERED CHARITY NUMBER: 1101905 Report of the Trustees and Audited Financial Statements for the Year Ended 31 January 2021 for The Dame Hilary Cropper Charitable Foundation Limited The Dame Hilary Cropper Charitable Foundation Limited Contents of the Financial Statements for the Year Ended 31 January 2021 **----- Start of picture text -----**
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Report of the Trustees 1 to 7
Report of the Independent Auditors 8 to 10
Statement of Financial Activities 11
Balance Sheet 12
Notes to the Financial Statements 13 to 20
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## The Dame Hilary Cropper Charitable Foundation Limited ## Report of the Trustees for the Year Ended 31 January 2021 The Trustees, who are also directors of the Charity for the purposes of the Companies Act 2006, present their report with the financial statements of the Charity for the year ended 31 January 2020. The report of the Trustees incorporates the Directors report as required by company law. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015). ## Objectives and activities Objectives and aims The Foundation's aims are to manage the trust fund and its income, and to apply them anywhere in the world, either directly or through grants to other established charities. Its primary objectives are the advancement of education and relief of poverty of young people however the Trustees in their absolute discretion may determine. The emphasis is on helping young people who are disadvantaged through poverty, illness or the lack of family support, by providing them with education and care, and assisting them to become self-sufficient, so that they can lead more fulfilling and productive lives within their communities. The focus is on developing countries, especially those that are struggling with abject poverty and debilitating illness. ## Public benefit The Trustees confirm that they refer to the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives, planning activities and setting the grant-making policy. Grantmaking Grants may be made to other established charities to help them more effectively promote their own charitable objectives. The choice of organisations selected to receive such grants will be made taking into account their efficiency and effectiveness in fulfilling their stated objectives and by the extent to which they foster self-help among disadvantaged young people. ## Volunteers The administration of the Charity is run by a volunteer under the control of the Trustees. No remuneration is paid either to the bookkeeper or the Trustees for their role in maintaining the activities and records of the Charity. Page 1 ## The Dame Hilary Cropper Charitable Foundation Limited ## Report of the Trustees for the Year Ended 31 January 2021 ## Achievement and performance Charitable activities During 2020/21, the Foundation was proud to have completed 16 years of charitable activities in South Africa - the country that the Trustees determined should be the principal focus of the Foundation’s activities. For the past nine years, the Foundation’s primary focus has been on the Pinotage Youth Development Academy (the Academy), based in Stellenbosch in the Cape Winelands. The Academy runs vocational training and personal development programmes for unemployed 18- to 25-year-old South Africans. It seeks to develop the skills of young people, to qualify them for employment. Following two years of research and curriculum development, and with the assistance of a local Advisory Board comprising a cross-section of stakeholders within the region, the Foundation identified a gap in training available to 18to 25-year-olds — specifically those from a disadvantaged background — seeking employment within one of the major local sectors: wine and related tourism. As a result, the Academy was established by the Foundation, in 2012, as a local, not-for-profit company, to develop and manage a one-year training programme comprising all aspects of the wine value chain and including technical training, personal development, and work experience. The Foundation funded the research, curriculum development, student selection and retention methodologies, and other start-up costs of the Academy. Three current Trustees of the Foundation are directors of the Academy, namely Peter Cropper, Nikki Munro and David Torres. Nikki Munro is the Academy's Executive Director, having joined the organisation at its inception. The Academy's first programme year started in June 2013, with 24 students graduating. Since its inception, a total of 347 students have graduated, all having achieved the minimum pass grade of 75% for each of the curriculum's modules. Cumulatively, the Academy has achieved a 91% retention rate and over 90% of graduates have entered employment within 6 months of graduation. These important outcomes are tracked carefully both by the Academy and the Foundation. Whilst it is acknowledged that the ongoing coronavirus pandemic will likely have a negative impact on these figures, the Foundation is impressed by the steps taken by the Academy to mitigate against such challenges and remains committed to supporting its work. Since the start of the Foundation's support for the Academy in 2011, total grants and expenditure of £959,955 have been made, comprising £208,762 from the trustees’ third-party fundraising efforts and £751,193 from the Foundation's investment and other income. During 2020-21, 100% of the Foundation’s total giving was directed at the Academy. Whilst the Foundation continues to contribute to ongoing training programmes, an increasing proportion of its contribution has been directed towards innovation, with a view to identifying new delivery models, new business sectors and an expansion of the Academy's impact. The importance of such a shift has been all too evident during the 2020 academic year, impacted as it has been by the global coronavirus pandemic. The Academy has responded to this challenge admirably, shifting its approach to an online delivery model, branching out into new employment sectors and developing programmes of different duration (3 and 6 months). Whilst acknowledging that results will undoubtedly dip in the short term, as a result of the pandemic, the Trustees remain committed to the Academy; they congratulate the PYDA board and staff for their extraordinary efforts, during an extraordinary period, and look forward to learning the lessons from these new ventures. Page 2 ## The Dame Hilary Cropper Charitable Foundation Limited ## Report of the Trustees for the Year Ended 31 January 2021 ## Financial review Principal funding sources and performance The principal source of the Foundation's income is a capital fund held as expendable endowment. The fund is invested and managed ona discretionary basis by a fund manager. The Foundation also receives a number of restricted and unrestricted donations from third parties. As of 31 January 2021, total funds amounted to £2,321,305, of which £2,231,500 were expendable endowment funds, £775 were restricted funds and £89,030 were unrestricted funds. The endowment fund is backed by the investment portfolio which can be accessed, as needed. The remaining restricted and unrestricted funds are backed by current assets. During 2020/21, total income was £78,204. Of this, £68,913 (88%) was expended on charitable giving and £16,728 (21%) on costs, which included fundraising, administration and exchange rate losses, leaving a £7,437 (-9%) deficit against reserves. The Foundation had an overall operating deficit of £17,992 for the year ending 31 January 2021 (2020 Surplus: £217,484), which including a £10,555 decrease in the value of the investment portfolio. During the previous year the results included a large donation of £75,000 and an increase in the valuation of investments of £114,312. The full break down of this year's results is shown in the statement of financial activities and accompanying notes, which detail the sources of funding and expenditure. The Trustees would like to express their thanks and appreciation to all those organisations and individuals who have provided financial support to the Foundation during this past year. Their generosity is helping to improve the lives of many young people in South Africa, together with their families and communities. ## Investment policy and objectives The capital fund held as expendable endowment is invested on a low-to-medium risk basis, aimed at achieving a balance of annual income and capital growth. Around 50% of funds are invested in equities in lower risk markets (mainly the UK and Europe), with the remainder in fixed income investments. The investment fund management responsibilities continue to be under the control of Rathbone Investment Management Limited. To date, the Trustees’ intention has been to establish a level of reserves that will allow the Foundation to support substantial projects, without recourse to the disposal of the endowment fund investment portfolio, which nonetheless remains available to them for use, should a particularly worthwhile project arise. During the 2020-21 financial year, the Trustees initiated a review of the Foundation's investment strategy, taking into account objectives, attitude to risk and investment horizon. Any changes in policy and approach will be agreed, documented, implemented and reported in 2021-22. ## Future plans The Foundation will continue to support the development of the Pinotage Youth Development Academy through the application of the skills and experience of its Trustees, and through financial donations, with future donations increasingly geared towards innovation and expansion of the youth development model. The value of future donations is determined by the expected level of return from the investment portfolio and exchange rate movements, and reviewed on an annual basis to ensure that commitments made are affordable. The principal objective of the Foundation remains the support of youth development programmes leading to meaningful employment among disadvantaged young people in South Africa. The Trustees contribute a blend of complementary knowledge and skills. They have experience of diverse countries, cultures, corporations and charities, together with a shared commitment to the objectives of the Foundation. Page 3 ## The Dame Hilary Cropper Charitable Foundation Limited Report of the Trustees for the Year Ended 31 January 2021 ## Impact of COVID-19 The Trustees have reviewed and considered relevant information, including the annual budget and future cash flows, in making their assessment of the continuing impact of COVID-19 on the activities of the Foundation. In particular, the Trustees have tested the assumptions within their cash flow analysis, to take into account the impact on the Charity of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. In making these assessments, the Trustees have also considered the effects that the outbreak could have on the fair values, considering impairment assessments of balances held at 31 January 2021. Based on these assessments, the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. ## Structure, governance and management ## Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The Foundation is a company limited by guarantee and a registered charity. Its governing documents are the Memorandum and Articles of Association dated 14th January 2004. Recruitment and appointment of new Trustees Trustees are appointed following a search of suitably qualified individuals and an invitation extended by the chairman to the successful candidate on the basis of a trustee resolution. ## Organisational structure The Trustees set out the organisation's objectives and aims, and agree the strategy and policies needed to deliver on those aims. The Foundation retains no staff. ## Induction and training of new Trustees New Trustees undertake a period of orientation through individual meetings with existing Trustees, a review of the Foundation's governance documents, past minutes, financial statements and Board papers. Trustees requiring formal training on specific topics will be entitled to undertake such developments at the Foundation's expense. ## Risk management The Trustees have conducted their own review of the major risks to which the Foundation is exposed and systems have been established to mitigate those risks. ## Reference and administrative details Registered Company number 05015106 (England and Wales) Registered Charity number 1101905 Registered office Sterling House 19-23 High street Kidlington Oxfordshire OX5 2DH Page 4 The Dame Hilary Cropper Charitable Foundation Limited Report of the Trustees for the Year Ended 31 January 2021 Trustees Peter John Cropper Carl St John Cropper Nicholas Jackson (Chairman) Nikki Munro lan Patrick Stephenson David Andrew Torres Auditors Haines Watts Wales LLP, Statutory Auditors 7 Neptune Court Vanguard Way Cardiff CF24 5PJ Bankers Metro Bank 77 St Peter's Street St Albans Hertfordshire AL1 3ED Absa Bank Limited Bridge Park East Bridge Way Century City, 7441 South Africa Solicitors Wilsons Alexandra House St Johns Street Salisbury Wiltshire SP1 2SP Stockbrokers Rathbone Investment Management Limited 28 St Andrew Square Edinburgh EH2 1AF Directors’ report The Trustees contribute a blend of complementary knowledge and skills. They have experience of diverse countries, cultures, corporations and charities, together with a shared commitment to the objectives of the Foundation. Page 5 **----- Start of picture text -----**
The Dame Hilary Cropper
Charitable Foundation Limited
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Report of the Trustees for the Year Ended 31 January 2021 ## Biographical Details of Trustees Carl Cropper is a bioscience graduate with over 25 years' experience in the pharmaceutical industry in roles in medical affairs, business development, sales and marketing. In 2016, he established his own commercial consulting business. He lives in the city of St Albans in the UK with his wife and their four children. He is the son of Peter and the late Dame Hilary Cropper. Peter Cropper retired early in 1997 and now runs two family companies engaged in farming and property. His career was spent in the Information Technology field, where he worked internationally for companies including ITT and Nortel. He is a Liveryman of two City of London Livery Companies and a former Chairman of the Information Technologists Charitable Trust. Nick Jackson is the Ethics Officer at the Global Fund to Fight AIDS, Tuberculosis and Malaria based in Geneva. He trained as an engineer and has over twenty-five years' industry and consulting experience. He has led teams on a number of high-profile ethics and anti-corruption cases, and served as head of group ethics and compliance in the oil and gas industry. Nick is currently resident in Switzerland, while originating from the UK. Nikki Munro joined the Pinotage Youth Development Academy as Programme Director in 2012. During her career she has worked in the fields of human resources, learning, communication and youth development. Her work within the corporate sector has focused on organisational development and transformation. She established her own business, working in various industry sectors as a leader, consultant and executive coach. With a strong track record of effective implementation, she has spent her career adding value in her home country of South Africa. lan Stephenson is a Structural Engineer who has specialised in the design of building structures. He grew up in Cape Town and attended both school and university there. After qualifying he worked on a variety of projects in South Africa. He moved to the UK in 1987 and has worked on projects all over the world. He has held senior management roles with leading engineering consultancies in London. He formed his own engineering consultancy in 2014. David Torres is a Professor of the Practice and Executive in Residence at Middlebury College in Vermont in the US, where he teaches courses in Global Health and Social Entrepreneurship. Previously, David was based in Cape Town, South Africa, where he served as Senior Advisor to the President and CEO of mothers2mothers, a Cape Town-based NGO working in the field of HIV and maternal and child health. David worked at mothers2mothers for 12 years in a number of leadership roles, covering special projects, business development across Sub-Saharan Africa, fundraising and donor relationship management, and organizational governance. Prior to joining m2m in 2006, David worked for 22 years in a variety of roles across a number of different countries in Latin America, the US and the UK for JPMorgan Chase and Co, and predecessor firm, The Chase Manhattan Bank. ‘ Page 6 **----- Start of picture text -----**
The Dame Hilary Cropper
Charitable Foundation Limited
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## Report of the Trustees for the Year Ended 31 January 2021 ## Trustees’ responsibility statement The Trustees (who are also the directors of The Dame Hilary Cropper Charitable Foundation Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United 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 state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - 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 which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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. ## In so far as the Trustees are aware: - there is no relevant audit information 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. Auditors The auditors, Haines Watts Wales LLP, Statutory Auditors, will be proposed for appointment at the forthcoming Annual General Meeting. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on 23rd September 2021. and signed on its behalf by: ## sprees Poeemprmegayrenesnesecetn Page 7 ## Report of the Independent Auditors to the Members of The Dame Hilary Cropper Charitable Foundation Limited ## Opinion We have audited the financial statements of The Dame Hilary Cropper Charitable Foundation Limited (the ‘charitable company’) for the year ended 31 January 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 31 January 2021 and of its incoming resources and application of resources, including its income and expenditure, 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable 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 trustees' use of the going concem 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 charitable 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 trustees with respect to going concem are described in the relevant sections of this report. ## Other information The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. 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. 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 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 courseofthe audit: - the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the Report of the Trustees has been prepared in accordance with applicable legal requirements. ## The impact of uncertainties due to COVID -19 on our audit Uncertainties relating to the effects of COVID -19 are relevant to understanding our audit of the financial statements. All audits assess and challenge the reasonableness of estimates made by the directors, such as valuation of assets, appropriateness of the going concern basis of preparation of the financial statements and associated disclosures. All of these depend on assessments of the future economic environment and the charity's future prospects and performance. The COVID -19 viral pandemic is one of the most significant economic events for the UK, and at the date of this report its effects are subject to unprecedented levels of uncertainty of outcomes, with the full range of possible effects unknown. We have applied a standardised approach in response to that uncertainty when assessing the company's future prospects and performance. However, no audit should be expected to predict the unknowable factors or all possible future implications for a charity and this is particularly the case in relation to the COVID -19 pandemic. Page 8 ## Report of the Independent Auditors to the Members of The Dame Hilary Cropper Charitable Foundation Limited ## Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. - We have nothing to report in respect of the following matters where 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 trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. ## Responsibilities of trustees 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 and for being satisfied that they give a true and fair view, and for such internal control as the trustees 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 concem, disclosing, as applicable, matters related to going concern and using the going concem 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. Our 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 a Report of the Independent Auditors 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: Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial statements of the company. These are reviewed internally with the audit team including relevant industry experience and expectations as well as externally with the client management. The key laws and regulations we considered in this context were the UK Companies Act 2006, Charities SORP ( FRS 102) ‘Accounting and Reporting by Charities:Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland’, UK GAAP (FRS 102) and relevant tax legislation. Once identified, we assess the risks of material misstatements in relation to the laws and regulations, irregularities, including fraud and adjust our testing accordingly. Our audit procedures include: - Discussing with Trustees and management which areas of the business they believe to be more susceptible to fraud, and whether they have any knowledge or suspicion of fraudulent activities - Obtaining an understanding of the key controls put in place by the charitable company to address risks identified, assessing the effectiveness of those and discussing how these are maintained and monitored internally . Assessing the risk of management override and review and testing of journal entries made into the accounting system - Challenging assumptions and judgements made by the charitable company in relation to the significant accounting estimates employed in the preparation of the financial statements Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentional misrepresentation, or the override of internal controls. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 9 Report of the Independent Auditors to the Members of The Dame Hilary Cropper Charitable Foundation Limited Use of our report This report is made solely to the charitable 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 charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Clive Edwards (Senior Statutory Auditor) for and on behalf of Haines Watts Wales LLP, Statutory Auditors 7 Neptune Court Vanguard Way Cardiff CF24 5PJ date: ...30/09/2021... Page 10 ## The Dame Hilary Cropper Charitable Foundation Limited Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 January 2021 ||||||2021|2020| |---|---|---|---|---|---|---| |Income and endowments from|Notes|Unrestricted
fund
£|Restricted
funds
£|Endowment
fund
£|Total
funds
if|Total
funds
£| |Donations and legacies|2|12,614|3,545|-|16,159|134,199| |Investmentincome|3|481|-|61,564|62,045|92,751| |Total||13,095|3,545|61,564|78,204|226,950| |Expenditure on||||||| |Raising funds|4|-|-|8,205|8,205|9,059| |Charitable activities|5|||||| |Exchange losses and (gains)||2,536|-|-|2,536|3,551| |Charitable expenditure
Administration||51,897
5,987|17,016
.|-
-|68,913
5,987|105,651
5,517| |Total||60,420|17,016|8,205|85,641|123,778| |Net gains/(losses) on||||||| |investments||-|-|(10,555)|(10,555)|114,312| |NET INCOME/(EXPENDITURE)||(47,325)|(13,471)|42,804|(17,992)|217,484| |Transfers between funds|13|61,564|-|(61,564)|-|-| |Netmovement in funds||14,239|(13,471)|(18,760)|(17,992)|217,484| |Reconciliation of funds||||||| |Total funds brought forward||74,791|14,246|2,250,260|2,339,297|2,121,813| |Totalfundscarriedforward||89,030|775|2,231,500|2,321,305|2,339,297| The notes form part of these financial statements Page 11 ## The Dame Hilary Cropper Charitable Foundation Limited |||Balance Sheet|Balance Sheet|||| |---|---|---|---|---|---|---| |||31 January 2021||||| ||||||2021|2020| ||Notes|Unrestricted
fund
£|Restricted
funds
£|Endowment
fund
£|Total
funds
£|Total
funds
£| |Fixed assets||||||| |Investments|10|-|-|2,231,500|2,231,500|2,250,260| |Current assets||||||| |Debtors|11|2,772|513|-|3,285|1,509| |Cash at bank||91,925|262|-|92,187|91,428| |||94,697|775|-|95,472|92,937| |Creditors||||||| |Amounts falling due within one||||||| |year|12|(5,667)|-|-|(5,667)|(3,900)| |Net current assets||89,030|775|-|89,805|89,037| |Total assets less current||||||| |liabilities||89,030|775|2,231,500|2,321,305|2,339,297| |NETASSETS||89,030|775|2,231,500|2,321,305|2,339,297| |Funds|13|||||| |Unrestricted funds|||||89,030|74,791| |Restricted funds|||||775|14,246| |Endowment funds|||||2,231,500|2,250,260| |Totalfunds|||||2,321,305|2,339,297| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on ... 23rd.September.2021. and were signed on its behalf by: ## A/D ocheen The notes form part of these financial statements Page 12 **----- Start of picture text -----**
The Dame Hilary Cropper
Charitable Foundation Limited
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Notes to the Financial Statements for the Year Ended 31 January 2021 ## 4. Accounting policies ## Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The financial statements have been prepared on a going concern basis. The Trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their ssessment. In particular, in response to the COVID-19 pandemic, the Trustees have tested their cash flow analysis to take into account the impact on the charity of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. In making these assessments the Trustees have considered the effects that the outbreak could have on the fair values considering impairment assessments of balances held as at 31 January 2021. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. Financial reporting standard 102 - reduced disclosure exemptions The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’: + the requirements of Section 7 Statement of Cash Flows. ## Income All incoming resources are included in the Statement of Financial Activities when the Foundation is legally entitled to the income and the amount can be quantified with reasonable accuracy. Investment income from the expendable endowment are treated as unrestricted funds to meet the costs of the trust in furtherance of its objects. Donations received for specific projects are treated as restricted along with any Gift Aid receivable. ## Expenditure Liabilities are recognised when the trust is committed to the expenditure. All costs in furtherance of the objectives of the trust are set against the income, except for expenditure relating to the permanent endowment, which include charges levied by the investment managers and realised and unrealised gains or losses arising of the fund. The costs incurred include irrecoverable VAT. Grants may be made to other established charities to help them more effectively promote their own charitable objectives. The choice of organisations selected to receive such grants will be made taking into account their efficiency and effectiveness in fulfilling their stated objectives and by the extent to which they foster self-help among disadvantaged young people. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## Governance costs Governance costs include the costs of the preparation and audit of the statutory accounts and the cost of any legal advice to trustees on governance or constitutional matters. ## Taxation As a registered charity, the Company is exempt from United Kingdom Corporation Tax on its income applied for charitable purposes. **----- Start of picture text -----**
Fund accounting
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Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Page 13 continued... ## The Dame Hilary Cropper Charitable Foundation Limited Notes to the Financial Statements - continued for the Year Ended 31 January 2021 1. Accounting policies - continued ## Fund accounting trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the average rate ruling for the month at which the transaction occurred. All differences are taken to the Statement of Financial Activities. ## Assets and liabilities ## Investments Investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. ## Debtors and Creditors Debtors and creditors are measured at transaction price, less any impairment. Debtors are included on the basis that there is sufficient information to confirm that the balance relates to the appropriate period. Creditors are also included on the basis that they relate to costs of the current financial year that have not yet been paid. ## Cash at Bank Cash at bank is stated at the reconciled year end amount taking into account the bank balance at the year end and any outstanding transactions. |2.|Donations and legacies||| |---|---|---|---| |||2021|2020| |||£|£| ||Pinotage Youth DevelopmentAcademy Donations|2,103|36,077| ||Donations|10,880|76,083| ||Gift aid|3,176|22,039| |||16,159|134,199| |3.|Investment income||| |||2021|2020| |||£|5| ||Income from listed investments|61,564|91,507| ||Depositaccount interest|481|1,244| |||62,045|92,751| Page 14 continued... ## The Dame Hilary Cropper Charitable Foundation Limited Notes to the Financial Statements - continued for the Year Ended 31 January 2021 |4.|Raising funds|||||| |---|---|---|---|---|---|---| ||Raising donations and legacies|||||| ||||||2021|2020| ||||||£|£| ||Fundraising fees and expenses||||-|480| ||Investment management costs|||||| ||||||2021|2020| ||||||£|£| ||Portfolio management||||8,205|8,579| ||Aggregate amounts||||8,205|9,059| |§.|Charitable activities costs|||||| ||||Grant|||| ||||funding|of||| |||Direct
Costs|activities
(see note
6)||Support
costs (see
note 7)|Totals| |||£|£||£|£| ||Exchange losses and (gains)|2,536||-|-|2,536| ||Charitable expenditure|-|68,913||-|68,913| ||Administration|-||-|5,987|5,987| |||2,536|68,913||5,987|77 436| |6.|Grants payable|||||| ||||||2021|2020| ||||||£|£| ||Charitable expenditure||||68,913|105,651| ||The total grants paid to institutions during the yearwas as follows:|||||| ||||||2021|2020| ||||||£|£| ||Pinotage Youth DevelopmentAcademy||||67,297|100,590| ||The Homestead||||298|580| ||Dominican Convent School||||-|3,803| ||Lily ofthe Valley Children's Home||||510|678| ||||||68,105|105,651| Page 15 continued... The Dame Hilary Cropper Charitable Foundation Limited Notes to the Financial Statements - continued for the Year Ended 31 January 2021 Tie Support costs |Tie|Support costscosts|||| |---|---|---|---|---| ||||Governance|| |||Management|costs|Totals| |||£|£|£| ||Administration|1,649|4,338|5,987| ||Support costs, included in the above, are as follows:|||| ||||2021|2020| |||||Total| ||||Administration|activities| ||||£|E| ||Insurance||161|186| ||Travel costs||1,465|1,161| ||Bank charges||23|132| ||Auditors' remuneration||4,338|4,038| ||||5,987|5517| |8.|Net income/(expenditure)|||| ||Net income/(expenditure) is stated after charging/(crediting):|||| ||||2021|2020| ||||£|a| ||Auditors’remuneration||4,338|4,038| 9. Trustees’ remuneration and benefits There were no trustees’ remuneration or other benefits for the year ended 31 January 2021 nor for the year ended 31 January 2020. ## Trustees’ expenses During the year the Charity made payments totalling £1,465 (2020: £1,161) to trustees in relation to expenses incurred. These expenses were primarily in relation to travel costs to and from the UK. 10. Fixed asset investments **----- Start of picture text -----**
Listed
investments
£
Market value
At 1 February 2020 2,250,260
Additions 35,254
Change in Market Value (10,609)
Net movement in cash (43,405)
At 31 January 2021 2,231,500
Net book value
At31 January 2021 2,231,500
At 31 January 2020 2,250,260
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The investment portfolio included North American Investments denominated in US Dollars with a market value at 31 January 2021 of £80,384.The market value is calculated using the year end exchange rate and the change in market value during the year reflects, inter alia, the relative movement in the Rand over the financial year. As at 31 January 2021 the Historical Cost of the Fixed Asset Investments was £1,919,813 (2020: £1,928,668). Page 16 continued... ## The Dame Hilary Cropper Charitable Foundation Limited Notes to the Financial Statements - continued for the Year Ended 31 January 2021 |big Fe|Debtors:amounts falling due within oneyear|||||| |---|---|---|---|---|---|---| ||||||2021|2020| ||||||£|£| ||Trade debtors||||-|(1)| ||Interest accrued||||-|104| ||Accrued income||||896|870| ||Gift Aid receivable||||2,389|536| ||||||3,285|1,509| |12.|Creditors: amounts falling due within one year|||||| ||||||2021|2020| ||||||£|£| ||Accrued expenses||||5,667|3,900| |13:|Movement in funds|||||| |||At|1.2.20
£|Net
movement
in funds
£|Transfers
between
funds
£|At
31.1.21
£:| ||Unrestricted funds|||||| ||General fund|74,791||(47,325)|61,564|89,030| ||Restricted funds|||||| ||Pinotage Youth DevelopmentAcademy|14,209||(13,584)|-|625| ||The Homestead||7|23|-|30| ||Lily ofthe Valley Children's Home||30|90|-|120| |||14,246||(13,471)|-|775| ||Endowment funds|||||| ||Expendable Endowment|2,250,260||42,804|(61,564)|2,231,500| ||TOTAL FUNDS|2,339,297||(17,992)|-|2,321,305| ||Netmovement in funds, included in the above are|as follows:||||| |||Incoming
resources
£||Resources
expended
a|Gainsand
losses
£|Movement
in funds
s| ||Unrestricted funds|||||| ||General fund|13,095||(60,420)|-|(47,325)| ||Restricted funds|||||| ||Pinotage Youth DevelopmentAcademy||2,624|(16,208)|-|(13,584)| ||The Homestead||321|(298)|-|23| ||Lily of the Valley Children's Home||600|(510)|-|90| ||||3,545|(17,016)|-|(13,471)| ||Endowment funds|||||| ||Expendable Endowment|61,564||(8,205)|(10,555)|42,804| ||TOTALFUNDS|78,204||(85,641)|(10,555)|(17,992)| ||Page17|||||continued...| ## The Dame Hilary Cropper Charitable Foundation Limited Notes to the Financial Statements - continued for the Year Ended 31 January 2021 ## 13. Movement in funds - continued Comparatives for movement in funds **----- Start of picture text -----**
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Net|Transfers| |movement|between|At| |At|1.2.19|in|funds|funds|31.1.20| |£|E|£|£| |Unrestricted|funds| |General|fund|25,252|18,607|30,932|74,791| |Restricted|funds| |Pinotage|Youth|Development Academy|26,876|1,770|(14,437)|14,209| |The|Homestead|1|(55)|(9)|i?| |Lily|of the|Valley|Children's|Home|87|(78)|21|30| |Endowment|funds|27,034|1,637|(14,425)|14,246| |Expendable|Endowment|2,069,527|197,240|(16,507)|2,250,260| |TOTAL FUNDS|2,121,813|217,484|-|2,339,297| |Comparative|net|movement|in|funds,|included|in|the|above|are|as|follows:| |Incoming|Resources|Gains|and|Movement| |resources|expended|losses|in|funds| |Unrestricted|funds|£|£|,|£| |General|fund|95,114|(76,507)|-|18,607| |Restricted|funds| |Pinotage|Youth|Development Academy|39,204|(37|434)|-|1,770| |The|Homestead|525|(580)|-|(55)| |Lily|of the|Valley|Children's|Home|600|(678)|-|(78)| |Endowment|funds|40,329|(38,692)|-|1,637| |Expendable|Endowment|91,507|(8,579)|114,312|197,240| |TOTAL FUNDS|226,950|(123,778)|114,312|217,484| **----- End of picture text -----**
Page 18 continued... ## The Dame Hilary Cropper Charitable Foundation Limited ## Notes to the Financial Statements - continued for the Year Ended 31 January 2021 ## 13. Movement in funds - continued Acurrent year 12 months and prior year 12 months combined position is as follows: |||Net|Transfers|| |---|---|---|---|---| ||At 1.2.19|movement
in funds|between
funds|At
31.1.21| ||£|£|£|£| |Unrestricted funds||||| |General fund|25,252|(28,717)|92,496|89,031| |Restricted funds||||| |Pinotage Youth DevelopmentAcademy|26,876|(11,815)|(14,437)|624| |The Homestead|71|(32)|(9)|30| |Lily ofthe Valley Children's Home|87|12|21|120| |Endowment funds|27,034|(11,835)|(14,425)|774| |Expendable Endowment|2,069,527|240,044|(78,071)|2,231,500| |TOTAL FUNDS|2,121,813|199,492|-|2,321,305| |A current year 12 months and prior year 12 months combined net movement in|||funds, included in the above are|| |as follows:||||| ||Incoming
resources|Resources
expended|Gainsand
losses|Movement
in funds| ||£|£|£|£| |Unrestricted funds||||| |General fund|108,209|(136,926)|-|(28,717)| |Restricted funds||||| |Pinotage Youth DevelopmentAcademy|41,828|(53,643)|-|(11,815)| |The Homestead|846|(878)|-|(32)| |Lily ofthe Valley Children’s Home|1,200|(1,188)|-|12| ||43,874|(55,709)|.|(11,835)| |Endowment funds||||| |Expendable Endowment|153,071|(16,784)|103,757|240,044| |TOTALFUNDS|305,154|(209,419)|103,757|199,492| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity. Pinotage Youth Development Academy - donations are received to fund the general and, sometimes, specific activities of the Academy in the Cape Winelands. The Academy uses these funds in furtherance of its vision to deliver a vocational training and personal development programme for unemployed 18 - 25 year old South Africans. The Homestead - donations are received to fund the general operational needs of this Cape Town-based NGO. Lily of the Valley Children's Home - donations are received to fund the general operational needs of this NGO located between Durban and Pietermaritzburg. The endowment fund is held to provide income for charitable purposes and is invested on a low risk basis to achieve a steady annual income and modest capital growth. Page 19 continued... **----- Start of picture text -----**
The Dame Hilary Cropper
Charitable Foundation Limited
Notes to the Financial Statements - continued
for the Year Ended 31 January 2021
13. Movement in funds - continued
Transfers between funds
A transfer is completed each year in relation to the Endowment Fund, this is to account for the investment income
received during the year.
During the prior year the following transfers were completed
- A balance of £28,146 was transferred from the Pinotage Youth Development Academy restricted fund to the
General unrestricted fund, to re-direct unrestricted income brought forward in the fund.
- A balance of £9 was transferred from the The Homestead restricted fund to the General unrestricted fund, to re-
direct unrestricted income brought forward in the fund.
- A balance of £21 was transferred from the General unrestricted fund to the Lily of the Valley Childrens' Home
restricted fund, in line with activities during the year.
14. Other financial commitments
The trustees have agreed with the directors of the Pinotage Youth Development Academy that the Foundation
will provide financial support to the Academy until at least 31 May 2022.
15. Related party disclosures
Pinotage Youth Development Academy (Shared Trustee)
During the year ended 31 January 2021 donations and gift aid relating to the Pinotage Youth Development
Academy totalled £14,209 (2020: £39,204) was shown in restricted funds.
During the year ended 31 January 2021 The Dame Hilary Cropper Foundation provided grant funding of £51,896
(2020: £63,156) from unrestricted funds and £16,209 (2020: £37,434) from restricted funds to the Pinotage Youth
Development Academy, a South African based organisation with shared Trustees.
16. Structure and governance
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company as defined
by the Companies Act 2006. The company private, registered in England and Wales and is limited by guarantee.
The company’s registered number and registered office address can be found in the Trustees report.
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