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← The Facet Foundation Limited

2023-12-31-accounts

Facet Foundation

(A company limited by guarantee)

TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS

For the year ended 31 December 2023

Company Registration No. 06618453 Registered Charity No: 1126003

CONTENTS 31 December 2023

Facet Foundation

Page(s) in
Report
Trustees and advisors 1
Trustees’ annual report 2-4
Statement of trustees’ responsibilities 5
Independent auditors’ report 6-9
Statement of financial activities 10
Balance sheet 11
Cash flow statement 12
Notes to the financial statements 13-16

Facet Foundation

TRUSTEES AND ADVISORS

TRUSTEES

Laurence Graff Francois Graff Alexander Molla

REGISTERED OFFICE

29 Albemarle Street London W1S 4JA

INDEPENDENT AUDITORS

PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors 1 Embankment Place London WC2N 6RH

BANKERS

Barclays Bank plc Level 25 1 Churchill Place London E14 5HP United Kingdom

Company registration number: 06618453

Charity registration number: 1126003

The principal office is the same as the registered office.

Page 1

Facet Foundation TRUSTEES’ ANNUAL REPORT

The trustees submit their report and audited financial statements of the Facet Foundation for the year ended 31 December 2023.

The organisation is a private charitable company limited by guarantee, and the financial statements have been prepared in accordance with special provisions relating to small companies within Part 15 of the Companies Act 2006, the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP under FRS 102) and the Charities Act 2011. It is a public benefit entity.

OBJECTIVES, STRATEGY AND ACTIVITIES

The charitable company was incorporated on 12 June 2008, and registered with the Charity Commission on 22 September 2008. The charitable company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up, trustees are required to contribute an amount not exceeding £1.

The objectives and strategy of the charitable company are to apply the income and such parts of the capital towards, particularly but not exclusively, the relief of poverty, to advance education, to relieve sickness and to promote and protect the health of people in Southern Africa. The trustees confirm that they have complied with their duty under Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit and seek to meet the charitable company’s purposes in following its objectives.

FUTURE DEVELOPMENTS AND FUTURE PLANS

The trustees will continue to apply the income and such parts of the capital towards, particularly but not exclusively, working with local partners to develop targeted programmes designed to improve standards of health, education and well-being among communities in Southern Africa. Donations will continue to be made to support the existing projects as required by those projects.

TRUSTEES

The statutory power of appointing new or additional trustees is vested in Graff Diamonds Limited, a related party. The following Trustees have held office throughout the year and up to the date of signing the financial statements and they are also charity trustees for the purpose of charity law:

Laurence Graff Francois Graff Alexander Molla

MANAGEMENT AND GOVERNANCE

All new trustees are provided with an induction pack which includes the constitution of the charitable company and guidelines on how to perform their duties as a trustee. Further training is given as and when necessary. The day to day management of the charitable company is carried out by Robert Falk, the charitable company accountant.

RELATED PARTIES

The charitable company has a close relationship with Graff Diamonds Limited which provides funding to the charitable company and Graff Foundation, a charity with the same Trustees. Francois Graff is a director of Graff Diamonds Limited, and Laurence Graff is the ultimate controlling shareholder of that company.

LIABILITY OF THE MEMBERS

The charitable company is limited by guarantee and the liability of the members in the event they are required to contribute if called on to do so is limited to £1 each.

Page 2

Facet Foundation TRUSTEES’ ANNUAL REPORT (Continued)

ACHIEVEMENTS AND PERFORMANCE

The trustees focus the strategy of the charitable company towards a selection of charities in Southern Africa. The trustees made grant commitments during the year of $2,616k (2022: $750k) to organisations set out in note 6. The grants were made in accordance with the aims of the charitable company as set out in the Memorandum and Articles of Association.

The charitable company continues to provide core funding to those charities in Lesotho (Help Lesotho), Botswana (Stepping Stones) and South Africa (Pebbles Project). No further commitments were made to Help Lesotho (2022: $750k) and its associated Graff Leadership Centre for staffing, programming and operations of the centre, however, further funds of $215k (2022: $105k) were settled in accordance with its existing funding agreement. Further funding commitments of $1,650K (2022 $nil) were made to the Pebbles Project in the South African wine lands. Funds of $550k were settled in accordance with its funding agreement. (2022: $546k). This was towards the running costs and ongoing leadership programmes. The charitable company granted $6k during the year towards the running costs of the Graff Leadership Centre in Botswana (Stepping Stones) and, in addition, further funding commitments of $960k (2022: $320k) were made to Stepping Stones. Further funds of $320k were settled in accordance with its funding agreement. (2022: $320k) These programmes and leadership centres are considered to be a contribution towards the improvement in health and education of the Southern African people.

The charitable company liaises with each of the projects on a regular basis and receives reports which are reviewed to establish whether its aims and objectives are being achieved. The trustees decide where grants are made based on these reports.

DONATIONS

Donations are principally received from companies in the Graff Group either by direct charitable gifts or through collections at stores such as the Delaire Graff Estate in South Africa. No professional fundraisers are employed by the charitable company.

GRANT MAKING POLICY

The essential purpose of the charitable company is to aid in the generation of funds which will be applied to relieve poverty, provide education and to aid in the promotion of health causes, principally in Southern Africa. It is the objective of the charitable company to pursue this through the grant of funds to suitable charitable organisations on the ground in Southern Africa whose objectives are in line with the charitable company.

FINANCIAL REVIEW

The trustees set out the audited financial statements on pages 10 to page 16. Expenditure exceeded income in the year by $1,510k (2022: Net income of $1,322k).

RESERVES POLICY AND INVESTMENT POLICY

It is the policy of the trustees to maintain funds at a level to enable the charitable company to be administered efficiently to meet its expenditure requirements and to have adequate resources to fund its charitable objectives. This policy is reviewed annually. In accordance with the Memorandum and Articles of Association, the current reserves policy is to set aside income as a reserve against future expenditure but only in accordance with a written policy about reserves. At this time the certainty of cash and cash deposits is deemed to be the most appropriate investment strategy.

Page 3

Facet Foundation TRUSTEES’ ANNUAL REPORT (Continued)

GOING CONCERN

The charitable company is in net liabilities position. The charity has obtained a confirmation from Graff Diamonds International Limited that the charity’s on-going commitments will continue to be funded by this company, if required. Additionally, the charitable company’s cash and cash deposits position is sufficient to ensure that it is able to meet its financial commitments for at least twelve months, after the date of the signing of the Financial Statements.

PRINCIPAL BUSINESS RISKS AND UNCERTAINTIES AND FINANCIAL RISK MANAGEMENT

The trustees have examined the major risks which the charitable company faces. The trustees confirm that systems have been established to ensure that major risks are identified and as far as practicable adequately mitigated. The management of the charitable company and the execution of the charitable company’s strategy are subject to a number of risks that include liquidity and cash flow risk. The charitable company does not have a risk register. Policies relating to the management of these risks and how they are mitigated are described below:

Cash flow risk

Cash flow forecasting is performed on a regular basis which includes rolling forecasts of the charitable company’s liquidity requirements to ensure that the charitable company has sufficient cash to meet operational needs.

Liquidity risk

The Trustees regularly review the charitable company’s financial position and actively discuss matters to ensure that there are sufficient funds available to continue in operational existence and meet liabilities as and when they fall due.

SIGNIFICANT FACTORS AFFECTING THE CHARITY

Due to the nature of the charity, no positive or negative factors within or outside the charity’s control have significantly affected the achievement of its objectives or future plans during the year’ for both charities accounts.

DISCLOSURE OF INFORMATION TO AUDITORS

As far as the trustees are aware, there is no relevant audit information of which the charitable company’s auditors are unaware, and they have taken all the steps that they ought to have taken as trustees, to make themselves aware of any relevant audit information and to establish that the charitable company’s auditors are aware of the information.

INDEPENDENT AUDITORS

The auditors, PricewaterhouseCoopers LLP have indicated their willingness to continue in office.

The report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and as such no strategic report has been prepared.

On behalf of the trustees

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Alexander Molla Trustee Date 29 August 2024

Page 4

Facet Foundation

Statement of trustees’ responsibilities

The trustees (who are also directors of Facet Foundation for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulation.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law (United Kingdom Generally Accepted Accounting Practice). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In accordance with Section 418, directors’ reports shall include a statement, in the case of each director in office at the date the directors’ report is approved, that:

Page 5

Facet Foundation

Independent auditors’ report to the members of Facet Foundation

Report on the audit of the financial statements

Opinion

In our opinion, Facet Foundation’s financial statements (the “financial statements”):

We have audited the financial statements, included within the Trustees Annual Report and Financial Statements (the “Annual Report”), which comprise: the balance sheet as at 31 December 2023; the statement of financial activities (incorporating an income and expenditure account), the cash flow statement for the year then ended; and the notes to the financial statements, which include a description of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charitable company’s ability to continue as a going concern.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Page 6

Facet Foundation

Independent auditors’ report to the members of Facet Foundation

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. 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 based on these responsibilities.

With respect to the Trustees' Annual Report, we also considered whether the disclosures required by the UK Companies Act 2006 and Charities Act 2011 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Trustees’ Annual Report

In our opinion, based on the work undertaken in the course of the audit the information given in the Trustees’ Annual Report for the period ended 31 December 2023 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Trustees’ Annual Report.

Responsibilities for the financial statements and the audit

Responsibilities of the trustees for the financial statements

As explained more fully in the Statement of trustees’ responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Page 7

Facet Foundation

Independent auditors’ report to the members of Facet Foundation

Based on our understanding of the charitable company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to Charities Act 2011 in respect of donations and expenditure, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries. Audit procedures performed by the engagement team included:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the charitable company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

We have no exceptions to report arising from this responsibility.

Page 8

Facet Foundation

Independent auditors’ report to the members of Facet Foundation

Entitlement to exemptions

Under the Companies Act 2006 we are required to report to you if, in our opinion, the trustees were not entitled to: take advantage of the small companies exemption from preparing a Strategic Report. We have no exceptions to report arising from this responsibility.

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Jennifer Dickie (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Embankment Place 29 August 2024

Page 9

Facet Foundation STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2023

Note
Income and endowments from:
Donations and legacies
2
Investments
Other income
3
4
Total income and endowments
Expenditure on:
Raising funds
5
Charitable activities
6
Other expenditure
7
Total expenditure
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward
Total funds carried forward		 2023
$’000
1,123
22
1
1,146
(1)
(2,616)
(39)
(2,656)
(1,510)
(136)
(1,646)		 2022
$’000
2,154
6
1
2,162
-
(750)
(90)
(840)
1,322
(1,458)
(136)

All gains and losses recognised in the year are included in the Statement of Financial Activities, for both the current and prior year.

All income and expenditure relate to continuing operations, for both the current and prior year.

Company registration number: 06618453

Charity registration number: 1126003

Page 10

Facet Foundation BALANCE SHEET As at 31 December 2023

Note
CURRENT ASSETS
Debtors
Short term deposits
9
10
Cash at bank and in hand
Total current assets
CREDITORS: Amounts falling due within one year
11
NET CURRENT ASSETS
CREDITORS: Amounts falling due after more than
one year
NET ASSETS / (LIABILITIES)
12
THE FUNDS OF THE CHARITY
Unrestricted funds
13
Total charity funds		 2023
$’000
24
900
378
1,302
(1,100)
202
(1,848)
(1,646)

(1,646)
(1,646)		 2022
$’000
37
-
1,245
1,282
(1,095)
187
(323)

(136)
(136)
(136)

The notes on pages 13 to 16 are an integral part of these financial statements.

For the year ending 31 December 2023 the Charity was entitled to exemption under section 382 of the Companies Act 2006 relating to small companies.

The financial statements on pages 10 to 16 were approved by the board of trustees on 29 August and were signed on its behalf by:

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Alexander Molla Trustee

Page 11

Facet Foundation CASH FLOW STATEMENT for the Year ended 31 December 2023

RECONCILIATION OF NET MOVEMENT OF FUNDS
TO NET CASH FLOW FROM OPERATING
ACTIVITIES:
Net (Expenditure) / Income
Decrease /(increase) in debtors
Increase/(decrease) in creditors
Net cash generated from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Bank interest received
Short term deposits purchased
Net cash (used in)/ generated from investing activities
CASH AND CASH EQUIVALENTS IN THE
REPORTING PERIOD
Change in cash and cash equivalents due to
exchange rate movements
Increase in cash and cash equivalents at the end of the
reporting period
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
$’000
(1,509)
13
1,530
34
22
(900)
(878)
(844)
(23)
(867)
1,245
378		 2022
$’000
1,394
(22)
(330)
1,042
6
-

6
1,048
(78)
970
275
1,245

Page 12

Facet Foundation NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023

1 ACCOUNTING POLICIES

BASIS OF PREPARATION

These financial statements have been prepared on a going concern basis and in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006, the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP under FRS 102), applicable accounting standards in the UK and the Charities Act 2011. The principal accounting policies which have been consistently applied with the prior year and adopted in the preparation of the financial statements are as follows:

FUND ACCOUNTING

The charitable company holds an unrestricted general fund. This can be used in accordance with the charitable objectives at the discretion of the Trustees.

DONATIONS AND LEGACIES

Donations are accounted for in the period in which they are receivable or received. The income arises predominantly in the UK.

EXPENDITURE

Expenditure is included in the Statement of Financial Activities on the accruals basis. Grants and commitments made by the charitable company to beneficiaries are provided for on approval of the Trustees and according to the funding agreements with the beneficiaries.

GRANT POLICY

The charitable company accounts for grants payable when a written commitment is made to the charity. The grant policy is to apply the income and such parts of the capital towards such charitable purposes and to make grants to such charitable institutions at such times and in such manner as the trustees in their absolute discretion think fit. The strategy for achieving these objectives is for the trustees to review various charitable organisations and decide which organisations should receive funding on an annual basis.

FOREIGN CURRENCIES

Within the charitable company, monetary assets and liabilities denominated in foreign currencies are translated into US dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US dollars at the rates of exchange ruling at the date of the transaction. These translation differences are dealt with in the Statement of Financial Activities.

IRRECOVERABLE VAT

Any irrecoverable VAT is charged to the statement of Financial Activities.

TAX

The charity company is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the primary objectives, if these profits and surpluses are applied solely for charitable purposes.

DEBTORS

Debtors are recognised at fair value when it is probable that future economic benefits will flow and the value can be measured reliably.

SHORT TERM DEPOSITS

Bank deposits held with terms greater than 3 months are classified as short term deposits.

PRESENTATIONAL AND FUNCTIONAL CURRENCY

The functional and presentational currency is also USD as the majority of donations are received in USD.

Page 13

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 December 2023

Facet Foundation

1 ACCOUNTING POLICIES (Continued)

2
DONATIONS AND LEGACIES
Donations received

3
INVESTMENTS

Bank interest received
4
OTHER INCOME

Gifts in kind

5
RAISING FUNDS
General expenses
Bank and credit card charges
6
CHARITABLE ACTIVITIES
Grants payable to:
Stepping Stones (Botswana)
Pebbles Project (South Africa)
Help Lesotho (Lesotho)


2023
$’000
1,123
2023
$’000

22
2023
$’000

1

2023
$’000
-
1
1
2023
$’000
966
1,650
-
2,616
2022
$’000
2,155

2022
$’000
6
2022
$’000
1

2022
$’000
-
-
-
2022
$’000
-
-
750
750

Page 14

Facet Foundation NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 December 2023

7 OTHER EXPENDITURE

OTHER EXPENDITURE
2023 2022
$’000 $’000
Governance costs 16 11
Foreign exchange losses 23 79
39 90

Governance costs comprise administrative services, provided by Robert Falk, the charitable company accountant of $1k (2022: $1k). These were borne by Graff Diamonds Limited as gifts in kind in 2023 and 2022 and are not included in the table above. Audit fees are $15k (2022: $10k) for the year. FX losses of $23k have been incurred in 2023 (2022: losses of $79k).

8 DIRECTORS’/TRUSTEES’ EMOLUMENTS

No Directors or trustees received any remuneration or reimbursement of expenses for their services to the charitable company during the year (2022: $nil). There are no other employees within the charitable company (2022: none).

9 DEBTORS
2023 2022
$’000 $’000
Grants receivable 22 35
Prepayments and other debtors 2 2
24 37
10 SHORT TERM DEPOSITS
2023 2022
$’000 $’000
Bank deposits 900 -
900 -

At December 2023, the maturity of the bank deposit was 104 days. The interest rate on this deposit was 5.53%.

Page 15

Facet Foundation NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 December 2023

11
CREDITORS: Amounts falling due within one year
Accruals and deferred income
Grants payable within one year
12
CREDITORS: Amounts falling due after more than one
year
Grants payable in one to two years
Grants payable within two to five years
Opening grants payable
Grants awarded
Grants paid
Foreign exchange
Closing grants payable

13
UNRESTRICTED FUNDS
Fund balances brought forward as at 1 January
Income
Expenditure
Fund balances carried forward as at 31 December		 2023
$’000
15
1,085

1,100

2023
$’000
978
870
1,848

1,408
2,616
(1,091)
-
2,933
2023
$’000
(136)
1,146
(2,656)
(1,646)		 2022
$’000
10
1,085
1,095
2022
$’000
215
108
323

1,740
750
(1,068)
(14)
1,408
2022
$’000
(1,458)
2,162
(840)
(136)

14 RELATED PARTY TRANSACTIONS

The charitable company received a donation of $1,000k (2022: $1,000k) from Graff Diamonds Limited. The charitable company also received donations of $100k (2022: $1,133k) in the year from The Graff Foundation. The charity company also received grants of $23k (2022: 21k) from Delaire, a wine estate and hotel and related party based in South Africa. These amounts were raised through local collections from guests staying at the hotel. Laurence Graff, Francois Graff and Alexander Molla are also trustees of The Graff Foundation. The charitable company is a stand-alone entity. Francois Graff is also a director of Graff Diamonds Limited.

Page 16