DF OLD DART FOUNDATION THE OLD DART FOUNDATION A COMPANY LIMITED BY GUARANTEE IRegistered Charty No. 1153668 and Company No. 08565375) ANNUAL REPORT OF THE TRUSTEES (INCLUDING THE STRATEGIC REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ¥ACD2V3WI* 2W0912023 COMPANIES HCLJSE
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THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES {INCLUDING THE STRATEGIC REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 CONTENTS Page Annual Report of the Tru5tee5 (including the Strategic Report) Independent Auditor's Report 12-15 Consolidated Statement of Financial ActNrties (including the Income and Expenditure Account) 16 Consolidated Balance Sheet 17 Company Balance Sheet 18 Consolidated Cash Flow Statement 19 Notes to the Financial Statements 20-37
Page 1 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES IINCLUDING THE STRATEGIC REPORTI FOR THE YE4R ENDED 31 DECEMBER 2022 The Trustees. who are also Th're¢tors for the purposes of company raw, psent their report (including ihe Slralegic Report) and the audited consolwjated financial statement5 of The Dart Foundation {"the Foundation. or 'lhe chantable compann. and its subsidiary undertakings, FraseNiew Investment Limtted ("FIL') and Fraserview Investment (Cam Street) Limrted I"FICSLI Ibolh registered in England and Wales) (collectivety Ihe groupl, for year ended 31 December 2022. The financial stslements compty with the Charits Act 2011 aThJ vthere appl¢able. the Charities Acl 2022. the Companies Act 2006. the Memorandum and Articles of Association, and Attounts"ng and Reporting by Charities". Statement of Recommended Practsce applicable lo ¢harit5 prepanng their accounts accordan with the Financial Repcwting Standard appltsble in the UK and Republic of Ireland IFRS 102) issued in October 2019 ('Chanlies SORP FRS 102"). REFERENCE AND ADMINISTrATIVE DEfAILS The Old Oart Foundatr'on {regislL¥ed chanty number 11S3568 and company number 08565375) is based and administered in the Unrted lth"ngdom. The registered address is Eighth Floor. 6 New Sireet Square. New Fetter Lane." London EC4A 3AQ. DITector5 and Trustees: The Th'rectors and Trustees of the Foundation vtho hekl office during the year vre: Luis Baertl Iresvjwl 27 ALwJusI 20231 Geoffrey Loudon Marie Rabtett Charles Lutyens Katherine O'Reilty Caroline Pery The Directors did not hold any ben*ial interest in the Foundab-on al 31 December 2022 or al any lime during the year. Key Management: The Trustees consider Ihemsefves. as Th"rectors. the key management personnel of the Foundation ho are in charge ol dire¢ling and ¢ontrolling the Foundation. Certain responsibilities, including all day lo day operational matters. are delegated to the CEO and management team. Bankers: Coutts & Co 440 Strand, London, WC2R Sollcllors: Withers LLP 16 Old Bailey, London. EC4M 7EG
Page 2 THE OLD DART FOUNDATION ANNUAL REPORT OF ThE TRUSTEES {contlnued). FOR THE YEAR ENDED 31 DECEMBER 2022 REFERENCE AND ADMINISTRATIVE DEfAILS Icontinuedl Independent Auditor: Rawlinson & Hunter Audit LLP. Slalutory Auditor and Chartered Accountants. Eighth Floor, 6 New SITeet Square. New Fetter Lane. London, EC4A 3AQ Investment Managers: Rothschild Bank (Cl) Limited. St Julian's Court. St Peter Port, Guemsey, GY1 3BP. Ruffer LLP, 80 Victoria Street, London. SW15JL.
Page 3 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES (contlnuedl FOR THE YEAR ENDED 31 DECEMBER 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT The Foundation is a company limited by guarantee govemed by its Memorandum and Articles of Association is registered as a charity with Charity Comm¢ssion for England and Wales. The Foundation is slruclured with a two tier participation management which include5 mernbers and directors. The members and directo of Foundation are in eftecl the same persons, certain items of business gjch as variation of the art may only be vertaken by the members, and other matters such as the apkyoval of the fnanual statements may only be undertaken by the directors. There are classes of members. A members and B members. The A members seThiing al 31 December 2022 were Charles Lutyens. Luis 8aertl (resuned 27 August 20231. Carobwie Perry and Katherine O'Reilly. The 8 members serving at 31 C*cember 2022 were Geoffrey Loudon and Marie Rabbett. The Board of directors must comprise of a minimum of three and a maximum of six directors and thwe are effectively ts¥o classes of diredors. in th.ne wth ts A aThJ B members detailed above. Pursuant lo the Foundation's Articles. the directors must hold at least three meetings each year, to discuss and develop the Foundation's goals and strategy and lo review grant proposals and general grant requests. Thereft)re it may be appropriate to meet more frequendy than this minimurn. The range of skills represented on ihe Board will be kept under review as the Foundalion develops over lime. Trustee Inductlon and Tralnlng As part of Iheir Irainirbg. Trustees are provided with a comprehensrwe 'operating' manual, 1¢h indudes the Foundation'5 Memorandum and Atts'cles of Association and Charity Commission guidance on trustee responsibilsties. All Trustees are aware of their legal duties and obligations in respect of the management of the Foundation, induding in relats.on lo the protection of ils assets. Trustees are appointed al Trustee meets'ngs Tequiring approval of all Trustees. folk)vng a vetting process. Tiu$tees' Re5ponsib11611es Stslemenl The Trustees (vtho are also Directots of the Foundation for the purposes of coryany lawl responsible for weparing the Annual Report of the Trustees (including the Stralegic Report) and the financial statements in accordanee with applicable law and United Kingdom Accounting Standards (Unrted Ksngdom Generally Acwted Accounting Practi). Company law requi$ the Trustees lo prepare finarKial statements for each financial year. UThJer company law, the Trustee$ must not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the charitable company and of the incorning resources and apiCatiOn of resources. in¢knding the income and exFenditLbre, of the charitable company for that period. In preparing these financial statements, the Trustees are required lo..
Page 4 THE OLD DART FOUNDAnoN ANNUAL REPORT OF THE TRUSTEES {continued) FOR THE YEAR ENDED 31 DECEMBER 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Trustees, Responsibilities Ststement (continued) select suitable accounting policies and then apply them consistently.. obseNe the methods and principles in the Charrties SORP 2019 {FRS 102)- make judgements and estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financ1 statements.. prepare the financial statements on the going concern basis unless it is inappropriale to presume that the charilable company will conts.nue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lime the financial position of the charitable company and enable them to ensure that the financial stalements comply wrth the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for laking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are fesponsible for the maintenance and integrity of the corporale and financial information in¢luded on the Foundation's website. Legislation in the United Kingdom governing the preparation and dissemination of financ1 statements may differ from legislation in other jurisdictions. In addition. the Trustees have taken due ¢onsKleration of Good Governance A Code for the Volunlary and Communty Sectoi. ensuring that the seven main principles of the Code are adhered to. These are.. Organisational purpose: Leadership.. Integrity Decision-making. risk and control.. Board effectiveness., Equality, diversity and inclusion; and Openness and accountabilty. The Trustees recognise that good govemance plays an essential part in securing the future of the charity and confirm that the saKI main principles of the Code are followed by them in leading, direding and managing the charity. Pay policy for senior staff All Truslees give their time freely and no Trustee received remuneration in the year. Details of Trustees, expenses and related party transactions are disc105ed in the noles to the financial statements. The Foundation had on average 3 paid pernianenl staff members based in the UK during the year ended 310ecember 2022 (2021- 3).
Page 5 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Internal Controls The Trustees have overall resF)onsibilty for ensuring that the Foundation has appropriate syslems of internal controls. They are responsible for keeping proper accounting records which disclose wrth reasonable accuracy at any lime the financial position of the Foundation and enable them to ensure that the financial statemenls follow best practice and all applicable law regulation and guidance. The Trustees are also responsible for the Foundation safeguarding its assets and for taking reasonable steps for the prevention and detection of fraud and other irregularities. The system of intemal controls is desKJned to provide Teasonable. but not absolute. assurance against material misstalement or loss. vthether through fraud or error. Risk Management A risk assessment has been undertaken vthich comprises of". An annual review of the risks the Foundation may face.. The establishment of systems and procedures to mits'gate those risks.. and The implementation of procedures designed lo minimise any potential impact on the Foundation should those risks materialise. This continuing wocess will identify risk areas to Nlthich ihe Foundation is vulnerable and highlight any necessary safeguards Ihal will need to be put in place. The Foundalion's major risk is in fespect of the valuations of rts assets, primarily r(s investment properties and share portfolio. The Foundalion mitigates ils exposure to the risk of a decrease in the value of its assels by diversity in the lype and location of its investment properties and by holding a diverse investment portfolio in equities. The Trustees do not feel the Foundation has matenal exposure lo price. Credit, liquidity and cash flow risks. The Trustees have signed fit and proper declarations in line *ryth HMRC guidance. OBJECTIVES AND ACTIVITIES The objects of the Foundation are contained in the Articles and a as follows- The prevention or relief of poverty anywhere in the vr1d. but especially Peru and Papua New Guinea but also including Bolivia, Brazil. Chile and the Philippines. by providing grants. items and services to individuals in need, andlor charities. or other organisations working to prevent or relieve poverty especially those for women and children. The promotion of education of people anywhere in the world bul especially Peru and Papua New Guinea but also including Bolivia. Brazil. Chile and Ihe Philippines. in such ways as the directors think fil. The relief of sickness and the pre5erv8tion of health among people anywhere in the worfd, blrt especially Peru and Papua New Guinea but also including Boltvia, Brazil, Chile and the Philippines.
Page 6 THE OU) DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES (continued} FOR THE YEAR ENDED 31 DECEMBER 2022 OBJECTIVES AND ACTIVITIES (continued) The promotion of such other purposes being exclusively Char[lab according lo the laws of England and Wales as the D1clor$ may from lime lo time determine. The Foundation operates as a grant-making charity, supporting charf(able projects and organisations th grants of varying sizes and durations wrthin the Foundation's objects. The Trustees have putsued a broad strategy of ensuring proper due diligence in the assessment of potential grants and ensuring that grants are made subject to appropriate lerms and conditions. Public Benefit Statement The trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty in Seclion 4 of the Chaflties Act 2011 to have due regard lo it. They consider the information which follows in this annual report. about the trust's aims. activities and achievements in the areas of interest that the trust supports demonstrates the benefit to its beneficiaries and through them to the public. Grant Making Policies The Trustees, grant making policy has been to generalty Consider making donations by way of direct funding and grants to charitable organisalions, recognised as such in their respective jurisdictions. The recipient projects must be seen as exclusively Charitable under English law. The Foundation has pul in place sound processes in resFect of granl making and the subsequent review of the funds committed and can therefore conlinue to properly select appropriate grantees and impose prudent terms on granls, including, as appropriate, monitoring and evalualion of the vY in which funds are applied by grantees. STRATEGIC REPORT ACHIEVEMENT AND PERFORMANCE Charitable Activities Charitable activities during the year totalled £6.299.367 (2021 £10,326.812) and includes grants paid to 32 (2021 - 45) charitable organisations based in Chile, Papua New Guinea, Peru and The Philippines. All grants were paid in line with the policies set oul in seclion 3 of this report. A full list of grants made during the year is shown on note 5. Over the course of 2022, the Old Dart Foundation executive team conlinued lo be comprised of five full-time staff, with the CEO, Foundation Manager and Grants Officer based in the UK office and the Regional Programme Manager and Regional Programme Officer based in Lima. Peru. The Grants Officer completed Level 2 and 3 Safeguarding Training and became the Foundation's Designated Safeguarding Lead, working closely wilh the Safeguarding Trustee. The team operate a hybrid model of working. with access lo shared office space in London and Lima. For the first time since before the pandemic, all four quarlerly board meetings were held in person, ¥th three in London and one in Sydney in September 2022.
Page 7 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 ACHIEVEMENT AND PERFORMANCE {continued} Charitable Activities (continued) In March 2022 the Latin America Annual workshops We held in person having been held remotely in the previous year due lo the pandemic lockdowns. The Foundation Manager and Grants Officer joined the Peru-based team and the VrkShopS were held over 2 days at the offices of one of our partners, GRADE, in ¢enlral Lima. Attended by up to 2 representatives from each of the Latin America partners, these workshops presented an opportunity for organisations lo share experience. learn from each other and connect, alongside specific sessions which explored topics relevant lo all partners such as fundraising and safeguarding as 11 as guest speakers discussing the issues of gender, education and climate in Peru. The field trip gave management the opportunity to visit several new and long-standing grantees as well as hold meetings with prospective partners. It also provided a key opportunity for the team lo work collectively and focus on aligning grant management praclices. review the application and reporting processes and tools, redrafting them to ensure they were ac$$1b1e whilst providing sufficient detail for consideration. The management also worked lo develop and refine the Due tl'ligence process. Vth a new in-house checklist to be completed in the lead up lo proposal presentation_ In June. the management team came together wrth five of the six trustees in London for a strategy retreat which had been long delayed by the pandemic. The retreat was an opportunrty for the Board and management team to discuss the climate crisis and ils disproportionate impact on the populations the Foundation seeks to support. It was unanimously agreed that environmental and climate-focused projects should be included for consideration for future funding, especially where Ihe work intersects wrth the Foundation's existing strategic priorities, including education and gender- based violence. A selection of climate-related concept proposals were later presented at the September and November board meetings. with a view to funding commencing in early 2023. OOF'S spend-down planning remains a strategic priorily for the Irustees and CEO_ Al Ihe 2022 retreat. it was agreed that mana9ement should plan for closure by 2030 and should seek to identrfy external expertise lo support the most dependant partners, such as those within the so-called 'Grassroots Portfolio, in Peru and Chile. wth tailored organisational development support lo help them transrtion away from ODF funding. It was agreed that for some of these 11 partners, the foad to sustainabilily would be more challenging than for others, and the approach should be holistic and go beyond solely fundraising. In November 2022. ANQAS were appoinled as consullants to conduct an initial diagnostic of partners, with road maps and proposals for longer temi support to be presented in mid-2023. Exit grants were agreed for some of our more robust partners, with strong fundraising capabilities and a dNerse fundraising base. In 2022. we signed final three-year grant agreements with Australian Doctors International (ADII and Intemational Care Ministries (ICMI, where there mutual confidence theii work vall continue to thrive. September saw the board and CEO travel to Sydney. Australia to have the opportunity to meet in person with ODF'S founder whose travel plans had been curtailed by Covid restriclions over the last few years. The meetings provided a valuable opportunity to review the spend out planning and slrategic apwoach as well as to connect vh Australia-based partners and advisors. Renewal grants were signed with a number of existing partners. and three new partnerships were established.
Page 8 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 ACHIEVEMENT AND PERFORMANCE (continued) Charitable Activities Icontinuedl In Peru, the Foundation began supporting the Centre for Educalional Transformation at Ihe Universidad Marcelino Champagnat (UMCHI through a three-year partnership where they will work in partnership th the Unidad de Geslion Educativa Local in Cusco to establish the 'Alipasunchis Network,, a project which aims to increase reading comprehension through the implementation of 'Dialogic Literary Gatherings. in 10 schools in Paruro. In Papua New Guinea, Ihe Foundation established a thfee-year partnership with the Royal Botanical Gardens of Kew to lake four antimicrobial plant saps through to clinical trials, with the long-tem goal of reducing the incidence of infected cutaneous ulcers in remote communities. Finaltyi. the Foundation enlered into a four-year partnership with existing partner Innovations for Poverly Action IIPAI to establish an office in Papua New Guinea lo work with governments. NGOS and donors, lo coThJuct rigorous program evaluations across development priority sectors so they can identrfy and scale the mosl cost-effective interventions. Additionally in PNG. in early 2022 the Foundation contracted inHive. an organisation which specialises in the building of nehyorks. to work with Divine Word Universrty to explore what an alumni network for the ODF-funded scholarship programme might look like. The University are now well- placed to take this work foThvard. The Papua New Guinea strategy work in partnership wth Ten Years, Time vthich was paused in March 2020 due lo the pandemic. resumed in earnest in the Spring of2022 and ran over a six month period to the end of the year. Over a series of learning sessions. some held remotely and others in- person. the management, often accompanied by the Chairnan, heard from more than 50 experts who either worked within social justice in PNG. or are leaders in a relevant field. This was an incredibly enriching leaming journey which will inform a new grant making strategy which responds to the realities of the context and centres the voices of Papua New Guinean people and their roht to self-delerminalion. The management team worked towards a field trip to Papua New Guinea in July 2023 to provide an opportunity to continue conversations and begin lo develop proposals and partnerships for consideration later in the 2023, both with individual organisation5 and potentially through a locally-led intemiediary which wll act as a mechanism for ODF funds to reach the most overlooked and underfunded community-based organisations in PNG. with a focus on climate. violence and rural health. Understandlng our Impact As ever, the Foundation 15 committed to organisational leaming and understanding how we can develop our role as a philanthropic actor. By the end of 2022. the Foundation has 36 partnerships across Peru, PNG. Chile and the Philippines. Each of our partner organisations report bi-annually, usually in January and December. In Ihese reports. which include a narrative and a financial element. alongside in some cases Key Perfonnance Indicators, partners are able to share their activities and outcomes, alongside some of the key learnings and challenges they are facing Management reviews these reports and shares summaries and infographics with the Truslees in the board meeting. Throughout the year. the management team work closely wtth partners to provrde support and peer- learning opportunities. The trustees have agreed a number of multi-year commrtments. but all future year payments are contingent on the Tecipient charity satisfying the conditions set out in the grant confirmation letters. As such. the trustees do not recognise future year commrtments. until such time as the temis sel out in the grant confimiation letters have been mel. The contingenl commttmenls at 31 December 2022 are detailed in note 14 and tolalled £11.017,348 (2021 £3,405,635). The accounting treatment in respect of grants is in line wth thal set out in the Charities SORP (FRS 102).
Pa9e 9 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TrUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 ACHIEVEMENT AND PERFORMANCE (continued) Key performance indlulors The key perfomiance indicators are-. granls payable £5,534.903 (2021 £9. 937, 791) and realised and unrealised {losses) and gains on investments (including inve5tmenl properties) of £3,023,776 (2021- £7,202,212). The principal risks and uncertainties to the Foundation reside wthin the valuation of its investments and investment properties. which are subject to external mar*et condrtions. The Trustees mitigate this by holding a diverse range of investments. As a grant-making organisalion, the impact of the Foundation is closely tied to the performance of ils grantees who deliver projects and services. The Foundation has developed its reporting and monitoring systems, including a greater focus on understandin9 the quanlitative and qualitative impact of grantees, work. The Trustees recognised the need for addttional capacity to ensure the effective delivery of the Foundation's objectives and activities and during 2018, a new full-time Grants Officer was appointed. based in London. In addition, the Trustees made use of exlefnal consulting and expertise lo help refine the Foundation's strategic approach and develop r(s granl-making portfolio and principles. In September 2019. the Trustees held the second Sirategy Retreat to refine the strategic focus of the Foundation's work. Key areas of discussion included planning for and supporting Ihe Foundation's growth and maturity as well as a review of a strategic mapping project conducted in Peru with an external consultancy. The Trustees were interested in a number of wtential funding opportunrties which the project had highlighted.. these were projects taking a systems-level approach to poverty reduction and social change in education and gender-based violence. It was agreed that the Foundation would conlinue lo explore these, and other, new funding opportunities. Investment Assets To achieve the objectives set out in Section 3. on page 5 of this reF)Ort, and to reduce the level of risk, the trustees believe that the Foundation's a55et base shouhl be diversified. It is too early to comment on the performance of the underlying investment assets bul the trustees are content Ihat the current asset allocation summarised below. offers risk adversrty and a reliable 'lolal return,. Diversified investment portfolios with two investments managers - Rothschild Bank {Cll Limrted and Ruffer LLP. At 31 December 2022, the total value of the portfolios was £17,865,983 (2021- £16.004.648). The investment sub-committee meet with represenlattves from each investment manager at least Iwice a year. to discuss performance, asset allocation and wider economic issues. Two 100/0 owned property Companies, FraseNiew Investment Limited ("FIL") and Fraserview Investmenl {Camley Street) Limited {"FICSL"I, both incorporated in England and Wales. Results. and Ihe assets and liabiifiies of these Iwo companies are consolidated into these financial stalemenls, inclusive of £63,410,000 (2021 £67, 780,000) of investment properties. The Foundation's investment in thosetwo subsidiaries are rrEasured at their net assets value al the year-end of £46,012.708 (2021- £50.036.635)- In the year to 31 December 2020. the Tfustees reviewed Ihe likelihood of receiving full repayment of a debenture. previously included in other investments. and its related accretion income, which had been accrued since ownership of the debenture was passed lo the Foundation, included within accrued income. The Trustees concluded that rt was unlikely that the debenture will be repaid and therefore look the decision to impair the investment of £5,044,302 and income accrued of £588,385. There has been no changes in the oullook of this debenture during the current year.
Page 10 THE OLD DART FOUNDATION ANNUAL REPORT OF THE TRUSTEES {¢ontinuedl FOR THE YEAR ENDED 31 DECÉMBER 2022 FINANCIAL REVIEW Incoming Resour¢es & Resour¢es Expended Income for the group in the year totalled £3,323,159 (2021 £3. 541, 184), including property rental income, investment income and interest from cash deposits (refer to notes 3 and 10). Investment income is reflected gross of tax credits. Investment management Costs are separately accounted for under resources expended and more specifically under cost5 of generating funds. When the fee5 are directly deducted from an inve5tmenl fund value, Ihese are separately detailed in note 4. No public fundraising activities are carrie(J oul by the Foundation_ Resewves Poll¢y The Trustees have examined the Found*ion's requirement for resources in light of the main risks to the Foundation and have no oulstanding commrtments or cash demands which are not adequately covered by existing resources. The net assets of the Foundation are regarded as unrestricted and the funds at 31 December 2022 will be retained to make grants in accordance with the Foundation's charitable objects and any policS. The Trustees consider that the freely expendable funds are appropriate and adequate laking into account plans for grants to be awarded in future and have at present therefore not designated any specrfic reserves. However. the Trustees will keep this under constant review. In future years a specrfic reserves policy may be required. PLANS FOR THE FUTURE As we look forward to 2023, the priorities for the Foundation will be around the inclusion of climate and environmental work within our portfolio. deepening our understanding of this complex reality, how il interacts wilh the work of our current partners and where we can partner with new organisations to contribute to the fKJht against Climate change. The Foundation made some of our first grants in this space in March 2023. and the Trustees travelled to Peru to meet some of Ihe partners in person. In Papua New Guinea, the Foundation is excited lo lake forward the learning from the work with Ten Years. Time and the vision and commitment to sem-determination in our grant making. The visit lo PNG in July 2023 was a critical moment to put all that we have learnt into action, as well as an opportunity lo meet with our existing partners - many of whom became partners of the Foundation during the pandemic period, where we were unable to meet or visrt projects in-person. The fact that we are rapKlly approaching 2030 and the closure of the Foundation underpins all of our work and there are increasingly difficult decisions lo be made, as well as exciting opportunities lo consider the legacy of the Foundation in our focus geographS. We will continue lo invest in our learning, and lo learn from other 'sunset' Foundations may be able to provide guidance and advice. The work with ANQAS and our grassroots partners in Peru and Chile will be ntral lo this and a great learning opportunity, alongside conversations with all existing and potential new partners around the evolution of our partnership over the Coming years. The Trustees do not propose to deviate from the currenl objectives and actNities of the Foundation, as detailed in section 3 of this report on page S. The Trustees have forecasted their charitable activity and have pul in place plans to continue in the manner set out in section 3 for a period of 8-10 years. Over time the Trustees will further develop and refine their strategies. policies and procedures.
Page11 'THE OLD DART FOUNDATION ANNUAL REPORT OF ThE TRUSTEES Icontinued) FOR THE YEAR ENDED 31 DECEMBER 2022 AUDITOR Disclosure of infonnation to the auditors We, the Trustees of the charitable company who held Off al Ihe dale of approval of these Financial statements as set out above each confim. so far as we are aware, that: there is no relevant audit information of thich the charitable company s auditor is unaware.. and we have taken all the steps thal we ought to have taken as Trustees in order to make ourselves aware of any relevant audrt infomation and to establish that the charitable company's audrtor is aware of that infomiation. Approval In approving the Annual Report of the Truslees. Y also approve the Strategic Report included therein. in our capacty as company directors. It will be proposed al the nexl trustees. meeting that RavAinson & Hunter Audit LLP be re-appoinled as audrtor to the Foundation for the ensuing year. Approved by the Trustees and signed on their behalf by- Charles Lutyens Director Date Z7 /G9J2023
Page 12 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE OLD DART FOUNDATION Opinion We have audited the financial statements of The Old Dart Foundation ('Ihe charitable company") and its subsidiaries Ilhe group") for the year ended 31 December 2022 which comprise the Consolidated Statement of Financial Activities (including the Income and Expenditure Account). the Con501idated Balance Sheet, the Company Balance Sheet. the Consolidated Cash Flow Statement and notes lo the financial statements, including a summary of signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Atcournting Standards, including Financial Reporting Standard 102 The Financial Reporting Siandard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practi). In our opinion the financial stalements.. give a true and fair view of the state of the group's and the ¢harilable company's affairs as at 31 Dember 2022, and of the group's incoming resources and application of resources. including its income and expenditure. for the year then ended: have been properfy prepared in accordance with United Kingdom Generally ACpIed Accounting Practi,. and have been prepared in accordance wth the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Audtling {UKI (ISAS (UK)) and applicable law. Our responsibilrties under those standards are further described in the Auditor's responsibilities for the audrt of the financial stalements section of our report. We are independent of the group and the charitable company in accordance with the ethical requirements that are relevant lo our audrt of the financial statements in the UK. including the FRC'S Elhical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropfiate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriale. Based on the work we have performed, we have not idenlified any material uncertainties relating to events or conditions that, individually or collectrwely. may cast SignifinI doubt on the gfOUP'S and the charitable company's ability lo conts.nue as a going concem for a period of at least hvelve months from when the financial statements are aulhonsed for issue. Our responsibilrties and the responsibilities of the Trustees with resFe¢t to going concern are described in the relevant sections of this report.
Page 13 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE OLD DART FOUNDATION {continued Other Infomiation The Trustees are responsible for the other information. The other infomation comprises the infomiation included in the Annual Report of the Trustees {including the Slralegic Report) and Consolidated Financial Slalements, other than the Consolidated Financial Statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other infomiation and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibilty is to read the other information and, in doing so, consider whether the other information is materially inconsislenl vthh the financial statements or our knowledge obtained in the course of the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements themselves. If. based on the work we have performed. we Conclude that there is a material misstatement of Ihis other information, we are requifed lo report thal fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies A¢1 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Annual Report of the Trustees (including the Stralegic Report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent in all material aspects V•ryth the Financial Stalemenls; and the Annual Report of the Trustees (including the Strategic Report) have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the group and charitable company and its environment obtained in the course of the audit. V have nol identified material misslalements in the Annu81 Report of the Trustees (including Ihe Strategic ReF)Ort)- We have nothing to report in respecl of the following matters in latiOn to vthich the Companies Act 20C6 requires us to ieport to you if. in our opinion.. sufficient accounting records have not been kept by the Charrtab company. or returns adequate for our audit have not been received from branches not visited by us,. or the charrtable company's financial statements are not in agreement wtlh the accounting records- or certain disclosures of directors, remuneration specifi.ed by law are not made.. or we have not received all the information and explanations we require for our audit.
Page 14 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE OLD DART FOUNDATION (Continued) Responsibilities of Trustees As explained more fully in the Trustees, Responsith'lities Staternent set out on pages 3 and 4, Ihe Trustees (who are also the Directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the Trustees delermine is necessary to enable the preparation of financial slatements thal are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the group's and the charitable company's ability lo continue as a going concern, disclosing, as applicable. matters related to going concein and using the going conrn basis of accounting unless the Trustees either intend to liquidate the group or the charitable company or to cease operations, or have no realislic alternats've but to do so. Audilor's responsibilities lor tho audit of the financial statements Our objectives are to obtain ieasonable assuran about whether the financial statements as a whole are free from material misstatemenl. vthether due to fraud or error. and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will aNvays detect a material misstatement when il exists. Misstatements can arise from fraud or eTror and are considered material rf. indivtdually or in the aggregale. they could reasonably be expected to influen¢e Ihe econombc decisM)ns of users tsken on the basis of Ihese financial statements. Irregularities, including fraud. are instances of non-compliance bwth laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements iri respect of irregularities, includin9 fraud. The extent to vthich our prOdureS are Capable of detecting irregularities, including fraud, is detailed below. Our assessment of the susceptibilty of Ihe group's and the charitable company's financial statements to material misslalement, including how fraud might o¢¢ur, is considered to be low. This conclusion was reached after the considerats'on of the followng= due to the relalNely simple business model and low number of transactions wrthin the group and the charilable company there are comparatively few unexpected fluctuations in the reported results and balan$ and any such unexpected items would be specifically enquired into by us.. and there are a number of individuals which comprise "management" and therefore there is no single individual who is likely to be able to override controls to effect a fraud. We designed our audr( procedures to respond lo identrfied audit risks. including non-compliance with laws and regulations lirregularitiesl that are material to the financial statements. Some of the specifi¢ procedures performed to detect irregularities. including fraud. are detailed below.. discussions with the management involved in the risk and compliance functions including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.. the review of the control accounts and journal entries for large. unusual or unauthorised enlries.,
Page15 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE OLD DART FOUNDATION (contlnuedl Audilor's responsibilities foi the audit of the financial $latements (continued) the analytical review of the detailed Statement of Financial Activities for variances that are either unexpected or fell nol to be in accordance with our understanding of the charitable company during the year- obtaining and reviewing for completeness a list of entitses and persons considered to be related parties (as defined by Financial Reporting Standard 102) and reviewing the ledgers of the charitable company for previously unreported related paty tfansaclions.. review of transactions and journals for any indication of fraud or management override.. review of Trustees. meeting minutes for unrecorded transa¢lions- challenging assumptions made by management and Trustees in arriving at accounting estimates and judgements, in particular in relation lo assets recognrtion." and design audit procedures to incorporate unpredictability around the nature. timing or exlent ol our tesling. Because of the inherent limitations of an audit. Ihere is a risk Ihat we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance wtlh regulation. This risk increase5 the mole that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as V*e will be less likely to become aware of instances of non4ompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional Concealment. forgery. collusion, omission or misrepresentation. A further description of our responsibilrties for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.org.uklaudrtorsresponsibililies. This description foms part of our audito¢s report. Use of our report This report is made solety to the Charitable company's members, as a body, in accordan wlh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to stale to Ihem in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company. the charilable company's members as a body, for our audit work, for this report. or for the opinions y have fom)ed. Yueling Wei {Senior Slatutory Auditor) For and on behalf of Rawlinson & Hunter Audlt LLP Slalutory Auditor Chartered Accountants Eighth Floor 6 New Street Squa New Fetter Lane London EC4A 3AQ Date
Pa9e 16 THE OLD DART FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted Funds 2022 Unrestricted Funds 2021 Note Income from: other trading activrties Investments 3.248,647 74,512 3,493,128 48,056 Total Income 3,323,159 3,541,184 Expendlture on: Raising funds- other trading actNits'es Raising funds- investments Charitable activrties 1,502.577 49,494 6,299,367 1.245.280 62,499 10.326,812 Total Expenditure 7.851,438 11.634,591 Net Expenditure before Gains on Investments (4,528.279) 18.093,4071 Net {loss)Igain on revaluab.on of investment properties Net gain on disposal of investment properties Nel gain on investments- realised & unrealised (1.670.000) 2.890,000 1.803,776 4.680,000 311,000 2.211,212 10 Net Loss (1.504.503) (891,1951 Other Recognised Losses: Realised gain on foreign currency transactions Unrealised gainl{loss) on foreign currency Iransactions 39,860 {63,0481 234,047 Net Movement in Funds (1.270.456) 1914,3831 Reconciliation of Funds: Total funds brought forward 66.535,295 67,449,678 Total Fund$ Carrled Forward £65.264,839 £66,535,295 All income and expenditure derive from continuing acliwties. The Statement of Financial Activities includes all gains and losses recognised during the year. The notes on pages 20 to 37 form p8rt of these financial ststements.
Page 17 THE OLD DART FOUNDATION {Registered Charlty No. 11 $3568 and Company No. 085653761 CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2022 Note 31 December 2022 31 December 2021 Fixed Assets Investment properties Investments and cash under management 63,410,000 67,780.000 io 17.865,983 16.004.648 81,275.983 83.748.648 Current Assets Debtors Cash at bank and in hand 1.210.571 4.101.953 1,337,739 6.324,984 Total current assets 5.312.524 7,662.723 Creditors - amounts falling due within one year 12 (1.734.487) (4,122,895) Nel Current Assets 3,578,037 3.539.828 Total Assets less Current Liabilities 84,854,020 87.324,476 Creditors- amounts falling due after more than one year 13 (19,589.181) (20,789,181) Nel Assets £65,264,839 £66,535,295 Unrestricted Funds £65.264.839 £66,535,295 The financial statements Vre approved and authorised for issue by the Trustees and were signed on their behalf by.. Charles Lutyens Director Jv] Date ?Trlol1?023 The notes on pages 20 to 37 fom) part of these financial statements.
Page 18 THE OLD DART FOUNDAnoN (Registered Charlty No. 1153568 and Company No. 08565375} COMPANY BALANCE SHEET AT 31 DECEMBER 2022 Note 31 December 2022 31 December 2021 Fixed Assets Investments and cash undei management 10 63,878,588 66,041.187 Current Assets Debtors Cash at bank 11 577 3.156.411 1.664.633 Total Cuent assels 1.664.633 3,156,988 Creditors - amounts falling due within one year 12 {246.110) (2.640,602) Net Current Assets 1.418,523 516,386 Total assets less liabilities current 65,297,111 66.557.573 Net Assets £65,297,111 £66.557.573 Unrestricted Funds £65.297,111 £66,557,573 The financial slatemenls were approved and authorised for issue by the Tiustees and were signed on their behalf by.. Charles Lutyens Director eAM Date 271D*1tr23 The notes on pages 20 to 37 fomi part of these financial S&eMentS.
Page 19 THE OLD DART FOUNDAMON CONSOUDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Note Cash Flow from Operatlng Actlvities 17 {5.864.851) (5,136,773) Cash Flow from Investing Activities Payments to acquire investments Receipts from sale of investment property Receipts from sales of investments Receipts from investment income 10 {15.090, 104) (15,827,701 } 5,590,000 2,211,000 16,132,322 22,136,219 74,512 48.056 Net Cash Flow from Investing Activities 6.706.730 8.567.574 Cash Flow from Financing Actlvlties Repayment of long term loans Interest paid (1.200,000) 1765, 130) (965,217) 1512,680) Net Cash Flow from Financing Activities (1,965,130) (1,477.897) Net Id•¢reaseVincrease in Cash and Cash Equivalents (1.123.251) 1,952.904 Cash and Cash Equivalents at 1 January 2022 6,469.257 4,516,353 Cash and Cash Equivalents at 31 December 2022 17 £5,346.006 £6,469,257 Cash and Cash Equivalents Consists of: Cash at bank and in harKI Short term deposits 4.101.953 1.244.053 6,324.984 144,273 Cash and Cash Eqvivalents at 31 Oecember 2022 £5,346,006 £6,469.257 The notes on pages 20 10 37 forn part of these financial slatemenls.
Page 20 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General Infofmation and Basis of Preparation The Foundation 15 a company limited by guarantee. The members of the Foundation are the trustees. In the event of the Foundation being wound up, the liability in respect of the guarantee is limited to £1 per member of the Foundation. The address of the registered office is grven in the Foundalion information on page 1 of these financial statements. The nature of the Foundalion's operations and principal activities are stated on pages 5-6. The financial statements have been pPared in accordance wf(h Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to Charrlies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) I"Charrties SORP FRS 102") issued in October 2019. the Financial Reporting Slandard applicable in the United Kingdom and RepublTrc of Ireland (FRS 102), the Charities Act 2011 and where applicable, the Charities Act 2022. Ihe Companies Act 2006 and UK Generally Accepted Accounting Practice. The Foundation constitutes a public benefrt entity as defined by FRS 102. The financial statements are prepared on a going concem basis under the historical cost convention, modified to include certain items al fair value_ The financial statements are prepared in sterling which is the functional currency of the charty- A summary of the commercial trading operalions of the subsmliary undertakings 15 shown in note 2. The results of the subsKliaries are consolidated on a line by line basis. No separate Statement of Financial A¢tivities ('SoFA") has been presented for the Foundation alone as permitted by Section 408 of the Companies Act 2006. Net loss of the Foundation for the year was £1.260,462 (2021- Net loss of £924,377)- The significant accounting policies applied in the preparation of these financial slalemenls are set out below. These policies have been Consistent applied lo all years presented unless othewse stated. Status of Funds The entire resources of the funds are unrestricted and the Trustees have complete discretion for their use in pursuance of rts objectives. Income recognition Income is recognised once the FoUndatn has ents"tlernenl lo the funds and it is probable that Ihe funds wll be received within the Foundation or on behalf of the Foundation and the monetsry value of the income can be measured with sufficienl reliability. Donations received for the general purposes of the Foundation are credited to unreslricled funds. Donations for purposes $tricted by the wishes of the donor are taken to restricled funds. Investment income of the Foundation is derived from dNidend and interest receivable from investments and debentures and are accounted for in the year in which the Foundation is enlilled to receipt. Interest from deposit accounts are accounled for an accruals basis.
Page 21 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES (continued) Income recognition (continued) Income from trading activilies includes rental income eamed from inveslmenl properties by the subsidiary undertakings to raise fvnds for the Foundation. All income is included in the SOFA vthen the Foundalion is entilled to the income and the amount can be quanlffied with reasonable accuracy. Expenditure recognition All expenditure is accounted for on an accruals basis and is recognised when there is a legal or construclive obligation to make payments to third parties. rt is probable that the settlement will be required and the amount of Ihe obl*3alion can be measured ieliably. It is categorised under the following headings.. The cost of raising funds from other trading activities - consists of interest payable and Costs incurred in respect of the properties held by the subsidiary undertakings. The cost of raising funds from investments- consists of investment management and custodian fees. Charitable activrties- comprise of grants and donatn$ made during the year and are expended through the SOFA when the offer is conveyed to the recipient and there is a reasonable expectation that the recipient receive the grants. Where grants are conditional relating to performance then Ihe grant is only accrued when any unfulfilled conditions are outside of the Control of the charity. The Trustees have made the decision not lo discount grants committed for future years. Support costs allocalion Support costs are those that assist the work of the Foundation but do not directly represent charitable activities and include office costs. governan costs. and administrative payroll Costs. They are incurred directly in support of expendrture on the objects of the Foundation and include project management carried out al headquarters. Where support costs cannot be directly attributed lo particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Fixed Asset Investments Investments in quoted securities held by the Foundation are recognised at closing mid-market value at the balance sheel date. Subsequenlly, they are measured at fair value with changes recognised in 'Net (loss) I gain on inveslmenls, in Ihe SOFA if Ihe shares are publicly traded or their fair value can olherwise be measured reliabty. Olher investments are measured at cost less impairmenl. Cash held for investment is included wrthin the Fixed Assets Investments. The Foundalion's investments in subsidiary undertakings are stated at their nel asset values at the year end.
Page 22 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES {continued) Investment Properties Investmenl properties are held by the subsidiary companies for long-lerm investment. Investment properties are measured at fair value at each reporting date wth changes in fair value recognised in 'Nel Ilossllgain on revaluation of investment propertie5' in the SOFA. Debtors and Creditors receivable I payable within one year Debtors and creditors receivable or payable within one year are measured at transaction pnce, less any impairment, and are measured subsequently at amortised cost using the effective interest method. Any losses arising from impainnent are recognised in expenditure. Loans and borrowings Loans and borrowings are initially recognised at the transaction pri including transaction costs. Subsequently, they are measured at amortised cost using the effective inlerest rate method. less impairment. If an arrangement constitutes a finance transaction it is measured at present value. Provisions Provisions are recognised when the Foundation has an obligation at the balance sheet date as result of a past event. il 15 probable that an oufflow of economic beneffts will be required in settlement and the amount can be reliably eslimaled. Foreign Curren¢ies Assets and liabilities denominated in foreign currencies are translated al the rale of exchange ruling at the Balance Sheet date. Transactions denominated in foreign currencies are converted al the rate of exchange ruling at the date of the transaction. All translation drfferences are taken to the SOFA as they artse. Financial instruments The Foundation enters into financial instrument transactions that resutt in the recognition ol financial assets and liabilities like trade and other debtors and credf(ors. Debt instruments Ihat are payable or receivable bwthin one year. typically trade deblors or creditors, are measured, initially and subsequentty. at the undiscounted amounl of the cash or other consideration. expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction. like the payment of a trade debt deferred beyond normal business lems or financed at a rate of interest that is not a market rate, the fi'nancial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently measured al amortised cost using the effedive interest rate method.
Page 23 THE OLD DART FOUNDAnoN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES (continued) Taxation The Foundation is not subject to any taxes on tts chartlabk activities. Irrecoverable VAT is charged against the category of resour$ expended for which it was incurred. Going concern Whilst the Trustees are committed to spending down the resources of the Foundation. cash flow forecasting exercises anticipale this is planned to happen in 2029. It is therefore considered that preparation of financial statements on a going concern basis is appropriate as the Foundation will continue to operate for the foreseeable future. The ongoing Ukraine conflict and its resulting increased energy costs and other costs of living have created operational and financial pressures for many organisalions. The Trustees have considered the contingency plans in place, the level of funds held. the expecled level of income and expenditure and cash flow forecasts for 12 months from authorising these financial slatemenls and believe that no material uncertainties exist. The Trustees consider the adoption of the goiThJ concern basis in preparing these finanual statements is appropriate. Judgements and key sources of estimation uncertainty The following judgements and key areas of estimation uncertainty have been made in the process of applying the above accounting policies have had Ihe most significant effect on amounts recognised in the financial slalements- al Valualion of debenture assets previously included within investmenls and cash undef management was reviewed by the Trustees in 2020 bwth assumptions made in respect of the reliable measurement. probability of recoverability and the timing of eventual receipl. Following this review, the Trustees considered and continue to consider il reasonable to provide full impairment to both the caprtal and accretion in these Financial Slatements. b) Investment property valuation5 are performed by propety agents regi8lered with RICS as al 31 December on an open market value for existing use basis. The valualion is inherently subjective with an underlying uncertainty as to whal price would be achieved were the properties made available for sale.
Page 24 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 OTHER TRADING ACTIVITIES The Foundation owns 100% of the equity shareholding in Iwo propety investment companies, Fraserview Investment Limited I"FIL'). company number 09837614 and Fraserview Investment (Camley Street} Limited {"FICSL"), company number 09837747. both registered in England and Wales. They own a portfolio of commercial properlies in the Unrted Kingdom for rental income and capital appreciation. A summary of the Irading results of the two subsidiaries for the year ended 31 December 2022 is shown below (after consolidation adjuslmentsl. The financial statements of FIL and FICSL are audited and prepared in accordance with applicable UK Accounting Standards and are consolidated for the year ended 31 Dernber 2022. 2022 2021 Profit and Loss Account for FIL and FICSL Tumover Interest receivable 3,247,863 784 3,493.101 27 Total income 3.248.647 3,493.128 Cost of sales Administration expenses Interest payable (413.517) (323.930) (765.130) (528.747) (203.853) (512.680) Total expenses (1,502,577) 11,245,280) Unrealised Iloss)Igain on revalualion of investment properties (note 9} Realised gain on disposal of investmenl properties (nole 9) (1,670,000) 4.680,000 2,890,000 311.0¢)0 Nel profit Amount donated to the Foundation 2.966,070 (7,000.000) 7,238.848 {4,000,000) Relained Iloss)Iprofrt in subsidiaries £(4,033,930) £3,238,848 Being.. Retained {loss)Iprofrt for the year in FIL Retained Iloss)Iprofit for the year in FICSL (2,817,901} (1.216.029) 2,751,204 487,644 £(4,033,9301 £3,238,848
Page 25 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 OTHER TRADING ACTIVITIES (Continued) The assets and liabilities of FIL and FICSL were: 31 December 31 December 2022 2021 Fixed assets Current assets Creditors due thin 1 year Creditors due more than 1 year 63,410.100 67,780,100 4,752.921 5,261,875 (2,561,132) (2.216.156) (19.589,181) (20.789,181) Nel assets £46.012,708 £50,036,638 Being-. Nel assets of FIL Net assets of FICSL 30.030,784 15,981.924 32.818.178 17.218,460 £46.012.708 £50.036,638 INCOME FROM INVESTMENTS 2022 2021 Investment assets within the United Kingdom: Quoted dividends - UK equrties Interest- UK fixed interest securities and deposrt interest 19,189 33,486 20,996 171 Investment assets outside the United Kingdom". Dividends - Overseas equities 21,837 26,889 £74,512 £48.056
Page 26 THE OLD DART FOUNDATION NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 RAISING FUNDS - INVESTMENTS 2022 2021 Inveslment Managerrnt fees Bank charges 47.192 2.302 60,976 1,523 49.494 £62,499 Investment managernent costs are costs of managing the investment portfolio and payable to the inveslment managers. The investmerst management fees do not include Ruffer LLP management charges for the Ruffer SICAV Total Return Fund which amounted to £140.464 (2021 - £134.539) a5 they have been deducted directly from the fund value. CHARITABLE ACTIVITES Allocation of grants payable and support costs Grants payable Support Costs 2022 2022 Total 2022 Relief of poverty Promotion of education Relief of sickness Otheis 3,199.493 947.497 994,319 393.594 441.921 130,870 137.338 54,335 3,641,414 1,078,367 1,131,657 447,929 £5,534.903 £754,493 £6.299,367 Allocation of grants payable and support costs Grants payable Support costs 2021 2021 Total 2021 Relief of poverty Promotion of education Relief of sicknes5 Others 2.754.313 4.083.189 2,207.008 887.281 109.548 162,402 87.781 35.290 2,863,861 4,245,591 2.294,789 922,571 £9.931,791 £395.021 £10,326,812
Page 27 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 CHARITABLE ACTIVITES (continued) 2022 2021 Analysis of grants payable Relief of poverty City Mission PNG Ltd- Project grant Inlernalional Care Ministnes Innovations for Poverty Adion Future of Fish - Multiplier University of Oxford La Voz Amiga 1.244,550 958,482 365,237 337.150 238.010 56.064 941.640 1.150,748 332,079 290,592 39,254 3.199,493 2.754,313 Prornotion of education Practical Adion Asociacion de Educacion Integral Universidad Marcelino Champa Asociacion FLrtbol Oiocesus De Chulucanas Kallpa Innovations for Poverty Action Corporacion de Ayuda al nino l)esnut (CANDES) Cetrpo Bentania Asociacion Casa de la Mujer Catalina Diwai Pacific Marian Community Reconciliation- Las Fraternas Huarez IPA GRADE St Bernadette's Futbol Mas Amantani Catalina MacAuley Centro Betania YoLrth Chimbote Children's Project 242,896 194,972 126,633 115,196 80,995 79,805 75,942 24,409 4,803 1.846 554,049 100,325 47,218 113,911 24,869 1,231,312 653,472 438,174 362,046 180,732 164,827 115,262 44,835 31,131 21,026 947,497 4.083,189
Page 28 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 CHARITABLE ACTIVITES (continued) 2022 2021 Analysis of grants payable (continued) Relief of sickness GRADE Fondazione Lalbero Della vr(a Onlu Australian Doctors International Heallh Education Casa De La Mujer The Leprosy Mission Royal Bolanic Gardens Kew Asociacion Cruz Blanca PNG Society Si Oa Vida Chimbote Children FADV Catalina MacAuley Samusocial Centro de Formacion Capacf(acion Cetro Bentania 464,024 152,570 100,339 92.102 50,428 48,933 36.045 32,084 17.794 296,896 302,704 519,511 49,080 100,399 161,077 242,032 174,519 146,374 73,248 59,643 9,473 72,052 £994.319 £2,207,008 Others Santa Bernadetta PMC Wayka Solid- Desarrollo Integral Estudio Grau Others Inhive Global Fund for WorrEn Behavioural Insights Assoication Lalinoamericana de Desar Chimbote 184,296 106.677 40.925 36.982 9.457 11.257 4,000 31,092 70,651 15,933 3,705 594,000 117,870 30.514 23,516 £393.594 887,281 Total grants payable £5,534,903 £9,931,791
Page 29 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 CHARITABLE ACTIVITES {continued) 2022 2021 Analysis of support costs Governance costs (Nole 6) Grant consullancy and other support costs Staff costs (Note 7) Trustee5 travel and other expenses to grant projects 123.977 253.084 186.944 200.459 97,662 124,367 164,589 8,403 £764.464 £395,021 Total Charitable Activities £6,299.367 £10,326.812 GOVERNANCE COSTS 2022 2021 Audit fees Accountancy Legal Fees Insurance 14.520 98.128 4.355 6.974 13,800 76,026 7.836 £123.977 £97,662 STAFF COSTS 2022 2021 Sala$ National Insurance Pension contributions 153.614 19.200 14.130 135,640 16,079 12,870 £186.944 £164,589 The key management personnel of the Foundation, comprise the Trustees who are also directors of the charitable company and who received no remuneration and the CEO who reeeives a salary from the Foundation. The Foundation had 5 paid employees on average for the year (2021- 5). One employee reeeived total employee benefits of betfften £70.000 and £80,OCN) (2021- one between £70.000 and £80.()). 2 of the 5 employees are based overseas and are not Included within the UK payroll costs outlined above. Rather the costs of these 2 employees are induded within grant consultancy and other support costs above and totsl £119,491 12021 £85.2081. The Foundation coftlributes lo the defined contribution personal pension plan of the employees and contributions are charged in the Statement of Financial Activities as they become payable. The charge for the year was £14,130 (2021- £12,870). There V•Ere £1,178 pension amounts owing 3131 December 20221202 1- £2.2221.
Page 30 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 NET MOVEMENT IN FUNDS 2022 2021 This is Stated after charging.. ALtditor's remuneration audit Auditor's remuneration - other services £14.520 £98.128 £13,800 £76,026 The decrease in funds of £1.270.456 (2021 £914.383) in the year arose" due to net outgoing resources of £4,528,279 (2021 £8.093.407). realised gains on investments of £23,787 (2021 gains of £426.601J. unrealised gains on revalualion of inveslments of £1,779,989 12021 £1, 784. 611), net gains on foreign exchange of £234.047 (2021- losses of £23, 188). unrealised loss on revaluation of inveslment properties of £1,670.000 (2021- gains of £4, 680. 000) and realised gains on disposal of investrnent properties of £2.890,000 (2021- £311,000). INVESTMENT PROPERTIES Group Long Term Leasehold Investment Properties 31 December 31 December 2022 2021 Valuation As at 1 January 2022 FIL FICSL 45.630,000 22.150.000 44.350.000 20.650,000 67.780,000 {2.700,0001 (1.670,0001 65.000,000 11.900,000) 4.680.000 Disposals IDeficit}Isurplus on valUation As at 31 December 2022 63.410.000 67,780.000 Being". FIL FICSL 43,040,000 20,370,000 45,630,000 22.150,000 As at 31 December 2022 63.410,000 67,780,000 With the exception of one property in FIL which was based on the directors, estimate, Ihe 2022 valuations were made by Jones Lang Lasalle Limited, property agents fegistered with RICS. as al 10 January 2023. on an open market value for existing use basis. The direclors of FIL and FICSL consider Ihal the valuations were a fair reflection of Ihe investment properties as at 31 December 2022. The historic cost of the investment propertEs is £37, 850.000 (2021- £42. 750.000)
Page 31 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 INVESTMENT PROPERTIES {continued) During the year, FIL sold tsvo investment prOpertS for a total amount of £S.590.000 resulting in a profrt of £2,890,000 which is included in the Consolidated Slatement of Financial Activities. deferred tax liability of £2.074,000 (2021 £3.021.000) in respect of the investmenl property revaluation surplus has not been recognised as it is considered probable Ihat a gift aid payment would be made by the subsidiary undertakings which would set against the profrt for tax purposes, hence it is not considered probable that the deferred tax liabilty will cryslallise. The charitable company does not have any investment properties in erther pOrtiftg period.
Page 32 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 10. INVESTMENTS AND CASH UNDER MANAGEMENT Group Company 31 December 31 December 31 December 31 December 2022 2021 2022 2021 Total Investments £17.865.983 £16,004.648 £63.878,588 £66,041,187 Unrealised gainl(loss) on investments.. 1.779.989 1,784,611 (2,243,941) 5,013.465 Realised gain on investments.. 23.787 426.604 23,787 426.601 Net gairnl(lossl on investments £1.803,766 £2.211.212 £(2.220,154) £5.440,066 1 January 2022 Disposal$l Impairments Unrealised 31 December gainl{loss} 2022 Group Addltions Other investments Quoted securilies Cash held by custodians 100 15,860,275 144,273 15.090,104 1.099.780 (16.108,538) 1.779.989 16.621.830 1,244,053 £16,004.648 £16.189.884 £(16,108.538) £1.779,989 £17,865,983 1 January 2022 Disposalsl Impairnients Unrealised 31 Oecember gainl{lossl 2022 Company Additions Investment in subsidiaries (Note 2) Quoted securrties Cash held by custodians 50.036,635 (4,023,930) 46,012,705 15,860,279 144.273 15,090,104 1,099.780 (16J08.5421 1,779,989 16,621,830 1.244,053 £66.041.187 £16.189.884 £(16.132.342} £(2.243,941) £63,878.588
Page 33 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 10. INVESTMENTS AND CASH UNDER MANAGEMENT {¢ontinuedl In 2020. the Trustees reviewed the likelihood of receiving full repayment of a debenlure. previously included in other irbvestmenls. and its related accretion income, which had been accfued since ownership of the debenture was passed lo the Foundation, included within accrued income. Following Ihis review, the Trustees telieved it unlikely that the debenture would be repaid and therefore made a full provision against the debenture asset and its related accretion income in 2020. The Trustees contsnue to hold this view. DEBTORS Group Company 31 De¢ember 31 December 31 December 31 December 2022 2021 2022 2021 Trade debtors Other debtors Prepayments and a¢¢rued income 27.129 1,085,166 98.276 73.371 1,179.892 84.476 577 £1.210.571 £1.337.739 £577
Page 34 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 12. CREDITORS - amounts falling due within one year Group Company 31 De¢ember 31 December 311)ecember 31 December 2022 2021 2022 2021 Trade creditors Other taxes and social securtty Other creditors Accruals and deferred income Accruals for grants payable 25.333 162,186 1,111,287 319,816 115,865 65,894 144.395 546.525 773,818 2.592,263 9,825 9,977 110,443 115,865 3,599 44,740 2.592,263 £1,734,487 £4.122.895 £246,110 £2,640,602 13. CREOITORS - amounts falling due after more than one year Group Company 31 December 31 December 31 December 31 December 2022 2021 2022 2021 Bank loans Other Creditors 19.584,783 4.398 20.784,783 4.398 £19,589,181 £20.789.181 The bilateral loan facility wtth Rothschild is for a term of S years to 14 December 2025, with interest payable at the rate of 2.3°/o above SONIA. Repaymenl of the loan facility is nol due until 14 December 2025. Mandatory prepaymenls are required on the occurrence of certain events, such as the company receiving cash from selling any propety and other proceeds. During the current year, £1.200.000 was repaid as a resull of property sales occurring {2021- £965,217)- This facilty, incluiying accrued interest, is secured by a registered first mortgage over FIL'S and FICSL'S investment Pfoperties an(J a fixed and floating charges_
Page 35 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 14. GRANT COMMITMENTS As menlioned in the Trustees Report. a number of charitable pledges have not been provided in these financial statements as they are subject to a number of conditions &ch are required to be mel before further payments may be released. At 31 December 2022, Ihe loial of these contingent liabilities was £11,017,348 (2027 - £3.405.635) as set out Ilow, Group and Company 31 December 31 December 2022 2021 Royal Botanic Gardens - Kew Fondazione L'alebero Della Vita Kallpa Fulbol Mas - Playing Safely Chimbote Women's House Association Chimbote Children's Project Wayka Casa De La Mujer- Calalina MG4uley Population Media Centre St Bernadette's Children Centre CANOES Australia Doclors International Global Fund for Women IPA GRADE- CREER GRADE- Conecta Ideas Practical Action Fondazione L'alebero Della Vita La Voz Amiga Leprosy Mission International Multiplier - Future of Fish SOLID- Empowering Adolescent mothers University of Oxford - Young Lives UMCH- Learning Communrties International Care Ministries- Moving from Fragilty to Resilience Amanlani - Transitions Project UPNG Rural Health 175,760 163,203 124.505 447.439 24.424 21.837 98.566 69.630 120.020 94.544 414.534 56.445 104,286 165,742 93.333 1,443.773 1.441,927 316,610 91,410 292.638 86.927 159.915 615.033 104.498 729.350 49.160 130,363 353,033 80,619 472.334 258.236 3.810.085 188,760 713.035 911,009 £11,017,348 £3,405,635
Page 36 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 15. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS AND RELATED PARTIES No Trustee receNed any remuneration during the year ended 31 December 2022 (2021 £NILJ. There were no related party Iransaclions in the year. other than set out below. Trustees. expenses During the year. the Foundation paid £200.459 12021 £8.4031 for travel and other expenses on behalf of the Trustees incurred in the course of carrying out their duties. The number of Truslees that had expenses reimbursed in the year was 6 {2021- 3). As Covid-19 Iravel restrictions eased, the Trustees visited a number of overseas grant recipients in Chile, Peru and Papua New Guinea, as well as hosting many existing partners at a strategy and training retreat in London. The meetings allowed the Trustees to ensure thal Foundation grants had been utilised appropriately and in line with the original grant agreements_ The meetings also provided an opportunty for partners to share ideas. therefore maximising benefit to the partners and Foundation. The group has taken advantage of the exemption not to disclose any transactKins with group companies where 100% of the vots'ng rights are controlled by the group. 16. ULTIMATE CONTROLLING PART The ultimate controlling body is the Board of Truslee5. There is no single controlling party. 17. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2022 2021 Net movement in funds Interest payable and pa (Note 2) Investment income and bank deposit interest (Note 3) Unrealised gain on listed investments and investment properties Realised loss on investment {Profil}ILoss on disposal of investment properties IDecrease)lincrease in debtors (Oecreasevincrease in credrtors (1,270,456) 765.130 {74,512) (109.989) {914.383) 512.680 148,0561 (6.464,611) (23,787) (2.890.000) 127.171 (2.388.408) {466,451) (311,000) 145,485 2.409,563 Net cash oufflow used in operating activilies (5,864.851) 15.136,773) Analysis of net funds Cash flow in the year 4,101,953 1.244.053 Cash Ilow in the year 6,324,984 144,273 Cash al bank Cash held by custodian (Note 10) At 31 December 2022 £5.346,006 £6,469,257
Page 37 THE OLD DART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 18. FINANCIAL INSTRUMENTS The carying amounts of the financial instruments are as follows". Group Company 2022 2021 2022 2021 Financial assefs Debt instruments measured at amortised cost". Trade debtors (Note 11) Accrued income {Note 11) Other debtors (Note 11) Equity instrumenls measured at cost less impairment." Shares in subsidiary undertakings (Note 2) Equty instrumenls measured at fair value Ihrough net income l expenditure.. Cash and cash equivalents Investments in quoted securities (Note 10) 27.129 78.807 1.085.166 73,371 84,476 1,179,892 577 4.101,961 6,469,257 1,664,633 3.300,684 16.621,825 15,860,275 16,621,825 15,860,279 Financial liabilities Measured at amortised c05t Bank loans and oveidraft (Note 131 Trade Cfedilors {Note 12) Accruals (Note 121 Other creditors {Notes 12 & 13) 19.584,781 20,784,783 25.333 65,894 250.888 773,818 1.115.685 550,923 226.308 9.977 44,740 3.599 The incorne, expenses, net gains and net losses attributab the chartys financial instruments are summarised as follovts.. Group Company 2022 2021 2022 2021 Income and expense Net gains (including ch8nges in fair value) 3.023.776 7.202.212 1.986,115 5,440,066