REGISTERED COMPANY NUMBER: 07715471 (England and Wales) REGISTERED CHARITY FIUMBER: 1145084 HUMAN CAPABXLTTY FOiiNDATION CONSOLIDATED FTNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Berringers LLP Charter¢d Accounllnts and Ststutory Auditors Lygon Hous¢ 50 London Road Broml¢y Kent BRI 3RA
BUMAN CAPABILITY FOUNDATION cowrENTS OF THE CONSOLIDATED FINANCIAL ATEmENTs for th¢ year ended 31 December 2024 Pag¢ Report of thètrvstees I to 6 Report of the independtnt allditors Consolldited Jt4l•rnollt offinanclAI Activities io Consolldatod knlante sheet Consolidat¢d ea$h Ilow statement 12 Y4ot¢S to the con8olldAied eash flow Jtitemènt 13 Not¢8 to th¢ ¢OD5011dated flnantiil statementi 14 to 31
HUMAN CAPABILITY FOUNDATION REPORT OF THE TRUSTEES for the year end¢d 31 Deetmbtr 2024 The tNst¢es who arc also directors of the Charity for thc purpose5 of the CiJmp8nies Act 20061 preselll their reN)rt with the audited IX)n801idat¢d financial Itatements of the charity for ibe year end¢d 31 De¢embw 2024. The tru5ke5 have adopted the provisions of Accounting Reporting by Charities: Statement of REcommendcd Pra¢tice applicEbl6 to tharities preparing their acwunts in accordance with th¢ FinanGiDI Reporting Skndard appli(le in the UK aod R¢publi¢ of Ireland (FRS IIV2) (cffectiv& l January 2019). OBJECTIVES AND ACTIVITIES Objecthys And alms The Hum8n Cwability Fourmlation (HCF) is 2 grant-making foundalTon wttb the objective of promoting such purposes as are eAdusively Laritable in accothce with the laws of England and Wales as th¢ trllstr may from lim• ¢0 time deterniine. Th¢ Foundation's prirn fOS is in India and on the issues of: - Women & girl< rights and gendar equity - S¢xual and reprodudive health rithts . Rights of economically and socially marginalised p¢ople - Mental hcalth and disability rishts - Labour and mi8ration rights - Envtronmental prote¢tion and Qlimalc chan8¢ mitigation - Arts and Cultural Expression The HCF seek& to bulld lon8-terni fimding relationships with non-sov¢rnmenta] organi4tions (NGOS) and Gornnunity-b8sed organisations (CB05) which share ihese value&. sup1 of NGOS and CBOS will enhanc¢ ¢ht apability of individuS and ¢Dmrnunities to rnanifest self-sustsinin8 and T¢wardin8 lives for thems¢lve4 their e4Jmmunities and future generations. It will foster Icul knDwiedg¢ and ¢xpertis¢ so that Communities themselves are better 4bl¢ in the long-t¢Tm to dèmand th¢ir rightl. The HCF UWB a number of different meaiiireg to Assess success. The HCF shotsld: - Ensure grantees have been abk to ¢arry out their work effcctively and in line wlth what was b¢tw¢en themselve5 md the HCF. . Ensure that work dofte by granttes can lead to the reaiisation of people's rights. and ¢an chalbn8¢ and tr$fOrni the societal structures that ma1nd11e peopl - En$uTe that our 8rant¢es strive to a7nsfer knowl¢dge and power lo the marginalised pcople that they work wit - Rec¢iY¢ regular pm8ress rEPOrts our grantces which detail the &ehievement5 Ihe organisation have had, what feedback thc BrallS have received from the peoplE they work with. and n¢w ideas forhow to develop and refine their work. - Rec¢ive contlnued donetions and inpome in ordtr io se¢ure stability 8nd the ability ts provide multi.ygar 8Tants. - Maintain low costs in order to maxtmisc the fimds avHilabl¢ for win8 Out charilablc activities. The 5hort-tsrni Aims of the HCF a to wntinue supporting ¢XEanisations aTMI identify new or88ni14tiolls who are WOTkiDB at the gra5srools Icvel in the most m%inalised communitl¢s. Th¢ HCF wishes to remain an agile or8anisation that Can T¢5pond quickly to emergin8 ne5 aDd requ1Ments. Our medium-terni aim is to ensurc that w¢ provide spaee for our zntee& to innovate within their work, tying new initiatives and idea& A long-ttrm goal is to $Ificant[Y increase our annual level of fundin8 to capabl¢ or8anisations. This will 1] the ¢apabilitie4 ri8his and quality of life for Communities that we seek to h¢lp. Publk b¢D&rt The truitee$ have had regard to Charity CoMmi10n guidanee on publiF benefft and ronsider that the objectives, aims and achievem¢nts of the tharity described in the rnport cnabl¢ it to meet its duty to Ihe Ctharity Commission as per s¢ction17 of the Chatitie5 A¢t 2011, and to the ben¢fit of the public. Goi]ry toncern After reviewing the group'6 fore¢a5ts and projections, the truste¢5 have 8 8nIbl¢ exp¢thtion that the group h adequate resources to continue in operational ¢xistence for the forFKeable fu)Jr& The 8roup therefo continues to adopt the goin8 eoncern basis in preparing its financial statements.
HUMAN CAPABILITY FOUNDATION REPORT OF THE TRusfEES for the year ended 31 December 2024 STRATEGIC REPORT Aehievemeht %Dd perforniance Charh2ble xctivltles This year HCF have Continucd to support a si8nifiwt number of NGOS, wlth granti approved during the year lo]ing £1.947.029 (2023: £1.618.519). The grants have been distrJbut¢d in accordonc¢ with the charitable objectives &$ below." 2024 2023 - Women and gir]g ri8hts and empow¢rnient - Sexual and repn)ductive health ri8hts - Oendw equAlity . Rights of cconomically and so¢ially rnar8inalised groups - MentoI health and disability rights - L4bour& mi8ration rights - Environmentsl protection and climate ¢heng¢ mitigatlon . Youth edu¢4tion - Afls & oultUTal expression - Media & jounwli 386,M 154,NO 77,624 149,140 29,801 14.076 304.232 124,143 381385 328.622 152.831 258A69 169265 307J92 47&339 1Slm4 1,618519 For thè Idr8e parL the HCF does not take unK)Ilcikd dpplications. Th¢ HCF invit¢S and commi88lons proposals. In the future we envisage havin8 ¢alls for proposals in Order to broaden our gtxnlee bu¢. The HCF will fimd a grant¢¢ or88nisation's core running costs, 8$ well as project-speBific costs. This Is in line wlth th¢ chvlty'5 objectiv¢ to support 4 healthy ¢ivi¢ SOCi¢ty where charities and NGOS ¢8n sustain th¢ir wurk and undertake activities that will best 8¢Tve th¢ir go81& Grantee6 do not need to be a giStered charity but tbe a¢tivities and oim6 of the orwisation must be leIlY Charitabl The HCF supports OYEanisations of varytn8 sizes. Tte¢S arc kten to help grassroot4 smati.to-medium.sized orgftnisations, and we employ various stra¢e8ies lo en¢ouraB¢ this. The HCF also funas larger oryanisations that Are using scale to further their airns. The truSIe also reco1$¢ when there is a need to fvnd other donor$ who hav¢ fimdins netWOTks and exmise in areas where th¢ Hcf is unable to fund. In thc5e cases, the HCF is w¢ful to only fund don¢X$ who value& align with the HCF and which keep their operating and u]minlstr4tive wsts low in order to maximise the fund$ that reach the intended b¢nefi¢iaries. EICF is flexiblc on the six¢ of the gran( and 15 willing to fund small amounts, around £1,0 I ordtt to supp)rt smaueroryanisations. Por first-time grnntecs the upp¢r limit is usually £IOO.000 fora 12-month grant. Th¢ HCF increased its gratit expeThdlture in 2024. whi¢h is afi on-going aim. We identified new grantees who r¢¢¢ived iniilat funding in 2024. HCF continued its sUPPDrt to the mqiority of the or8anAS•tions w¢ had supported in the prnvious year. We have In¢read our internal rapacity in order to achieve our long-t¢rnl goal of i[@51ng our grant gxpendltur¢. On¢ of our aims has been to provld¢ space for grnntses to innovat¢ within th¢ir Work. To this End, the Dream Proie¢t Fund hus been a succes& The initial funds w¢rr rel¢as¢d 2023, and the second yev of fijnding was provid¢d in 2024. We abo did a n¢w c&EI for pmposals in 2024 to start a n¢w batch of granteek We have been documcnting pro8res8 on this projeet to slwe with other donors in order lo advocatc this exciting approa¢h. We have mad¢ som¢ short films about the work undertaken by the grante¢s as we feel that th¢ video fonnat will be mt engagiTh8. The HCF conducted 21 sile v151ts to grantees, 9 meetings with iJther dOr& as MTII as undertaking a scoping trlp to Ncpol. Wo Ix)5ted mcetin8s for our grAnt¢e5 which 8re degi8ned to foster learnlng* ¢oop¢ralion and inspiration. These workshops further our aims uf 511PPOrtin8 a he4lihy civic soclety, sttEngthening loc4] or8ani5ation& slwin8 knowledg¢ 50 that our grantees, work will improve. As w¢ll as this. w¢ also hosted a meeting of th)nors in Indi& This will inforn ourworf( and see how we can be more Strth8iG at a higher Irvel. Lr SI¢$ have largely bn able to undertake their planned t[VItIes. We are happy be inviting grant proposals in PpS local languws and funding the Cost vf translatlons into English so that we G4n reach grl¢eS ihat have previously missed out Dn funding from other donors because of a lack of fluency in EnBlish. Thi5 fits with our aim of rea¢hing maTginalised eornmunitiw.
HUMAN CAPABILITY FQUNDATION REPORT OF THE TRuyfEES for the year ended 31 Dernb¢r 2(124 STRATEGIC REPORT Achlevern¢nt and perforniattee Flnn¢iwl Revlew Total grants approved by th¢ foundation in 2024 wer¢ £1.947.029 (2023: £1ffj18,519). Total dcmations rec¢ivel by th¢ Charity iti 2024 allnted to £13,055.884 (2023: £3.856,807). The truster5 believè that the valuation of the iTrv¢stment properti¢s As at 31 December 2024 are N)t mAteria]ly diff¢renl to their market value& The trustees are Th)t qualified wrveyors bdi¢vc that this valuation rnethod r¢pt¥5ents a suffi¢iently accurate estlmaiion without the need to sThd any of the ckority's funds on professional valuations. Durin8 the ycar reThtsl inconie received from th¢ prop¢rties owned by HCF amowited to £1253,556 (2023.. £1.235.579). These properties provide on%oing monthly sourcc5 of income from the rent. The HCF hold$ reserrts becAUS• we plan to be a long-terni fundcr providing snjall and medium-gized to organisaiions. At the year-end total ollp reserves h¢ld w¢r¢ £95261.466 (2023: £81358.481 as restatsd). We hold rwrv¢5 to ensure that we ¢an ¢ommit to mujti-year fundin8 for grnnts¢s. Tbrou8b ilg trading subsidiary Downing Sustainable Imiestment l Ltd {DSU), wc invesled £7,346,000 In renewable ergy projècts. We have judged that a r¢newabl¢ enry purtfolio is in line with our cbarity's ethics as the funds are sed to create green ener8y resources. HCF is able lo secure a high return/risk ratio on ils Tenewable energy investmenrs du¢ to the instilutional txpertIs¢ il ha$ developed ihrough several years of work in the sector. A hi8b PToponion of the income from these inv¢stments derives from fced.in.tartifs whiGh ue UK governrneTht-backed, and therefi)tt poso very low ¢rrdil risk. A high proportion of the future income 18 elso linked to inflation indices. which prol¢¢ts th¢ real value of our re5¢rves from being emded by int]ation. Th¢s¢ inve3tmrnts are designed provide a flow of inoome throughout thetr lih rather tlwi simply ¢apital appre¢iatioo which make6 them suitable for supporting a tUre streom of gl-MakIng exp¢nditure. DSII is managed by HCF and Downin8 LLP. At the end of the y¥ar, operationa within DSJI are pceeding as planncd. At the date of finoJi8inR thB 8ttOUDts in S¢ptember 2025, w¢ are continuing to amin¢potential new inveslmcnts in re<w&bIr ¢llergy. Dsll h•$ the following subsidiarl¢s: Illd., this is the dir¢ct subsldiary of DowTrlng Sustsinable Investment T Limited and Is thB holdin8 mpany Incoryrated for exccuting the investmcnts in wind ¢nw. The wmpany is engaged in holding functions Only omd has no Opwational activities. Ltd: this is a direc15ubsldiary of S¢¢ts Wind PrOty Ltd. Jt i8 the Wuisilion ¢ompany• whi¢h acquired the operaling company Stronelair8 Wind Estste Lt4 which owns the wind ¢n¢w asset Sustainable Lgnd Acquisitlons Lid is the borrowtr of finala1 dcbt against financial institlOnS, whose project finance debt has been used to fimd the acquisition of Stronel4iTg Wind Estate. Hom bles Ltd: this is a dir¢cl subsidiftry of Downing Sustainable Invethert l Ltd, which w&s incorporated In Au8USt 2024 as thÈ holdin8 company for th¢ aGquisition of Six wpanIeS IAMP HAQOJ Ltd. AMP HA004 Ltd, AMP HA005 Lt4 AMP HA006 Lt4 AMP HA008 Ltd and AMP HAOIO Ltd) holdin8 solar panels as ffjerBY 8enerating In Deccmber 2024, HCF invested $650,000 IiSD in the equity of Nithio Holdings lfia, which adds to its May 2023 IDV¢slm•nt of ¥2,181224 USD In that company. Nithio is a fintech stsrt-up that analyses credit rÉsk to increase fithdin of di5tributsd renewable ener8y in Afric4 to combat rlimatc change and univers81isc a¢cess to clcctrl¢ity. This Inve9tmeAt i5 designed to siipport the UN $ustainab]e Developmerrt Goals. as weIl as to provide a finaft¢ia] relurn. HCF'3 trndiAg 5ubsidipry• Trigon Snacks Trading Lt4 a mrt.roasting busines4 m8d¢ ll net10g5 of £891,951 In 2024 (2023: £701,285 loss) due to dclays in passing on incteased raw material and ov¢rh¢od wsts to its ¢ustomers. A fither albcil signiffcarttty smaller, Ioss is forccast for 2025. followed by a r¢tsm to break-ev¢n in 2026. The Sh capital of Tngon snks Trading Ltd was donated to the thatity in 2018 and 2020, in ord¢r for the charty to hav¢ a source of HCFS assets include loans to related parties (its dire¢t subsidiary Trigon Snoth Trading Ltd. a5 well Narco Foods Ltd aud T. Choithrajn & Srths (ndon) Ltd). Thes¢ loans were agsigned ¢0 HCF as donations by the ortgitl l¢ndcr. HCF not involved in the lendin8 pre$S Itself. After receiving the knefit of th¢ loans. HCF bas Seed the creditsworthines$ of the debt0 And found it satisfactory. r long4erm fin8n¢ial plans 8Tr to increase thE level of fund5 wo have in ord¢r to b¢ able to make a lar8¢r number of organisations. HCF will continue to provide long-tern]. ci)re Erants of UnT¢5tricd ndS to NGOS Rs this allows the organisAti(Ins to have stability and (b the work that they truly feel is importffnt,
HUMA1¥ CAPABILrrY FOUNDATiof4 REPORT OF THE TRUSTEES for the year ended 31 December 2024 TEGIC REpoi¥r Athievement and wforniine¢ HCF Reserves Polley Although it is 13 years old. the charity 1$ $till in th¢ first stage in its planned ¢volution. The trustee5 intend for the eharity to be abk to support Ion8 temi projects consistenty for the duration of gradual processe5 of structural change over 30 years. The eharity does not have any public fund.rnising activities and is rnliant on a small number of privale donors whos¢ ability lo donatè in the tUre is not guaranteed. Dev¢loping and expandlng our grant-making systems is a gradual Fyocess in whieh our working relationships with grantees aUmUlat¢. Our grams expendituTr has Increed significantly and will ffjntinue to increase over the lifttime of the ¢harity. OUT income from donation5 is likely to be higher in the first phase of its evduti1 LthTe de¢linin8 when our w)ol of privale donors has depleted. Ther¢fO it is prudent for the charity ta hold reserves in a vorigty of loweT•fisk inv¢stm¢nts to g¢nerats futtw4 inwme for th¢ Charity. It is Intpnded that in the latsr sta8¢s of the chBrity'S lif¢cle, the expenditure will be higherlhBn the ineotrAe. Future pl*nJ In 2025 we wlll be kyyntinuing to fund Within our tsus areas, Plamied artivities for2025 beyond our regular grant-making activiti¢s." - Increwj gmt expenditure by increasing the number of grantees - Incre&sed sit¢ vislts tv gr8mtse8 - Provide more Compliance strnhen5nE Support to grante•s STRUCTURE, GOVERNANCE AND MANAGEMENT OryariNtional strncture Th¢ Human Cwability Foundation is a charitable company limited by 8uarante¢, incoryJoTat¢d in I)¢cember 2011. The Ihree trnstses ar¢: Lukc PagaTrfti Davind¢r Pogarni Nalasha PaBtrani The tniste¢$ are 8160 mpanY dire¢tors. Under the requirem¢nts of the M¢mornidum and Artt¢leB of Aswciation. th¢ directors retir¢ on 4n annual basis an being eligible. offer themselves for r¢-¢l¢ction. Natasha Pa84rani is the FoundatiDn's Seoretary and the three trustees jointly manage the FoundatioN meeting infomially on a rn8ular basis to distUSS 8rants, funthng Ind oth¢r aaivities. In 2024, HCF received £l1.555.883 (2023: £nil) from Choithram Internal FolDdl0n. an entity wilh trusteesldirtors ommon. £1440245 (23. £5,100.461) was rettived from ils wholly owned 6ubsidiary Stronelair8 Iyind Estats Ltd. £700,000 (2023: £320.000) wa8 re¢eived fiDm GiRnt Export Services Ltd and £nil (2023: £1,600,000) was received from Natco Foods Lid. In addition, the chawity Tec¢ived two prop¢rties as donation from Kamakshi Inc (£350,000) and Kistsr Global IAd (£450.000). T. Choilhram & Son3 (London) Ltd is th¢ par¢nt wmpany of Natw Foods Limited, of which Luke P4garAni is Mana8ing D1ctor. Natasha Pa8arani is also employ¢d and Davinder Pagarani Is engaged L8 a consultsnt. Natco Foods Limited is a Company based in the UK whose ¢or• bu5ine$5 is the sourcin& pmcessing and 8ellin8 of foots from around the world w consumers Frimarily in the UK. It is the inteniion of T.Choithram & Sons Qondon) Ltd and its subsidiaries lo Continue fClaI support of the HCF indefmitely.
HUMAN CAPABILrrY FOUNDATION REPORT OF THE TRusfEES for the year endcd 31 Deeember 2024 REFERENCE AND ADMINISTRATIVE DETAJiS Re8btsred Company number 07715471 (England and Wales) Relisl¢r ority number 1145084 Regl$t¢r¢d offe clo Natw Cash & Cany Silverdale Industtial Estats Silverdale Road Hayes IA)ndon UB3 3BL Tnle¥ Miss N Pagaranx L Pagaroni D Pa8rni Compqny Seeretiry Miss NPa8arani Audl¢ors Beinr& LLP Chartered Accountants and Statstory Auditors Lygon House 50 Iffjdon Ro4d Broml¢y Kent BRI 3RA EVENTS SINCE THE END OF THE YEAR Infonnation relating to ¢vMts Jinco the end of the year is givèn in Ihe notes to the fkwi¢ial statements. STATEMENT OF TRUSTEES, RESPOY4SIBILITIES The trustees (who are also the dlrectors of Human Capability Foundation for the purposes of Company law) are YesnSIble ftir preparing the Report of th• trustees and the financTal SrMents in aordAnce with applicabl¢ law and United Kingdorn AccoLtIng Standards (Unitsd Kingdom Generally Acc¢pt¢d AccountlD8 Prnctice), Company law requires the truste¢s to prepare financial $ements for eath fmancial year which giv¢ a trne and falr vi¢w of th¢ stste of Affairs of th¢ charitable compony and of the inGoming res[et$ and appliralion of Jysource inoludin8 the income and expenditure, of the ch8ritable ¢ompany for that period. IR preparins those fin4nrial statements, the INst¢¢s are required to sele¢t suilable #Gcounting polides then appty thll wnsislenty, observe the methods and principles in the ChaTity SORP. makc judgements and estim*s that are reasonable and pwd¢nL' State whether llpplicable awounting standards have bc¢n followed, subject to any rnalcriaj departsw¢5 disclosed and explained inthe financxal statements: prepare the financial statem¢nts on th¢ going ¢oncem basis unle58 It is inappropriate to presum¢ that the charitable ¢omppny will continue in business. The trusiees responsible for keeping proper accounting recor(L% which disc1( with relnable accuraoy 8t any time the fiThanGiaI position of the charitabl¢ comp8ny and to enable them to ensure that the finala1 statements compty with th¢ Companies Act 2006. They are 50 [POnsIble for safeguarding the 8ssEts of the charitable company hence for tsking r¢asoTrable steps for the preventiott and detection of frad and oth¢r iwlarities.
HUMAN CAPABI FOIINDAIYON REPORTOF IYE TRIISIEES far th¢ywendtd 31 Detmb•r 2014 8TAIEMENTOF TRUSTEES? RESPON8IBILmFs • eonllhm In lo far4¥ th¢ this*4 #¢ iwwe: . th¢K¢ ki no ley&t.¥t infonnpAion of whl¢h the ¢hblO iditolsare Iiniw4r¢; Ind . th¢ trust¢¢s bave tthll Ill SW that ollt to hw takffl tts th¢ms¢lv¢J aw4ro of any T¢lev•n¢ audit fonnth io ¢rtthlith tlwt lh• alldA0 Ate of 1jforntiOn. AIIDITORS Th¢ Bern8en L, wlll b¢ PTopowA for r¢4ppointsii¢nl it thp fthllong Amw•l (klleral Meal Report of th¢ lrn oryor•iin8 a Svaoxi¢ ryor¢ ¥proved by ordof ¢f Ix l4xrd of the ¢thp ana siyl on the Iwda behalf by.
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HUMAN CAPABILfTY FOUNDATION Oplnlon W¢ have oudit4d th¢ Gunsolidated fmancsal statements of Human Capability Foundation (thè parent Icharitabl¢ TDpany') and its sbsId1ar1es (thè '8roup') for the year ended 31 D¢ber 2024 which rx)mprise th¢ Consolidthd statement of financial aettvili¢5, the Consolidated balan¢e sheet. the Consolidated cash flow slatement and notes to thc consolidated financial staterncnts, iluding a summary of sigoificant arxounting poli¢i¢g. The finaneial r¢porting fram¢work that has been applied in their prcparntion is applit8bl¢ law and United Kingdom Ac£owitinB Stsndards (United King(knn G¢n¢Tally Accepted Accounting Praeti¢e). ITh our OPiDion the fin2n¢ial $ements. givc a true 2nd fair view of the state of the group's and of the p8rent charitabl¢ ¢ompany'3 affairs 4$ at 31 DEMbEr 2024 and of the group's in¢oming resources and application of re5ou¢s, includln8 Its income and ¢xpMdilur4 for the yr then ended; have been pn>perly prepar¢d in aceordance with Unitcd Kingdom Generally A¢Lepted Accounting Practice: and have been Ped in accordance wlth th¥ qUIrements of the Companies Art 2006. Basi5 for oplnlon We ¢ollduthd our audit in accordance with tnternationaI Standards on Audlting IUK) (ISAS {UK)) find applicable law. Our responsibilities under thosc stdardS are further described in th¢ A&ditors' resw)nsibilitie8 for the audit of the consolldat¢d fllwlcial statements section of our Twrt. W¢ are independent of th¢ group in aOrdance with the ethi1 T¢quirem¢nls that art r¢levant to our audit of the fin8ncAal statements in th¢ UK In¢ludinB the FRes Ethlcal Standa and we have fulfilled our other ethical responsiThiliti¢s in 4c¢ordance with these requir¢ments. We believe that tho audit ovidenco w¢ havo obtaln¢d is suffi¢i¢nt and appffjpriate io provide a basis for our opinion. Concluglons relatlng to goln8 eon¢ern In audltin8 the consolidated financisl statements, we hav¢ ¢on¢ludcd that the tru5tses' u$¢ of Ihe going concern basis of aOUnting Fn the preparation of the financial statements 15 Appropriate. Based on thp work we hav¢ porfornie(I w¢ h8v¥ not identified any mthrial ullctttsinti rejating trj ¢vents or conditlons that, individually or o)Ilectively, may cast 3ignificant doubt on the group's ability to continue as a going 4xJnc¢rn for a p¢riod of at least Iwclve months ffom wh¢n the fTnancial $tatem¢nts are authoris¢d for is3u¢. Our Tesponsibilities and the responBibililies of the tru8te¢5 With respe to Botil8 rnttrn are d8scrib¢d in tht rtl¢vant sections of this reporL Other Informatlon The trustees are responslble for the other information. Th¢ Olher InfOatIOn ornpriqes the Infomiation included in th¢ Annuil Port, other than the fmancial statements and our Report of th¢ independent auditots thereon, Our opinion on the consolldated fTll8iiGial stst¢ment5 does not Cover tbe other infonnation and, except to the extent Other5¢ explicitly stated En our repo¢ we do not cxpress any forni of 8s5uran¢¢ ¢on¢luslon thereoJL In cornieetion with our audit ofihe consolid¢d financial sla1cmcn our responsibility is to Tead the other infmation an in doing so, consider whtlh¢r th¢ otker inforniation is ma¢eriaIly In¢onsisteni with the finan¢io] $t8t¢ments or our knowled8¢ obtained in the audit or othcnvise appears to k m8terially misslaled. If we identify suth rnaterfal InconsistrieS Qr appBrent material misswements, we are requtred to detemiine whether this 8ive5 rise lo w material n]isststcmcnt in the finaneiai statem¢nts themselve& If, based on the work w¢ have perfO¢d, we conelude that ihere is ft tllateriRI missiat¢m¢nt of this other inforn)81ion, we are rcquired report faci. We have notbin8 to rep¢rt in this OpkniDns on other matten prejeribed by the COMll Aet 2006 In our opinion, based on th¢ work und¢rtaken in the eour5e of the audit: the infomiation given in th¢ Rep¢)rt of th¢ Irustee5 ft)r ihe fmanGial y¢ar for which the COn501idated fu)hncial slaiements are mared 1$ ¢onsisnt with the fJn8ncial stat¢ments' and the Report of the trust¢eA has been prepared in acxothe with appliLMble legal rquirem¢nts.
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HUMAN CAPABILITV FOUNDATION Matters on which we are wuired to r¢port by eKceptkJn In the li8ht orth¢ knowled8e arAd understanding of tho group and its environmNrt obtained in the Course of th¢ audit, we have Jx)t identified mat¢rial mi55tatements in th¢ Report of the trustees. We hav• M>thin8 to repDrt in respect of thc followin8 matters where the CompRDies Act 2006 requires us to report to you if, in our opinion: adequate a¢¢ounting records have not ken kept or returns adequate for our audit htve not b2en rrteivgd from brancks not visited by u4 or the fmancial statements are not in agreemem with the accounting re¢oThfs and returns: or eertain dis¢losutC5 of trustses, remun¢ration sprcified by law are not made; or we have not roceived 211 the information and expknation$ w¢ requir¢ for our audlt. Respon6ibilltle8 of Iru&t¢es As explAin¢d morè fvlly In the Stament of IriJst¢e5' spOnSIbl11tics. the truGt¢e$ (who ar¢ dso the directors of the charilable MpanY ft)r the purposes of company law) are responsible for the PTeparation of the financial statements and for belng satisfJ¢d that they £ive a true and fair view. and for such intemal control &$ the trustees deterniin¢ 15 n¢cessary to enable the prepatIOn of fancial 8tatements that ar¢ free from Materi n]i55tatem¢ni. wheth¢r due to fraud or em)r. In pr¢p8ring the financial ststements, the trustees 4re resm)nsible for &46¢S5ing the ¢hAtitabl¢ compangs obility 10 continue as a Eoing Gonc¢rn, dlsckJsitt& as appIicable, matters reIated to going CDncern and u8in8 the going concern bosis of ac¢ountill8 unless the thgtees eith¢r int¢nd lo IEquid&ts the ch8ritablÈ ¢ompany or to cease operations, or have no r¢alistAf alternative but to do so. Our re8ponsibilitfi for the audlt of ¢he finan¢lal ststwnents Our objectives 8r¢ to obtain reaTrable assbrance about whether the finen¢ial $totcments as a whol¢ are free from maieriaI misstatem¢n( whether due to f(wd or err, and to issue J Report of the ittdep¢ndont auditors thit inoludes Dur opinion. Rewn2bl¢ assurance is a high level of assuran¢e, but is not a 8uArant¢e that an audit ciJndu¢l¢d in accordonc¢ with ISAS (UK) will always dct2ct a materi41 misstatement when it exists. Misstatern¢nt5 can arfse from fraud or ernr and Are Considered materiil if, individually or in the aggreB8te, they wuld reasonobly be expected to Influen the ewnorni¢ decisions of usezB tok¢n on the b&si$ of these fmancial $rat¢rftent& Thetstent to which our procedur¢s 8R capable of d¢l¢¢ting irreg4laritl¢4 including fraud is detail below: In idenlifyln8 arld 4ssessin8 risks of mat¢rial mi8siatcm¢nt in respect of irre8ulqritie4 including fraud and error. we consi&red the followin8', - the nature of the Industy. control enviTonrn¢nt bu5in¢ss pvform8nc¢: - Trsults of our ¢nquiries to mana8¢ment about theiri)wn assessment of the risks of fraud and error, - th• matt¢rs discussed among Ihc audit en8agemMi am regarding how amd where fraud may occur in th¢ financlal sta¢ement8 and any pot¢ntial indlcators of fraud. Our proeedurcs to respolld to risk ill¢lude the followin£: - reviewing the thancial statement disclosures and te5tinB to supporthg documentation; - perfottning analytical procedures to identify Any unusual OT unexpected arcas Ih4t may indicate risks of Dmterial misstatemcnt due lo fraud OT eyror, . addr¥ the risk of fraud and error thrgh management Oveide of ¢ontrol4 iestlll8 the appropriaten¢5s of journals, asscssing whether the judgements made in makins accounting estim8teg 8tt indicative of a potential bias. and cvatuatin8 the buslnes$ rational¢ of any si8nlfi¢ant transactions that are unllsuai or Outside the nornial course of business. A fillther description of our SponsIbl11ti¢s for the audit of the finanoial ststements 1$ locatsd (m the Financia] Reporting CnunGil's w¢bsit¢ at wWw.fv.or8,ukJauditorsr¢skjnsib]Iities. This de5ffiptton frtrrnis part of ourRwt of the Indq>endenl Audilors,
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HiJMAN CAPABILITY FOUNDATION U8¢ of ollr report Thi3 is made 301ely to dLe parent charitable comparty's members. as a body. in accoTd8nce with Chaptsr 3 of Part 16 cf the Companie5 Act 2006. OUT audit work has been undertaken x• that we mi8ht Stst¢ to thE parent charilabJ¢ rknmpany's members those matters we are required to state to th¢m ill an auditors, report and for no other purFQSa To the fullest cxteni pemiittcd by law. wt do not accept or assum¢ Tcsponsibilty to anyonc other than the par¢nt charitable mpany and the parent eharitable wmpmy's members as a body. for our alIt WOTK frir this or for the opinitins we have fornied. Paul Allan BSo¢Sc FCA (Senior Statutory Auditor) for and on behalf of Berringcrs T.LP Chartered Accountants and Statutory Auditors Lygon House 50 LAmdon Road Broml¢y Kent BRI 3RA
HUMAN CAPABILITY FOUNDATION CONSOLIDATED sfATEMENT OF FINANCIAL ACTIVITIES (JNCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the year eDded 31 Deeemb•r 2024 2024 As restated Unrg5tTiQted nd iknreBtrl¢ted knd Notes IknatM>ns and kgacies Other trgding acthltlo8 trAdin8 operntions Investnxnt In¢onr 13.D55,883 3WI867 27J51092 Zl,634.429 07 3.5fAI 475 4<453.782 35.051.771 Costs of ra161ag Conr£rci&l trHding operattons CharilalAe AelIlI•S C*onts O¢h¢r 2877046 27,591a67 1,947Jb29 555 440 I18,319 Totsi 31J179,515 29.711x735 N¢t eAIDsI(10sJeB) on Inwsllnollts UnMal56¢d gains/(los8es) on trd ag#¢¢ lThv¢stnrnts Unalised 8ains/(105ses) on Investhrnt property Real1¥d 8ainsl(J05seg) on fLwd asset lrtv¢sttr£nts R¢ali5ed 8ainJlOosses) on investTrnt propcty 15 16 {477ffj56) I501) 15 16 74 (138386) 275.691 NEf ll¥COME 12,902,985 111471.840 12,902,98S EOA71,840 Ta¢al Irougbt fOnTrard We051Y rerted Prior &ffjll8tment 83 J34,A 13 71186.641 (1,17532) 95.261466 Th¢ consolidated statanent of finan¢ial activities inclulks all gains and1055es reco1$¢d in the yeftr. All income and expenditure arisen from continuing activiti¢5 ofthe gmup. The notes to the a¢Uts are shown on paw 14 to 31. The notes fom part of the ftnancial slatemts 10
IIUMAN CAPABILITY FOIJNDATION CONSOUDATED BALANCE SHErr 31 D¢¢ember 2024 abthty 2024 2024 Asrdtsirfd ilwMtrleted UnNliicled ibmtrkt¢d untIk1•d nd Ad fund Noté8 (lJoddl TwiiA• #lets 13 49.I•Oa23 JOJ 14 6W3AJ4 61035 236J15 zn381 Inv1 Inve81Thl PTOPO Is 16 S,161I82 4661ISO 4WIO47 419W81 27h400•0 17h4•08• 484W 88095019 84913 7¥7I772 71A1817Q Debt•t8'. Iiixiunts fallkn8 due withal one year 17 Im: an11 f4llin8 dut afterThrn 18 one ymr Slo¢ks Jnve51nxn18 Cash it bw 8.137J85 34624J93 6W18 33P2A172 471AIM 4095 40a90J99 4,ISZ,710 UCrf9l79 19 2923,689 Sffj65.422 102WI 4W95 50031,677 SOJfA791 421711031 41067,761 Anwts due withal on• y• 21 (13JOO.799) (21J72361) (&731J63) 121J6U37J 37037178 36,1388 TOTALASSEIS C1XRINTJ14Bllm 126J33h96 113,137,345 10&712J40 19.1( 189M6 Auy)unts falliD8 d¢)e xi than oney (31m2030) PI774861) NEfASS 94261h66 8135&481 108,712 Unrntrktsd fidI 95861866 81705.465 108.712¥0 9Q189966 . 81358,481 108 71214 ' I ststem¢nu wut approved by the Bowd of Ththes and autsised_for_iswe.....•X .... 9] were on iti bdkilf by. stee The fonllwtof thu¢ rtDfttteM li
HUMAN CAPABILITY FOUNDATION CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 Deeember 21124 2024 2023 Reslared Notes Cask from A¢¢iTritie5 Cash 8enerared from opcrations Interest paid (3JSOA14) (2358935) 1679.ITJ (403,0571 Net ¢ash (used Inyprovided by opernting actlviti¢s (SJ09J49) 327AI16 Cash flow frum InstIng Rttiirytlel Ptst¢hase of tangbi k fid assets Sale ofton8bi k fL assets Sak of nv¢strnent property Sale of investrnents Pur¢hasc of flxd asset llivestments Nvlcash on acqutsition Rents and Dther incomr from Inv¢strnents (Purchaseysale of cuThent asset Invcstrnentj Int¢f¢Sl rec¢ived Divilends T¢ceiv¢d (185,910) 10,00 (354.661) 935.691 7233.841 (33.637,019) 16328 (I J88,005) 767.144 1.097ffj11 2AOOO00 2.713.799 234.597 1.067J16 12.400,IKIO) 252{915 16&Ch14 N¢t cash used in inv¢stin8 &Ctiviti¢5 5ffj65A64 (4A661,673) Cash l]ows from fillanclng actiiili¢¥ New loans lrt year an rep4ynMts In year 4.1)00000 (097848) 42J3&669 Net cash provlded by fman¢thg activlti¢S (2,897048) 4133Q669 ChaD8e In eAsb andwh eqlllwl•nts In the reiwting prlod (2,741.733) (I,W888) C*sh ODd ¢qUilents at tho lryinnlThg of tho 5ffj65,422 A714310 Casb and ¢4sh tymlwlonts At the endof the -reprtln¥"rIOd.- The notss forni part of these financial stalmmts 12
HUMAN CAPABILITY FOiiNIJATION NOTES TO THE CONSOLIDATF.D CASH FLOW ATmEIT for the year ended 31 Dectmber 2024 REfONCIt14TN)N OFiYKf MYCOMETO ]YET CASHFIA)W FROMOPIRAIINGAcfJvmF5 2024 2023 Re&tuled Nct Income for th¢ reprtlA¥ (as pr tht Stg¢emen¢ of flnattoial xtiryides) AdjIents for: DepRciition Charges AmDrti8atlon of800dj] Financ¢ costs Intercst ree¢ived Dividends received Rent and other income from inv¢stments Donated assets LoNs¢sl(8ains) on inv¢8trnEnls {&ins) on sale of Investment pmperty (Cninyk+sJ on forei8n ¢ange IIRcreas¢yD¢cr¢ase in stocks (Increas¢) in dgbiorn IDocteaseylncmsc in credliozs 12,902,985 10.471A40 446A76 2312256 2aS8.935 12,713,799) (234J97) (1097ffj11) (12J35J83) 471282 385.852 545356 4D3.057 34915) (16&04) (1,067.516) (1,927.376) (4,835.113) (275.691) 305.f)62 349.759 (257,852) 1094254 183ffj97) (1,642831) PJ33,707) (80223) Nel ¢h (ed IDy0kd IDV opfAdots8 (3350,414) 3.679.173 ANALYSIS OF CHANGES JN NEr At 1.1.24 Cash tlow At31.1224 N¢t cthsh Cllsh at bank S,665,422 0,741.733) 2,923ffj89 5ffj65822 (2,741.733) 2,923fj89 IAquld resourcei Gtren1 assets investmBntg 2AOO.000 (2rt00.000) 8,065A22 {5,141.733 2.923.689 The teS fonn part of th¢se fanCIal stataneJtt8 13
HUMAN CAPABILITY FOUNDATION NOTES TO THE CONSOLJDATED FJNANCIAL STATEMENTS for the year ended 31 December 2024 STATUTORY JI¥FORMATION The Charity is a privat¢ Jimited by 8uarantee, registsred in England and Wales and a r¢gistrred chtrity in England and Wal¢s. The addr¢ss of th¢ registeréd office is Natco Cash & Cw, Silverdale Induslrial Esta Silv#rdale Road, Hayes. [dOn UB3 3BL. AccouwfiNG POLICIES Basls of pr¢pfirkng Ihe statements The fancial statem¢nts of th¢ parent charitable Company. which is a publi¢ benefit entity under FRS 102. have b¢En prcpared in aw)rdan¢e with the Charities SORP (FRS 102) 'Accounting And Reporting by Charities: Staiement of Rrfommended Pwtirk applicable to charit1¢5 preparing their accout in aC¢OTdan¢¢ with the Financial Reporting stand applic&ble in the UK al RepubliG of Ir¢land (FRS 102) (effe¢tivg l January 2019}', Financial Rgporting Stxndard 102 The Financial Reporting Stsndard appliGable in the UK and Republ1¢ of Ireland, and the compani A¢t 2006. The financi41 statemeNs have been prBperc41 under th¢ historical cost ¢onveulion, with tht exception of invesknents whi¢h are included at market value. as modified by the revu&l10n of ¢taIn asseis. The sl10nd1 currency ofthe group financial ateMents Is ihe Pound Sterling (£). Prepxratlon of the accounts on a golng lle•rn ba8i$ Aftw rcviewing the group's forasts and projections, the trustees a reasonabl¢ expe¢thtion that the group has adcqu81e resource5 to Continue in operntional ¢xistenrK for the foreseeable futw#. Th¢ group therefore Continues to adopt thè 80ing concern basts in prepRring its finan¢jal ststemfj. Coniolldated Ilnanethl sttdt¢ments Th¢ finoJJcTai statements ¢onsolid&ts the results of the thtrity and its wholly owned subsidiarics (detsiled In note 15) on a lin¢-by-line basis. Subsidiaries are fully consDlidated from the date on which control is transferred to Ihe group. Prior ¢0 this, Trigon Snacks Trading Ltd was @cunted for as an as50ciale, Asso¢iatss are &ll ¢nti¢i over which th¢ 8wup has significant influence ljjt not control or joint control. Investments in ossocial¢s are arUnted for uslng thc equity Method of acwuntin A separate Statement of Pinan¢ial Activities and In¢ome and ExpendtWre Account for Ihe ¢harity not begn presented be£au5e the ch&ity hA5 taken advantage of the ¢xemplion afforded by Companies Art 2006, 8. 408. SlgDlflcnt Judgem•nts and eJtlmat¢s Preparation of the financial statements requirts mana8em¢nt lo make signifilIJd8ements and estirnates. The trnstees and directors have made 8Ssiunptions reg8rding th¢ reeovor•bility of trAde deblDf5 and have provided accordingly in the subsidiary finan¢i&l Stat<ent& Siock valua¢ioT2 is reviewed at th¢ ¢nd pf th¢ year. and key wummions are made in r¢IlOll to n¢t tgalisftbl¢ valu¢$ and obsolete or slow-moving sto¢k& Wher¢ necessary the diTKtors inclu¢k a provisir)n aglinst the sto¢k value for Trigon sks Trnding Ltd. The trust¢es considtr the useful economic life of fLYed o5sds and astimate dgwrciation ao¢onlingly. Depreciation rat•s noted in th¢ accounting polici¢s and the depreciatwon totals for the yBar are Includ in note 14. F(Y thc subsxd18ry company. Stron¢lAir8 Wind Estate Ltd, wind farni r¢ntsl ineome is on thc lev¢1 of enorgy generated. Previously. the final statsmgnt has not been available until after the financial statements have becn opprov¢l thefore the amount Crned has b¢¢n baKd on an esttmate. This year, final 5tatemetst and invoic¢ have bcen made availabl¢ and th¢ arual of £1,3m for the variable Trt ha5 been based on actuaI& (2023.. £1.3m ¢5timats restated) Th¢ only si8nificant estimate now 1&5 to the ROC RKy¢l¢ income of £121281. which has been based on intsrim eh¢rgy generation Tejtr and applying fflergy auction prie*$ (wivw.nordwolgroup.wml Intome All income is reco8nised in the Statement Df Financial Activities once the ¢h8rity h&8 ¢trtitl¢ment to the fund4 it is probable that the income will be received and the amount Can be mEasured reliably. The followin8 specific policics are applied to particul&r Categories of income.. The not form pth of these financial ststcments 14
HUMAN CAPABILITY FOIJNDATION F40TES TO THE CONSOLIDATED FINANCIAL sfATEhlEm- eootlnued for tht y¢ar eud¢d 31 December 2024 ACCOULYfiNG POLICIES- contlmued - Income from don&ttons or grant5 is re&)gnis¢d when thett is ¢videnc¢ of ¢nlitJement to thc gif¢ receipt is probabl¢ and its amount Gan bc me&sured r¢li&bly. - Rentsl income from investsnent property and leas¢d out assets ar¢ recogniseAI when receipt i5 pro1ble and tltlernent is eslablish¢d. SO1 electrieity in¢om¢ relates to ele¢tri¢ity g¢n¢rated by solar panels owned by HCF and sold to related parttes per note 26. All income for the year CludeS VA T. - Other trading activitie$ relth to th¢ realised 59IE of food products and consumer goods dottat¢d by rglat¢d pErtles at nil cost as per not¢ 26. No VAT is ¢harsed on these prodllcts and rninimal Itvels of stock arn held at the year end. Cornmtrcial ttadlng in¢owoe 15 measured * the fair va]ue of the ¢On$idvr4tion reeelved or r¢ceiYable excludi dis¢ounts, rebates. valll¢ added tsx and other sales t&xes. Turnover 15 derived fiom lh¢ 581¢ of goods and is recognised when the significont risks rewards of oWn¢hlp of the goods transferred to tlje buy¢r, th¢ price is d¢teryninable and th¢ wllection ofthe amount duc is reasonably assure ExpeDdllur• Liabiliti&5 4re recognised as expendlture as soon as there is a l¢gai or oonstructive obli8alion committin8 the ¢barity to thAt exper1, it is probabl¢ that o 1ransfer of eeonomic benefits will be required in settlement and the amount of th¢ obli8atiOn caD be measured reliably. Expenditttre includes any VAT which not be fully recovered and is a¢¢ount¢d for on an accruals b18. Expenditurc has been classified under headiny that aggregate ail co$t re14t¢d to th¢ category. Where costs Cannot b¢ dtttctly attributed to pvticular heading5 they have been 411ocAt¢d to activitles on ab88is consist6nt with iho use of resourGes, Grant& GrAnts off¢réd oubJe¢t to LdItIOn which have Dot been m¢t at the y¢ar end dats are noted &8 a &)mmitm¢nt but ijot ae¢rued as exp•ndjtur¢, Other Expondlture Solar panel fix1 assds, Own by the charity, used to 8enerate el¢¢trf¢ity inLy)me is d¢pr¢¢lat¢d ov•r lh¢ 15 y¢ar anti¢ipattd life on 4 straight lin¢ basis. Leased out fixed asseti used Io 8enmt¢ rental income is dePClaa over th¢ 10 year antl¢lpAtsd life on a strai8bt lin¢ basts Within th¢ subsidiary companies depr¢¢iation is provided #t the following amiual rates in order tL> writs off ihe ¢08t las e3timoted r¢5idual Yalu¢ of each asset over its estimated useful Itrc. Plant Hd machinery FTXtures •J]d fittin&* 15 - 25% on net bwk valu¢ Offic¢ ¢quipment 15 . 250kn on n¢t book value Solar panels 25% of the n¢t book vftluo 5Vts of c05t tkpre¢iation has not been provlded for on Land and Buildings. This relates wholly to land, for whi¢h no d¢preclation is provided. Tangible fixed assets are meuuTed at cost less rumlated depreciation and any ac¢umulated Impaim)ent1058es. Goodwlti Goodwill, beln8 the amounts paid tn ¢onne<lion Nvith the pur¢hase of SÉtDnelairg Wind tIre Lld by Swtainablc Land Acquisitions Lld and thB solar panel wmpattie5 by Homer Re¢Wab]eS Ltd. Goodwill in Sust8inabl¢ L&nd Acquisitions Lld is &nortis¢d svenly over th¢ lerni of the lease a¢quired as pllrt of th¢ AeqU2Sitiofy 24 yw8. Goodwill in Hom¢r R¢newables Ltd is amortised over the remalnins ternls of the lease 20 yean. Impalrmtht of assets At ¢ath reporting date fixed etS Sre review¢d to d¢termine whether there is Ally indication that those assets have sllffwed Èn impairment loss. If theTe is an indicati¢M of possible imparment, the tEcovetable arnount of any &ffe¢tsd asset is estimated and compared with its carying amowtt, If eszAmated recoverable amount is lowtt. the carying amount is reduced lo its estimated recoverabl¢ ourt and an impairnient Ioss i5 recognised imrnedtately in profit or loss. The notes forni part of these fllwlcial slatements 15
HUMAN CAPABILITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS. conthiued for the year ended 31 December 2024 AccourINC POLICIES- eonilnued If an irnpairmt loss subsequently reYcrse4 the ¢ary amount of tbe a55rt is increased to the revised estima of ils recovernble amount, but not in ¢x¢e5s of the amount that would have been deterni1n no impainnent loss been recOls¢d for the a5S¢t in prior yea. A reversal of an impirtRent108s 15 recognistd immediatety i profit or loss. The trust¢¢S 4nd directors have T¢viewed th¢ Ganying value of ihe tsngible fixed ass¢ts and no imp&irn)ent is dBemed nee¢ry. BaJ)k Charges Foreign exchange speGia]ists ore used to minimise th¢ ¢ost of transfers to India. Transfer costs are nol di5c105ed to the charity; howev6r better rntes, which include the Iransfer Sts. are offered to tertiatiVe transftr Opiions. Allo(tfi)n and apportloDment of tO8ts All income and expenditure is unrestrictcd. Support wsts have beM tholly allocated to the main ¢haTitsble activity and late to1¢881 and professional, consultancy, accounttng and audit fees. Inveslmènt property Investment propertie5 include donaled properti¢s at f8irvalue and shown ar¢ shown m most cent Valuation. Any agBr¢Raté SUluS or d¢ficit ari8inB from changes in valuation 18 recognistd in the Sthternent of tlnollclal activities. Taxath)n The charity is •xempt from CQTporation on 118 ch&ritsble activitlgs. In th¢ subsidiary company current tax ig re¢o8nised for the amount of income tsx payable in r•spe¢¢ of the laxable profit for the current or past reporting p¢riods using th¢ tsx rates and lllws that thot have been enathd or subst8nliv¢ly enacted by the reporting dale. Deferred tax is reeognise41 in respe4t of all timing dlfferenees at the reporting dat4 ex¢ept as otherwise indicated. D¢ferred tax assets are only regnIsed to the tertt that il is probablc ihat th¢y will bc wovered against the r¢v¢Ts&I of deferred tax liabilitl¢s or other hture tL¥able PTofLts. If and when 011 ¢onditions for rethining tax aUowarACCS for th¢ Gost of a red Asset have been mel ib6 tsfgrred tsx is reversed. Deferred tax is r¢¢o8nised when income or vxpenses from a Subsidiary or associate hav¢ been recognisrd. and will be assessed for tsx in a fthire period, expt Whe.. the llP is able to ntrol the rev¢r1 of the timing diff¢rew and 1¢ Is probabl¢ that the timing differ¢n¢E WLII not Tev¢rse in the for¢sEAble fvture. A defEd liabilty or asset Is re¢0]Sed for the additional tax that will be paid or avoided in respeot of assets and liabilitios that are Teco8nised in a business Combinatio The amount attributed to 84)odwill is adjusted by the amount of def¢rred reco8ni8ed. Deferr¢d tsx 15 calculafrd using the tax rates and laws that that have been enacted or substsntively enarted by the reporting dat¢ that are expected lo apply to the reversal of th¥ timing differenc¢. With Éh¢ exception of Changes arising on ih¢ initial reeognitÉon of a business nbinatiOn. the tsx exper4e (income) is presented either in profit or loss, other ¢ompr¢hensive income or equity depcndinB oll lh¢ trans2Ction that rc5ulted in the tax exp¢nse (income). tkferred tax liabilities are prented within provisions for liabilities aftd defr¢d tax assds within debknTS. Deferred ass¢ts and defrrred tax liabilities are offset only if: the eomp8ny a legally enforceable right to set off ¢urr¢nt tsx 0s8ets against Current tax liabilitie4 and th¢ deferred t&x assets and def¢rred tax liabilities relats to income f3xe5 levied by the Same taxation authority on ¢ith¢T the sam¢ taxable entity or different laxable entities whi¢h irthd eithtr to settle tHx liabilities and assets on a net basls. or io realise the &%sels and settl? the liabilities simuliHneou51y. LeAses Rental income from operating Icases És reLxJgni5ed on a sIght line b85is over th¢ Trrni of the relevant lease. Initial dirnet o)sts incurred itt negosiating and arrangiftg operating lease are added to the carryins amount of the leased assct recogniscd on a Straight Itne b&gis OVLY the lease terni. The notes form part of these financial stai¢ments 16
HUMAN CAPABILITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEhlENTS. comth1•d for the year end 31 Deeember 2024 ACCOUNTING POLICIES- eontlnud The lease for the windfarn) held in Stron¢laiTg Wind Esthte Ltd is trtea as an OpalIng lease. The to rental income is based on the l¢v¢l of energy ggnaation. Whil¢ the rate paid for Benernted in¢¢)m¢ increase8 later in the 1¢8se, duc to the many ext¢nJal factrjrs ihal csn imp8Ct energy gentIon It 15 not possible to accurately PTcdict Ihe level of in¢om¢ in future years. As a result thi5 r¢ntal inttJm¢ is recognid in the period to whi¢h the income T¢lates. The bas¢ r¢nt element is 4lloG&ted to the period to vknich it relates and th¢n allocated to months wiihin thi5 period on a strai8ht Ilne b&sis. Fund aOuntIng Unrcstricted funds e4n be uied in accordBnc¢ with th¢ ¢hariiable Objectiv IÉ the discretion ofthe trustees. There are no r¢stricted fund& Current 185et Inwtments cllTrt a8Set investm¢nts ar¢ Investments ihat are easy io aesS when required and have & maturity of withiD 12 month5 of the ycar end. In 2023 HCF inv¢5ted in a renewable energy bond, that is in Ilne with Ibe ¢harities ethi and objective of supporting worthy caus¢s. The bond tnaturel in 2024. Flxed a et inveJtrn¢nt HCF currently holds invtSth?ents in Downin8 Renewables & Infia51Thctur¢ Trust PLC IDORE) which is in line with the ¢harities ethics as it is d¢signed to deliv¢r stable ond sustsinable return5 by investing in a diversified portfollo of hydro. solar. wind and other inhstru¢ture &ets. HCF inGreased its investment ITr DORE and invutsd in Next EJJ¢T8y Solar Fuftd Ltd, Thple Point EnerBY Transition Ple and Aquil& EnBr&v EfficicY Tnut. Additionally, in 2023 HCF Invested in a U5 Fintech start up. Niihio Holdings In¢, that ona]yses or¢dlt rlsk to increase funding of dlstribu¢ed r¢newabl¢ ¢neryy in Africa. Sto¢k$ Stocks ar¢ valued at the lower of cost and net realisabl¢ valu& Cost is calculated as follows:. Raw m4txrials- Cost of purchase on first sn, fir5¢ ¢)ut bASiS. WO in progress and finished goods . Cost of rnw matoriAls and labourlogdher with altributsble overheads. Net realisablo vv41ue is b&8ed on estimAted sellin8 &Ytce less further eost$ to compleiion and dispo5f41. Debtor¥ Short tcrni dd)ttys ar• measured at tronsa¢tion pric4 I any ImpatrmeNL knxns r¢¢¢tv&bl¢ are measured initially at fair valuc. net of transaction costs, and ere measurcd subsequenty at amortÉsed Cost using th¢ effective interest method, less any impairnient. CrltOrS Sbort terni trad¢ Greditors we m¢asured at the transactiLin pri¢e, Other financial liabilitie5, includlng bAnk loans. are Measured initially at fair valuL. ijet of iransaclioll c03t4 and are measured 5ubscquently 81 amortised cost Using th¢ effective interest metknd. The company Provides for annual leave accrued by employees 8s a r¢5uIt of 8ervices rendered in the current period. And which employees Ar¢ ¢ntitl¢d to C8rry foMTd and use wtthin the ne 12 monihs. The provision is measur¢d at the s£ry 8t payable for the period of absence. Derivative lknanelil iDstrum•nts Der£vative financial instnjments aff recognised * fair value usin8 a valuation technique with any gains or10ss¢s being Teported in PTofir or loss. Outstanding derivatives at r¢portiRg date are included under the appropri forniat h¢ading dependin¥on the nature of the d¢rivaliv The note5 form part of these financial xtstements 17
BUMAN CAPABILfrY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL ¥lATEME- continued for the y¢4r ended 31 December 2024 DONATIONS AND LEGACIES Charlty 2024 2024 Restaied Donations 13055 96 OTHER TRADING AcfiviTIES ilowlllwg SustJlD•ble Honi¢r Seots Wlnd R•newAbl•$ SNcks Propprty Ltd Ltd TrsdtDg Ltd Yjd ICoowlldAttd) (ConMlld•t•4) Y4reDdod Y•Ar•4d•d31 Y•4rwd4d 31 Perlod •nd•d 31 D•ttmb¢r D¢¢e]n ber D¢omb•r 31 Db 2024 2024 1024 2024 R¢Jfaf•d Turnover Corrpany eynditur¢ Profft forth¢ pexiod In¢om¢ from fLTd asset inv¢stments tnt¢r¢st payable and similar e>pen8e8 CAin/(k>ss) on revaluatlon of inveslnxnts (Lossyprofit for the fancIAl y (891,951) (315,T29) (4838.988) 2&779 The consolidatsd financi81 StstL¢ts include the r¢4ults of the below group undert8kin8s; TrR8on Snacks Trading Ltd, which bewne a subsidiary on 31 December 2020 when tht rerngininE 90Yo of the share capital w&q &Jnated to the charity, Downing Sustsingble Inv¢strnent I l.td, which wrtg set up in April 2022, wilh HCF being 100% sharehold¢r and Scots Wind Prowty Lt4 A subsidiary set up in luly 2023, with Dsll being lOO% Jhar¢hold¢r, wlxlch in¢orp¢)rates ils ttvo wholly owncd subsidiaTi¢S' Sustainable Land Acquisitions Ltd and Stron¢lairg Wind Eslate Ltd, Hom¢r R¢newables Ltd. whith was illCoT in Au8USt 2024, and a¢quir¢d the Ihar¢ cpitai of six subsidiaries in October 2024 (sho5 b¢low eons01idated). 23270.015 23J81.949 (61 IS34) 49009 234223 (184.414) 101919 3.82SJ96 l62.995 (2J37,599) 15,968 2,117J57 197,499 17o.r20 779 28Q.017 (234234) The figures above d¢tsil the amounts per the individual compkny financial statsmems. The and oxpendith is a4rusted upon conx)lid4tion du¢ tD th¢ ¢limination of the coryorate gift aid smount, inlercompany loan inwrest and rcntaI iTwme, INVESTMENf INCOME Group 2024 Cbarlty 2023 2024 Reslated R¢nts rceived Solar ekdricity inme (kh¢r fiKd u$s¢t invest - FIL tkposit arcount interest Loan inter¢st Bond irttere5t 1,048,556 49,055 23497 19J66 2J67,940 126,493 I30.579 3&937 168.044 57.OZ7 2242,146 23.7f2 la5356 49J15S 13Jffj78 3J98 2,844256 126.493 1.235J79 36,937 T2.819 43,529 2.316.W27 46.007 3 5dJ 475 The notes forn] part of these financial stat¢mlts 18
HUMAN CAPABJLITY FOUNDATIO I¥OTFS TO THE CONSOLIDATED FINANCIAL STATEMENTS- contllluul for the y¢ar ended 31 December 2024 CHARITABLE AcrivmES COSI3 fidIng of activities (s¢¢ note Grmts (stt Dote 29) GRANTS PAYABL 21J24 Grants 1947029 519 suppoKr COSTS FlnAn¢e Oth Totals Oth¢rr¢80U¢s e>pended The breakdown of5UPPOrt costs Li shovrfn rl the table below: Cost ty 83 97 639 137 555340 2024 Finane• Foreign eJrhan8e kisges Otb¢r Rates & water Insurnnce LE&t & h¢at Webslt¢ ¢ost$ Audit 8nd accounton IK84l and profe$$lonal fo¢s BAnk char8es Con¥ukancy & nJ4nagen%nt ft¢$ Trnvel & subsLgtcnce Bad debts Int¢rest pald Dcpreciation (83.697) 305,662 43 8&1 1&7Th) 9.887 765 12Q64y2 1217 17.700 2,487 621 238J103 16,714 258J16 63.123 40,956 4Q.956 195 187 DePrl&tILln char8¢s kn the parent charity of £40956 (2LU3.. £40,9Y•) are iDcludvd in other rcsouTce5 v4)end. 2024 F¢¢s payabk to tbe Charity's audkots forthe audit of the financial statenMts 8.850 7,850 2024 2023 Ikpreci&tion . own¢d asscts 446876 385.832 The notes form part of these financial 51atements 19
HUMAN CAPABILITY FOUNDATION
N(YTES TO THE CONSOLIDATED FINANCIAL sfATEME- contlnue41
for the year ended 31 Deeember 2024
NET INCOMEI(EXPENDITURE)
Net incourl(exponditUT¢) is stAt¢d after chargingl{cttditing):
2024
Auditorn T¢nwnerntxon- parent charny
DepTe¢iatioL -owned a8$¢ts - pareiit charity
(tture ¢bavged Ill $ulxidiwry comwl•s:
Depreeiation - owned assets
Profft on disposal of fiKd as8et8
AnK>rtisation ofB
IIUMAN CAPABILITV FOUIYDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENfs- eondnued for tbe year ended 31 DeeMr 2024 J2. COMPARATIVES FOR THE STATEMENT OF FifiANCIAL AcfiviTIES Total fund5 Domations and k8&cie Other a¢tllth¢s Cornmer¢iul trnding Operatn5 Jnv¢strnent Ineome 305&867 27.634.429 3,560A73 TolHI 35,051.771 Costs of raising Cot)YMrial trdding operntlons Ch74rltslAe ActIdeS (hnts Cxhcr 27.591,367 1,618.519 5(Kl,849 Tothl 29.710,735 Unyealised 8ainsl(losses) on fiycd asset invest1ntS Unrealisvd gain$l(k)sses) on investnt property Rea]iBed 8ains/(losses) on fDEd ass¢t Invesiments RcaJi6¢d gain$/(losses) on Investhnt property NCOME 166&501) 5.660.(Krf) (138.386) 275,691 10.471.840 Totsl lyought forrArd 71,836AI 81358,481 13. llYfANGIBLE FIXED ASSETS CROUP Restated COST At l January 2024 Addlrions At 31 D¢¢¢na¥er2024 50,882.049 977ffj48 510S9ffj97 At l January 20 arge fory¢gr At 31 Ekcemb¢r 2024 547,lJ9 1,212,256 2.759J75 NEf BOOKVALIiE At 31 Decemb¢r2024 49.100322 At 3] De¢ernber2023 SOJ34930 The notes forni pt ofthese financtal statcments 21
HUMAN CAPABILITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL sfATEMENfs. ¢ontiRued Tor the year ¢nded 31 Dtternber 2024 13. IKTANGIBLE PIXED A&SEI3 {eoDtlnued) The goodwill rdaks to th¢ xquisiti<Jn of Stronelair8 Wind Estat¢ Ltd in September 2023 by the subsidiary company. Sustsin8bl¢ Land Acqui$ilions Ltd. and to the quIsItion of the 501ar p1 ¢ompBnies (AMP HAOOI Ltd. Amp HA004 Ltd, AMP HA005 Ltd. AMP HAQ06 Ltd, AMP HA1108 Ltd and AMP HA010 Ltd) by Homer Renewablw Ltd in October 2024. Strone18irg Wind Estate w&s acquired for £53,072,731 (as restated). At the dats of acquisition the net assets of the wmpany wer¢ £3,022.705. resulting in goodwill of £50,650.026, The goodwill welat¢s to the valuc of a lease was aequired as part of the purchase of the company. The mpany owns land. Subject to a l¢Ase relating to a windfami. which Is treated in the individual CoUnts ts an operating ka5e, The goodwill repres¥ntS th¢ value of the leas¢ ovcr the remaining t¢rn] of 24 years, and as such. Ihe goodwAII h95 bn amortised on this basis. The stslar panel compleS were acquired by Homer Rcllewables for th¢ share capitsl of £600. plus the additional Ll)Sts of a¢quisitton £401163. At the de of aGquisition the net liabilities of the company were £806,907, r¢sultin8 in 8oodwill of £1,209,670. The Lx5mpany owns solar on properties ocross the UK which genat¢ ¢lectricity for rc-sak. The goodwill is amortis¢d OV the kngth rcmaining on the leases of 20 years, 14L TANGIBLE FIXED ASSETS GROL F#hOld FrOty PlaD* & ehluvry Ffixtur¢s & Flttlng$ Vehicl Fqulphtnt Totals COST At l January 2024 Addtlons A$seis acqur¢d Diipo$a35 At 31 Decenth¢r2ry24 7442 4,7J4A78 175.634 9JOI.085 354065 2036 16A95 144,743 5a37A23 8240 185,910 9aOI.085 (16.49£) 151.983 14,7V7923 (16A95) 7J42 14.191a97 356,101 At l January 2tJ24 On acquired assels arge for year Etllnoiated on dispo$&l At 31 D¢cemb¢r20 2,533.706 4.411940 412A61 219.721 13,743 105A18 2072J88 4,411.94Q 446,476 {16A95) 116324 7,714509 20AS7 2,752 (16A95) 10,906 7J58,007 240,178 IYEfBOOKVALLiE At 31 DecenY)er2024 7,542 6833290 115923 36h59 6993,414 Ai 31 Decenl)er 2Q23 7,S42 2J80072 134J44 2.752 39J25 2a6433S The te8 fom? part of th¢ financial stAtèmBnts
HUMAN CAPABILITY FOUNDATION NOTES TO THE CONSOLIDATED FENANCIAL STATEMENfs - eontinu¢d for the year ended 31 December 2D24 14. TANGIBI FIXED ASSETS (conthilled) PJant& Ma¢hln¢ry COST At l Janury 20 and 31 D¢¢¢nber20 530J95 DDRECfATION At l January 22A Ckng¢ fory¢4r At 311)#rnber 202A 253.114 409S6 2944)70 NETBOOKVALi At 31 DEc¢mbeT 20 I328 At 31 De¢¢nber2023 277J81 15. FIXED ASSET lI¥vEETs Li4ted investnmts CROUP UnJi5ted investThrnt8 Totab At l January 2024 Addltions Dispos#i¥ Rrvaluaiions At 31 D¢¢enther21124 2,907.928 470,594 (9054) 477 56 2J91 1,756222 514ffj48 4064.150 985242 (9,854) 477h56 70 I¥LTBOOKVALUE At 31 DeC•nb2O24 2 270.870 5,161882 Ai 31 D¢other 2¢y23 1.756 li8t¢d InveBinMtN UnliJt¢d illytnts Tota]s Ai l January 21Y24 AdditLons Disposa R¢valuatbns At 31 December2024 J 386AOS 470J94 (9,854) 43 22 42ffj80.176 514ffj48 43,966A81 985242 (9,8.154) 43.194 824 44 698 447 LYET BOOKVALUE At 31 Decenber2024 IJ03 23 43 194 24 44.698 Ai 31 Dernber 2023 42,680.176 43.966 481 The notes forn par¢ of th¢s¢ financial Statents
HUMAN CAPABILITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS. eontinued ror th¢ year eDded 31 Decemb¢r 2021 FIXED AssKr INVVTmENT8- tontknucd Unlist¢d inVtents in¢ludes £2,270.870 (2023: £1,756,222) in Nithio Holdings Inc. a US fint¢ch s• that analyses ¢Trdtt Tisk * incree fimdin8 of distributed renew4bl¢ enugy in Afric& Of the 8roup* listed investment holdin& the following inv¢8lmeni$ makc up 8r¢ater than 50h of th¢ 8routys total holthng at the balanc¢ sheet date: . Downing R¢wableS & Infrastructure Trust Pl¢ 91% Included in unlistol investments is an inv¢slm¢nt of £36.883,713 in Downing Sustsinabk InveMe J Ltd (Dsll), a wholty owned subsidiary of HCF. £2.618.316 of share ¢apitsJ in DSII remaini unpaid 18 at 31 December 2024. DSII has wholly owned 8ub5idiary• Scots Wind Property Lld, Sustsinable Land AUlsItiOnS Ltd and Stronelairg Wind Estate Ltd. Durin8 the ye4r, DSJI also established a n¢w subsidiary. Homer Renewables Ltd, whi¢h acquired 5tx ¢ompanies holding solar energy assets las d¢tailed b#low). Cost or valuatlon at 31 DtteMb 20241$ r¢pTesentsd by; Unlisted IDV•ltin¢nts Investments Totsb Valufttlon in 2021 Valmtion in 2022 Valuazion in 21)23 Valuation in 2024 Cost 13,459 13A59 70,804 (270,107) 1243,422) (27IJ07) 1243,422) 43,19 Th¢ ¢ompw'5 InvtmentS at the ba14nrx 8heet date in th¢ share cwilal of compan1 Include the followinB: Trlgon Snad£g Trndfing Llmltod Registered office: In8id¢ the United Kingdom Nthw¢ of business: Retail Cjass of sh8re: Ordinary holdin8 loo Downlng Sustalnable Investment I IAd R¢gistered officv. Inside th¢ United Ktngdo Nature of business." Investsnent company Clas$ of sb8Tr: Ordinary holdlng loo Downin8 Sustainable Inv¢strneni i Ltd owns IOOO/o of the sharn ¢4pitsI in lh¢ followlng subsidiary. SEots Willd PropÈrty Ltd Regist¢r¢d offl¢¢: Inside the Unit¢d Kingdom Class of thKe'. Ordlnary holdlng 100 Scots Wind Property Ltd owns 100% of the share ¢apitai In the followins subjidiary. The notes forni part of these financial 5tatemcnts
HUMAN CAPABIL FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMEMS- continued for the ye4r ended 31 December 21124 FIXED ASSET INVESTMENfs- ¢onthiu¢d Sustaknabk Land Acqut5itl¢)ns Ltd Regist¢red otTice: Inside ¢h¢ United Kingdom Class of share: Ordlnary holdlllg loo Susthinabl¢ Land Aequisitions Ltd owns l 00% of the share ¢ApitsI in the followinB subsidiary. Stronel•lry Wind E8tAts Ltd Registered office.. Inside the United Kingdom Cla8s of sbare: Ordinary IkIlg Homer R¢Dewibleg Ltd Re81St¢d Off1 Jnside th¢ Unit¢d Kingdom Class Of 9har¢: Ordinary holding loo Downing Sustainable Investment l Lld owns 100% of the share capital in Homer R¢newabl&s Ltd. Homer Renewables Ltd oww IOOO/& of the sh#re capital in the followin8 subsidiarje AMP HAOOI Ltd Re8iStcred offic•: Inside the Unkod Kingdom Cl&%s of share: Ordinary holdlng AMP HA004 Ltd Re8iStcxed otfice: Inside the United Klngdom Clogs of She. Ordinary holdlng loo AMP HA005 LAd Re8i5tered office: lTh$ide the Unit¢d Kingdom a88s of share,. Ordin8ry holdlng loo AMP HA006 IAd Rgsis¢ered offi¢¢: Inside the United Kingdom aass of share.. Ordinary holdlng loo AMP HA1108 Ltd Regiswred oifice: Inside the Unittd Kingdom CIL8s of share.. Ordinary holding 100 AMP HAOIO Ltd Registered office: Inside the Unikd Kingdom Class of share.. OrdAn&ry holding The notes fonn part of th#se finthcial ststements
HUMAN CAPABILITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- ¢ontinued for theyèar pnded 31 December 2024 15. FIXED ASSET INVEsfMENIS- ¢ontiDved StronelairE Wind E5tste Ltd was acquired by Sustainabl¢ Land Acquisitions Lid on 22nd Scptember 21n3. Th¢ mpany was purchased for £53,671731 (as restaied). At thc acqulsilion dat¢ the net ¥ssets were £3,022,705. The gwdwill arisin8 on acquisition is cal¢ulat¢d brlow, and detailed in not¢ 13. Consideration 53,672.731 Lass n¢t &£5ets dt acquisition: - Share ¢apitsl - Retained earntngs 3 022 704 (3,022,705) 50 650 026 Th¢ solar panel c<*MpleS {a5 dqt4iled pr6viously) were aquired by Hom¢r Renewables Ltd on 30th Odober 2024. Th¢ comp8ny was purchased for £402,763. At the 4uisition date the net liablliti¢s wer¢ £806.907. The 800dwill arising on acqui8ition is eokulated below. and detsiled in not¢13. Consid¢ration 402,763 Less net ll¢ts at ae411191tio - Share ¢apitsl - eamin85 600 07 807 (806,907} 1209 670 16. INVESTMENf PROPERTY- CROUP AND CHARITY FAIR VALUE At l January 2024 Additions 24840000 At 31 December 2024 27 640 ODO NET BOOK VALUE At 31 Decwnb¢r 2024 27 At 31 Dccember 2023 26 840 QOO The Trustees, have review¢d the valuation ofthe investmell¢ properties and have reVlled one pTopty whi¢h hlls changed m4l¢rially in value. Fair value at 31 December 2024 is represented by: Vduation in 2023 Cost 5&60,000 21 W IJDO The notes form part of these financial statemts 26
HUMAN CAPABILITY FOUNDATION NOTES TO THE CON30LIDATED FJNANCIAL STATEMENTS. eontillued lor the year ended 31 Decembèr 2024 17. DEBTORS: AMOUNTS FALLING DUE wrrwN ONE YEAR Croup 2024 chthty 2023 Restated 2024 2023 Trade debtorn Prepaynknts and accrn¢d incon Other debto 5,586012 25698 93 6,111509 205,f27 25962 67,693 410 111 ,137 4ri.804 I& DEBTORS: AMOlJs FALLINC DUE AFTKR MORE THAN ONE YEAR Charity 2024 2024 Resiaied Otherd¢btors 35 24 IT2 40390J99 34095 362 172 40 290 On l January 2021 a de of nov4tioD was signed, transfwriD8 & loan 0d by Crown Network Ltd, to Cthoithran IntlatiOnal Found10, to the Human Capability Foundation, a charity with trnsteesldirethors in iy)rnmo]L At the balance sh¢et date, Crown Notwork Ltd ow¢d ABD 24.3millton (£5.2million)p repayable iti more than one year, with int¢r¢st accruing at 1.75% over the Bank of EDgland base During th• year intenst a¢¢ruin8 wa5 £341,629 (2023: £3 IOJ18). On l Mar¢h 2022. 8 loan owed by NATCO Foods Ltd to T Choithrnm Intsrnational S.A. waj trangferred to th¢ Human Capabilty Foundation. At th¢ bajancc sheet date, NATCD Foods Lid owed £93m, repayabl¢ in mor¢ than on¢ year, with interest ac¢ruing at 2.5% over the Bank of ED8knd base rate. During th• year interest Ac¢niin8 £686M80 (2023: £600.274). On l March 2G22, a loan ow¢d by T Choithram & Sons (Londrn) Ltd to T Choithrntn International SA was IT6f¢rrcd to the Human Capabfftlity Foundation. I)urin8 2022 2011 additiollal l¢)ans were transfe2Yed. At th¢ bolance sheel date, the total outslandinE w&s £21.Om* repayable in more tlwi one year, with inierest accruing at 2.5% over the Bank of England base rat¢, The interest O¢¢tuing during the year was £1,540232 {2023: £1,331554) 19. CURRENT ASSET INVESTMENTS Croup ChArity 2024 2023 Rulaled 2024 Unlisted ]nv¢stmonts 2.400,0 HCF$ holding in a renewabl¢ ¢ner8y InveMent bund matured in 2024. The notes forn? part of th¢se finan¢ial sthtemcnts 27
HUMAN CAPABILITY FOUNDATION I¥OTES TO THE CONSOLIDATED FINANCIAL STATEMKNtS- contlnued for the year ended 31 D¢cemb¢r 2024 20. STOCKS Cb#rftr 21124 2024 Reslated Raw NAicrials Finished good8 3,13670 101fj 140 IiY2,(4)5 317.274 4 152 710 21. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Croup Charity 2024 2024 ReJtLYted Bank lofjn5 and overdrnft8 Trade credlto Social &e¢urfty and Dthw tayps VAT Oth¢rcredltorJ Other loans Ac¢Ned ¢4N>en$es 2J)03274 682J14 62,996 626JOS 9,909J44 444259 61997 32.074 0,681A39 60ffj41 10,329ffj11 11557,805 13500 819.930 11,557,805 164.444 IIOA66 18,450 13 21572 361 6731963 21961557 her creditors includcs £2.618,316 (2Q23: £IOJ13.11 I) owill8 to Downing Sustainable IntMent l Lt4 wholly owned subsxdiary> r¢latin8 to unpaid skn capitsl. Other loans in 2023 Ilded £11,557.805 owing to LT. Pa8ar•Ji. a close family member. This lo wag re-assiBn¢d in the year to ChoithrAm Internation8] Foundation, 8nd hos subsequendy been donthd to HCF. CREDTfoRS: AMOUNTS FALLING DUE APTER MORE THAN ONE YEAR ChArtty 2024 2024 2tr23 Restatffd Bank loans 31 72 3172 030 The notes form p8rt of th¢se financial statements 28
HUMAN CAPABILITY FOUNDATION OTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- contlDyed for the yelr ended 31 Dee¢mber 2024 SECURED DEBTS Th¢ followill8 Secured debts are included within CrlIors. 2024 Bank loans 32309 751 864 The battk loan relatu to a faeility from Scottish Vidows Limited, with Lloyd5 Bank PIC as Security Tru5t¢e for the acqui8ition of Stron¢lairg Wind Et¢ Ltd by Sustsinable Land Acquisitions Ltd tn &pt¢mber 2023. The loan is an Index link¢d tenn loan of £30.843,640 repayabl¢ over the period until 30 April 2042. The b81anco outstanding at the 31 December 2024 is £32262,446 (2023: £30,986,137). The amount shown in creditors is net of ihg arrangement fee of £195.038 (2023: £207273). The iM¢¥¢st rate on the loall in rea] terns is 2.64 We note ihat the caIculation is made up of a margin of 1.9% in addition to a compounded reftxence gilt rat¢ (variabl¢). The bank loan all-in rate is Indexed link¢(L The loan is subject to se¢wities and 8uarante¢s In the forni of a debenturc, share pledge and slenatiOn of ttG¢ivables. MOVEMENT FUNDS At 1.1. Rted Net nYe¢nt in fvnds Iknrestrletedn C£neTal fund R¢valuation R¢5¢rve At 31.12.24 71OSIJ73 4J117.108 13J74267 (471382) 91325,640 4035026 TiyfAL FiM)S 82 58 02 L85 95361 Net nDven%8nt in fid5, included in th¢ abov¢ ate as follows: Oihcr cogniged 8ainsl(losscs) tnconbn8 ources Rcsourees ew¢nded ihrestrleted fan &neral fvnd Revaluation R¢serve in fimds 44N53.782 (31O79JlS) 13074367 (471283) (471.282) TOTAL FLNDS 44 31079JlS 471382 12 02 Con¥*aratlV¢8 for ffovenrnt kn fiLnds Net Aenl ni funds At 31.1223 Restoted At 1.123 Ullre$trlQt thnd5 (knernl fijnd Reva]uatK)n Reserve 72310,337 (623J96) SJ41036 5,130,8114 77,851J73 4,507.108 71 86 71 Net llK)ver¢nt in fvn(ts, includcd in the above ar¢ as folbwB: Other reeognised gaiDs/(108ses) In¢0n¥ r¢sources Resourcr5 ewended Mov¢nMt in funds Unre5tr1eted thAKIJ (knernl tund Reva]uatlon R¢serYc 35.081,771 (29,7IO,73S) 5?4J,036 5.130,804 5,130004 TOTAL TrU¥DS 35,051.771 9.710 735 The notes form part of these financial stsleme4rts 5.130 804 10.471840
HUMAN CAPABILITY FOUNDATION
NOTES TO THE CONSOLIDATED FINANCIAL STAT£MENTS- continued
for the year Ended 31 December 2024
PR]OR YEAR ADJUSTMENT
Within the subsidiary componies. a prior year adjusthlent Was T¢quired in Downing Sustainable Invcstment I Ltd
to T¢C151fy eX[nd1 previously cl&8sified le8al alld profcssional. r¢latill8 to the acquisilion of th¢
subsidiary. TherefoN adjustment has been made for £173,215 to reflaet the r¢¢las$ifi¢ation of th¢
¢xpthdlture and the transfcr via intucomparAy balances. In StroneIairg WAnd E5tatr Ltd. an error was identified
as relating to the cal¢ulotion of the variabk rent. A5 such the inLXsm¢ and expenditure for the group was
overstated by £1.3nL. A5 a 51t of the abovffj the goodwill ¢alrulati¢)n and amortisation has been rest4ted by
£1.863. Th• net effe
HUMAN CAPABtL]TY FOUNDATION NufES TO THE CONSOLIDATED FINANCtAL STATEMES- continued for the year ended 31 D¢¢anber 2024 29. INSTITUTIONAL GRANTS Totsl grants in 2024 approvd by the Foundation wer¢ £1,947,029 (2023: £1.619,5191 Thest were made up follows: Bellefi¢lary Ur8ent Action Fund ftir Wornen% Hurrmn 1O8hts (Asia & Pa¢ifv) Koll<ata Sanvcd SynchronlciEy Farth iPartner Jndta Sama- Resourts (koup for Women Iswar sa1(alpa A4ieevlk& Tnjst MilJa T¢rhnolagy FOundatn Navchetna SeNan8in Kendrn Autism Soclety West Bcn8al Sound and Pi¢tur¢ Archives ft•r Res¢ar¢h on Women Whakha Mahila Shiksha Avam Shoodh ctanxcn Shiksha Kendn S&miti Patan£ iAYA Synergy SAn$than Samitl Kislay Grnmin Avam S4m&jllc V*as Disho Trust reFratr¢ In8titue of Arts & 3$70n Private IAd SAMVADA Yakshi Resou¢ and Creativity Centre for Rur41 Qllldren and Youth TARSHI Bre4kthrou£h Trust Azad Foundfttion Trlbal Health Inltlativ¢ UrhTrnst Jandoksha Trust Kotra Adlva51 Sansthan Anjali Bal Urnang Drishya Sansthan Sappho for F4uality Soclal Action for Knowledge Building and Awareness Rai%ing Natbnal IAW School of Inditi UnTversty Vanavll Trust Foundation for Soclal Transfomwtion Muskaan Vatsatya So¢i¢ties Other international grant¢C5 237,154 l(Q,482 I,(A} 87.194 8s,21 76.357 7Q198 67,575 5&288 56.440 54544 53.965 53.950 51219 47.570 43,975 38,653 38,274 34551 31171 2.097 31.147 28.6&4 27.555 27J38 25,271 21802 21505 164 23,125 212 15,498 15,229 14.440 14,135 14109 13510 13.093 162.4 A full list of 8f8Dtees cun be made available upon request from the charity. The notes forni part ofth¢5e fanCIsI Ststernts 31