REGISTERED COMPANY TrUMBER: 07715471 IEttgltid Wales) REGISTERED CHAIUTY NUMBER: 114S084 HUMAN CAPABILITY FOUNDATION COPISOLIDATED FINANCIAL STATEMETrtrs FOR THE Tr'EAR EP¥DED 31 DECEMBER 2023 Berrin8ery LLP and Siatuior%' Auditor5 Lygon Ho 50 Road Broml¢v Kaji BRI 31V&
HUMAN CAPABILITY FOUNDATION CONTEprfs OF THE CONSOLIDATED FINANCIAL STATEMENTS ror the year ended 31 Decerthlw 2023 Page Rert of the trusttts Report ofthe independent auditors 7109 CoDS01idated 5t8temtAt Of fitt#tsd•l *rtivitie5 10 Cbarity cwisolida¢ed balance sheet CoDsolthlAtsd tkn ststement 12 Note5 to the etsnsolidate¢l t8sk noryv slatement 13 Note5 to the consolidated fiuxntial stateoeDts 14to29
HUMAN CAPABILITY FOU]YDATION REPORT OF THE TRUSTELS foT the yer ¢wdtd 31 Dtt¢thber 2023 Th¢ trLL8ttts who are also ¢thrtttots of ik charity for of the Crwanie5 Act 200& prtsent their rqx)rt with the audited colidated financial 5wements of the charity for thc ye8r tsmled 31 Decexnber 2023. The tnt5tees have adtspi¢d the provisions of AI3xbUnting RerrtIng by Charitits.. Ststcmcnt of Recommendd PTH¢tice applicablc chariries preparing th¢iT xcounts in accord 1th the FÈnwial Rewning STraThlard applicable in the UK and Republic of Ireland IFRS 1021 leffectiye l Jattuary 2019). 0ECTIVEs AND ACTJVTtIES The HUM Capability Fou110 IHCF) is a grdni-rnakg foUndLn with the objectiveofpromoting such purposes as are exclusively chariiablc in accordance with tk laws of England w¢5 as the tnw¢¢s ]nay from lime to time detemine. The Foundation'5 wimary focus is in India aThJ on thc i5sues0f.. Womcn & girts. rights and equity Sexua] and reprodLKiive health Tights Rights of ¢conornieIY eJKi socially marginalised tople M¢llt health and disability ri8his Lthur and tnigrauon ri8hts EnvirontnenLqI prote¢tion and clim thange mitigation Art5 and Cultwai Expre5SiOn Tr HCF seeks to build long-terni fvrtding relaliotLship5 with Th)n-govemmcnthl organi%4iM>ns (NGOS) and communjtv-bcd organisations ICBOS) whith share these VAluek SttPTKrtofNGOs and CBOS will enhartee apability of indiiiduals and communit1¢5 to m[reSt self_5U5taining at¥J Tewarding lives for themselvc5. their onjrnunities and fviure gcnerdiiolls. It will fotr IDtx] ktxwled8¢ and exFthise so tlw wmmuniti¢5 themselves are betLerablc in the long.tetm to dema1 Iheir rights. The HCF uses a tjumbcr of different me&wrESto &WS$ sS. The HCF slmyjld. Ensure gmtces have be¢n able to . oui their Work effertivelv arkl in li with wh was agrecd btrnyeert thqnsel¥es aTvJ ihe HCF. Enwre lha( work dotbc by grantees can l¢wJ the reall10n of pwple's ri2hE gt¥J can ddlenge tryn5fonn the SO¢1th stuTeS that margiNdi5e peoplÈ Ensurethal our graniees strive lo trasfer knowl8< aJ¥J to the m8rgitdi5ed roplethat thry work with. Re¢¢ive regular progres5 reports from our grantees detsil thc achiev¢tnents ihe organisatn have had, what feedback the grantees hav¢ received from pwpl¢ the) work" WI new ide&8 for knw io knelop and refine their work. Receiv¢ ¢ontinu¢d donations and income in (th 1]ity and the ability to profvide rnulti-yeargrant ntwn low cost5 in orderto xImi$¢ the fiJn<Ls available for carrying out tharithble activities. The short-ttrtn aims of the HCF io continu¢ swrtii)gorganisaiions and idemify new OrlsatIonS who are working at th¢ErdssriMXs lewtl in the most maTginalised communiti¢s. The HCF wishes io reWn an agile orgaftisation that ¢? respond quickly to emerging needs and requiTeJnenr& Our Tncdium-ienn aim is to ensure thai we provide spKe for our granicts to innovaie within their work. tTriDg iniliaiive5 atKt idw. A loRg-tenn goal is ro significanily incre&se our aal level of fimding to capable organisali0 will incrca%e the Lwbilitie4 rights and quality of lif¢ for communiti¢5 th& WE 5e¢k to help. Pblic btDtfi¢ The trusiett havc had regard to Charrity Commission gwdance on public kJ]efit and consider that the objc¢tivc& aims and achievements of the charity described in the rep)rt enable it ro me¢t its duty io the Charlty Commission per section 17 of thE Tharities Act 2011, WMJ to the benefit of the publi G•iJJ£ toncern Atkr r¢vi¢wing thE WUP'S forecaw av projectiOn5. the trustees hai'¢ a renable extiOn ihat the group has adequate TesourLtt io continue in operwional eXiSce for the foreseeable fuiute. The group tkrefoTe ¢oniinu¢s io adopt tk going ¢orKern basis in preparing its fLnancial SLgt¢ments.
HUMAf4 CAPABILITY FOUNDATION REPORT OF THF. TRLISTEES for the yur emded 31 Dtttrnber2023 srRATEGIC REPORT Arhievtmeot and performallce Charitsble acuviÉies This Jear HCF have contiT]ucd to sup[)rt a SiEnifitant nUrnr of NG(Ys with granis apwoved durin8 thc yc3r totslling £1,618.5I9 (2022.. £1.226.722). Thc grants have been distribud in aCC4)r with th¢ charitable obj¢dives as Etlow.. 2023 2022 . W¢)m¢n and girls, rights and empowerme - Sexual and rcjx0duclle h¢alih rights - Gents equtlity - Rights of eQ)nomi¢IY aJHI 50ciaily margEnl$ed groups - Menthl heth and disability ri8hts - Lalx)ur& tnigration rights - Environmenial protectiot) and climate thange mitigation - Yooth ¢duca¢ion - Atts & culwrdl expression - Media & journalisn] - Emergency r¢li¢f 64.376 154.688 149,140 I9.1 14.076 JIH232 124,143 381,885 328,622 15Z,831 5A165 17,982 208,603 170,214 198,042 185,405 161.934 33,978 31.500 1.61&519 1,226.722 For the Iwge pa¢ the HCF ¢)¢s tsL'e tlicited appli¢aiionk The HCF iDviles and ¢omrni55tons proWs. In the fiJDJre we envisag¢ having ¢a115 for prow)5als in otder to broaden our grdntrt b. The HCF will fund a grante¢ orEani$ation's cort runntng costy as i%'cll projett-srttifrc ¢ts5¢s. This is in line with the charity's objeaive to supwrt a heaIihy civic so¢icty here charitie5 and NCIOS can sustain their work and undertake activities that will be51 serve thcir goal& Grant¢e5 (k> rA)i need lo aTegiSed cknity I1 the &Xivitie5 and aims of the organisaiion Jnu5r be jeslY charitable. The HCF 5UPFOrts organisaiions of VIng 5izc& TnL%tff5 are ke help Brassrls, SMl40-mlum-slz¢d organisalions. and we ernplo} varioiis stra]¢$ to encourdge thi& 77 HCF 50 fundg larger OrgalsatiOn5 that aTe using sCe to further their aim& The InLStees also rec4)gni% hell there i5 a nccd to fijnd othcr donors w'ho have fvnding ne0TkS aJMI expertis¢ in am where the HCF r5 unabIe to fi. In thc5¢ cases, the HCF is carcful to only fund donors wh¢ values align wilh the HCF aJ which keep Ihcir OwlAg atxl administsaiiwe costs low. in order to ma¥imise the fiThls ihat reach the iniend¢d b¢ntficiarie5. HCF is n¢xibl¢ on Size ofihc granl and is williTrg 10 fi]nd Sn11 amount¥ oroutkl £1.[ in onler to suprx)rt StnaJlerorwisatkorLS. For fnt-time8r8ntee5 the upperlsmit is usually £IOO.000 for a 12-month grani. The HCF inciEa5ed its grant expditu in 2023. whith is an onwing aim. We identifjed new graniees who received initial funding in 2023. HCF continued lis surwrt lo ik mèiority. of the Organilon5 we had sUprted in the wiou5 year. W¢ h&ve iftcrted ovr intemal capacity in ordtr kn achieve OUT I0g-itrnl goal of IneaSIng our grant expetlitwe. of OUT aims has bttn to wovide sroce for grantees to inrtt)vaic within their WOTk-. To this th¢ Dream Projeci Fund has been a great succes& with th¢ fiJnd5 felcasd as plannuj in 223. 11)e Fund invite5 existing grantees 10 apply for addiLlon fimding ¢armarked for a'dr¢am' projea. Their prOSaI ted5 to invcntive and differeni froTn what thty arc currenlly doing. The idek is io Qui-of-tk-knx thinkttkg. We at¢ PlnIng the second it¢ration of this fund iyhith will be launched tn 2024. Due 10 Ihe fund 5 5ucces5es so far. e ii.ill documeni this prrKes5 With extCTnal Consultants and a film-maker. th& we Can sharc the process m.ith othcr (kimrs in OTdcr to ¥0¢te this Cxciting approach. HCF ha% ptovidd suptMto w'inning grantees to help Iheir proje£ts bea SLE¢C The HCF is planning more workslw and conferences for ottr grantees which are desigfjed ts> fostcr learnin& cOratIOn in$pirdtion. Th£se workshop5 fiJrth¢y our aims of 5UPFDrtinE a health). civic society. strengthening local or8anisations. sharing kno"l¢dg¢ 50 th2L WT grai)(tts' work M'ill improve. A$ well as thi& we also h05ted a mcciing of do]xYs in IndiL This will infonn our WOAÉ and se¢ IK)iv e can b¢ Te Stsategic a higher Itvej. Our gt8nt¢e5 have largely been knle to Lmdtttake thrir planned a¢tiviuck We urKlenwk an evaluation of Dfour Itees pro8rarnrnes and the cvatuaiion wa5 fA)*tive. We a happy inviting grnt prowsajs in pwple's loca] languages and funding the cosr of tszn51ations into English 50 that we can grantees that hav¢ previou$lv rni55ed out on funding frotn oih<r thrtOT5 becattse of a la¢k of t]U¢Y in English. This fits with our aim of rea¢hing Margin]$¢ communitie5.
HLTMAN CAPABILITY FOUNDATION REPORT OF THE TRUSTEES ror Ihr year eDdtd 31 December2023 STRATEGIC REPORT Athitvtlll¢Dt aDd perfornanee Firt¥Jeial Review Total grunts approved by ihe fournlation in 2023 were £1.61&51912022.. £1226.722). Total ¢natIonS Teeeiwed by the Charity in 2023 amounted 10 £3,856,867 {?022.. £31.V9.451). The trustees believe ihat the valuation of the investment Iwulics as at 31 2022 ar¢ 1 materi&lly different to their market values. The irusiees are Th)t qualifid 5uryo.ors bui klieve this vatyation meth)d represents a sutTiciendy accurate estimation Witho the rK¢d to speTh4 an)" ofthc th3rity's fwKJ5 on professionaj va]uations. During thc year reniaj inwme rec£ived from prnperti ownd b>. HCF amLMJntrd to £1235,57912022: £1.235.5791. The pJvprhie5 provide on-going month]y sources of income from ihe 1. The HCF hold5 re5ervcs because w¢ plan to be a lonB-iemi in lThJia PToviding small and malium4ized grants to oanIsatIOns. At the Ye end iotal group reserves held tre £83.534.113 (2022: £71,886,641). We hold SerVeS to ¢nsur¢ th&t we cen commit io tnulii-ye3r fUjIng for gtee Through its trading subsidiarn. Downing Sustainable Intresunent l Ltd (DSIII. we invtstcd £26,570,257 in renewable en¢Tg)' projecr& We hav¢ judged thai e r¢newablc cnew"" p)rtfolTro is in line with our charity's ethics as the fimds are io cteate green entr resources. HCF is able 10 secure a high fetumlrisk ratio on its renewablc energy investentS duc to the insiiluiÉonal extrtis¢ 1¢ has develo through seved vears of work in the se¢tor. A high proponion of the frorn these InvMentS deriv¢s frorn fecd-in-tsriffs whicii are UK g0Vemmt.b3ckC& ad thereforc pose a very low credit risk. A hiEh 0pOrtion of the futUT¢ incoffle is 50 linked io inflation indice& which pyoitcts the r value of our reserv from iKing eroded by tnfll0n. Th¢ inNe5unenis aTe dtsigned kn provide a flow of in¢ome throughout their life rath¢T Simpl)" capital Weciati which makts them 5uirable for SUPrting a fuTLwe streatn of grant-making exp¢rtditure. DSIJ is managed bv HCF a1 Downing LLP. At the end ol the Jear, tsperatio within DSII are proceeding as plmned. Ai the dat¢ of fivalising these &tsxmts in AUgl 2024. we are conlinuing to examine Folertlid ne. inv¥un¢nts in renewabl¢ energy. DSII th¢ following sttbsidiati¢s-. Scots Wind PTO Lid= this is the dict subsirfiary of tA)wning sustsitlt Invesknax I Limiied aJHJ is the holding company incorrA)rated for executing the Investme] in witKt enu&Y. The wtwy is aJ8ag¢d in IK)Iding fvnctionsonly and h&s M ojxrntional activities. sinable Land A U151tions Ltd.. Ihis is a direa subsidiari of Scots Wind Pmptrty Ltd. li is ihexquisTtion comyany, which acquired the ope]8 comp7ny Stror[rE W'ithl Est Ltsl. whtch wind et)er8y assct. Su5tainablc Land Acquisiiions Ltd is the borrower of fi]81 debt ¥dinst fiTwKiai in5tituttons. whose project finance debt ha5 been used io fimd the acquisiiionof Stronclatrg wi1 Es¢*. In May 2023. HCF invested S2.181.224 USD in the eqwty of Nithio Holdings Ino This is a fintech sthrt-up ihat analy5¢s credit risk to irKrease funding of distribuied renewabl¢ cnugy in Afrira ro combat climate change niveTsalise aLrtss to elLTtricity. This investrnent 15 desigd th suppxt the UN Illable Development Goals. as well &% to provide a finaThcsal retunL HCF trading subsidiary. Trigon Trnjing Lid: a tl-maSting busin made a net loss of £701,285 in 2023 12022.. £1.337,174 lossl due to dela%'s in passing on increased rdw maLerial ov¢rhe4d costs to its customers. A fiJrtTrLer, albeit significantly smaller. lo is forev for 2024. folled by a bre2k-evcn in 2025. lkne share Capi of Trigon Snxks TradiT]g Ltd k)n1 to ihc chaTi(J in 2018 and 2020. in ordtr for the charitv to have a source of future revmu HCF'S assets include a loans ¢0 rtlatd parties {its direa wbsidiaTI' Trigon Stth Trading LI as well 85 Natco Forxts Ltd and T. Choiihram & (LA)don} d). These loans were 8ssigDvJ HCF as donations by the OTl8inal lendEr. HCF was noi involved in the lending [O¢C$S itself. Afier receiving iTrK benefit of the loan& HCF h&8 thr CF¢dht-worthiness of the debior5 a1 it r¥tory. In April 2023, Lekhraj T. Pagarani. Ivlm) is the father of a]1 thre¢ HCF trustet5. made an interest-free loan of £11.555.882 to thc chaTity. Accepting this loon is in tk inierests of the bceaLtsC it is £ble w generate significal net inLyTrme ty invr51ing that money in rencwable energy wojeds while i[Umng nv Intere sts or other costs a5 a result of Ih¢ loan.
HUW CAPABILITY FOUNDATION REPORT OTr THE TRUSTEES for fhe ytxr ¢tMled 31 Dtttmbtr2023 Our Iong.I¢Em financial plans arc to increase the levd of fid5 we have in order to b¢ able mak¢ grants to a larger ttumitr of organisatiotis. HCF will Contin provide lollg-k. eore 8raIits of unrestricwl fijnds to NG05 &s this allows ihe organisaiions to havt stability and th the MDrk tlw. rnjly fe¢1 15 imrx)rwJt. HCF Ruetvts Poll¢y Alihou8h it is 12 vear5 01(L Ihecharity is ail) in the first stagc in its planned evolution. The truAees intend for the charity 10 be able to 5UPry>rt IonE term PToje¢ts a)n5iSten(l)" for the th]ration ofEraduai proce55ts of Structu1 change over 3(W) y¢ars. The charitv t1 have an). public futsd.rJising aclivitiC5 8nd is reliam on a small of Private ¢knxoTS wIK)5e ability (o dona in the future 15 notEal{L Developing and expanding OUT grant-makiThg systetns i5 a grthlua] pmc¢ss in which our working telaiionships with graniees accumuitte. Our grants expenditure ha5 iTKrca8ed sipJificznd%' aT will cortlinue to irKTea5eover the lifetime of the chartty. Our itKotTre from thnaiions rs lik¢l!' io be hig in the firsi ph&%e of its evolution before declining when our small pool of prive iknnors hag depl. Therefo it is pnthii for the djarity to hold reserves in a Y1¢ty of lower-risk investments to generdte future irKome for Ihe chaJity. li is iniended that in the Ier srages of ¢hariry s life¢yrl& th cythditure ivill be hi8htt thaft the incotne. F¥ture ptsn5 Irt 2024 we will be coniinuingto fi]1 within our focus ar Planntd attivits¢5 for 2024 beyond ourregular 8yani-Tnakin8actTvilie5: Incre grant expdituTe Incre&%ed attl e#tIOnS Increased sitc visits to gr8nitts Launch Drtatn Proj¢ci l-.und I Trn$ttes' duty to PTQThJOt¢ tbe sutcess of dLtCha)?ty- StrfioA 172 st¢¢]neHt Thc tn]stees are the dir¢¢tors of thc Human CapabilÉty Fowthiion and have a dury to prornole the success of the Cl]arity and, in doin8 so. required by seclion 17211) of the Comp8thies Act 20[ to ve Tegard io various specifjc fthts. includin (Fk likely consequences of de¢isions in Ihc ]ong nn the need to f05t¢r the Chatity's r¢lationship5 with third-patty $k¢Ir5 the impact of the Charit)"'s or¢ralions on th¢ commtsni and enviTonme*)t the desirability of the Charity aIn1a1nlrt8 & rwration for high 5tandatd of bwiness Ly)L%IL Page 4
HUMAf4 CAPABILITY FOUNDATION REPORT OF THE TRLsfEES for tht ytr ewded 31 Dtttmbtr 2023 STRUCTURE, GOVERIYANCE AND MANACEMENr Orgahls#lionl structurt The Iluman Capability Foujthtion is a charitsble tornpany limii&l by guaTdllt irK%jred in De£Er 2011. The threetrusiees are.. Luke Pagardni Davilldtt Pagarani Natasha Pa8arani The iNstee5 are 8]so ¢oTnpany dircaors. tindeT the rcquirtsnents of the Memorandwn and Anideg of Agsociation. the diTeciors rfflire on an annual kni5 and. Fting eligible. offer th¢tnsdves for re-eleuion. N&Sha Pagarani 15 the Foundatjoll's SttTetary thrce trustees jointly the Foundation. tneding infomia]ly ot) a regular basis to discuss gratll5. funding aNI otheT acriviiics. In 2023. the HCF received a toial or £I.th),{ 17022.- £361.1(KJ) from S'ATCO For#ls Ltd arKi £320,000 12022.- £840,000) from Giani EXrtS servi Ltd The HCF a]$0 r¢ceived donaiions relaiing loan5 from T CThoith]7m & Sons (London) Ltd of £1,927J7612022.. £19.299.3291, NATCO Fd5 Ltd of £bil {2022.- £7.7722821 and frorn Trigon Snacks Trddin8 of £nil {2022= £956.603). all (x)mpanies with mVDJal dircdor5. A donaiion of £nil 12022: £2.5ml wss also received from T Ch]thra Internation S& a c4)mJecttti party dL to mulwl conrn)l. A gift donation of £5,100.461 wa8 received frotn StronelaiJE Wind Estate Li(L a 5Ut&idiary of HCF. and has be eliminated on ¢On5011dlOn. T.Cknithram & Sons (Lotklonl Ltd is thc pami company of Nat(x> Limit of which Luke PagaTani is ManaEin8 Direaor. N2tzsha Pagardni is ernpbyed and Davin¢kr Pag8rani is ¢ngaged Is a wn5ultant. Nal¢o Foods Litttited 15 a company based in the UK wknc core kniness is the sourtinE? PTDcessing Selling of foods from around th¢ world to consumer5 primarily irt the UK. It is the inMtton ofT.Ctx)ithraJn & Sons {lndon) Lld &rtd its subsidiaries lo continue finan¢ial surwrt of the EICF inder1]y. REFERENCE AND ADMINISTRATIVE DETAIIS Rtgistered Compally number 07715471 IEn8land Wales) Registtr¢d CILarÉty Dumber 1145084 Registered offjee clo Natco Cask & Carry Silvcrdalc Industrial Est&e SilveTdale Road Hayt5 London UB3 3BL Trllst Mik% N PsgaraThi L Pagarani D Pagardni Company Setre(*ry Miss N Pagarani Audators BerringeTS LLP Chartered A¢¢ountsnts aTxI Statuiory Al(0T$ Ly80rt House 50 London Ro&J Bromley Kt BRI 3RA
HUW CAPABILITY F01JhATl0N REPORT OF THETRUSTEES fartheyr¢tha 31 2•2J STATEMENT OFTRusfEEs' RESPOPSIBILITIES The InL%te (who ar¢ also tl dirrdoTS of Human (pability F(fftdatS ts the of hw) aT¢ Yesp)nsThi 1¢ for Pn¥•TiDg the Report of the the fu141 ITh accon£t Mtb applicNble taw and Vnit¢d Kin8dthllALrounllligStwlDTds lu¥[c K8dcr¢tl1YACc¢Pts] AwuDtiDg Practi¢el. view of thc srate of alkn"T5 of the cbaritabk cotnpw and of the incomiD8 And appliution of Tesow¢es incltsdin8 the incoTDe and up¥Klitiry of the ¢hantsble couwiy for Peri Ju pr2parirLg thos¢ fJn9nci8I leo 5uitsbka¢wuntiAg poli¢tts 8ttd apply t1 (•rfyThtJy, obseEvethe rthr]$ aDdpiin¢iple5 inthc c3ty$0RP.. . m•J(cjudgerneDts and esrimates thata Tepson8bl2 BndpThleni" . stat¢ wher applicable 5tsJd8Tth kn bcrn folknttl. any fAtuial dcpA* dt5closed
lwned thc fiDaD¢1t¢tll¢ts', . ptepaTe the fLn%i8] sl8ttnJellts the going b8sis lesS it ty pre5 that th¢ thmlthle comyttDyMII ¢ontiMe in the financial ptsition of ts ¢knitable eomp8ny End CL47rrt Ihal the riDKIal st>tellkts compty with th¢ Cothpanies Act 2006. They are also respolble forsafe8llardi the ofth¢ ¢knitablE Ind JKzLce fgr ie is no rei¢vant audit llEfDnnation of wbi¢htk EknItrEt]etooy tsditOT5 e uDavAre" . the knve takett 7 strps that 1hey ou8bÉ kn hHv¢ fakell to t115 awar¢ of 8Ly relev1 Budit AUDITOBS R¢port of tb¢ aOr5, On . 24..._................. arxtSi8Dtd ththebDaTrf$ by: MissN
REPORT OFTHE INDEPENry)EYI T ALT)ITORS TOTHE MEMBERS OF
IILTI%IAN CAPABILITY FOWDATIO
Opinton
W¢ have audit the COTlIdat fin¢12[ stsiunertts of Capabiliry Foundion lih¢ pJJent 'charitsble
Conpy,I ymd lis subsidiaries (the "Eroup I for the >car endd 31 De¢xmb¢r 2023 which comprise the Consolidated
Stslemerlt of financial 1ville$. the group gmd paMI chlb]e compan). W¥n¢e sheet, the consolid&cd cash flow
staiernenl and consolidat
REPORT OF THE JNDEPE%DENT ALDfTORS TO THE MEMBERS OF
HUMAN CAPABILITY FOL'NDATIO.Y
Mxtters wllieh sye are rtquirtd to report by uceptio#
the light ofth¢ knowledge and Und¢rstal>ng ofthe pY>up artd its fflYiroret omained in thr course of the audiL we
have rK)t ideniified material misstat¢men15 in the Rep)rt orthetrU5t.
W¢ have nothin8 to TCW>rt itj res1 of the following rnattcr5 where the Companies Act 2006 requires u$ to rq)ort to
if. in ow opinion:
adequa a¢¢ouDting rwoTd5 have tt>t betth keN or rewnu athqualc for our audii have noi bttn received fro
bran¢hts not visitcd by us: or
the financial 51alements are rtoi in agT¢ement with the attouoting records and QT
enain discJosure$ of tru51¢cs' remurKrdiion specified h law are Mi malr, or
wehave not rtteived all the infouna¢ion ar¥1 explan1clS we require forow a]JdiL
Re5POllsibil•tres of trstt
As explaiKd more fully in tl Statement of trust. reSrJnTr1l]itse% the (who are the direcrS of the
parent charitable company for the purrM)s¢s of company la%} are responsible for th¢ wEp3ration of ihe fin8mcigJ
stalernen15 athl for being satisfied that Ihey give a true w]d fair view. 2JhJ for sh internal coTrtrol &% the mjsiees
dermine is neces5Vfy to cnable the Preparation of fJnaJKial ststhents thai are free from maluial misstaiemenL
whether due fraud or uror.
In prewng the fInCIal siatcmenl4 the trustees ate rt5w)n5ible for &stssiThg the group's ability to wntiDue as a goittg
¢oncern. disclosing, as arvlithl< rnètt¢T5 relat&l goulg concem atHt using the goin8 b15 of accountirtg
urf¢ss Ihc trustec5 either intend th liquidate thc group or the rwent ¢haTitable comrAny or ¢0 Cease orralion5, or have
no reajistit altcmative bui to do so.
O•r rtspott$ibilities for the audit oftht fi•¥neil sttethents
Our objectives are to obtain r&qsonable a$5uranee alM)Ut hether the consolidatrd fthartciai $eMents as a whDle are
fr¢¢ from material misstatement. whaher to fraud or uror, and to issue a Rep)rt of the InderÈndI audiTors that
inclu
REPORT OFTHE INDEPENDEPn AUDITORS TO ThE MEMBEILS OF HUhlAN CAPABIIITY FOIINDATION Us¢ rfour rwrt This r¢M is tN4E sokly to pami ¢tiarÈtsbk c(¥twallYs &8 a ly. iti xcwdanc¢ with Chapter 3 of Part 16 of the Compani¢s 2006. (kn audit work has bcffL Wtdtmken so th w¢ mi&bt 5tatr ty the parent Chtiritab compaDy'5 membets thosc tter$ w¢ are required tct them in an auditots. rq)on aThJ fi)r Do othtr purpose. To the thl]est exteni pem)itted by law. we do not acceFrt OT assume re¥wsibility to gther tkn the pmi th4TitablB company and the Fent cbarithle compy¥eMber5 as a y, f osjr 8lldit wthk, ftythis r¢Fffj w for the opinions wt have fonn Paul Allao Bsocsc FCA lor StaDMory AuditLf) for aE on ljehalf of B¢rringets LLP CharteredAecolallts and Stswtory Auditots Lygon House 50 London Ro•1 romky BKI 3RA
HUMAIY CAPABILITY FOUNDATION COIYSOLJDATED STATE.4qEST OF FIP4'A)CIAL AcfJviTIES IIrCORPORATING IYCOME AND EXPENDITURE ACCOUYT) for tht ¢wd¢d 31 Dettmber 2011 2023 2m Total fvnd5 iknrestrieted fujtd Notes INCOMEAND P4IKIWMFThIS FROM DonatÉons and kgacies Other trathng gctii•iie$ CottneTci&l trading operation5 Investment incornc 385667 31.729.4SI 28.981.413 216.462 3560.475 1293,521 Totsl J6J98.755 5A929.434 Costs of rAising cornnrCIa] iradll)g operations Charitsme gftiiitie5 ants Other 27.762.719 23.898,407 Ih18519 500/49 1226.722 158.193 2982J187 24,g66,936 Net g4inslO055es) ittie5tsffjeots Unrealis¢d 8ains/l105sesl on fLvEd &8set invesitrn15 Unreatised gain51llosses1 on inwc51nt property Realis¢d gaittslllosses) on asset investTtrnts Realised 8airts/(losses)on investment Property 15 (666 JOI) 5ffj60O1)0 (138J861 275th91 1738.520) 16 15 16 101.365 11th47.472 31,325,343 11ffj47A72 31 J25.343 Trt¥i fuDth Irollght 24 71•86ffj41 40.561298 83J34 113 71.886,641 The ¢on501idated $iaierneni of financiat riviiics includes gnS a] losses rw)gllised in the year. All incomc and expendituir has arisen from ¢on¢inutllE 1VItIeS ofthe group. Thenoles to the aCu1$ are on page5 14 to 29. The no forni Of these financial *at¢ments. Page io
RUhL4N CAPABILITY FOUNDATION CHARITY AND CONSOLIDAT BALANCE sHKYr 31 J)ecembtr 2023 2023 21123 ftsnd ttd xiets G)odwdi 13 S•.163.478 TaDgtble usets Tort8ibk assets 14 lJ64J3S 277381 31W 15 4j50 )Q797.4>1 2J.840AX) 66881 26040.0011 15.788,(K3 21,840.1)C<) Inv&£tlll1pQPCrtY 16 84J132 Jfjj 35.025JB5 71ML13.762 37.940280 D¢btth3". aTwDnts fxlkn8 duewithw oneyear Debtots:allKJDnts f81kng dtse Ifttyts1CtharI oth¢year 17 gA25fv71 491587 IM24.788 915. 18 33M26J72 30J97J73 3409S062 31A8&2 2097 2.fA8 L9 2r.00 4W94J95 C4$b ai basjk S6521 714310 5J03217 $31J26J44 46MJ.I 42414.745 37.711.726 ATtDunts talllljg thi¢ withm on¢ y¢•r 21 P2.746.130) 19.W52) (ZIJ6IJ57) (373305) 3028Oh14 36.86).756 20ASJJ88 37.337,¥21 71I86AI 91436950 7*284201 Alts ThTr than olleyear (Jl778/64) NEfASSEts 83a34J13 7138&64t 9lJ36950 75.284201 83S34.113 71J8Q611 YlJ3Q9SO 75284201 83J34J13 glJ36 71.886.641 50 75.284201 Page li
HLIMAN CAPABILITY FOUI4DATION CON50LIDATED CASH FLOW STATEMENT (Dr the year e4dd JI l)ttemb¢r2023 2023 2022 Notrs Ca$h flow$ fmm operating activities Cash generat from Opei0S Inte$t paid 2.969,851 {4113,057) 4.230.046 Net czsh {used inyprovided by opeting lIVi1]eS 2M794 4230.046 Cg$h Ilows from iuve%tiDg 8¢tivitits Purchase of wjgible red assets Salt of investment property S¢ of iTrve5trnents Pur¢hase of fixed a55et invcstmcnf5 Rents and otheT income fn)m ttiv¢strnatts (PL]rcha5eVsale of current asset inve5trnenLS Interest received Divid¢nd5 receii'ed 354ffj61 935.691 7333J41 {55.637.019) 1,1167J16 (2,0) 2 J24,915 168.044 1429,9571 941,365 {11,137.037} 1.069.220 4.245.346 1,144.000 80,301 Net cash uscd in inve5tyng activiiies (45,952J51 14,086.7621 Cash flo•vs from fitta#ting Ktivitits New loans inyear 42J36,669 Net cLsh PTovidcd by financingactiviti¢s 42?3A669 Ch2aEe Its tash ¥hd task equivxlewts i• the reportillg peri•d ij.048J881 143284 Cagh and csb equivl¢uts at the begiDDiDg of tke reporting period 714310 6.571.026 Csh *d eA$h ¢4uivaleHts f tht of the reporti#g PeTiod 5ffj65,422 6.714.310 The notes part ofthese fIn¢ll1 5ralcment Pagt 12
HLMAN CAPABILITY FOLNDATION NOT&S TO IHE CONSOLIDATED CASH FLOW STATEMENT fur the year ended 31 Dttembtr2023 REC0Tr4ClLJATJON OF NET INCOME TO NEf CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net iltorne for tILe reporting period (as per tht Ststernt of rin¥n¢Tg1 Activitits) AdjnstmeDt5 for. Depreciation chaTg¢s Amortisation of goodwill Finance cOS 11,647,472 31.325.343 385.852 545256 403.OS7 12J24.915) {J68,IM41 lJ)67.5161 11927J76) 14.85&113} 127S6911 305,662 349,759 11,433A84) lJ84.932 366.590 Interest received DividcThl$ rec¢iv¢d Rent and other i]Kotnc from investments Donated (Gain5)Ilo&scs on investmen (Gains) on 1¢ of invtst]neTrt prOrty LO{Balll) ort for¢ign exclge Decrease in stocks Detr¢a5cllincreas¢l in debwTS InLYease in crndiiors (1,144,000) 180.301) 11.069,2201 {28.02&2141 738,520 {101,365) (489.118) 141.784 {375.8761 2.945,903 N¢t eash {Ised invprovhled by oper*tioA$ 2.969,85J 4.230.046 ANALYSIS OF CHANGLS IN NET FLNDS At 1.123 Cash flow At31.12.23 Net tas Ch ai bat)k 714JlO IJ.048888) 5.665A22 6,714JlO (1148,8881 &665.422 Liquid re50uirts Current ass¢t5 inve51men 2,400.( 2.400,0(bO 714Jlti lJ51.112 8.06S,422 The no form part of these financial $iatemen Pa8e 13
HUMAN CAPABILITY FOUNDATION
NOTES TO THE COIN'SOLIDATED FTh ANCIAL STATEMENTS
for tbe year emded 31 Deeember 2023
ACCOLNfING POLICILS
B•sls of prep4ring the f1aDtI ststemtll15
The fitsan¢iaJ Matemen15 ofihc parent chaTilable comparty. which is a pb]i¢ lnefii entity uth FRS 102, have been
prtpared in accordantt with the Charities SORP IFRS 102) 'Aceounttng and Reponing by Chariiies.. Ststetncni of
RecommeTrJed Practice applicable to charitie5 preparing their 8¢¢OUttts in accord %tth the Financial Rqx)rting
Siandard 4)plicable in the UK and REpuhlic of Ireland IFRS 102) (effec(iYc l January 20191., Financi Reporting
Standard 102'The Financial Rep)rtln8 SiandaJd appltcable in the LK and RebIle of Iland, and the Companies Act
2006. Th¢ fjnancial sraiements have been prepared under the historica] ¢os¢ ronvention. with the exceptton of
invcslments whieh are intluded at market 05 rJ)(KJified by the y¢YUon of ccrtaiTr asSEts. The preseJwiona]
currerKy of the group financial staThients is the POWKI Sterling 1£).
PrtPgr8tion of th¢ ewuDts om * goi totst¢rn basis
After reviewin8 the group's forecasts and projeaion& th¢ trusm ha¢ a rtasonable &xpecration that the group has
adequatt resources io eontinue in ormtion81 exi¢¢ for fortstcable fubJK The 8roup therefore coniinues io
adopt the going Co[eM basi$ in preparing its fiThanciaJ sta$tents.
CoDsolidatEd fi•aDci81 sf•ttmeMts
The fjnancial stalEwnents consolidate ihe results of th2 charity atKI its wlxilly owned subsidiaries (derailed in nok 15)
on a line-by-line basis. SulbidiieS are fully ¢i)J]501id¢IJ fmrn the dwe on whith control is trdnsferr¢d to the group.
Prior w thi5. Tri8on Snack5 Tr&ling Ltd was &counieAI for as an &Wcje. A$%lat¢S are all eniilTres 0er which thc
group significant innuenee but not wnirol or joint uhntrol. Investmtht5 in 0¢1&t$ are #riounied for using the
equity method of at¢ounlin&
A sewaie Slerent of Financial Activities and ITrne and Expenditure Atvr for the Charity has not bcen
prescnlul bB¢ause the chity has taken *lvanthge of the exctnption afforded by CornpaniGs Act 2006. 5. 408.
Siguifirant jlldgemettts tlMleS
Pr•ion of the fthancial swements rquiTes manwentto makc 51gnLrJftt jlldgetnents and GStirnai¢s.
The [nt¢¢$ and direthors 14ve mwje wumptions rcgthins t]K rth)V¢Tability of d¢btors and have provided
accordingly in the 5ub5idiary rITwjaE ststements.
St(Kk valusuon is revi¢w¢d * the eThl of the year. aml kq assumptions are m&lc in relwion lo ilet aliSable values
and obsolete or slow-rnoving stock& Where necessary the diredors include a provision againsi the 510ck valur for
Trigon Snacks Tr2ding L
The tnL8tees
HUMAN CAPABILrrY FOUNDATIOF4 NOTES TO THE CONSOLIDATED FI.ANCIAL STATEMENIS- ro•tiR•ed for the year ended JI Det¢rnbeT 2023 ACCoUP1c POLICIES- eoolinued CoThmerctal trading inwme is ai the fair valuc of the ¢on5iderdtioo rttciyed or receivabl4 excluding dtsCoUts, valu¢ added t&x other sajes Xcl Tumover is de[¥ from the salt ofgoods and is r¢cogni5ed when the significant risks and rewards ofownvship of th¢ g1$ alr iy2ttsferTed to thc bu>'¢r. the price is deterrninable and the colle£iion of the amount duc is re450nably wur•J. Eiptsditurt Liabilities are recoEnised as ndtire 35 %M)n there i5 a10 or (x>nstructive obligation commilling the charity to that expendit1¢. 11 is Probable a tftnsfer of eco1¢ knefiis will k rquired in settlemcni and the amount of the obligaiion caD eaSured reliably. Exrthditure inclts any VA T which tan not Ee full). recovered and is count&4 foron an a¢cruA15 b&sis. Expthditure has ix¢TJ classified urth headin85 that aggregat¢ 1 cost Teled to Iht c2ie80ry. Wiere costs canTh)i be dirccti). auributsl to particular headings they Imve aitoMed to &ctiviliES on a b8SiS con5isient with the use of ruouTce Grn#ts Grants offued subjett Io cotKlttion5 whith hav¢ IKM been ai the y¢ar ¢ThJ datc are noted &% a ¢ommitm¢nt but not acm exp¢nditw¢. Otb¢r Eipt•ditxrt Solar ppncl fixeit &%8ets u1 ty geTree eledricity [x)Me is dewrciated ovtr 15 yearanticjped lifeon a 5trai8ht line basis. Le3sed out fwi ted to gen¢re Ten1 incorne is dwrecied over the 10 year anticipated life on a straight line basis Within Iht subsid1 company deprwiatitsn 15 PTovided tlK fDlloi¥ing aThn[ rates in order to write off the cost les5 esiinat¢d Tesidual value of earh a55ei over its esiirnaled usefvl lif& Plant and rnxhipcry 15- 25% on nrl knk vaiuE Fixiures and fittiogs 15. 25•kn on btxjk Office eqllipent 25%of the IKM)k value Depreciation h&5 not been wividcd for on La1 aThl Buil(bngK This rclate5 wJM)lty to w for which (kpreciation is provided. Tangible fixed assets rnwured at C05t Itss c1]mulat 4lepr¢¢llOn 8nd any wullulatcd impairm1 I0&s. Go•divill Goodwill. being the amounts rAid in (x>nttttion with the [ChSe of Srronclairg Wirtd E5Latc Ltd by Sustainable L2nd Acqui51tiOll5 Lid. Ooodwill is amortised ¢vcnly overthe tcnn ofik lease wuired &5 Part of the acquisition. 24 y¢ar5. Impalrni¢nt of sssèt5 At Vdch rep)rting date fjxed as are revi¢wa lo erMIne Mhcther there is an}. indi(ation that those assets have suffered an iM41rent loss. If Ihcrc is an indication of ws5ible impainneni, Ihe recOrable amouni ofany affe¢ted &8set is e51imai¢d and t4Jmpared WTth lis (2rrving an]ouni. If wilmerf recover8bl¢ amothir is IOW'ET, Iht carrying amwnt is reducd u> its estima1 r¢mvctable amounL and itnpairmcnr loss is r¢cogni1 irnmediatEly in profit or loss. If an impaiTment Ioss 5ubsequMtly revase& thc (aTrv amouffl of the asset i5 iDcre&%ed to thc ViSed estimate of its recoverable anM>unl. bui nol in exeess of arnouni that would have been deierniined had no IMnnen( 1055 been ised for thc ass in prior ycaT5. A reveThl of an impaimient loss is recog]]i5ed immediatcly in profit or105S. The Trns*es and dirtctors have reviewed the ¢aTrying value of the tanBtble fixed assers and no imrAirnJent is dcetned nectssary. Bank rge5 Foreign exchange 5rl1Sts are used ts) minimise the cost oftransfeTS to IndiL Transftr c<Ms are nor disr105ed to the charity" howe¥er betttr Tal whith includ¢ the tr•J5fer areoffcred to 8ltCTnaiive transfeT DPtion& Page 15
HUMAN CAPABIL FOUliDATION NOTES TO THE COYSOLIDATED FINAf4CIAL sfATEMErifs- CODtitiutd for the year eoded 31 Dettrnbtr 2023 ACCOUNfiNG POLICIES- roDtiDut41 AllocAtion gpportionment of eosts All tn¢omr arKi pendijTC 15 UnreStrÈe Supwrt COS15 hai'e wlM>lly allocaied (o the main ¢haritable activity aJKI relate to l¢gal and profe55ional. con5u1ttiT'. aCCLNJntingand audit f Investment property Investment properties In¢l[e donated ]KorKrties at fair Va[ aThl are slMJwn are shown al m05t recent va]llion. Any aE8reEatesthplus or deficit arising frorn changr5 in valuation isrecogt)ised in th¢ Statement orrU11 activitie5. T¥xatio The charity is cxtmpt fiom corrlon on its ¢haritableaciivLlle Irt thc Subsidiary company current is r%5¢41 for thE 3mouni of Irome ILX pavable in Te5pea of the taxable Eyofil lorth¢ current or pasi reporting TmIS usin8 th¢ tax rate5 ar)d laws Ih8t have Eten aCted or substaniively enacia by the r¢FM)rting dat& Deferred t&x is recognised in re5ct of ajl iimith8 differt4Ke5 & (he twrting dat4 except 8$ o¢IKrwise indicated. Deferred i&x &ss¢i$ are rec4)gnised io the exieni lh it is prolMbl¢ that they will be recovered against ihe rcveT5 of deferred liabilities or 0r futurc Kable profits. If and when ajl Conditions for re¢ainiT]g lOWanC¢S for th¢ cost of a fjxed a%se¢ have meL the d¢fr¢d is rev1. D¢ferred w is recoBnised wh¢ll income or ¢K[lS¢S from a subsidiary ora5%>cia have bccn reowjised. a( will b¢ assessed for in a fijturc peri(xL excep( Wh.. the group is abl¢ io control the reversaj of the timin8 ditT aThJ li is probabl¢ that ihe lirning d1ffctll will noi rev¢rn¢ in the fortsecable futur A deF¢rrd tax li3bility of a8set is TE)iSed for the Jditionai tsx that will be pwd oravoided in respect of 855cts 3nd liabilities thot are recognistsl in a busin¢s5 combination. The amouni attributed goodwill is adjusred by the Amount of deferrJ w reco8niscd. Deferrd is cal£wlaioJ using the tsx raies laws that that have been ertR¢ted or substantively enacod by the reFM)rting de ar¢ cxpccted to Apply ¢0 the reversal of the timing difference. With the cxceplion of ehajges Arising on the iniital recognition of o busine55 mbinatiO the t&x tXP2nse lincomel is pr¢senitd eiiher in profit or other cornweheA8ive inwrELe or equify &Iding on the bw)5action thai resulted in the thx expatse (income). Deferr taK liabililÉcs are pr¢5ented within wovisions for liabilities and def+>rpJ taK &%sets within debtors. Dcferrcd a55ets attd dCfC£d w liabilities are offset only if.. the company has a legally thfoT¢eable righi io $0 off currcni tsx assetsagairLq Cut liabiliiiA and the deferred tsx assets and deferred tax liabilitics rclate to inLY)me L¢$ l¢vid by the same ta¥ation authority on either the $8m¢ taxable enlit). or difftMt t&X8ble entities w'hich intend rither to scttle tllrrent liabililies and assets on a net b8, or to realise tht8ss¢ts aThJ settle th¢ liabilities stin]¢0U$jy. Lelses income from 0ring lease5 is rea)gnis¢d on a strdiEht line b&%15 ovtr th¢ rrrt of thc re]evont le&8& Inittal dircct cost$ incurred in negolrating and attanging an 0r]ng lease are added ¢0 the winE atTrouni of the lewd &qstt and recognised on a straight linc bL%is ov¢rthe le8s¢ ¢¢mi. The Itsse for Ihc windfarm held in SITonelairg Wind Estai¢ Ltd is trcatcd a5 3Tr otmiing Ie45e. The total Tental inLx>me Is bLStd on the levd of erry gtneration. While the rate paid for gencratrd irKome iTKrea5es JJJ the l£a8e. due to the many extemal that IM etYr&v genernion Ét is not rM>&siblc lo ara]Y pr<li¢t the lei'el of income in fvture years. As a r¢5ulI this renia] iTKOrnC is rtujgnised in the rtiiod to M'hich the In[¢ r¢l&cs. The base rent elem1 1$ ellocated io the period to which li tciates and allated to months within this pui(d on a Straight line is. Fuid 2ceoulltig Llnrestrtcted fimds in acLX)TdaKe with tkcharilable objedives th¢ disr¥clion of the tree5. Page 16
HUMAN CAPABILITY FOUNDATION NOTFS TO THE COP4SOLIDATED FINLNCVAL STATEMEpifs- cfjDtiJued for the year ended 31 December 2011 AccouNfING POLICIES- tontinued CurrEnt illVeStme•ts Current assa investments are investment5 Ihat are eas). to ac Wh required and have a mabjrity of within 12 Tnonih5 of ihe year end. In 2023. HCF inve5kd in a renthvablr bond. is itt line with the chariti¢s ¢thiG5 and objeLiveof supporting worthy caus Fixed #sset investnyeBts In 2020, HCF invested in t%)wning R¢nJithle5 Trust PLC ItX)RE) M'hi¢h i5 in line with the ¢haritie5 ethic5 a5 It is designed to d¢liver stsble and Susthinable return5 by investin8 in a diveIr1ed Ar0]i0 o[hYd SAYI. wind and other infrastrv¢tUTe assets. In 20?2. HCF iTKre8sed tis investment in DORE. and invested in Grttneoat UK Wind Ple thd NEXt Energy Solar Fund Ltd. wirh addition8] iAVCStments in Triple Point Etw Tran51tion PIC and Aqulla EneTgy Efficiency Trust in 2023. tk>wnirff8 S81[13b]e Inve5uneTht l Ltd also hold5 investments in DowniE)g Renewabl and Infrt%tTUtthre Trust Plo Addiiionaity. in 2023 HCF invested in a US Finte¢h srt Nithio Holding5 I¥K. thai analyses ¢r¢dTt risk to ineruse funding of distributed renewable energy in Afii Stocks StoGk5 are valued at the lower of ¢05t atmt nei Te81i5able vaJLL COA is as folkJws:_ Raw. mattria15- C05[ of purchase on first irK first out b&%is. Work in PT¢gT¢ ad fiDi5hed goods- C05t of rdw mknuia15 and la)urth8ether with attriburable overheads. reJisablc YUc 15 based ort esiitnAi¢d selliTh8 wir& less fimher costs kn rA)mpleiK>n and diswd. Debtors Short tern) debtots are at [J170n ryic< J¢gs anv imtAirnCllL receivabl¢ atr mea5UTEd rnitially at fwr valuc. nel of IrdTrwiion are mewrd 5ubsequertly ai allnISed cost ]ng the ¢fftttivc inieTesi m¢thod, IS any impairmrnt. Crtdito Short ienn tsade ¢rditor5 are measured at the transaction pric& oth rJrthn¢l liabillLi intluding Iwjk 108n& aT¢ rnwured initially at fr vaIu4 net of tra o)5r& OJMI meaed subsqucntly at amortised eost using the effective interest method. The company proviik5 for annua] leave &crued by ¢mpkiyees &$ a of sffyices rndued in the c4rrent peTiO aT¥J i¥hich employee5 are ettlitled to C3TrJ' forward athd usc within thc next 12 months. Thc provL5ion is measurtsj at the salary c051 payable forthe peri(Kl of absence. DtrSv4tivt financial illstrnmtDts Derivative financial in51rum¢nis are recols¢d at fair YUe USiTtg a wuatiOn tthique with any gain5 or lossts b2ing reported in pmfit or los& Outsiandirtg derivatives al rcp)rting d¢ are uth Ihe appTOPriat¢ fonnat hEadiTJg depeTrJing on the nature of ih¢derivativL IK)NATtONS AND LTrLACWS Gr0P Ch&rity 2023 21123 20 [k)natn5 3J56J67 31.729.451 8.957J28 31.729451 Fot fijll breakdown of thnation5 please see the Tn¢¢5 rcwirt on page 5. Page 17
HUMAf CAPABILrrY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- contined for the ye#r ended 31 Detembtr2023 Thc Consolidat rJ[wla] statements Tlde th¢ y¢sultsof th¢ below group u]]dertaking& Tri8on Snacks Trading Ltd, which btcatne a subsidiary. on 31 Decernr ?020 kn the rernainin4 9(Vh of the 5hwe Capi wa5 donated thc charity, DoWlg Sustatnable Invesmbent I Lt¢t which set up in Apil 2021 wilh HCF being lo shar¢hold¢r artd Scots 'ind Property LIIL a 5ub5idiary set up in Jufv 2023. with DSII king IOOVD 3haTeholder. which in¢orp)rates its two wholly oiyned 5ub5idiaries,' S$t81nble Land Ae4ui5itions Ltd and Strooelairg WirKI Ese L. For details of Ik a¢quisition of Strondaiyg Wind E5th Ltd pl¢85C5ff nole 13. Trigon Seots WfftThd Snxk5 PryrtyLtd Tr¥&ng IAd J ljd (Coffjsolithttdj Year eD&d 31 IkctJr Yur ¢nthd31 PerifyJen(kd31 21b23 ikeelltrr 2023 Dttèmter 21123 DoThlling Turnover 25.934.761 W61165 (627.4(Ml 3,(146.652 5.695,943 (2649.291) cOT8Y e¥>enditure Profil for the period Inco ftom fixd ass¢1 investThtnis 456202 (456202) i0i.T Interest payable and 5mJarewen5¢S CAin/llossl on sal¢ of iDvesimenrs 73J81 1144.529) (396.3961 inl{Ioss)ort revaluatK)n ofinvesrnr]ts (tDssypTofft for ihe fJngn¢ial year (701.285) (895J48) I3,&644) Thc results for each $ub5idiwy aFKFVe ar¢ as w the CoMpY'S finarKial seMen Th¢ figure5 included the SOFA havc been adjusied for the consoltda¢ion adjustments relaiittg to eX[llUrE for gift donlOnS paid 10 ihe parent ¢harity of £5,100.461, Tent paid to the ettI charity of £205.(XKJ. 11Krne paid to the parcni of £12.427 and interest due on a loan from the p3rcni ctwity to a subsidiary of £73.880. Cknarity 21123 2023 Ren15 recewed Solar eteCtrllY income her fLYed asset ini'est- Fll Deposit account interesi LA)an interest Jnd itbteTest IW30 J79 36937 168J144 S727 2242.146 25.742 1.030519 38.641 80JOI 3ffi24 i.l(M).956 39.420 1235579 36.937 72819 4329 2J161J27 25.742 1.030,579 3&&11 .301 3.624 l.l(KJ.Y56 39.420 JJ60 75 2293.521 3.730 33 1293521 Crant fvnding or activtiies (see note 7) 1ffj18 PdEe 18
HULMAN CAPABILITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMErs- coMtino41 for the ye•rendt4131 DtttiAb¢r 2023 (abiN15 PAYABLE The total grdnts to instItun5 during the yearwds as folk) {fordetai15 pkase see note 26)." 2023 1 618519 1226.722 SPoRT COS75 Finan¢e (Xher Totals Otherjtsources ewended 31b5th62 Th¢ breakdowrb of support co$is is shown in th¢ tabk bebw. Costtm 459 154231 93 2023 Finanet Foreign e>thange ]osses Other Rates & waier Insutancc Light & heat W¢bsit¢ ¢osrs Audit and a¢countancy L£gal and professnal fee5 Bank charges Consuhancy & ryBnagemerti fees Trdvel & subssienee DepwbatK&n 30Sffi62 {489.118) 13.980 43 864 15.700 987 5(M 10,(K)8 164,81 1,142 126th92 1.580 40,9.56 195.187 330 925 tkpreciatK>n charges irt the parenl chaiity of£4Q95612022.. £40.9561 included in oth¢rr¢soutrEs ewend¢d. 2023 20 Fees payaEFle to ihe arILy's forthe audit of the fanci@l siaiennts ?Jsg 4,5 2023 Deprtciation- owTred &ssets 385J52 366.950 Net inc01rle>tndltUJ) i$ 51ated aftercharyingll¢diling)- 21123 2022 Auditor5 TeMUnctIOn- parent chaTity DepRcratitin •oTred a55cls- parent ehatity 7.850 45(K> 4Q956 ExFenththre tlhrgedin sutsioary cfflynies: Depreciation -owi¢d assets AttDrtisaiion of 8oodwdl Audilots, llnera110n- audil Services Audiior5' remurteAIn- non-audtt 5ervKes Operating kas¢ r¢ntab - plani & nmnchinery Stookr¢cogn15ed as an ¢yThs¢ during the year 344J96 545356 16A38 J6A38 382 2 1,998ffj81 22 325.634 10.938 9.187 5.078 17 613 J43 18 (KV).636 Page 19
HUMAN CAPABILITY FOUNDATION NOTL8TO THE COliSOLIDATED FINANCIAL STATEMEirrs- coiitinued for the yexr elded 31 Dttember 21nJ Wages and sahri¢5 Social seeurity costs oih¢rpensions cosis 3A31.152 27S.139 101.697 3J07J88 3.481SYJI ' 269.215 96,113 202) 2022 Directo. r¢muneratM)n Staff cosls rtFaics to enyknyees and directots ofthc trading sub5¥Jw. 10. E¥IPtDYkTr5 ATr4D DIRECfOKS (C.oTrtiDlle Staifcosts rele employees and dirtttor5 of thc trading subsidiary. Th¢re are no employtes of th¢ PHTeni chity wlM> received cjnoluments of more than £60.000. The avera8¢ nutrlperofen¥k>yees duiing ihe ye8rw&s folbws: 2023 Produciio Warchouse Sales & admirtstAtM)n 118 27 28 150 Av¢Tage nuneroferyk>y¢¢s retates io enykbyees ofihe trading 5ubSKlry. ij. TRUSTEES. REMUNERATION AND BEf*EFrrs There ivtr¢ no trustees. lMetaliOn or other irnefits for the Ye ctmkd JI D¢ttmbtr2023 ttor for the ye ¢n(kd 31 D¢cunF£r 2022. Trnstee$' expenses No trustees wer¢ rcimburscd for thetr ¢Kpa)5es during the year ended 31 Decber 2023 {2022:£504). Page 20
HUMAPI CAPABILITV FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMETrITS- tontl#vwJ ror the yt#r eDded 31 Dtccrnber2023 12. COMPARATIVFS FOR THE CONSOLJDATED sfATEMENfoF FINANCJAL AcfiviTIES Toial fitJ]ds tmnations and k8acits 31,729.451 Oth¢r tra(Sng ttiltits CorArTc] trad8 operdtK)ns 22.W@462 Investment incon 2.293.521 5&929.434 XP&¥DnlJREON Cwts ofraisirtg fun Conmrrc1 ITading operai)ns Charitsble aetiiities 23,898.407 nts 1.24722 lj58,l93) Other To¢81 24,966.936 Unrealised g&in$l{hss¢s) on r]pzd a5sei investnts Reajised gains1{SseSjoTh u)ve5trnI property P4Ef LYCOME 1738.520) 101.365 31,325J43 Tirtal fund% brought fornard 40561.298 71.8611 JNFANGIBLE FIXED AssErs Gyoup Goodwill COST Addiiioiis At 31 DxemFr 2023 50.71 AMORTJSATlOli Charge for period 545,256 At 31 December 2023 545 NET BOOK VALUE Ai 31 Deccmber 2093 .163 578 Page 21
HUMAN CAPABILITY FOUNDATION NOTFS TO THE CONSOLtDATED FI1)CIAL STATEMENtS- ¢ontiwwed for tbe year edcd 31 DeMber 2013 13. INTANGIBLE FiXED AssEfs (Co#tiDued) The 8dwill relates to the acgut5ilion of Srronelair8 eAale Lts4 on 22tkl seFItrnb 2023. The comp8ny. previously ktN)wn Connell Renewables Ltd was wuir¢d for £53.731539. Ai the date of acquisition the asse1$ of ihe company wer¢ £3,022.705, resulting in E(M)dwtll of £50:708.834. The goodwill relates ¢0 tk of a Ica5e thai was acquired as part of the purchasc of cotnrAny. The )Pol owns kn(L subject to a lew ielating to a windfarm, which 15 tro¢d in ihe individual &$ an leas¢. The 8(Thlwill represents the value of the lea8e ov¢r th¢ reTDaining ierni of 24 yea[& ar¥J a5 such. thCg(.lll h&$ beeTh gmortis¢d on this bas15. Post wuisÉtion. the cotnpany has iwi able w distribute its iaxable ]MDfits, via a 8ift aid donion, to its ullimote parent charit%'. During the )'ear. £3.740.524 was (k)nad to HCF. with an wjdition £1.359.937 donatul )st >"ear end. {£1.372500 WAS paid in May 2024. of which £1.359.937 r¢late5 to 2023 Lgxable Irits) These have been ejitnired on consolidation. 14. TANGIBTr1X) ASSEt5 (0P Freehdd PrnFrty Plant& Mathitttry FixtllTes & Fitti Vehicles Tots]s COST Ar l January 2023 AdditioJ)s 4J77ffj72 336906 4.714J78 350.175 390 354.06S 16.495 130.878 475220 l)J65 362J03 144.743 5337.423 7342 7542 Ai 31 DeceTther20 16,495 DFFRlfL4710N At l January 2023 arge foryear Ai 31 Decenkner2023 2.182.758 350.948 2533.7t16 196041 23.1811 2 19.721 I225 918 94ffj12 2.486.736 10,806 385,852 105.418 272J88 13.743 At 31 December2023 7542 2,180J72 134J44 2.752 39J25 2J64J35 At 31 D2cen]ber2022 2,194.914 153,634 3&70 36366 2J88h84 P19nt & chittery COST At l January 2023 and 31 Decellkner20XJ 530J95 DTrPREflATK)N Ai l JanuBry 2023 Charge foryear Ai 31 DeeeTher2023 212,158 40,956 253,114 Ai 31 Decener 277281 Al 31 tk¢enéJeT2022 318237 Page 22
HUMAPI CAPABILITY FOLINDATION PIOTES TO THE CONSOLIDATED FINANCIAL SfATEMErfs- t•llliDued for the yur tttdtd 31 D¢eember2023 15. FIXED ASSET INVESTMENrs ti5ted vestmettts Unli4t¢d investtt%nts GROUP Toia At l January 2023 Addiliorts DisP05als Rcvaluaiions At 31 D¢¢¢mbcr 2023 1(1.797.401 149258 J72328) 666303 2,907,928 111.797AOI 1,905.480 {7 J72328} 666.503 4,664,15 .756222 1 756222 NEf BOOKVALUE AL 31 December2023 1.756 2?07J28 22 4.664.150 At 31 Dttember2022 10.797.401 10,797,401 Lisicd investrn¢nts Uftlisted 'estnts Tgla]s Al l January 2023 AdditnS Di5po$aLs Revaluations At 31 December 2023 1ffi11462 149255 (204J05) 7D.Ilb7 86 05 14,176J8J 28503J9S 15.788043 28.652J50 (204 J05) 711.107 43S66A81 42ffj80.176 NEf BOOKVALUE Ai 31 D¢¢¢mber 2 42.680 176 43966A81 Ai 31 Decembci2022 1.611.462 14,176.581 15,788,043 Unlisted llJve5tnknts includ¢s £1,756.222 in Nithio Hohjings Inc. a US fintech startup that analyscs credit risk to In¢aSe funding of disiribuied Ten¢wabk eneryy th Afrtca. Ofthe group's listed llJv¢$tm¢nt howing. the folbwiTr8 investwKnts nmke up gTewt¢rthan 5% of the group's total holding at the batance sheet dat¢= - Renewabks & Infia5tTUtuYe Trust Pit - Ctyeencoai UK Wind P]c 6Yo Ai the balance sheet dale. the charity's iiivesiniJts the share capital ofGomp8nies includ¢ the folk)wing= Trigon Snatk5 TrSng Ltd Registered numb¢r'. 08711597 Regisiered otTKe'. Ath¢rton Road. Aintree. tiYerpooL L9 7AQ. Nature of business: Retail Class of shaTe$= Ordinary holding IIKJ.(K> Pagc 23
HUMAN CAPABILrrY FObN'DATION NiyfES TO THE COPISOLIDATED FINAICL4L STATEMENTS- tontined ror tht ytar ¢mded 31 DeceThber 2023 Is. FIXED ASSET INVEsfMErS ICo•¢iTh¥ed tknwing Sustsiualdr l iAd Registered number. 14019068 Re8iSt¢r¢d offKe.' 6th Floor Si Magnus Hovse. 3 lnweiTha5 Sireel. London. EC3R OHD. Nature of busirtess.. Invest]1 managethni Ck5s of 5har¢s.' Ordinary holding l(M).(K) Stots Wind Prrty R¢8iSt¢red number. li(MK>210 Registered office:6th Floor St Magnus House. 3 b)werThames Str¢¢t. London. EC3R 6HD. Natur¢ of bU$t5S.. Hotdin8 CoJ]¥)any Class of shares.. hokling Oldry i(N).() The shate capital i5 I{K owned by Iknwning Susiainabk Inv¢siwKnt l d. SustinaFJe IAndAcquisitions tAd Registed number. 14019(h58 R¢8i51¢r¢4J office.. Floorst Magnus HDUS@ 3 l&>wetThan StrE¢t. IA)ndon. EC3R 6HD. Nature of business= Holding Coryany Ckss ofshar¢s= Ordinary The Share capital is l(l)% owned by Scots Wind Property d. holding Stron¢lairg Wind Fstate tAd Registered number. 1401 R¢gist¢rcd office.. 6th Floor St Magnus House. 3 t*)werThames Siteet. London. E(JR6HD. NatUTe of busincss." Inv¢5trnent company C&ss of share5= Ordinary The share capiial is l(NIYo owned by Su5tainabk tAnd Acqutsitions d. hokling I(ML Stronelairg Wind Estate Ltd w&5 aequired by Sustainable LaEkJ AcquItiOnS on 22nd SeFthb¢r 2023. The CA)mpany purch&sed foT £53,731 J39. At the wui5iiion the net &15&s were £3.022,705. The goodwill arisiftg DR acquisttion is eal¢ulRt¢d below, £nd (knailed in note 13. Consideration 53,731.539 tms net asset5 ar xquisition: . Slwe ¢8Pital - Rened e4rnings 3 022.704 (3.022.705) 50.708 834 Pa8e 24
HUMAN cAPABILr FOUNDATION NOT&S TO THE CONSOLIDATED FINANCIAL STATEMENTS- ¢oNti&u¢d ftsr the year e•dtd 31 Dttember 2023 16. INVESTMENT PROPERTY_ CROUP AND CHARITY FAJR VALLE Ai l Januarv 2023 Diysals R¢valuation 21 J), 1660,IM)O Ai 31 Det¢miw 2023 ET BOOK VALUE At 31 December 223 Ai 31 December 2022 21,840.(XI0 The TnLStcts' havc revI¢d the valuation oftht invesifftent proprlties have revalued one property which has changed Manly in valtte 2023 2023 20 Trdde debtots Pr¢paymenis a¢crued inco (kherdebtors 6.112509 205.727 3.11I6J35 5.4W824 143,520 927.243 67ffj93 1757,095 31,780 883.847 9A25.O71 6.491587 lJ24.788 915 6?7 18. DTrrnKS: AW)uTrns FALLINC DI&AbllR fvfflRE"IIIAN ONEYFAR Charity 2023 2023 Other debio 33A126.J72 3(1597JrJ 3495 J62 )lJ91882 3JJI26 172 34 31,591882 On l January 2021 a ded ofTh)Vation w&8 trdrtsfwTing a loan owed by Crown NeNork Ltd. to Choithjwn Internationaj FOdatIOn. thr Hwnan Cap3bilitv Foundation. 8 C1ty with trustee&ldirectOTS in tommon. Ai the balance sheci date, Crowrt Nthwork Lld owed AED 22.7million (£4.8rnillii>nX repayable in more than one ycar. with tnierest accruing at 1.75Yd over the Bank of En8laTrJ base rate. Dwing thr ycar inkrest ¢rillg was £310.318 {2022.. £153,654). On l March 2022, a loaTh owed by NATCO Foo& Lid to TChotthr8m InnatiOn S.A. transferred to the Capability Foundation. Ai the bart¢¢ shed d•¢. h'ATCO F(K>d5 Ltd 0ed £8.7m, repayabl¢ in more than one year. i¥ith it)terest accruiftg * 2.5°A over the Bank of En8lwd ratr. lknin8 thr year inw¢st accruing was £600274 12022- £314.482). On l March 2022. a ]OaD owed by T Choithram & S(Mis (LAnI Ltd to T Choithram Illtemation S.A. w&s transferred to the Human Capability. Found*ion. During 2022, a(klilionaJ loan5 we¥e transferred. and subsequently an additional loan of £1.9m w'as transferred in 20?3. At ance she¢t date, the totsl Outstsnding was £19.5m. repayable ith tnore than one )'car. m.ith ini¢mi xcrutn& at 2.5% over the Bank of England rale. The intetr¢st accrutn8 duting the year wa5 £1 J31 55412022: £532.014) Page 25
HUMAN CAPABILITY FOUNDATION NOTES TO THE cof4SOLIDATED FINANCIAL STATEMEYfs- colltitti¢ for the yur ended 31 December 20LI Group Charity 2023 21123 2022 Unlist¢d Inve5trrKnts 2AOO 011 2AOOAIiIO 2.4011.000 HCF ha5 invc5ted in a 8b]e energy inve5tmthll Ix>ThL 20. STOCKS Charity 2023 2Q23 2022 Raw nxi¢riaL8 Finished goo(ts 2.192,605 317J74 1577.482 156 2509079 1859.638 rity 2023 2023 TTad¢ credito Social securiiy and other tayE5 VAT Other ¢rEdito OLher ]oans Accrued ey4>cnse$ 444259 62997 712926 9.793.699 11.457*04 164 517 59207 1,070.477 &180.8C8 6Offj41 10?29,611 11557J115 13 00 348.747 16.51KJ l31J42 558 22.746.130 21.961 9.801352 57 373.805 2023 2023 2022 Bllnk loans 30 778064 30.778 Amoutjts falling due in njore than fJV¢vs. Group Repayabl¢ by instalments Bank loan5 rn0 5 yr by instat 714,797 Page 26
HIJMAN CAPABJLITY FOUNDATION NOTES TO THE COliSOLIDATED FIIAfCIAL sf4TEMEYfs- ¢olltiNued for the year ended 31 D¢cebe 2023 23. SECURED DEBTS Thc following secured debLS are in¢luded Mithin cre41itoys: Grovp Bank loans 30.778864 The ik kMTh relat¢s to a facility from Sci¥ttish Widows Limii¢d with Lloy(ts Bank PIC Security Trustee for the acquistlion of StronclaiTg Wind EsialE Ltd bs. Sustatnable L8nd Acquisiiions Ltd in Sewernber 2023. The loan is an index linked lertn loan of £30,843,640 r¢payable otrer the wiod until 30 April 2042. The balance out5tandinE & the 31 De£e]nber 2023 is £30.986.137. The amount shown in crediwrs is the arrdngernem fee of£207273. The interest rait on the loan in redl iemis 15 ? 64V We note that the ca]culion is n]a& up of a margin of 1.9Vo in addition kn a reference gilt Tai¢ {v8riablcl. Tr batth loaTh all-in rdte is in(kxd linked. The loan is Subject to securities guardlltees in form of a dthiure. shatr plerfge a] assiwion of rec¢ivable5. Nel t)K)vennt nds At 1.1.23 At 31.1123 ireStriCtedfvnds Cnerxl thnd Revaluaitort Reserve 72JIOJ37 {623ffj96) 6J16ffj68 S.130/04 79027I105 4407.108 TOTALFiiYDS 718641 I47372 83 J34.113 Nei llK)vemeni in funds. inrhjded in lh¢ above are fomows: Other recognis¢d gainsl(losse$) Incomirtg SOknT¢es 50UTtes e4)ended m0venrIt nds ihrestileled funth CtneAI fund Revaluation Res¢rve 36J98.755 (29821187) 6516,668 5,130004 5.130 J04 36J98,755 29W2JI87 li Coryaraiives for ftKJvernent in fvnds Nct movement At 1.1.22 At 31.1122 ihrestrictedthnth n¢ral fiJnd Revalulltion R¢s¢rve 40J47J39 13A59 31962398 (637.155) 72SIOJ37 (623h961 TOTAL Ds 411561 98 31 J25 Net movement in funds, incjuded in the 4bowc art os folk>ws'. Other recognised gains/lJ055EsI Incomtrbg resourc¢5 Resources e4)ended Movern¢nt J fijnds iknrestrietedfun Ctneral fijnd valuaiiort Reserve 56.929,4J4 124966.936 31.962.498 (637.J5SI [7.]55) 56929.434 31J25J43 637.155 Pagc 27
HUlAr4 CAPABILITY FOUNDATION NOTES TO THECONSOLIDATED FI.%ANCIALSTATEMEYTS- till[led for the ytxr c4ded 31 DtCEwber 2OZ3 RELATED PARTY DISCLOSURES Cbxrity 2023 2022 2023 2022 Tr following amourtts are included in WTN)jided seme of finarKial tIViti¢5. Entities with trnsteesldirectors im cornmo InwTn¢ InvestNnE properties Solar electricity se$ Ofdon rmducts Interest Dotwions Dorution of &ss¢i 800.LKKJ 1.005ml 1.005,ODO 38.641 36,937 38.641 387 12.427 18.873 2242,146 1.100.953 2J16.027 1,140.259 1th09.491 2.860.(KMI 1,609A91 2,860.(KbO 1.927 76 27 28.028.?14 76 28,01¥ 214 (6ffiIS9SO) {32.828.1951 I6,17258) 133.090,9871 3A937 Entities with key i Donation5 840.0 1840.(M)01 840,(M)O (840.0) 1320.1th1 1320,000} Tran0$ with 5ub5idiaries Donations rcctiwed 5 100 461 The folbw1ngam0ts ar¢ inc]ed in the tonsolidated athl dwity E4lance si¢. Entilie5 With trustEE51dirECtors in tA)ans owedto related parties Lo8n5 owed by related p8rti¢s Rent oweil by rrlatrd parties Sales Purchase5 Trk FAlance owal by relat¢d parttes 9.OLMI,921 8.196.045 30.597J72 560.th) 314.574 26.027 54,6(M) 39.748,818 3I1Tr5J6Z 31,592,881 560,000 510,178 24,020 104 151 42.125A42 Sllb5idi¥ry cornpamies Loatss oiv¢d io rclated parties 110,313,111) Close farnily members L03ns owedto related partics {1 IJ57JOS (J iJ57WOSI Page 28
HUMAN CAPABILrrY FOUYDATION IYOTES TO THE cOs0L1DATED FI.NANCIAL STATEMEMfs- for the yvAr endtd 31 D¢tember 2011 Z6. GRANrs T0121 gran15 in 2023 approved by the Found10n wcre £1.618519 (2022.. £1.226.7221. These were made up as follows.. AmouDt Anjali SyGhronicity Eanh Milra Technology Foundatiotx Auiisrn Society Il'est Bcnga] reFrame lrn8ti1 of Art5 & Expression PriVe Lid Sappl)o For Equality Charkha Iswar Sankajr Dtsha Trust Kolk218 S9rtv Sound and PicDJrc Archives for R¢srth on Women Tribal Health Initiative Kislay Kotra Adivasi Sansthan Thoughtshop Found•ion Jeevika Dt¥elopTnent &)ciety 101201 I,0 87.121 72,119 59,149 5&237 5@163 53.291 511 49,796 4&674 483 411,959 411.735 40A24 39.719 36,815 35.192 I9,1 29J30 29JJO 2&935 LAYA Sothal A¢tion for Knowledge Building and Awaren RaIsig Gramin Av Samajtk Vika8 Azad Foundaiion iPartner Indi Yakshi ReSOue and Creativity Ccntst TARSHI Rough Edges Arts & Media Private Ltd Bal Urnallg Drishya Sartsthan Saffla- Re50urct Group tor Women Nai'chetha Saryangin Vikas Kendra Jan Daksha Trust Aajecvika Burvau Trust Sampada GTarneen Mahila Sanstha (SANGRAMI Vatsajya Societies 8hi5hu SaToihi Centre for Rehabilitkon Vishakha Mahila Shiksha Ai'arn shOth Grameen Shik5ha Kendrd Samiti Patang Syncr&Y Sansthan Samiti Otki intCTll3tional grdniees 25079 24557 24316 23,776 23,457 Z1435 17.61MI 17,062 14,801 l4.(aD 14,616 151,072 A fvll list of grankes ean be available ut*Mt rrque5t from the clwity. Page 29