Charlty règlstratlon number 1122870
THE DONALD GORDON THIRD FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

THE DONALD GORDON THIRD FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
W Appelbaum
G Gordo
J Rossouw
D Reynolds
A Sternberg
H l Appelbaum
Charity number
1122870
Règlsterèd offlc
clo Stonehage Fleming
6 Sl James's Square
London
United Kingdom
SW1Y 4JU
Auditor
Azels Audit Services
Ashcombe Court
Woolsack Way
Godalming
Surrey
United Kingdom
GU7 1LQ

THE DONALD GORDON THIRD FOUNDATION
CONTENTS
Page
Trustees report
Independent auditorfs report
statement of financial activities
Balance sheet
ststement of cash flows
Notes to the financial statements
10-15

THE DONALD GORDON THIRD FOUNDATION
TRUSTEES REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
The Trustees present their annual report and financial slalements for the year ended 28 February 2023.
The Trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and
Reporting by Charities" in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the
accounts and comply with the charity's governing document, the Trusl Deed dated 14 August 2007, Ihe Charities
Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the LIK and Republic of
Ireland published in October 2019.
Objectives and activities
The Donald Gordon Third Found8tion is a charitable trust with ils main objects being the advancement and
promotion of scientific, medical and technological research, education, relief of povety, promotion and support ol
the arts and other charitable causes. The Trustees believe that the Foundation can make a meaningfLJI impact on
society throLJgh slrategically allocating the resources of the Foundation over the medium to long term and the
Foundation is committed to making a positive and lasting impact on society by supporting various charitable and
philanthropic initiatives and projects for the public benefit.
In accordance with the wishes of the Late Sir Donald Gordon, much of the charitable activity will be undertaken
through the Foundation's registered Public Benefit Organisalion IPBOI in South Africa, where the Trusltres hava
boen focusing their initial efforts in relation lo considering future public benefit a¢livilies.
Achievements and perfornian¢e
The Foundation is a beneficiary of the South African Esiate of the Lale Sir Donald Gordon. There was very limited
activity within the Foundation during the financial year under review although the receipt of initial distributions from
the Estate, which mainly took place shortly after the end of the financial year under review, has been accrued for in
these accounts as further detailed in the notes to the financial stalernenls. As such all of the impact of the
Foundation's charitable giving will be felt and reported on in further detail in future years and hence no specific
discussion around the perfortnance of the Foundation is made here.
Dislribulions received from the Eslale during the current financial year lending 29 February 20241 are reflected in
these financial statements and the Trustees have recently commenced charitable giving 8ctivity 85 well as the
consideration and implementstion of appropriate goveman¢e stru¢tures and policies, including Distribution,
Reserves and Board Composition poli¢ies and the consideration of the handling of potential ¢onfli¢ts of interests.
In outline terms, the Foundation expe¢ts in the medium tem to allocate 51>750k of ils Current nel in¢ome for
charitable initiatives and projects annually, once the Foundation's assets have been fully invested. The allocation
percentage can be adjusted depending on financial performance and available resources. The Foundation expects
to maintain a reserve fund to safeguard against unexpected financial challenges and provide funding for any
emergency charitable giving. The Trustees will also be able to approve specific capital distributions at their
discretion to support agreed charitable inilialives and projects. The implementation of the Distribution and Reserves
policies will be reviewed annually.
Financial review
The Foundation is 8 beneficiary of the South Afri¢an Estate of the Late Sir Donald Gordon and has sin¢e the end of
the financial year under review, benefited from distributions made by the Estate. This has resulted in unrestricted
reseNes at 28 FebrLJary 2023 of R141,110,069.
For the year ended 28 February 2023, the Trustees have presented the financial statements in South African Rand
IZARI, which is the functional currency of the Foundation. The comparative figures for the prior financial year have
therefore been restated, as described further in the notes lo the financial staleThenls.
The Found81ion has engaged suitable and exp&rien¢ed 8dvis&rs, bankets 8nd ¢uslodians to safeguard and manage
these fLJnds, and the funds are and will be managed and deployed in line with the Distribution and Reserves poli¢ies
agreed subsequent to the financial year end. The implementation and impact of these policies will be reported on in
more detail in fulure years.

THE DONALD GORDON THIRD FOUNDATION
TRUSTEES REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
The Distribution and Reserves policies will provide the framework for allocating funds to ensure effectiveness, and
accountability in the Foundation's charitsble endeavours and lo determine the level of reserves the Foundation
should maintain to balance the needs of current and future beneficiaries and adapt and respond to evolving needs,
while also trnsuring that the Foundation's activities fall within one or more of its charitsble objects and Comply with
all required rLJles and regulations in the relevant jurisdictions.
The Trusltres considtrr that the principal risks 8nd uncertainties Currently facing the Found8tion r&l8te lo the
achievement of sufficient investment returns $0 as to be able to generate sufficient resour¢es for ¢haritable
beneficiaries, without putting the capital of the Foundation at undue risk either from investment losses or from the
impacl of ongoing inflation over the medium to long term. To this end the Trustees will consult with investment
experts who will construct an appropriate long-term investment portfolio for the Foundation having considered the
return and risk parameters identified by the Trustees. The Trustees will carefully monitor and review the porttolio on
a regular basis. The Trustees are also concerned with the custodianship of the Foundation's assets and regularty
monitor this, considering the strength and stability of wunlerparties and appropriate diversification.
Plans for future periods
As highlighted above, the Foundation has since the financial year end re￿iVed substantial funding from the Estate
of the Late Sir Donald Gordon and has commenced charitable giving activity in line with its objectives. Its activities
will increase materially in future years, in order to implement and achieve its objectives and safeguard the assets for
future public benefit.
The Foundation will consider distributions to chariiable activilies that fall within one or more d the charitable objects
las defined in the Trust Deed) and that are exclusively charitable in accordance with the Charilies Act. All projects
will be carefully evaluated based on their potential for positive impact, sustainability, and efficiency. A thorough
evaluation process will be conducted for each project lo assess ils viability, effectiveness and potential risks. The
Foundation will maintain appropriate levels of accountsbility, tracking the progress and outcomes of funded
aclivilies.
The Foundation may also collaborate with other charitsble organisations to maximize the impact of its activities and
encourage collective efforts towards common goals.
Structuro, gov8rnance and manag•m8nt
The Trust is a charitable trust and was registered with the Charity Commission on 19 February 2008 Icharity
registration number 11228701. It is governed by a Trust Deed dated 14 August 2007.
The Trustees who served during the year and up to the date of signature of the financial statements were..
WAppelbaum
G Gordon
J Rossouw
D Reynolds
A Slernberg
H l Apptrlbaum
The Foundalion is required have at least three trustees and a maximum of ten trustees. Trustees are reappointed
annually and the power to appoint new additional trustees is vested in the existing Trustees. The existing Trustees
are responsible for the induction of new Trustees.
The Trustees manage and administer the Foundation in line with ils objectives. As explained above, there has been
lirniled activity within the Foundation lo dale other than the recent receipt of dislribulions from the Estate of the Late
Sir Donald Gordon and the consideration and implementation of the key poli¢ies and goveman¢e M￿hanISm$,
which is ongoing. The Trustees have (since the end of the financial yearl considered a Board Composition policy so
that Ihe Trustees can ensure that the Foundation will have the requisite skills, abilities and independent inpLJt to be
able to fulfil its objectives. If the Trustees identify an area where the existing Trustees have limited experience or
knowledge, they would consider appointing a new trustee lo fill that knowledge gap.

THE DONALD GORDON THIRD FOUNDATION
TRUSTEES REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
The Trustees have also been considering their approach lo dealing with potential conflicts of interest, lo be able to
respond appropriately should such conflicts be identified and lo ensure that in practice the requisite nurllber of
unconflicted Iruslees are able lo act for the Foundation.
The TrLJStees are aware of their duty to act in the best interests of the Foundation and its beneficiaries and that, in
line with Charily Commission requirements and the Deed of the Foundation, Trustees should nol place themselves
in a position where they have, or may have, a direct or indirect interest that conflicts with their duties as Trustee.
This could potentially be relevant given that certain trustees are related to the Estate of the Late Sir Donald Gordon
andlor other charitable enlilies established by him during his lifetime.
statement of Trustees responsibilities
The Trustees are responsible for preparing the Trustees Report and the financial statements in acw[dan￿ with
appli¢able law and United Kingdom Accounting Stsndards (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 Trust and of the incoming resources and
application of resources of the Trust for that year.
In preparing these financial ststemenls, the Trustees are required lo..
select suitable a¢¢oLJnting policies and then apply them Consistently.,
observe the methods and principles in the Charilies SORP.,
make judgements and eslimales that are reasonable and prudent;
slate whether applicable accounting standards have been followed, subject lo any rllalerial departures disclosed
and explained in the financi81 slalements.. and
prepare the financial statements on the going concern basis Ljnless it is inappropriate to presLI￿£ that the charity
will continue in operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at
any time the financial position of the Trust and enable them to ensure that the financial statements comply with the
Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They
are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The Trustees report was approved by the Board of Trustees.
A Sternberg
H l AppelbaLJm
06 March 2024
Dale..

THE DONALD GORDON THIRD FOUNDATION
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE DONALD GORDON THIRD FOUNDATION
Opinion
We have audited the financial stslemenls of The Donald Gordon Third Foundation Ilhe 'Trusl'l for the year ended
28 February 2023 which comprise the statement of financial activities, thè balance sheet, the statement of cash
flows and notes to the financial stalements, including significant accounting policies. The financial reporting
framework that has been applied in their preparats'on is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic ol
I￿land (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements..
give a true and fair view of the slate of the charity's affairs as al 28 February 2023 and of its incorning
resources and appli¢ation of resources, for the year then ended.,
have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practi￿.,
and
hav& betrn prepared in a¢¢ordance with the reqU1￿ments of the Charities Act 2011.
Basis for opinion
We conducted our aLJdit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable
law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit ol
the financial statements section of our report. We are independent of the Trusl in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Stsndard, and we have fvlfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtsined is sufficient and appropriate lo provide a basis for our opinion.
Conclusions relating to going concern
In aLJditing the financial ststemenls, we have ¢oncluded that the Trustees usg of the going concern basis ol
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubl on the Trust's ability to continue as a going
concern for a period of al least twelve months from when the financial slalements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the
relevant sections of this report.
Other information
The olher information comprises the information included in the annual report other than the fina￿la1 statements
and our auditor's report thereon. The Trustees are responsible for the other information coniained wilhin the annual
report. Our opinion on the financial statements does not cover the other infomiation and we do not express any fomi
of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial slalements or our knowledge obtained in
the course of the audit. or otherwise appears to be materially misstated. If we identify such malerral inconsistencies
or apparent material misstslemenls, we ar& required to determine whelhtrr this gives rise to a material misstslemenl
in the financial ststements themselves. If, based on the work we have performed, we Conclude that there is a
material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which wa are roquired to report by exception
We have nothing lo report in respect of the following matters in relation lo which the Charities (Accounts and
Reports) Regulations 2008 require us lo report lo you if, in our opinion..
the information given in the financial statements is inconsislent in any material respect with the TrLJStees
report., or
sufficient accounting records have not been kept., or
the financial statements are not in agreement with the accounting records,. or
we have not received all the information and explanations we require for our audit.

THE DONALD GORDON THIRD FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE DONALD GORDON THIRD FOUNDATION
Responsibilities of Trustees
As explained more fully in the stslemenl of Trustees responsibilities, the Trustees are responsible for the
preparation of the financial statements and for bèing satisfied that they give a true and fair view, and for such
internal control as the Trustees determine is necessary to enable the preparation of financial statements that are
free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees
are responsible for assessing the Trust's ability to continue as a going concern, disclosing, as applicable, matters
related to going concem and using the going concem basis of accounting unless the Trustees either intend lo cease
operations, or have no realistic altemalive but to do so.
Auditorfs responsibilities for the audit of the financial statements
We have been app()inted as auditor under se¢tion 144 of the Charities Act 2011 and report in accordance with the
A¢t and relevant regulations made or having effect thereunder.
Our obje¢tives are lo obtain reasonable assurance about whether the finan¢ial slalements as a whob are free from
material misstatement, whether dLJe to fraud or error, and to issue an audito¢s report that in¢ludes our opinion.
Reasonable assLJrance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with ISAS IUKI will always detect a material misstatement when il exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence
the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financial Reporting Council's website al.. htlps'.11
www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, outlined above and on the Financial Reporting Council's website, lo delecl material
misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its a¢tivities, its ¢ontrol environment, and likely future
developments, including in relation to the legal and regulatory framework applicable and how the entity is complying
with that frameworf(. Based on this understanding, we identify and assess the risks of material misstalement of the
financial siatements, whether due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes
consideration of the risk of acts by the entity that were contrary lo applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed
procedures which included..
Enquiry of management and those charged with governance around actual and potential litigation and
claims as well as actual, suspected and alleged fraud.,
Reviewing minutes of meetings of those charged with governance.,
Assessing the extent of compliance with the laws and regulations considered to have a direct material
effect on the financial statements or the operations of the enlily through enquiry and inspection.,
Reviewing financial stslemenl disclosures and lesling to 5UPPOrting documentation to assess compliance
with applicable18ws and regulations.,
Perfoming audit work over the risk of management bias and override of ¢ontrols, including testing ol
journal entries and other adjustments for appropriateness, evaluating the business rationale of significant
transactions outside the nomial course of business and reviewing accounting estimates for indicators ol
potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not delecl all irregularities, including those
leading to a material misslalement in the financial stslerllenls or non-complian￿ with regulation. This risk
incre8ses the more that compliance with a law or regulation is removed from the events and transactions reflected
in the financial ststements, as we will be less likely to become aware of instances of n0￿cOMpli3n¢&. The risk ol
not detecting a material misstatement resulting from fraud is higher than lor one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of intemal control.

THE DONALD GORDON THIRD FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE DONALD GORDON THIRD FOUNDATION
Other matters
The balances corresponding to the previous period are unaudited.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts
and Reports) Regulations 2008. Our audit work has been undertaken so Ihat we might state to the charity's trustees
those matters we are required lo state to 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 lo anyone other than the charity and the charitys
trustees as a bodv. for our audit work. for this report, or for the opinions we have formed.
Ats+s kuli* £2
-<￿LQfj
Debra Saunders Bs¢ FCA (Senior Statutory Audltorl
for and on behalf of Azets Audit Services
7 March 2024
Chartered Accountants
Statutory Auditor
Ashc0￿be Court
Woolsack Way
Godalming
Sutrey
United Kingdom
GU7 1LQ
Azets Audit Services is eligible for appoinlrllenl as auditor of the Trust by virtue of ils eligibility for appointment as
auditor of a company under section 1212 of the Companies Act 2006.

THE DONALD GORDON THIRD FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2023
Unrestricted Unrestricted
funds
funds
2023
2022
ZAR
ZAR
Notes
Donations and legacies
141,564,160
115,060
Charitable activities
353,787
187,695
Net incomellexpenditurel for the year
141,210,373
172,6351
other recognised gains and losses
Other gains or losses
10
128,9911
Net movement in funds
141,181,382
172,6351
Fund balances al 1 March 2022
169,2471
3,389
Fund balances at 28 February 2023
141,112,135
169,2461
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing aclivilies.

THE DONALD GORDON THIRD FOUNDATION
BALANCE SHEET
AS AT 28 FEBRUARY2023
2023
2022
ZAR
Notes
ZAR
ZAR
ZAR
Current assets
Debtors
Cash at bank and in hand
11
141,451,162
12,753
3,906
141,463,915
3,906
Creditors.. amounts falling due within
one year
12
1351,7801
173,1521
Net current assetsllliabilitiesl
141,112,135
169,2461
Income funds
nr
General unrestricted funds
Trust capital
141,110,069
2,066
171,3121
2,066
141,112,135
169,2461
141,112,135
169,2461
06 March 2024
The financial ststements were approved by the Trustees on
A Slernberg
Truste8
H l Appelbaum
Trustèe

THE DONALD GORDON THIRD FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2023
2023
2022
ZAR
Notes
ZAR
ZAR
ZAR
Cash flows from operating a¢tivities
Cash generated from operalions
15
8,847
517
Nat cash used In Invèstlng actlvltlas
Net ¢a$h used In flnanclng a¢tlvltles
Net increase in cash and cash equivalents
8,847
517
Cash and cash equivalents at beginning of year
3,906
3,389
Cash and cash equivalents at end of year
12,753
3,906

THE DONALD GORDON THIRD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
Accounting policies
Charity information
The Don8ld Gordon Third Foundation is an unincorporated Charitable foundation governed by a deed dated
14 August 2007 and registered in England & Wales on 19 February 2008.
The registered Offi￿ of the charity is clo Stonehage Fleming, 6 St James's Square, London, SW1Y 4JU.
1.1 Accountlng conventlon
The financial statements have been prepared in accordance with the Trusts goveming document, the
Charities Act 2011, FRS 102 °The Financial Reporting Standard applicable in the UK and Republic ol
Ireland" I'FRS 102.1 and the Charities SORP "Acwunting and Reporting by Charities.. Stslemenl ol
Recommended Pradice applicable lo charities preparing their accounts in accordance with the Financial
Reporting Stsndard applicable in the UK and Republi¢ of Iieland IFRS 1021" leffe¢tive 1 January 20191. The
Trust is a Public Benefit Entity as defined by FRS 102.
The financial ststemenls a￿ prepared in South African Rand IZARI, which is the functional currency of the
Trust. Monetary amounts in these financial statements are rounded to the nearest Rand.
The financial slalements have been propared under the historical Cost convention. The principal accounting
poli¢ies adopted are set out below.
1.2 Going ¢oncem
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust
has adequate resources to continue in operational existence for the foreseeable future, taking into account the
distributions that the Trust expects to receive from the Estate of the late Sir Donald Gordon. Thus the Trustees
continue to adopt the going concern basis of accounting in preparing the financial stalemenls.
1.3 Charltabl¢ funds
Unrestricted funds are available for use at the discretion of the Trustees in furtheran￿ of their charitable
objectives.
Reslricled ftjnds are subject to spe¢ifi¢ conditions by donors as lo how they may be used. The purposes and
Ljses of the restri¢ted funds are set out in the notes to the financial statements.
1.4 Income
Income is rewgnised when the Trust is legally enlilled lo it after any performance conditions have been met,
the amounts can be mtrasured reliably, and il is probabl& that income will be received.
Cash donations are recognised on receipt. Other donations are recognised On￿ the Trust has been notified ol
the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation
to donations received under Gift Aid or deeds of covenant is recognised al the time of the donation.
Legacies are rtrcognised on ￿ceipt or othtrrwise if the Ttusl has been notified of an impending distribution, th&
amount is known, and receipt is expected. If the amount is not known, the legacy is Irealed as a ¢onlingenl
asset.
10-

THE DONALD GORDON THIRD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
A¢¢ounting policies
(Continued}
1.5 Expenditu
Expenditure is recognised once there is a legal or constructive obligation 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 ol
the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of dir￿1 costs and
shared ¢osls, including support costs involved in undertaking &a¢h a¢tivily. Dir&¢l Costs attributable lo a single
activity are allocated directly to that activity. Shared costs which contribute to more than one activity and
support costs which are not attribLJtable to a single activity are apportioned between those activitEs on a basis
consislent with the use of reSoUr￿s. Central staff costs are allocated on the basis of lime spent, and
depreciation charges are allocated on the portion of the asset's use.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid
investments with original maturities of Ihree months or less.
1.7 Flnanclal Instruments
The Trust has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12
'Other Financial Instruments Issues, of FRS 102 to all of ils financial inslrumenls.
Financial instruments 8re re¢ognised in the Trust's b81an¢e sheet when the Trust bewmes party to the
contractual provisions of the instrument.
Financial assets and liabilities are offset, with the 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balan￿5, are initially measured al
Irans8clion price including tr8ns8dion costs and are subsequently carried al amortised cost using the 8ff&clive
interest method unless the arrangement ¢onstitutes a financing transaction, where the transaction is
measLJred 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.
Baslc flnanclal Ilabllltles
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless
the arrangement conslilules a financing transaction, where the debt instrument is measured al the present
value of the future payments discounted al a market rale of interest. Financial liabilities classified as payable
within one year are not arnortised.
Debt instruments are subsequendy carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or setvices that have been acquired in the ordinary course ol
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 al
transaction price and subsequently measured al amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are dere¢ognised when the Trust's contractual obligations expire or are discharged or
cancelled.

THE DONALD GORDON THIRD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
A¢¢ounting policies
(Continued}
1.8 Foreign ex¢hange
Transactions in currencies other than South African Rand are recorded at the rates of exchange prevailing at
the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated
in foreign currencies are retranslated al the rates prevailing on the reporting end date. Gains and losses
arising on translation in the period are included in profil or loss.
Change in accounting policy
On 1 March 2022 the functional currency in which the charity operates has changed to ZAR from GBP as the
ongoing activity will be in South African Rand. The primary currency of the charity is considered to be South
African Rand. All transactions other than those in South African Rand are translated using the spot rale on
the date of exchange.
For the year ended 28 February 2023 the ¢harity has ele¢ted to present its finan¢ial statements in South
African Rand (from GBP) inline with the functional currency change as this is the jurisdiction of its
administration. The comparative year to 28 February 2022 has therefore been translated. The balan￿ sheet
was converted at the year end spot rate and statement of financial acts'vities on the average rate during the
year.
Critical accounting estimates and judgements
In the application of the Trust's accounting policies, the Trustees are required to make judgements, estimates
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other
sources. The eslimales and associated assumptions are based on historical experience and other factors that
are considered lo be relevant. Actual results may differ from these estimates.
The estimates and underfying assuwplions are reviewed on an ongoing b85is. Revisions lo accounting
estimates are recognised in the period in which the estimate is revised where the revision affects ￿lY that
period, or in the period of the revision and futLJre periods where the revision affects both current and fLJture
periods.
Crltlcal ludg¢mènts
Legacy Income recognltlon
The Trustees consider whether the receipt of legacy income they were aware of at year end is probable, in
accordance with the recognition criteria sel out in the Charity SORP. Where the amount of such future legacy
income cannot be measured or eslimaled with sufficient reliability the details of the legacy are disclosed as a
contingent asset until the criteria for income recognition are met. The Trustees exercise their judgement over
the ability to measure or estimate future legacy incorne based on information available lo up lo the date ol
signing the financial slalements.
Income from donations and legacies
Unrestricted Unrestricted
funds
funds
2023
ZAR
2022
ZAR
Donations and legacies
141,564,160
11 S,060
12-

THE DONALD GORDON THIRD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
Charitable activities
Charitable Charitable
activities
activities
2023
2022
ZAR
ZAR
Donations paid
100,000
100,863
Share of governance costs (see note 61
253,787
86,832
353,787
187,695
Support costs
Support Governance
costs
costs
ZAR
ZAR
2023
Support Govemance
costs
costs
ZAR
ZAR
2022
ZAR
ZAR
Audit fees
Accounl8n¢y
Secretarial fees
Bank charges
152,554
98,852
152,554
98,852
85,014
1,818
85,014
1,818
2,381
2,381
253,787
253,787
86,832
86,832
Analysed bett￿een
Charitable activities
253,787
253,787
86,832
86,832
Trustees
None of the Trustees lor any persons connected with them) received any remuneration or benefits frorll the
Trust during the year.
There were no trustees, expenses paid for the year ended 28 February 2023 nor for the year ended 28
February 2022.
Employ•8s
The average monthly number of employees during the year was..
2023
Number
2022
Number
Total
There wore no employees whose annual remuneration was more than £60,000 equivalent.
13-

THE DONALD GORDON THIRD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
Taxation
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 lo ils charitable objects.
10 Other gains or losses
Unrestricted
funds
Total
2023
ZAR
2022
ZAR
Foreign exchange losses
28,991
11
Debtors
2023
ZAR
2022
ZAR
Amounts falling due within one year:
Other debtors (note 141
141,451,162
12 Creditors: amounts falling due within one year
2023
ZAR
2022
ZAR
Other creditors
Accruals
113,000
238,780
73,152
351,780
73,152
13 Contingent assets
There is uncertainty over the value of the further legacies the charity will receive from the Eslale of the Late
Sir Donald Gordon as the remaining assets are related to property. Due lo this significant uncertainty no
income has been reflected in relation lo this further legacy to be received.
14 Related party transactions
During the year the Foundation has received donations of ZAR113,00012022.' ZAR113,7251 frorn The Donald
Gordon Foundation, a Foundation wth Trustees in common.
The Foundation has received donations of ZAR141,451,16212022'. ZARnill from the South African Estate ol
the Late Sir Donald Gordon post year end which are reflected in income for the year ended 28 FebrLJary 2023.
The other debtor balance of ZAR141,451,162 12022.. ZARnill is due from the Estate of the Late Sir Donald
Gordon at 28 February 2023. There are executors of the Estate of the Late Sir Donald Gordon who are
Trustees of the Foundation.
14-

THE DONALD GORDON THIRD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
15 Cash generated from operations
2023
ZAR
2022
ZAR
Surpluslldefi¢ill for the year
141,210,373
172,6351
Adjustments for..
Foreign exchange differences
128,9911
Movements in working capital..
Ilncreasel in debtors
Increase in creditors
1141,451,1621
278,628
73,152
Cash generated from operations
8,848
517
16 Analysis of changes in net funds
The Trust had no debt during the year.
15-