REGISTERED COMPANY NUMBER.. 05015106 (England and Wales) REGISTERED CHARITY NUMBER.. 1101905 Report of the Trustees and Audlted Financial Statements for the Year Ended 31 January 2025 for The Dame Hilary Cropper Charltable Foundatlon Limited
The Dame Hilary Cropper Charitable Foundation Limlted Contents of the Financial Statements for the Year Ended 31 January 2025 Page Report ol the Trustèes Report of the Indendent Audltors ststfrment of Financlal Actlvltles Balance Shèèt Notes to the Flnanclal Ststements 10 to 15
The Dame Hilary Cropper Charitable Foundation Limited (Registered number: 05015106) Report of the Trustees for the Year Ended 31 January 2025 The Trustees, who ar8 also direclofs of the Foundation for the purposes of the Companies Act 2006. present their report with the financial slalemenls of the Foundation for the year ended 31 January 2025 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 Charitses.. Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191 Peter John Cropper The Trustees open this yearfs report by recording the passing of co-founder, Peter Cropper, long-time trustee, director, and benefactor of the Foundation, who died peacefully in North London on 23 August 2024. His passing followed a lengthy period of declining health, and his resignation as trustee and director in April 2024. Petef established the Foundalion in 2004 with his wife, Dame Hilary, with the intention of improving the lives of young South Africans from the previously disadvantaged community. He took immense pride in, and inspiration from, the work of the Foundation, and great joy from the connections he made wlh South Africans from a wide range of back9rounds, treating everyone with equal dignity, respect, and friendship. The Trustees ¥MII continue lo honour the vision of our founders, in memory of Dame Hilary and Pelef Cropper. Objectlves and actlvltle8 Objectives and aims The Foundation's aims are to manage the trust fvnd and ils 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 amongst young people however th& Trustees in their absolute discretion may dètermine. The emphasis is on helping young people who are disadvantaged through poverty, illness, or the lack of family support, by providing them wth education and care, and assisting them to become self-sufficienl, so that they can lead more fulfilling and productive lives within their communities. The focus is on developing countries, especially those that are struggling wth abject poverty and debilitating illness. Publlc beneflt The Trustees confirm that they refer lo the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives, planning aclivilies, and setting the grant-making policy. Grantmaklng Grants may bè made lo other established charities lo help them more effectively promote their own charitable objectives. The choice ol organisations selected lo receive such grants will be made taking into account their efficiency and effectiveness in fulfilling their stsled 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 lo the bookkeeper for their role in maintaining the activities and records of the Charity. During 2024125, one Trustee received fees of £5.093 to deliver a project lo identify potential new beneficiaries for the Foundation, described further below. Achlevement and perfonnance Charltable activities During 2024125, the Foundation was proud lo have completed 20 years of charitable activities in South Africa ounlry that the Trustees determined should be the principal focus of the Foundation's activities For the last 13 years, the Foundation's primary focus has been PYDA, based in Stellenbosch in the Cape Winelands and established by the Foundation in 2012 PYDA operates as a local not-for-profil, running 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. David Torres remains a director of both the Foundation and PYDA. the During 2024125, following an outreach programme co-ordinated by the Trustees, the Foundation entered into funding arrangements with 4 new beneficiary organisalions in South Africa, one on a one-year basis and three on a 3-year basis, but all operating in the field af yOLJlh support and development in the Western Cape. The Trustees look forward lo seeing how these or9anisations, all of which are small and local, and most of lch are relatively young, develop over the next few years. Page 1
The Dame Hilary Cropper Charitsble Foundation Limited (Registered number: 05015106) Report of the Trustees for the Year Ended 31 January 2025 Financial review Principal funding sources The principal source of the Foundation's income is a capital fund held as expendable endowment. The fund is invested and managed on a discrelionary basis by 8 fund managèr. The Foundation also receives a small number of restricted and unreslricled donaty'ons from third parties. Financial perfonnance As of 31 January 2025, lolal funds amounted to £2,806.289, of which £2,727,483 were expendable endowment funds, £120 were restricted funds, and £78,686 were unrestricted funds. The endowment fund is backed by the Investment portfolio which can be accessed, as needed. The remaining restri¢ted and unrestricted funds are backed by current assets. During 2024125, total income was £106,846. Outgoings totalled £149,045, wlh £124,638 expended on charitable giving and £24.407 on costs. Oulgoings were funded from income and accumulated reserves, leading to a £42.199 reduction in reserves. The Foundation had an overall surplus of £134,207 for the year ending 31 January 202S (2024 deficit.. £27,021}. supported by gains in the endowment fund. The Trustees would like to express their thanks and appreciation to those organisations and individuals who have provided financial 5UPPOrt lo 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. Investrnent polley and objectlves The capital fiJnd Is held as expendable endowment and has been invested to achieve a balance of income and capital gr0h. The investment fund continues lo be managed by Rathbones Investment Management Limited, Within those broad principles, investments are managed on a total return basis at Risk Level 4, with around 65 /0 invested in equities. as defined by the Foundation's Statement of Investment Policy, which includes a commitment lo the pnnciples of environmental. social, and governance-based investment. The Trustees monitor the performance of the investment portfolio. and ils management, on a regular basis. Reserves pollcy To date, the Trustees, intention has been lo estsbli5h a level of reserve5 that wll allow the Foundation to support substantial projects, whilst maintaining the endowment fund, which nonetheless remains available to them for use, should a particularly worthwhile proieci arise. Future plans The Foundation will continue lo support good causes in South Africa through the application of the skills and experience of its Trustees, and through financial donations. The value of future donations is determined by the expected level of return from the inveslmenl portfolio and exchange rale movemen15, which are reviewed on a regular basis lo ensure that commitments made are affordable. Slruclure, governance and management Governing document The Foundation is a company limited by guarantee and a registered charity. Ils governing document is the Memorandum of Association dated 14 January 2004. Organlsatlonal structure The Trustees set out the organisalion's objectives and aims, and agree the strategy and policies needed to deliver on those aims. The Foundation retains no staff. Recruitment. appointment and Induction of new Trustees Trustees are appointed following a search of suitably qualified individuals and an invilauon extended by the chaifman to the successful candidate based on a trustee resolution. New Trustees undertake a period of orienlalion through individual meetings with existing Trustees, a review of the Foundation's governance documents, past minutes, financial slalements. and Board papers. Trustees requiring formal training on specific topics wll be entitled to Lsndertake such developments at the Foundation's expense. Risk management The Trustees have conducted their own review of the major risks lo which the Foundation is exposed, and systems have been established to mitigate those risks. Page 2
The Dame Hilary Cropper Charitable Foundation Limited (Registered number.. 050151061 Report of the Trustees for the Year Ended 31 January 2025 Reference and admlnlstrative detslls Registered Company number 05015106 (England and Wales) Reglstered Charlty number 1101905 Reglstered office 3 Danebrook Court Langford Lane Kidlingion Oxfordshire OX51LQ Trustees Carl Sl John Cropper Nicholas Jackson (Chairman) Nikki Munro lan Patrick Stephenson David Andrew Torres Peter Cropper (resigned 15.4.24) Audltors Haines Watts Wales LLP, Statutory Auditors 7 Neptune Court Vanguard Way Cardiff CF24 5PJ Bankers Metro Bank 77 Sl Peters Street Sl Albans Hertfordshire AL13ED Absa Wealth Block B. De Wagenweg Office Park Stellenlia Road Stellenbosch Central Stellenbosch 7600 South Africa Sollcltors Wilsons Solicitors LLP Alexandra HoLJse St Johns Street Salisbury Wiltshire SP1 2SP Investment Managers Rathbones Investment Management Limited 10 George Street Edinburgh EH2 2PF Page 3
The Dame Hllary Cropper Charitable Foundatlon Limited (Registered number.. 050151061 Report of the Trustees for the Year Ended 31 January 2025 Directors. report The Trustees contribute a blend of complementary knoedge and skills. They have experience of diverse countries, cultures, corporations, and ¢harities, together with a shared commitment to the objectives of the Foundation. Biographlcal Details of Trustees Carl Cropper is a bioscience graduate with over 30 years, experience in the pharmaceutical industry in roles in medical affairs, busine55 development, sales, and marketing. In 2016. he established his own commercial consulting business. He lives in the city of Sl Albans in the UK wth his wife and their four children He is the son of founders Pelei and Dame Hilary Cropper, both now deceased. Nick Jackson is Chief complian Officer at Lightsourcebp, a global leader in the development and management of solar energy projects. He trained as an engineer and has over twenly-five years, industry, consulting, and Internation81 development experience. He has led teams on a number of high-profile ethics and anti-corruption cases, served as head of group ethics and compliance in the oil and gas industry and as the first ethics officer of the Global Fund to Fight AIDS, TB, and Malaria. Nikki Munro joined the Pinotage Youth Development Academy as Programme Director in 2012, resigning in 2022, During her career she has worked in the fields of human resources, learning, communicab'on, and youth d&velopmenl. Her work within the corporate sector has focused on organisalional development and transformation, She established her own business. working in various Industry sectors as a leader, consullanl, and executive coach. With a slfong track record of effective implementation, she has spent her careèr adding value in her home country of South Africa. lan Stephenson is a Slruclural Engineer who has specialised in the design of buildin9 slruclures. He grew up in Cape Town and attended both school and university there. After qualifying h6 worked on a variety of projects in South Africa. He moved lo 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 Executivè 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 molhers2molhers, a Cape Town-based NGO working in the fièld of HIV and maternal and child health. David worked al molhers2molhers for 12 years in a number of leadership roles, covering special project5, business development across Sub-saharan Africa, fundraising and donor relationship management, and organizational governance. Prior lo 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 thè UK for JP Morgan Chase and Co, and prèdecessor firm, The Chase Manhattan Bank. Trustees. responslbllity ststement The Trustees (who are also the directors of The Dame Hilary Cropper Charitable Foundation Limited for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards (United lQngdom Generally Accepted Accounting Practice) Company law Tequires the Trustees lo prepare financial slalemenls for each financial year which give a true and fair view of the stale of affairs of the charitable company and of the incoming resources and application of reSoUrs, including the income and expenditure, of the charitable company for that period. In preparing those finanoal slatemenls, the trustees are required lo select suitable accounting poliaes 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 lo presume that the charitable company will continue in business. The Trustees are responsible for keeping proper arLounling records which disclose with rèasonable accuracy at any lime 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 a150 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 lo make themselves aware of any relevant aLJdit information and to establish that the auditors are aware of that information. Auditors The auditors, Haines Watts Wales LLP, Slalutory Auditors, wll be proposed for appointment al the forthcorning Annual General Meeting. Page 4
The Dame Hilary Cropper Charitable Foundation Limited (Registered number.. 05015106} Report of the Trustees for the Year Ended 31 January 2025 This report has been prepared in accordan 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 28th May 2025 and signed on ils behalf by: Nicholas Jackson - Trustee Page 5
Report of the Independent Audltoys to the Members of The Dame Hilary Cropper Charitable Foundation Limlted Opinion We have audited the financial statements of The Dame Hilary Cropper Charitable Foundation Limited Ithe 'charitable company'l for the year ended 31 January 2025 which comprise the Statement of Financial Aclivilies, the Balance Sheet and notes lo the financial slatemenls, 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 stalemenls.. give a true and fair view of the stale of the charitable company's affairs as al 31 January 2025 and of ils incoming resources and application of resources, including ils income and expenditure, for the year then ended., have been properly prepared in aCrdance wth United Kingdom Generally ACpIed Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs (UK)) and applicable law. Our respon5ibililies under those standards are further described in the Auditors, responsibilities for the audit of the rinancial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo 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 relatlng to golng concern In auditing the financial stalemenls, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncerlainlies relating lo events or ¢ondilion8 that, individually or collectively, may Cast significant doubl on the Gharitable company's ability to continue as a going concern for a period of at least e1ve months from en the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Iruslees wth respect to going ¢oncern are described in the relevant s8ction5 of this report. Other Informatlon 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 Ihereon. Our opinion on the financial slalements does not cover the other information and, except to the extent otherwise explicitly slated in our report. we do not express any form of assurance condusion thereon. In connection with our audit of the financial statements, our responsibility is lo read the other inform8bon and, in don9 so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such material inconsi5ten¢ies or apparent material misstalemenls, we are required lo determine whether this gives rise lo a material misslatemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misslalement of this other information, we are required to report that fact. Vve have nothing lo report in this regard. Oplnlons on other rnatters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the Trustees for the financial year for which the financial slalemenls are prepared Is consistent with the financial slalernents., and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exceptlon In the lighl of the knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing lo report in respect of the following matters where the Companies Act 2006 r&quire$ us lo report lo 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 lo lake advantage of the small companies exemption from the requirement lo prepare a Strategic Report or in preparing the Report of the Trustees. Page 6
Report of the Independent Auditors to the Members of The Dame Hilary Cropper Charltable Foundation Llmited Responsibilities of trustees As explained more fijlly In the Trustees, Responsibilities Slalement, the trustees {who are also the directors of the charitable company for the purposes of company lawl 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 Iruslees determine is necessary lo enable the preparation of financial slalements that are free from material misstalemenl, whether due lo fraud or error. In preparing the financial slalemenls, 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 usin9 the going concern basis of accounting unless the trustees either intend to liquidate the charitable cornpany or to ase operations, or have no realistic alternative but to do so. Our responsibilltles for the audit of the flnancSal statements Our objectives are lo obtain reasonable assurance about whether the financial slalements as a whole are free from material misslalemenl, whether due to fraud or error, and lo issue a Report of the Independent Auditors that Includes our opinion. Reasonable assurance is a high level of assurance, but 15 not a guarantee that an audit conducted in accordance with ISAS IUIQ will afways detect a rnalerial misstatement when il exists. Mis5talements 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 useis taken on the basis of these financial statements. The extent lo which our prOdUr&S are capable ol detecting irre9ularities. 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 consider6d in this onlext were the UK Companies Act 2006, UK GAAP IFRS 1021 and relevant tax legislation Once identified, assess the risks of material misslatemenls in relation lo the laws and reglslalions. irregularities, including fraud and adjust our testing accordingly. Our audit procèdures include". Discussing with Trustees and management which areas of the business they believe to be more susceptible lo fraud. and whether they have any knOett9e or suspicion of fraudulent activities Obtaining an understanding of the key controls pul In place by the 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 tests'ng of journal entries made into the accounting system,, Challenging assumptions and judgements made by the company in relation lo the significant accounting eslimales employed in th6 preparation of the financial stalemenls., Discussing wlh Trustees and Management the legal and regulatory obligations of the business and whether they have any knowledge or suspicion of non compliance. Despite the audit being planned and conducted in accordance with ISAS {UKI there remains an unavoidable risk that material misslalements in the financial statements may not be detected owng lo inherent limitations of the audit, and that by their very nature, any such instan$ 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. uklauditorsresponsibililies. This description forms part of our Report of the Independent Auditors. Use of our report This feport is made solely lo the charitable company's members, as a body, in accordance wth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale to the charitable company's members those matter5 we are required to slate lo 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 com an¥'s members as a body, for our audit work, for this report, or for the opinions we have formed, Z Clive Edwards Isenior SlatLJlory Auditor) for and on behalf of Haines Watts Wales LLP, Slatulory Auditors 7 Neptune Court Vanguard Way Cardiff CF24 5PJ Date.. Page 7
The Dame Hilary Cropper Charitable Foundation Llmited Statement of Financial Actlvlties (Incorporating an Income and Expenditure Account} for the Year Ended 31 January 2025 2025 Total funds 2024 Total funds Unrestricted fund Restricted funds Endowment fund Notes Income and endowments from Donations and legacies 2,018 600 2,618 3,279 Investment income 104,228 104,228 100,666 Totsl 106,246 600 1C6,846 103,945 Expendlture on Raising funds 10,614 10.614 9,828 Charltable actlvltles Exchange losses and Igainsi Charitable expenditure Administration 183 56,797 15,425 124,038 13,793 800 124,638 13,793 Total 137.831 600 10,614 149,045 82,233 Nel gainslllosse51 on investments 176,4C6 176,406 {48,733} NET INCOMEIIEXPENDITURE) 131,5851 165,792 134,207 {27,0211 Reconclllatlon ol funds Total funds brought forward 110,271 120 2,561,691 2,672,082 2,699,103 Tolal funds carrled forward 78,686 120 2,727,483 2,808,289 2,672,082 The notes form part of these financial statements Page 8
The Darne Hilary Cropper Charitsble Foundalion Limited (Registered number: 05015106) Balance Sheet 31 January 2025 2025 Totsl funds 2024 Totsl funds Unrestricted fund Restricted funds Endowment fund Notes Fixed assets Investments 10 2,727,483 2,727,483 2,561,691 Current assets Debtors Cash al bank 40,415 42.357 120 40.535 42,357 28,832 85,589 82,772 120 82,892 1fj4,421 Credltors Amounts falling due within one year 12 14,0881 (4,0861 14.0301 Net current assèts 78,688 120 78,8C6 110,391 Totsl assets less current Ilabllltles 78,686 120 2.727.483 2,806,289 2.S72,082 NET ASSETS 78.886 120 2,727,483 2,806,289 2,672,082 Funds Unrestricted funds Restricted funds Endowment funds 13 78,686 120 2,727,483 110,271 120 2,561,691 Total fund8 2,806,289 2,672.082 These financial statements have been prepared in accordan with the provisions applicable to charitable companies subject lo the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue and were signed on ils behalf by.. on Nicholas son - Trustee The notes form part of these financial statements Page 9
The Dame Hllary Cropper Charitable Foundation Limited Notes to the Flnancial Statements for the Year Ended 31 January 2025 Accountlng policies Basis of preparlng the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance wth the Charities SORP IFRS 1021 'Accounling 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 IFRS 1021 leffeclive 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statemen15 have been prepared under the historical cost convention, with thè exception of investments which are included al market value, as modified by the revaluation of certain assets. Income All incoming iesources are included in the Statement of Financial Activities when the Foundation is legally entrtled to the income and the amount can be quantified with reasonable accuracy. Investment income from the expendable endowment are treated as unrestricted funds lo meet the costs of the trust in furtheiance of its objects. Donations received for specific projects are treated as restricted along with any Gift Aid Teceivable. Expendlture Liabilities are recognised when the trust is commilled to the expenditure. AJI costs in furtherance of the objectives of the trust are set against the income, except for expenditure relating lo the permanent endowmènt, which include charges levied by the investment managers and r&alised and unrealised gains or losses arising of the fund. The costs incurred include irrecoverable VAT. Grants may be made lo other established charities to help them more effectively promote their own charitable objectives. The choice of organisalions selected lo receive such grants will be made taking into account their èfficiency and effectiveness in fulfilling their slated objectives and by the extent to which they foster self-help among disadvantaged youn9 people. Grants offered subject lo conditions which have not been met at the year end dale are noted as a commitment bul not accrued as expenditure. Govornance Costs Governance costs include the costs of the preparation and audit of the statutory accounts and the cost of any legal advio lo Iruslees on governance or constitutional matlets. Taxatlon As a registered charity, the Company is exempl from United Kingdom Corporation Tax on its income applied for charitable purposes, Fund ac¢ountlng Unreslricled funds can be used in accordance wlh the charitable objectives at the discretion of the Iruslees. Restricted funds can only be used for particular restricted purposes wthin 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 al the rates of exchange ruling al the balance sheet date. Transactions in foreign currencies are recorded al the average rate rLtling for the month at which the transaction occurred. All differences are taken to the Statement of Financial Activities. Assets and liabllltles Investments are staled al market value at the balan sheet date The Statement of Financial Activities includes the nel gains and losses arising on revaluations and disposals throughout the year. Debtors and creditors are measured al transaclion price, less any impairment Debtors are included on the basis that there is sufficient information lo confirm that the balance relates lo the appropriate period. Creditors are also included on the basis that they relate lo costs of the current financial year that have nol yet been paid. Page 10 continued...
The Dame Hilary Cropper Charitable Foundation Limited Notes to the Flnancial Ststements - contlnued for Ihe Year Ended 31 January 2025 Donations and legacies 2025 2024 Donations Gift aid 2,321 297 3,158 121 2,618 3,279 Investment Income 2025 2024 Income from listed investments Deposit account interest 103,503 725 99,827 839 104,228 100,666 Ralslng funds Investment management costs 2025 2024 Portfolio management 10.814 9,828 Charltable actlvltle8 Costs Grant funding of actlvltles (see note 61 Support costs (see note 7) Dlrect Costs Totals Charitable expenditure Administration 124,638 124,638 13,793 {431 13.836 {431 124,638 13,836 138,431 Grants payable 2025 2024 Charitable expenditure 124.638 56,797 The total grants paid lo institutions during the year was as follows.. 2025 2024 Pinolage Youth Development Academy The Homestead Lily of the Valley Children's Home Molo Mhlaba Ukhanyo Foundation Word of Mouth Where rainbows meet 52,983 56.192 600 18,039 17,670 17,671 17,675 600 124,638 56,797 Page11 continued...
The Dame Hilary Cropper Charitable Foundation Limited Notes to the Financial Ststements - continued for the Year Ended 31 January 2025 Support costs Governance costs Management Totals Administration 9,866 3,970 13,836 Support costs, included in the above, are as follows.. 2025 2024 Total activities Administratlon Insuran Computer costs Marketing Consultancy fees Travel cos15 Bank charges Auditors, remuneration 172 536 164 5,093 3,861 40 3,970 154 43 108 8.939 2,185 42 3,954 13.836 15,425 Net Incornel{expendlture} Nel incomellexpendilurel is slated after chargingllcreditingi.. 2025 2024 Auditors, remuneration 3,970 3,954 Truslees, remuneratlon and beneflts There were no trustees, remuneration for the year ended 31 January 2025 nor for the year ended 31 January 2024. Trustees. expenses Durin9 the year the charity made payments of £3.861 12024. £2.1851 to trustees in relation lo expenses in¢urred, Tru8tee transactlons Payments lolalling £5,093 were made to a trustee in relation to consultancy fees. During the year trustees donated £200 to the charity. 10. Flxed asset Investments Listed investments Market value At 1 February 2024 Additions Disposals Change in Market Value Nel movement in cash 2,561,691 217,814 1363,4501 173,193 138,235 At 31 January 2025 2.727,483 Net book value Al 31 January 2025 2,727,483 Al 31 January 2024 2,561,691 Page 12 continued...
The Dame Hilary Cropper Charitable Foundatlon Limited Notes to the Financial Statements - continued for the Year Ended 31 January 2025 10. Flxed asset investments - continued The investment portfolio includes investments converted lo GBP from Euro, South African Rand and US Dollar. The market value is calculated using the year end exchange rate and the change in market value during the year reflects, Inter alia, the relats've movement in the currency over the finan¢i81 year. Cost or valuation al 31 January 2025 is represented by.. Llsted Investments Valuation in 2025 2,727,483 As al 31 January 2025 the Historical Cost of the Fixed Asset Investmènts was £2.386,99712024.' £2.525,0621 Debtors: amounts fallSng due wlthln one yoar 11. 2025 2024 Gift Aid re1vable Prepayments and accrued income 295 40,240 120 28.712 40,S35 28,832 12. Credltors: amount8 falllng due wlthln one year 2025 2024 Accrued expenses 4,086 4,030 13. Movement In fund8 Net movemenl In funds At 31.1.25 At 1.2.24 Unrestrlcted funds General fund 110,271 131.585> 78,686 Restricted funds Lily of the Valley Children's Home 120 120 Endowment fund8 Expendable Endowment 2,561,691 165,792 2,727,483 TOTAL FUNDS 2,672,082 134,207 2,806,289 Page 13 continued...
The Dame Hilary Cropper Charitsble Foundation Limited Notes to the Flnancial Statements - continued for the Year Ended 31 January 2025 13. Movement in funds- contlnued Nel movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 106.246 {137.8311 {31,585} Restrlcted funds Lily of the Valley Children's Home 6¢XI 16001 Endowment funds Expendable Endowment 110.6141 176,406 165,792 TOTAL FUNDS 1CE,846 1149,0451 178,406 134.207 Comparatlves for movement In fund8 Net movement In funds At 31.1.24 At 1.2.23 Unre8trScted funds General fund 78,650 31.621 110,271 Restricted fund8 Pinota9e Youth Development Academy The Homestead Lily of thè Valley Children's Home 76 1761 15} 120 120 201 181} 120 Endowment funds Expendable Endowment 2,620,252 158,561 } 2.561.691 TOTAL FUNDS 2,699,103 127,0211 2.672,Q82 Comparative net movement in funds, included in the above are as follows.. Incomlng resources Resource8 expended Galns and losses Movement in f unds Unrestricted funds General fund 100,945 169,3241 31,621 Reslrl¢ted funds Pinotage Youth Development Academy The Homestead Lily of the Valley Children's Home 2,400 12,4761 151 18001 1761 (5} 600 3,000 13,0811 Endowment funds Expendable Endowment 181} 19,8281 148,733} 158,5611 TOTAL FUNDS 103,945 182,233) 148,733) 127,0211 Page 14 continued...
The Dame Hilary Cropper Charitable Foundation Limited Notes to the Financial Stalements - continued for the Year Ended 31 January 2025 13. Movement In funds - continued Unrestricted income funds are general funds that are available for use at the Iruslees, discretion in furtherance of the objectives of the charity. Pinotage Youth Development Academy donations are received lo fund the general and, sometimes, specific activities of the Academy in the Cape Winelands. The AdemY uses these funds in furtherance of its vision lo deliver a vocatsonal training and personal developmerst programme for unemployed 18 - 25 year old South Africans. The Homeslead - donations are received lo fund the general operational needs of this Cape Town-based NGO. Lily of the Valley Children's Home - donations are received lo fund the general operational needs of this NGO located between Durban and Pietermaritzburg. The endowment is held lo provide income for charitable purposes and is invested on a low risk basis to achieve a sleady annual income and modest capital growih. 14. Other flnanclal commltments The financial support agreement to the Pinolage Youth Development from the foundation ended in May 2025 A new grant agreement is in place which provides financial support lo the Pinolage Youth Development until May 2026. Funding commitments made during the year to Molo Mhlaba. Ukhanyo Foundation & Word of Mouth for duration of thr66 years from April 2024. 16. Related party d16c108ure8 Plnotage Youth Development Academy (Shared Tru8teel Dufing the year ended 31 January 2025 there were donations and gift aid relating lo the Pinotage Youth Development Academy of £nil {2024. £2,400) During the year ended 31 January 2025, The Dame Hilary Cropper Charitable Foundation provided grant funding of £52,982 12024. £53,718) from unrestricted funds and £nil12024. £2,476) from restricted funds to the Pinotage Youth Development Academy, a South African based organisation wth shared Trustees, Structure and govèrnance 16. The Foundation is a company limited by guarantee and a registered charity. Ils governing documents are the Memorandum and Articles of Association dated 14th January 2004. The companvs registered number and registered office address can be found in the Trustees report. Page 15