Charlty reglstratlon number 1122865
THE DONALD GORDON SECOND FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

THE DONALD GORDON SECOND FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
H l Appelbaum
W Appelbaum
G Gordon
A Sternberg
M Abel
S Tager
N Appelbaum
Terra Nova Trustees (Pty) Limited
(Appointed 20 August 2024)
(Appointed 20 August 2024)
(Appointed 20 August 2024)
(Appointed 20 August 2024)
Charlty number
1122865
Reglstered office
clo Stonehag8 Fleming
6 St James's Square
London
United Kingdom
SW1Y 4JU
Audltor
Azets Audit SeNices
Ashcombe Court
Woolsack Way
Godalming
Surrey
United Kingdom
GU71LQ

THE DONALD GORDON SECOND FOUNDATION
CONTENTS
Page
Trustees. report
Independent auditor's report
Stalement of financial acllvities
Balance sheet
Stalement of cash flows
Notes to the financial stalements
10-16

THE DONALD GORDON SECOND FOUNDATION
TRUSTEES. REPORT
FOR THE YEAR ENDED 29 FEBRUAR Y 2024
The Truslees present their report and the audited financiel statements of the Foundation for Ihe year ended 29
February 2024. The truslees have adopted the provisions ol the Stalemenl ol Recommended Pra¢llce (SORP)
-Accounling and Reporting by Charibes. in preparing the annual report and financial statemenls of the Foundalion.
The financial sialements have been prepared in accordance with Ihe accounting policies sel out in note 1 lo the
financlal slalemenls and comply wlth Ihe Foundation's governing document, the Trust Deed dated 14 August 2007.
the Chanlies Act 2011 and 'Accounling and Reporting by Charities.. Stalemenl of Recommended Practice applicabla
to charlts'es preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK 8nd
Republic of Ireland (FRS 102)" (effective 1 January 20191-
ObJectlve8 and actfvltlos
The Donald Gordon Second Foundats'on Is a charflable trust wlth its main objects being the advancement and
Pfomolion of scientific, medical and technological research, educalion. reliel of poverty, promolion and support ol
the arts and olher charilable causes. The Trustees believe that the Foundation can make a meaninglul impact on
society through slralegically allocating the resources of the Foundation over the medium lo long lerm and th•
Foundation is commilled to making a positive and lasting impact on society by supporting various charitable and
philanlhropiG iniliatlves and projects for the publlc benefrt,
In accordance with the wSshes of the Founder, the Late Slr Donald Gordon. much of the charttable aclmty Is
undertaken Ihrough the Foundation's registered Public Benefit Organisalion {PBOI in South Afnca, where the
Trustees hav8 been focusing their inttial efforts in relation to current and futur8 public benefit aclivilies.
Achlevemonts and performance
The Foundation is a beneficiary of the Estate ol the Late Sir Donald Gordon. The principal activrty within the
Foundation duflng the financial year under review has been the recelpl and investment deployment ol the
distributions from the Estate, which principally look place shortly before and shortly after the beginning ol the
financlal year under revlew. In additlon, there were inllial allocations lo beneficiarles lotaling £1.04m dunng the
financlal year. The impacl of the FoundalSon's charitable givlng will be increaslngly lell in future year5 and reportod
on approprialely,
In addilion lo recolving and Investing further dislrlbutions ffom the Estate of Slr Donald Gordon duflng the flnancial
year, the Trustees have commenced charitable acllvilies as well as the conslderation and Implemenlalion of
appropriate govemance structures and policies, including Distribullon, Reserves. Inveslmenl and Board
Composition policies and the consideration of the handling of poiential conllicts of interests.
In outline tems. the Foundation 8xp8cts In fijlure to allocate 50 - 75% of its current nel income for charfrtabl?
Initiatives and projects annually. once the Foundation's a5set5 are fully Invested. The 8llocation percentage can be
adiusled by the Trustees depending on financial performance, available resources and the nalure of projects
selected for funding. The Foundation expects to malniain a reserve fund to safeguard against unexpected financial
challenges and provide funding lor any emergency charitable giving. The Trustees will also be able to approve
specific capilal dislributlons al Iheir discrellon to support agreed charitable Inillallves and projects. The
Implementation of the Dlslrlbution and Reserves pollcies ￿11 be reviewed annually.
Flnanclal r•vl•w
The Foundation has b8nefited from sub5tanlial distrlbulions made by the Estate of the Late Slr Donald Gordon.
This has resulteii in unrestncled reserves at 29 Febnjary 2024 of £94.367.026. For the year ended 29 February
2024. the Foundation generated income from investments totalling £3.526m, made donations lo charitsble entities
of £1.043m and generated net income for the year of £2.815m after taking account ol costs and inveslmenl gains.
The Foundation has engaged suitable and expenenced advisers, bankers and custodians to safeguard and manage
the Foundation's assets, which are managed and deployed in line with the Dislributs'on, Reserves and Investment
policies agreed by ihe Truslees. As 81 the financial year end, the assets were slill in the process of being deployed
by investment managers wSihin a diversified portlollo across a varlety of assel classes and the full implemenlalion ol
thls will be reported on in more delall in fulure years.

THE DONALD GORDON SECOND FOUNDATION
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
The Distribution and Reserves policies agreed by the Trustees provide the framework for allocating funds to ensure
effectiveness and accountability in the Foundation's charitable endeavours. The policies also determine the level of
resetves the Foundation intends to maintain to balance the needs of current and future beneficiaries and adapt and
respond to evolving needs, while also ensuring that the Foundation's activities fall within its charitable objects and
comply with all required rules and regulalions in the relevant jurisdictions.
The Trustees consider that the principal risks and uncertainties currently facing the Foundation relate to the
achievement of sufficienl investment returns so as lo be able to generate sufficient resources for charitable
beneficiaries, without putting the capital of the Foundation at undue risk either from investment losses or from the
impact of ongoing inflation over the medium lo long term. To this end the Trustees have consulted with investment
experts who have considered the various return and risk parameters identified by the Trustees and who have
constructed an appropriately diversified long-lerm inveslmenl portfolio for the Foundalion. The Trustees carefully
monitor and review the portfolio on a regular basis.
The Trustees are also concemed with the custodianship of the Foundation's assels and regularfy monitor this,
taking into account the slr8ngth and slability of counterpartl8s and appropriate diversification.
Plans for future perlods
As highlighted above, the Foundation has received substantial funding from the Estate of the Late Sir Donald
Gordon and its activities will increase materially in futur8 years. in order to implement and achieve its objectlV8s and
safeguard the assets for future public benefit. To this end the Foundation has recently appointed additional trustees
{noled below) to add to the Foundation's resources and ability to evaluate beneficiaries.
The Foundation will consider distributions to charitable activities that fall within one or more of the charitable objects
{as defined in Ihe Trust Deed) and Ihat are exclusively charitable in accordance with the Charities Acl. All projects
will be carefully evaluated based on their potential for positive impact, sustainability, and efficiency. A thorough
evaluation proc8ss will be conducted for each project to assess its viability. effectiveness. impact and potential risks.
The Foundation will maintain appropriate levels of accountability, tracking the progress and outcomes of funded
activities.
The Foundation may also collaborate with other charitable organisations to maximize the impact of its activities and
encourage collective efforts towards common goals.
Structure, governance and management
The Foundation is a Charitable trust and was registered with the Charity Commission of England and Wales on 19
February 2008 (charity r8gistration number 1122865}. It is governed by a Trusl Deed dated 14 August 2007. The
Foundation is also registered as a PBO in South Africa.
The Trustees who served during the year and up to the date of signature of the financial statements were:
H l Appelbaum
W Appelbaum
G Gordon
D Reynolds
J Rossouw
A Sternberg
M Abel
S Tager
N Appelbaum
Terra Nova Trustees {Pty) Limited
{Resigned 30 April 2024)
(Resigned 20 August 2024}
(Appointed 20 Augusl 2024)
{Appointed 20 Augusl 20241
{Appointed 20 Augusl 2024)
{Appointed 20 Augusl 2024)
The Foundation is required to have at least 3 trustees and a maximum of 10 trustees. Trustees are reappointed
annually and the power to appoint new trustees is vested in the exisling Trustees. The existing Trustees are
responsible for the induction of new Trustees.

THE DONALD GORDON SECOND FOUNDATION
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
New trustees have been appointed subsequent to the financial year*nd in particular to add to Ihe Foundalion's
resources in relation to key South African projects and to ensure that the Foundation has the requisite skills, abilities
and independent input to b8 abl8 to fulfil its obj8Ctives.
The Trustees manage and administer the Foundation in line with its objectives. As explained above, the Foundation
is in the early stages of its public benefit activities including ongoing consideration of beneficiaries, deployment of
assets and implementation of the key policies and governance mechanisms. If the Trustees identify an area where
the existing Trustees have limited experience or knowledge, they would consider appointing a new trustee lo fill Ihat
knowledg8 gap.
The Trustees have also considered their approach to dealing with potential conflicts of interest, to be able to
respond appropriately where such conflicts are identified and to ensure that in practice the requisite number of
unconflicted trustees are able to act for the Foundation. Further details of this are included in the notes to the annual
financial statements.
Staternent of Trustees. responslbllltles
The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice).
The law applicable to charities in England and Wales 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 Foundation and of the incoming resources
and applicalion of resources of the Foundation for that year.
In preparing these financial statements, the Trustees are required to..
Select suitable accounting policies and then apply them consistently.,
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent.,
state whether applicable accounting standards have been followed, subject to any material departures disclosed
and explained in the financial stalem8nts', and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity
will continue in operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at
any lime the financial position of the Foundation and enable them to ensure that the financial stalemenls comply
with the Charilies Act 2011, the Charity (Account5 and Reports) Regulations 2008 and the provisions of the trust
deed. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
The Trustees confimi that they have complied with the duty in Section 4 of the Charities Act 2011 to have regard to
the Charity Commission's general guidan￿ on public benefit.
The Trustees, report was approved by the Board of Trustees.
H l Appelbaum
Trustee
A Sternberg
Trustee
19 December 2024
Date..

THE DONALD GORDON SECOND FOUNDATION
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE DONALD GORDON SECOND FOUNDATION
Oplnlon
We have audited the financial stalements of The Donald Gordon Second Foundation (the 'Foundalion') for the year
ended 29 February 2024 which comprise the statement of financial activities. Ihe balance sheet, the 51atement of
cash flows and notes to the financial statements. including significant accounting policies. The financial rewrting
framework that has been applied in Iheir preparahon is applicable law and United Kingdom Accounling Standards.
Including Financial Reporting Slandard 102 The Financial Reporting Standard applicable In lh8 UK 8nd Republlc or
Ireland (United Klngdom Generally Accepted Accounting Practice).
In our opinion. the financial statements:
give a trLJe and fair view of the stale of the charity s affairs as al 29 February 2024 and of its incoming
resource5 and application of resource5, for the year then ended:
have been properly prepared in accordance with Uniled Kingdom Generally AC￿pIed Accounting Practice:
and
have been prepared in accordance wlth the raqulremenls of the Charities Act 2011.
Ba81s for oplnlon
We conducled our audil in accordanc• wlth Intorn8tlonal Slandards on Auditing (UK> (ISAS (UK)) and applicabl8
law. Our responsibilities under those stsndards are lurther de5cnbed in the Audilorfs responsibilitie5 lor the audit of
the financi81 statements section of our rewrt. We are independent of the Foundation in accordance with the ethical
requirements that are relevant to our audil ol the financial statements in the UK. including Ihe FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe
thal the audit evidence we have obtalned is sufficient and appropriate lo provide a basls for our oplnlon.
Concluslons relatlng to golng concern
In auditing the financial slatements. we have concluded Ihat the Truste6s' use of th6 going coneem basls of
accounting in the preparation of the financial stalemenls is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually Of collectively. may cast S￿nIfICant doubt on the Foundalion's ability lo continue as
going concem for a period ol al least ￿e1ve months from when the financlal statements are authorised for issue.
Our responslbilities and Ihe responsibSllties of the Trtsstees with respect to going concem are described Sn the
relevant sections of this report.
Other Information
The other information comprises the infonnation included in the annual report other than the financlal ststements
and our audilorfs report Ihereon. The Trustees are responsible for the other information contained within the annual
report. Our opinion on the financi81 statements does not cover the other information and we do not express any form
of assurance conclLJsSon Ihereon. Our responsibS1Sty Is lo read the olher infomialion and, Sn doing so, conslder
whelher the other information is malerially Inconsistent wllh the financlal slatemenls or our knowledge oblairtred in
the course of the audit, or othe￿ise appears to be malerially misstated. If we identfy such material inconsistencies
or apparent material misstatements. are required to determine whether this gives rise to a material misstatement
in the financi81 stalemenls themselves. If, based on the work we have perfonned, we condude that there is
m81erial misslatemenl of Ihis other information, we are required lo report thal fact.
We have nothlng to report In Ihls regard,
Matter8 on whlch wo are requlro<1 lo r•port by •xc•ptlon
We have nothing lo report in respect of the followng matters in relation lo which the Charities {Accounts and
Reports) Regulations 2008 require us to report to you rf, in our opinion..
the informalion given in the financial statements is inconsisient in any material resped wrth the Trustees,
report., or
sufficient accounting records have not been kepi; or
the financial statements are not in agreement with the accounting records: or
we have not received all Ihe Infonnaloon and explanalions we require for our audit.

THE DONALD GORDON SECOND FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE DONALD GORDON SECOND FOUNDATION
Rosponslbllltlos of Trusl••8
As explained more fully in the statement of Trustees. responsibilities, the Trusl8es are responsible ft)r the
preparation of the fi'nancial ststemenls and for being satisfied that they give a true and fair view. and for such
intemal control as the Trustees detemiine is necessary to enable the preparation of financial statements that are
free from material misstalement, whether due to fraud or efror. In preparing the linancial ststements. the Trustees
are responsible for assessing the Foundation's ability to continue as a going concern, disclosing, as applicable,
matters related to going corbcem and using the going concern basis of accounting unless the Trustees either inlend
to cease operations. or have no realistic allemative but to do so.
Audltof 8 rospon8lbllltles for Iho audtt of tho flnanclal 8tatomenls
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the
l and relevant regulations made or having effe¢t thereunder.
Our objeclives are to obtain reasonable assurance al)out whether Ihe financial statements as a whole are free from
malenal misslatemenl. whether due lo fraud or error. and lo issue an auditor's report thal Includes our opinion.
Reasonabl8 assurance is a high lev81 of assurance but is not a guarantee that an audit conducted in accordance
th ISAS (UK) will always detect a material misstatement when il exists. Misstatements can 8rise from fraud or
error and are considered material if. individually or in the 8ggre9ale, they could reasonably be expected to Inlluence
the economlc decislons ol users laken on the basls ol these financlal stalements.
A further description ol our responsibilibes is available on the Financial Reporting Councll's website at: https:11
wvNI.frc.org.uklauditorsresponsibilities. This descripts'on fomis part of our auditors report.
Ext•nt to whlch the audlt was ¢onsldered capabl• of d•t•ctlng Irr•gularltl•8, Includlng fraud
Irregularits'es, including fraud. are instances ol non-compliance with laws and regulations. We design Procedures in
line with our responsibilities, outlined above and on the Financial Reporting Council's website. to delect material
mlsstatements in respecl ol irregularities, includlng fraud.
We obtain and update our underslanding of the entity. its activlties, Its control envlronmenl, and Ilkely future
developments. including in relation to the legal and regulatory framework applicable and how the entity is complying
th that framework. Based on this understsnding. we identsfy and assess the risks of material misstslemenl of the
financlal stslemenls. whether due lo fraud or error, design and perfomi audit procedures responsive to those risks.
and oblain audit evldence that is sufficient and appropriate lo provlde a basls for our opinion. Thls includes
considerallon of the rlsk of acts by Ihe entity Ihal were contrary to applicable laws and regulalions, including fraud.
In response lo the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed
procedures which included..
Enqulry of management and th08e tharged with governance around aclual and potenlial lillgallon and
claims as w811 as actual. suspected and alleged fraud:
Reviewing minutes of meetings of those charged wilh govemance:
Assessing the extent of compliance with the laws and regulations considered to have a direct material
effecl on the financial statements or the operations of the entity through enquiry and inspection:
Reviewing financial statement disclosures and lesting lo supporting documentation to assess compliance
with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, Including testing of
journal entries and other adjustments for appropriatene55. evaluating the business rationale of 5ignificanl
transactions outside the normal course of busiriess and reviewing accounts'ng estimates for indicators ol
potential bias.
Because of the inherent limilations of an audit. there is a risk that we will not delect all irregularities, including those
leading to a material misstalemenl in the financial stalemenls or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is ￿moVed from the events and transathons reflected
in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk ol
not delecting 8 material misststemenl resulting from fraud is higher than for one resulting from error. as fraud may
involve collusion. forgery, intentional omissions, misrepresentations, or the override of inlemal control.

THE DONALD GORDON SECOND FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE DONALD GORDON SECOND FOUNDATION
Use of our report
This report is made solely to the charity s trustees, as a body, in accordance wilh part 4 of the Charities (Accounts
and Reports) Regulations 2008. Our audit work has been undertaken so thal we might state to the charity's trustees
those matters we are required to state lo them in an auditor's 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 charity and the charity's
trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Ats45 £0
Debra Saunders Bsc FCA (Senior Statutory Auditor)
for and on behalf of Azets Audit Servicos
20 December 2024
Chartered Accountants
Statutory Auditor
Ashcomb8 Court
Woolsack Way
Godalming
Surrey
United Kingdom
GU7 1LQ
Azets Audit Services is eligible for appointment as auditor of the Foundation by virtue of its eligibility for appointm8nt
as auditor of a company under section 1212 of the Companies Act 2006.

THE DONALD GORDON SECOND FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024
Unrestrlcted Unrestrlcled
funds
funds
2024
2023
Notes
Income from:
Donations and legacies
Investments
94,904,085
6,115
3,526,352
Total Income
3,526,352 94,910,200
enditure on:
Charitable activities
1.225,728
13,675
Net gainslllossesl on investments
514,585
Nel Income for the year
2,815,209 94,896,525
Other recognlsed galns and losses
Other gains or losses
11
1230,343) (313,470)
Nel movement In funds
2,584,866 94,583,055
Fund balances at 1 March 2023
91,782,160 {2,800,895)
Fund balances at 29 February 2024
94,367,026 91,782,160
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.

THE DONALD GORDON SECOND FOUNDATION
BALANCE SHEET
AS AT 29 FEBRUARY2024
2024
2023
Notes
Fixed assets
Investments
12
94,304,815
Current assets
Debtors
Cash at bank and in hand
13
67,743,870
24,049,090
98,105
98,105
91,792,960
Creditors: amounts falling due within
one year
14
(35,894)
(10,8001
Net current assets
62.211
91,782,160
Total a888t8 le88 current Ilabllltle8
94,367,026
91,782,160
Income funds
Unrestricted funds
Designated funds
General unrestricted funds
Trust capital
15
1,091,775
93,275,151
100
91,782,060
100
94,367,026
91,782,160
94,367,026
91,782,160
19 December 2024
The financial statements W8re approved by th8 Trustees on
H l Appelbaum
Trustee
A Slernberg
Trustee

THE DONALD GORDON SECOND FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2024
2023
Notes
Cash flows from operating activities
Cash generaled from operations
17
66,312,892
26,840,360
Investing activities
Purchase of investments
Investment income received
(93,790,229)
3,526,352
6,115
Net cash (used inllgenerated from
Investlng actlvltles
190,263,877)
6,115
Financing activities
Repayment of borrowings
12,797,893)
Net cash used In flnanclng actlvltles
(2,797,893)
Net (decrease)Ilncrease In cash and cash
equivalents
123,950,985)
24,048,582
Cash and cash equivalenls at beginning of year
24,049,090
508
Cash and cash equlvalants at end of year
98,105
24,049,090

THE DONALD GORDON SECOND FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Accounting policies
Charity information
The Donald Gordon Second Foundation is an unincorporated charitable foundation govemed by a deed dated
14 August 2007 and registered in England & Wales on 19 February 2008.
The registered office of the charity is clo Stonehage Fleming, 6 St James's Square, London. SW1Y 4JU.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Foundation's governing document. th8
Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
I'FRS 102") and the Charities SORP "Accounting and Reporling by Charities.. Statement of Recommended
Practice applicable to Charitie5 preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021. (effective 1 January 2019}. The Foundation is a
Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary
amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting
policies adopted are set out below.
1.2 Golng concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the
Foundation has adequate resources lo continue in operalional existence for the foreseeable future. Thus the
Trustees continue to adopt the going concern basis of a¢¢ounting in preparing the financial statements.
1.3 Charltable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable
objectives.
Restricted funds are subject to specific conditions by donors as lo how they may be used. The purposes and
uses of the restricted fvnds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when Ihe Foundation is legally enlitled to it after any perfomiance conditions have been
met, the amounts can be measured reliably, and it is probable that income will be received.
C8sh donations are recognised on receipt. other donations are recognised once the Foundation has been
notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable
in relation to donalions r8ceiv8d under Gift Aid or deeds of covenant is r8cognised al Ihe time of the donation.
Legacies are recognised on receipt or othe￿iSe if the Foundation has been notified of an impending
distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as
a contingent asset.
10-

THE DONALD GORDON SECOND FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
Accounting policies
(Continu8d)
1.5 Expendlture
Expendilure is recognised once there is a legal or construclive obligalion to transfer economic benefit to a
third party. it is probable that a transfer of economic benefits will be required in settlement, and the amount of
the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are mada up of the lotal of dir8Ct costs and
shared costs. including support costs involved in undertaking each activity. Direct costs attributable to a single
activity are allocated directly lo that activity. Shared costs which contribute to more than one activity and
support costs which are nol altributable to a single activity are apportioned between those activities on a basis
consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and
depreciation charges are allocated on the portion of the asset's use.
1.6 Fixed asset investments
Fixed asset investments ar8 initially measured at transaction price excluding transaction costs, and ar8
subsequently measured al fair value at each reporting date. Changes in fair value are recognised in net
incomellexpenditure) for the year. Transaction costs are expensed as incurred.
1.7 Cash and cash equlvalents
Cash and cash equivalents include cash in hand, deposits held at call wilh banks, other short-term liquid
investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabilities.
1.8 Flnanclal Instruments
The Foundation has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12
'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Foundation's balance sheet when the Foundation becomes party
to th8 contractual provisions of th8 instrument.
Financial assets and liabilities are offset, with Ihe net amounts presented in the financial statements, when
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net
basis or to realise the asset and settle the liability simultaneously.
Baslc flnanclal assets
Basic financial assets, which include debtors and cash and bank balances, are inllially measured at
transaction price including Iransaclion costs and are subsequently carried al amortised cost using the effeclive
interest method unless the arrangement conslilutes a financing transaction, where the transaction is
measured at the present value of the future receipts discounted at a market rate of interest. Financial assets
classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless
the arrangement constitutes a financing transaction, where the debt instrument is measured at Ihe present
value of the fvture payments discounted at a market rale of interest. Financial liabilities classified as payable
within one y8ar ar8 not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of
operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one
year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at
transaction pri￿ and subsequently measured al amortised cost using ihe effective interest melhod.
11

THE DONALD GORDON SECOND FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
Accounting policies
(Continu8d)
Derecognltlon of flnanclal Ilabllltles
Financial liabililias are darecognised when the Foundation's contractual obligations expire or are discharged
or cancelled.
1.9 Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing al the
dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in
foreign currencies are relranslated at the rates prevailing on the reporting end date. Gains and losses arising
on translation in the period are included in profit or loss.
Crltlcal accountlng estlmates and Judgements
In the application of the Foundalion's accounting policies, the Trustees are required to make judgements,
estimates and assumptions about Ihe carrying amount of assels and liabilities that are not readily apparent
from oth8r sourc8s. The estimates and associat8d assumplions ar8 based on historical 8XP8ri8nc8 and other
factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumpiions are reviewed on an ongoing basis. Revisions lo accounling
estimates are recognised in the period in which the estimate is revised where the rèvision affects only that
period, or in the period of the revision and futur8 periods where th8 revision affects both current and future
periods.
Income from donatlons and legacles
Total Unrestricled
funds
2024
2023
Donations and gifts
94,904,085
Other Income
Unrestricted Unrestricted
funds
funds
2024
2023
Income from listed investments
Interest receivable
3,045,571
480,781
6,115
3,526,352
6,115
12-

THE DONALD GORDON SECOND FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
Charitable activities
Charitable Charitable
activities
activities
2024
2023
Donations paid
1,042,890
1,751
Share of governance costs (see note 6)
182,838
11,924
1,225,728
13,675
Support costs
Support Governance
costs
costs
2024
Support Governance
costs
costs
2023
Auditors remuneration
Legal and professional
Accountancy
Bank charges
Interest payab18
Management fees
7,200
73,987
7,428
1,112
7,200
73,987
7,428
1,112
6,900
6,900
4,506
515
4,506
515
93,111
93,111
182,838
182.838
11,924
11,924
Analysed between
Charitable activities
182,838
182,838
11,924
11,924
Trustees
None of the Trustees {or any persons connected with them) received any remuneration or benefits from the
Foundation dunng the year.
There were no trustees, expenses paid for the year ended 29 February 2024 nor for the year ended 28
February 2023.
13-

THE DONALD GORDON SECOND FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
Employees
The average monthly number of employees during the year was-
2024
Number
2023
Number
Total
There were no employees whose annual remuneration was more than £60,000.
Net gainsl(losses) on investments
Unrostrlcled
funds
Total
2024
2023
Unrealised gain on investments
514,585
10 Taxatlon
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section
252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
11 Other galns or108808
Unrestrlcted Unrestricted
funds
funds
2024
2023
Foreign exchange gainsl{losses)
1230,343) 1313,470)
14-

THE DONALD GORDON SECOND FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
12 Fixed asset investments
Llsted
investments
Cost or valuatlon
At 1 March 2023
Additions
Valuation changes
93,790,229
514,585
At 29 February 2024
94,304,814
Carrying amount
At 29 February 2024
94,304,814
At 28 February 2023
13 Deblors
2024
2023
Amounts falllng due wlthln one year:
Other debtors
67,743,870
14 Credltor8: amounts falllng due wlthln one year
2024
2023
A¢¢wals
35,894
10,800
15 Designated funds
The income funds of the charity include the following designaled funds which have been set aside out of
unrestricted funds by the trustees for specific purposes..
Balance at
1 March 2023
Transfers
Balance at
29 February
2024
Specialist and sub specialist medical training
1,091,775 1,091,775
1,091,775
1,091,775
15-

THE DONALD GORDON SECOND FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
16 Related party transactions
During the year, the Foundation has paid donations of £nil {2023= £1,751) to The Donald Gordon Foundation,
a Foundation with Truslees in common.
The other debtor balance of £67,743.870 at 28 February 2023 was due from the Estate of the Late Sir Donald
Gordon. During the year these donations of £67,743,870 {2023'. £27,156,675) were received from the Estate
of the Late Sir Donald Gordon. There are executors of Ihe Eslate of Ihe Lale Sir Donald Gordon who are
Trust88s of the Foundation.
The Foundation incurred £24,794 for administration services provided by Stonehage Fleming Financial
Services (Pty) Ltd. The nominee for a Trustee is an employee of Stonehage Fleming Financial Services (Pty}
Ltd. At the year end a¢¢ruals included £24,794 owed to Stonehage Fleming Financial SeNices (Pty) Ltd.
Additionally, during the year the Foundation incurred costs of £23,52312023'. £nill for adminslrative Se￿ICe8
provided by Exmoor Fiduciary Limited, a company of which trustee A Slernberg is a director.
17 Cash generatad from operatlons
2024
2023
Surplus for the year
2,815,209
94,896,525
Adjustments for..
Investment income recognised in statement of financial activities
Foreign exchange differences
Fair value gains and losses on investments
{3,526,352}
(230,343}
(514,585}
(6,115)
1313,470)
Mov8ments in working capital..
Decreasellincreasel in debtors
Increase in creditors
67,743,870
25,094
(67,743,840)
7,260
Cash generated from operatlons
66,312.892
26,840,360
16-