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 Inde￿ndent 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
gr0￿h. 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 kno￿edge 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 reSoUr￿s,
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 aC￿rdance wth United Kingdom Generally AC￿pIed 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 do￿n9
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 prO￿dUr&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 knO￿ett9e 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 re￿1vable
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 A￿demY 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